-----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, WxPXtOjT7UJ2a/UWF9n3j/tIGzDB++UeFzSOhd2liFsjK4Y3Fl6pPRGuSriOoQam FPsNobReSaUAWzXsaErS5Q== 0000935069-06-001562.txt : 20060530 0000935069-06-001562.hdr.sgml : 20060529 20060530170150 ACCESSION NUMBER: 0000935069-06-001562 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060530 DATE AS OF CHANGE: 20060530 EFFECTIVENESS DATE: 20060530 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: 06874644 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 0000752737 S000010331 Oppenheimer Balanced Fund/VA C000028586 Non-Service C000028587 Service 0000752737 S000010332 Oppenheimer Value Fund/VA C000028588 Non-Service 0000752737 S000010333 Oppenheimer Aggressive Growth Fund/VA C000028590 Non-Service C000028591 Service 0000752737 S000010334 Oppenheimer Capital Appreciation Fund C000028592 Non-Service C000028593 Service 0000752737 S000010335 Oppenheimer Core Bond Fund/VA C000028594 Non-Service C000028595 Service 0000752737 S000010336 Oppenheimer Global Securities/VA C000028596 Non-Service C000028597 Service C000028916 Class 3 C000028917 Class4 0000752737 S000010337 Oppenheimer High Income Fund/VA C000028598 Non-Service C000028599 Service 0000752737 S000010338 Oppenheimer Main Street Fund/VA C000028600 Non-Service C000028601 Service 0000752737 S000010339 Oppenheimer Main Street Small Cap Fund/VA C000028602 Non-Service C000028603 Service 0000752737 S000010340 Oppenheimer Money Fund/VA C000028604 Non-Service 0000752737 S000010341 Oppenheimer Strategic Bond Fund/VA C000028606 Non-Service C000028607 Service N-Q 1 rq620_32019nq.txt RQ620_32019NQ 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, consisting of Oppenheimer Aggressive Growth Fund/VA (effective May 1, 2006 "Oppenheimer MidCap Fund/VA"), Oppenheimer Balanced Fund/VA, Oppenheimer Capital Appreciation Fund/VA, Oppenheimer Core Bond Fund/VA, Oppenheimer Global Securities Fund/VA, Oppenheimer High Income Fund/VA, Oppenheimer Main Street Fund/VA, Oppenheimer Main Street Small Cap Fund/VA, Oppenheimer Money Fund/VA, Oppenheimer Strategic Bond Fund/VA, and Oppenheimer Value Fund/VA (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: DECEMBER 31 ----------- Date of reporting period: MARCH 31, 2006 -------------- ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--99.8% - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--18.5% - ---------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--3.9% Cheesecake Factory, Inc. (The) 1 471,700 $ 17,665,165 - ---------------------------------------------------------------------------------------------------------------------------- Panera Bread Co., Cl. A 1 288,700 21,704,466 - ---------------------------------------------------------------------------------------------------------------------------- Starbucks Corp. 1 317,200 11,939,408 ---------------- 51,309,039 - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.5% Harman International Industries, Inc. 177,500 19,725,575 - ---------------------------------------------------------------------------------------------------------------------------- MEDIA--2.1% Getty Images, Inc. 1 371,200 27,795,456 - ---------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--7.2% Chico's FAS, Inc. 1 640,300 26,021,792 - ---------------------------------------------------------------------------------------------------------------------------- O'Reilly Automotive, Inc. 1 1,029,924 37,654,021 - ---------------------------------------------------------------------------------------------------------------------------- Tractor Supply Co. 1 210,200 13,944,668 - ---------------------------------------------------------------------------------------------------------------------------- Urban Outfitters, Inc. 1 299,200 7,342,368 - ---------------------------------------------------------------------------------------------------------------------------- Williams-Sonoma, Inc. 1 237,000 10,048,800 ---------------- 95,011,649 - ---------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--3.8% Coach, Inc. 1 660,400 22,836,632 - ---------------------------------------------------------------------------------------------------------------------------- Polo Ralph Lauren Corp. 467,000 28,304,870 ---------------- 51,141,502 - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--1.4% - ---------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.4% Whole Foods Market, Inc. 277,200 18,417,168 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY--8.8% - ---------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--4.6% BJ Services Co. 551,500 19,081,900 - ---------------------------------------------------------------------------------------------------------------------------- National Oilwell Varco, Inc. 1 133,100 8,534,372 - ---------------------------------------------------------------------------------------------------------------------------- Noble Corp. 161,800 13,121,980 - ---------------------------------------------------------------------------------------------------------------------------- Smith International, Inc. 507,700 19,779,992 ---------------- 60,518,244 - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS--4.2% Apache Corp. 298,100 19,528,531 - ---------------------------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 372,500 18,557,950 - ---------------------------------------------------------------------------------------------------------------------------- XTO Energy, Inc. 420,199 18,308,070 ---------------- 56,394,551 - ---------------------------------------------------------------------------------------------------------------------------- FINANCIALS--10.1% - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--2.1% Commerce Bancorp, Inc. 744,300 27,278,595 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--5.6% Affiliated Managers Group, Inc. 1 12,600 1,343,286 - ---------------------------------------------------------------------------------------------------------------------------- Chicago Mercantile Exchange (The) 78,400 35,084,000 - ---------------------------------------------------------------------------------------------------------------------------- Legg Mason, Inc. 306,200 38,376,046 ---------------- 74,803,332 - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE--1.7% Brown & Brown, Inc. 692,700 22,997,640
1 | Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.7% CB Richard Ellis Group, Inc., Cl. A 1 111,100 $ 8,965,770 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--15.0% - ---------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--2.0% Gilead Sciences, Inc. 1 252,800 15,729,216 - ---------------------------------------------------------------------------------------------------------------------------- PDL BioPharma, Inc. 1 329,000 10,791,200 ---------------- 26,520,416 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--7.9% Bard (C.R.), Inc. 502,600 34,081,306 - ---------------------------------------------------------------------------------------------------------------------------- Gen-Probe, Inc. 1 381,300 21,017,256 - ---------------------------------------------------------------------------------------------------------------------------- Idexx Laboratories, Inc. 1 34,500 2,979,420 - ---------------------------------------------------------------------------------------------------------------------------- ResMed, Inc. 1 391,600 17,222,568 - ---------------------------------------------------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 509,800 28,630,368 ---------------- 103,930,918 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--5.1% Cerner Corp. 1 237,000 11,245,650 - ---------------------------------------------------------------------------------------------------------------------------- Covance, Inc. 1 225,600 13,254,000 - ---------------------------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 619,675 33,450,057 - ---------------------------------------------------------------------------------------------------------------------------- Health Management Associates, Inc., Cl. A 245,100 5,286,807 - ---------------------------------------------------------------------------------------------------------------------------- Patterson Cos., Inc. 1 129,900 4,572,480 ---------------- 67,808,994 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--20.8% - ---------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.5% L-3 Communications Holdings, Inc. 173,400 14,875,986 - ---------------------------------------------------------------------------------------------------------------------------- Rockwell Collins, Inc. 555,600 31,308,060 ---------------- 46,184,046 - ---------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--5.4% C.H. Robinson Worldwide, Inc. 663,900 32,590,851 - ---------------------------------------------------------------------------------------------------------------------------- Expeditors International of Washington, Inc. 456,000 39,393,840 ---------------- 71,984,691 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.1% Corporate Executive Board Co. 301,900 30,461,710 - ---------------------------------------------------------------------------------------------------------------------------- Stericycle, Inc. 1 349,100 23,606,142 ---------------- 54,067,852 - ---------------------------------------------------------------------------------------------------------------------------- MACHINERY--4.6% Donaldson Co., Inc. 531,500 17,959,385 - ---------------------------------------------------------------------------------------------------------------------------- Joy Global, Inc. 138,750 8,293,088 - ---------------------------------------------------------------------------------------------------------------------------- Oshkosh Truck Corp. 561,600 34,953,984 ---------------- 61,206,457 - ---------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--3.2% Fastenal Co. 893,600 42,303,024 - ---------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--22.6% - ---------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.3% Comverse Technology, Inc. 1 738,400 17,374,552 - ---------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% CDW Corp. 88,300 5,196,455
2 | Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- IT SERVICES--9.1% Alliance Data Systems Corp. 1 666,700 $ 31,181,559 - ---------------------------------------------------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 535,600 31,862,844 - ---------------------------------------------------------------------------------------------------------------------------- Global Payments, Inc. 469,600 24,893,496 - ---------------------------------------------------------------------------------------------------------------------------- NAVTEQ Corp. 1 338,100 17,124,765 - ---------------------------------------------------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1 409,100 15,435,343 ---------------- 20,498,007 - ---------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.7% Linear Technology Corp. 538,200 18,880,056 - ---------------------------------------------------------------------------------------------------------------------------- Microchip Technology, Inc. 821,300 29,813,190 ---------------- 48,693,246 - ---------------------------------------------------------------------------------------------------------------------------- SOFTWARE--8.1% Activision, Inc. 1 1,109,900 15,305,521 - ---------------------------------------------------------------------------------------------------------------------------- Adobe Systems, Inc. 1 675,000 23,571,000 - ---------------------------------------------------------------------------------------------------------------------------- Amdocs Ltd. 1 418,900 15,105,534 - ---------------------------------------------------------------------------------------------------------------------------- Electronic Arts, Inc. 1 241,400 13,209,408 - ---------------------------------------------------------------------------------------------------------------------------- FactSet Research Systems, Inc. 348,450 15,453,758 - ---------------------------------------------------------------------------------------------------------------------------- Intuit, Inc. 1 353,800 18,818,622 - ---------------------------------------------------------------------------------------------------------------------------- MICROS Systems, Inc. 1 145,300 6,693,971 ---------------- 108,157,814 - ---------------------------------------------------------------------------------------------------------------------------- MATERIALS--1.6% - ---------------------------------------------------------------------------------------------------------------------------- CHEMICALS--1.6% Ecolab, Inc. 547,900 20,929,780 - ---------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.0% - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.9% NeuStar, Inc., Cl. A 1 374,300 11,603,300 - ---------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% NII Holdings, Inc. 1 38,300 2,258,551 ---------------- Total Common Stocks (Cost $904,751,053) 1,323,076,624 - ---------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - ---------------------------------------------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D 1,2,3 (Cost $7,346,317) 1,147,862 2,586 Principal Amount - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.8% - ---------------------------------------------------------------------------------------------------------------------------- Undivided interest of 0.51% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $10,403,961 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $10,400,000) $ 10,400,000 10,400,000 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $922,497,370) 100.6% 1,333,479,210 - ---------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.6) (8,454,015) --------------------------------------- Net Assets 100.0% $ 1,325,025,195 =======================================
Footnote to Statement of Investments 1. Non-income producing security. 3 | Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - -------------------------------------------------------------------------------- 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2006 was $2,586, which represents less than 0.005% of the Fund's net assets, all of which is considered restricted. See accompanying Notes. 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 March 31, 2006. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2005 ADDITIONS REDUCTIONS MARCH 31, 2006 - ------------------------------------------------------------------------------------------------ Blaze Network Products, Inc., 8% Cv., Series D 1,147,862 -- -- 1,147,862
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------ Blaze Network Products, Inc.,8% Cv., Series D $ 2,586 $ --
FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2006 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 $922,559,305 ============= Gross unrealized appreciation $423,346,661 Gross unrealized depreciation (12,426,756) ------------- Net unrealized appreciation $410,919,905 ============= 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, as 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). 4 | Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - -------------------------------------------------------------------------------- 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. ILLIQUID & RESTRICTED SECURITIES. As of March 31, 2006, 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:
VALUATION AS ACQUISITION OF UNREALIZED SECURITY DATE COST MARCH 31, 2006 DEPRECIATION - ------------------------------------------------------------------------------------ Blaze Network Products, Inc., 8% Cv., Series D 10/17/00 $ 7,346,317 $ 2,586 $ 7,343,731
OTHER MATTERS Effective May 1, 2006 the Fund will change its name to Oppenheimer MidCap Fund/VA. 5 | Oppenheimer Aggressive Growth Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--51.0% - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--5.4% - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.3% WCI Communities, Inc. 1 63,500 $ 1,766,570 - ---------------------------------------------------------------------------------------------------------------------------- MEDIA--5.1% Liberty Global, Inc., Series A 391,021 8,004,200 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 391,021 7,722,665 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., Cl. A 1 1,469,400 12,063,774 - ---------------------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 1 60,100 2,331,880 ---------------- 30,122,519 - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--4.8% - ---------------------------------------------------------------------------------------------------------------------------- BEVERAGES--1.4% Constellation Brands, Inc., Cl. A 1 213,800 5,355,690 - ---------------------------------------------------------------------------------------------------------------------------- Diageo plc, Sponsored ADR 48,600 3,082,698 ---------------- 8,438,388 - ---------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.8% Wal-Mart Stores, Inc. 94,200 4,450,008 - ---------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.3% ConAgra Foods, Inc. 71,900 1,542,974 - ---------------------------------------------------------------------------------------------------------------------------- TOBACCO--2.3% Altria Group, Inc. 194,700 13,796,442 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY--3.7% - ---------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.5% Halliburton Co. 44,600 3,256,692 - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS--3.2% BP plc, ADR 47,400 3,267,756 - ---------------------------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 15,800 1,453,442 - ---------------------------------------------------------------------------------------------------------------------------- LUKOIL, Sponsored ADR 49,800 4,091,070 - ---------------------------------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, Preference 191,000 3,795,287 - ---------------------------------------------------------------------------------------------------------------------------- Talisman Energy, Inc. 57,800 3,069,535 - ---------------------------------------------------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 22,500 2,963,925 ---------------- 18,641,015 - ---------------------------------------------------------------------------------------------------------------------------- FINANCIALS--8.7% - ---------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--1.7% UBS AG 92,467 10,157,078 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--1.7% Bank of America Corp. 34,068 1,551,457 - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Corp. 54,215 3,038,751 - ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 86,900 5,550,303 ---------------- 10,140,511 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.8% Bear Stearns Cos., Inc. (The) 12,600 1,747,620 - ---------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp. 61,800 4,976,136 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 89,100 4,208,193 ---------------- 10,931,949 - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE--2.2% American International Group, Inc. 29,300 1,936,437 - ---------------------------------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 32,200 3,006,514 - ---------------------------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 176,000 5,883,680
1 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED Platinum Underwriters Holdings Ltd. 66,800 $ 1,943,880 ---------------- 12,770,511 - ---------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.5% Host Marriott Corp. 128,000 2,739,200 - ---------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.8% Countrywide Financial Corp. 66,300 2,433,210 - ---------------------------------------------------------------------------------------------------------------------------- Freddie Mac 34,000 2,074,000 ---------------- 4,507,210 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--6.4% - ---------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.7% Human Genome Sciences, Inc. 1 122,400 1,330,488 - ---------------------------------------------------------------------------------------------------------------------------- Inhibitex, Inc. 1 86,400 627,264 - ---------------------------------------------------------------------------------------------------------------------------- Medicines Co. (The) 1 70,800 1,456,356 - ---------------------------------------------------------------------------------------------------------------------------- MedImmune, Inc. 1,2 138,000 5,048,040 - ---------------------------------------------------------------------------------------------------------------------------- Myogen, Inc. 1 40,300 1,460,069 ---------------- 9,922,217 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.8% Beckman Coulter, Inc. 55,500 3,028,635 - ---------------------------------------------------------------------------------------------------------------------------- Cooper Cos., Inc. (The) 24,700 1,334,541 ---------------- 4,363,176 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.3% Manor Care, Inc. 43,400 1,924,790 - ---------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--3.6% GlaxoSmithKline plc, ADR 79,900 4,179,569 - ---------------------------------------------------------------------------------------------------------------------------- MGI Pharma, Inc. 1 86,800 1,519,000 - ---------------------------------------------------------------------------------------------------------------------------- Pfizer, Inc. 258,200 6,434,344 - ---------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis SA, ADR 131,200 6,225,440 - ---------------------------------------------------------------------------------------------------------------------------- Schering-Plough Corp. 159,700 3,032,703 ---------------- 21,391,056 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.5% - ---------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.4% Empresa Brasileira de Aeronautica SA, ADR 101,400 3,736,590 - ---------------------------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 162,600 6,954,402 - ---------------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 1 595,764 9,424,986 - ---------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 96,900 5,617,293 ---------------- 25,733,271 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.8% Cendant Corp. 601,100 10,429,085 - ---------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.3% Gamesa Corporacion Tecnologica SA 96,300 1,852,058 - ---------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--12.0% - ---------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.3% Cisco Systems, Inc. 1 351,600 7,619,172 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--2.2% Hutchinson Technology, Inc. 1 89,700 2,706,249 - ---------------------------------------------------------------------------------------------------------------------------- International Business Machines Corp. 103,500 8,535,645
2 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS CONTINUED Palm, Inc. 1 81,000 $ 1,875,960 ---------------- 13,117,854 - ---------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.6% Flextronics International Ltd. 1 317,100 3,281,985 - ---------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.6% ATI Technologies, Inc. 1,3 215,300 3,698,854 - ---------------------------------------------------------------------------------------------------------------------------- SOFTWARE--7.3% Compuware Corp. 1 572,300 4,481,109 - ---------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 482,300 13,123,383 - ---------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 1 548,900 4,215,552 - ---------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 184,500 4,123,575 - ---------------------------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 898,050 16,757,613 ---------------- 42,701,232 - ---------------------------------------------------------------------------------------------------------------------------- MATERIALS--1.1% - ---------------------------------------------------------------------------------------------------------------------------- CHEMICALS--0.5% Praxair, Inc. 55,400 3,055,310 - ---------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 1 21 215 ---------------- 3,055,525 - ---------------------------------------------------------------------------------------------------------------------------- METALS & MINING--0.6% Companhia Vale do Rio Doce, Sponsored ADR 77,100 3,333,033 - ---------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.9% - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.9% IDT Corp., Cl. B 1 479,400 5,306,958 - ---------------------------------------------------------------------------------------------------------------------------- WorldCom, Inc./WorldCom Group 1,4 375,000 -- - ---------------------------------------------------------------------------------------------------------------------------- XO Holdings, Inc. 1 108 427 ---------------- 5,307,385 - ---------------------------------------------------------------------------------------------------------------------------- UTILITIES--1.5% - ---------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.5% AES Corp. (The) 1 355,500 6,064,830 - ---------------------------------------------------------------------------------------------------------------------------- Reliant Energy, Inc. 1 297,500 3,147,550 ---------------- 9,212,380 ---------------- Total Common Stocks (Cost $227,909,021) 300,204,140
Units - ---------------------------------------------------------------------------------------------------------------------------- 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 5,551 - ---------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1,4 36 -- - ---------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc.: Series A Wts., Exp. 1/16/10 1 216 97 Series B Wts., Exp. 1/16/10 1 162 50 Series C Wts., Exp. 1/16/10 1 162 41 ---------------- Total Rights, Warrants and Certificates (Cost $38,932) 5,739
3 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--4.9% - ---------------------------------------------------------------------------------------------------------------------------- Ace Securities Corp., Home Equity Loan Pass-Through Certificates, Series 2002-HE7, Cl. A2B, 4.998%, 11/25/35 5 $ 510,000 $ 510,314 - ---------------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 4.836%, 4/20/08 5 370,000 370,261 - ---------------------------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust, Automobile Loan Certificates, Series 2005-A, Cl. A2, 3.66%, 12/26/07 1,533,599 1,529,407 - ---------------------------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts.: Series 2004-2, Cl. A3, 3.58%, 1/15/09 1,270,000 1,243,764 Series 2005-1, Cl. A2B, 3.73%, 7/16/07 227,029 226,843 - ---------------------------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.24%, 11/15/07 1,380,000 1,377,332 - ---------------------------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-D, Cl. AF1, 2.98%, 4/25/20 19,199 19,142 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 134,954 134,255 Series 2005-C, Cl. AF1, 4.196%, 6/25/35 431,115 428,146 Series 2005-D, Cl. AF1, 5.04%, 10/25/35 899,421 894,501 Series 2005-D, Cl. AV2, 5.088%, 10/25/35 5 1,000,000 1,000,760 - ---------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A2, 3.72%, 12/15/07 932,822 928,694 - ---------------------------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 89,983 89,907 - ---------------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 172,148 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., CMO, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 5 1,227,560 1,215,607 - ---------------------------------------------------------------------------------------------------------------------------- Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 6 1,130,000 1,155,654 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates: Series 2002-4, Cl. A1, 5.188%, 2/25/33 5 18,836 18,883 Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 5 529,919 526,834 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 5 360,000 358,133 Series 2005-17, Cl. 1AF1, 5.018%, 5/25/36 5 720,423 720,846 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 5 240,000 238,674 - ---------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2004-C, Cl. A2, 2.62%, 6/8/07 191,195 191,098 Series 2005-A, Cl. A2, 3.17%, 9/8/07 482,647 481,762 - ---------------------------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 5 520,352 518,562 - ---------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Asset-Backed Certificates, Home Equity Receivables, Series 2005-FF10, Cl. A3, 5.028%, 11/25/35 5 1,480,000 1,480,912 - ---------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2005-A, Cl. A3, 3.48%, 11/17/08 930,000 919,228 Series 2005-B, Cl. A2, 3.78%, 9/15/07 379,228 378,553 - ---------------------------------------------------------------------------------------------------------------------------- GS Auto Loan Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.32%, 5/15/08 2,518,898 2,512,312
4 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2005-1, Cl. A2, 3.21%, 5/21/07 $ 185,445 $ 185,133 Series 2005-3, Cl. A2, 3.73%, 10/18/07 856,091 852,999 - ---------------------------------------------------------------------------------------------------------------------------- Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.036%, 1/20/35 5 661,184 661,785 - ---------------------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Home Equity Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 3.63%, 8/25/35 5 984,319 982,553 - ---------------------------------------------------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 6.099%, 3/15/16 5 1,710,000 1,821,778 - ---------------------------------------------------------------------------------------------------------------------------- Onyx Acceptance Owner Trust, Automobile Receivable Obligations, Series 2005-B, Cl. A2, 4.03%, 4/15/08 577,381 575,924 - ---------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. AF2, 3.735%, 11/10/34 5 340,000 336,312 Series 2005-1, Cl. AF2, 3.914%, 5/25/35 5 260,000 256,285 Series 2005-2, Cl. AF2, 4.415%, 4/25/35 5 420,000 414,941 - ---------------------------------------------------------------------------------------------------------------------------- Residential Asset Mortgage Products, Inc., Home Equity Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI3, 4.45%, 7/25/28 750,000 745,547 - ---------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., CMO Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 1,331,687 1,323,756 - ---------------------------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities, Series 2005-A, Cl. A2, 3.52%, 4/20/07 609,660 608,189 - ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 5 302,249 300,445 - ---------------------------------------------------------------------------------------------------------------------------- WFS Financial Owner Trust, Automobile Receivable Obligations, Series 2002-2, Cl. A4, 4.50%, 2/20/10 178,481 178,663 - ---------------------------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates, Series 2004-1, Cl. A2A, 2.59%, 5/15/07 196,845 196,462 ---------------- Total Asset-Backed Securities (Cost $29,201,090) 29,083,304 - ---------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--27.3% - ---------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--23.0% - ---------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--22.9% Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19-7/1/19 7 2,381,343 2,275,477 5%, 4/1/36 7 3,264,000 3,105,898 6.50%, 4/1/18-4/1/34 1,349,245 1,380,670 6.50%, 9/1/31 7 901,064 923,207 7%, 5/1/29-11/1/32 1,864,659 1,921,736 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2055, Cl. ZM, 6.50%, 5/15/28 471,484 478,876 Series 2075, Cl. D, 6.50%, 8/15/28 1,081,505 1,101,402 Series 2080, Cl. Z, 6.50%, 8/15/28 303,354 307,366 Series 2387, Cl. PD, 6%, 4/15/30 282,102 282,744 Series 2456, Cl. BD, 6%, 3/15/30 61,964 61,939 Series 2500, Cl. FD, 5.249%, 3/15/32 5 153,505 154,385 Series 2526, Cl. FE, 5.149%, 6/15/29 5 210,786 211,268 Series 2551, Cl. FD, 5.149%, 1/15/33 5 164,563 166,305 Series 2583, Cl. KA, 5.50%, 3/15/22 681,819 681,177
5 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Series 2691, Cl. MG, 4.50%, 10/15/33 $ 2,757,000 $ 2,427,523 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 12.185%, 6/1/26 8 301,584 67,792 Series 183, Cl. IO, 9.009%, 4/1/27 8 462,773 107,129 Series 184, Cl. IO, 14.976%, 12/1/26 8 506,875 111,954 Series 192, Cl. IO, 15.176%, 2/1/28 8 137,131 29,567 Series 200, Cl. IO, 13.488%, 1/1/29 8 161,442 37,741 Series 2003-118, Cl. S, 15.59%, 12/25/33 8 2,205,638 258,864 Series 2130, Cl. SC, 2.676%, 3/15/29 8 375,258 24,838 Series 2796, Cl. SD, 6.324%, 7/15/26 8 529,961 35,368 Series 2920, Cl. S, 5.858%, 1/15/35 8 3,080,878 138,924 Series 3000, Cl. SE, 9.306%, 7/15/25 8 2,864,550 94,424 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.693%, 6/1/26 9 132,725 107,321 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 5%, 6/1/18-7/1/18 2,915,626 2,849,200 5%, 11/1/33-5/1/36 7 23,015,071 21,914,804 5.50%, 3/1/33-11/1/34 21,484,372 21,018,223 5.50%, 4/1/21-5/25/36 7 5,555,000 5,471,456 6%, 5/1/16-11/1/32 16,465,725 16,605,940 6%, 4/1/21 7 1,700,000 1,722,845 6.50%, 11/1/27-10/1/30 849,641 871,406 6.50%, 5/1/36 7 8,665,000 8,830,172 7%, 11/1/17-1/1/36 11,113,610 11,459,713 7%, 4/1/36 7 2,276,000 2,344,280 7.50%, 1/1/33 545,445 570,725 8.50%, 7/1/32 29,631 31,937 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Grantor Trust, CMO, Trust 2002-T1, Cl. A2, 7%, 11/25/31 1,036,635 1,062,135 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-87, Cl. Z, 6.50%, 6/25/23 857,606 876,231 Trust 2001-50, Cl. NE, 6%, 8/25/30 165,789 166,681 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 1,141,849 1,167,659 Trust 2001-70, Cl. LR, 6%, 9/25/30 210,601 211,385 Trust 2001-72, Cl. NH, 6%, 4/25/30 115,735 115,886 Trust 2001-74, Cl. PD, 6%, 5/25/30 47,356 47,314 Trust 2002-77, Cl. WF, 5.176%, 12/18/32 5 249,560 251,654 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,052,000 1,030,683 Trust 2004-38, Cl. FT, 5.248%, 10/25/33 5 2,271,211 2,277,047 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,069,687 Trust 2005-30, Cl. UG, 5%, 4/25/35 2,395,000 2,184,971 Trust 2006-24, Cl. DB, 5.50%, 4/25/26 1,000,000 987,316 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 2002-47, Cl. NS, 3.218%, 4/25/32 8 635,514 56,961 Trust 2002-51, Cl. S, 3.364%, 8/25/32 8 583,552 51,394
6 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 222, Cl. 2, 13.602%, 6/1/23 8 $ 1,037,019 $ 242,876 Trust 233, Cl. 2, 14.275%, 8/1/23 8 954,032 208,632 Trust 240, Cl. 2, 17.13%, 9/1/23 8 1,606,490 375,660 Trust 252, Cl. 2, 7.415%, 11/1/23 8 780,714 184,680 Trust 273, Cl. 2, 15.002%, 8/1/26 8 226,753 51,026 Trust 319, Cl. 2, 10.645%, 2/1/32 8 286,841 73,302 Trust 321, Cl. 2, 5.698%, 4/1/32 8 2,986,685 759,847 Trust 329, Cl. 2, 10.54%, 1/1/33 8 760,291 187,743 Trust 331, Cl. 9, 1.921%, 2/1/33 8 832,636 187,174 Trust 333, Cl. 2, 10.802%, 4/1/33 8 12,146,174 3,018,182 Trust 334, Cl. 17, 10.789%, 2/1/33 8 477,952 109,380 Trust 338, Cl. 2, 9.459%, 7/1/33 8 3,363,963 833,060 Trust 2001-65, Cl. S, 15.573%, 11/25/31 8 1,303,591 114,815 Trust 2001-81, Cl. S, 4.9%, 1/25/32 8 295,014 25,096 Trust 2002-9, Cl. MS, 5.539%, 3/25/32 8 429,411 38,649 Trust 2002-52, Cl. SD, 1.161%, 9/25/32 8 697,085 62,257 Trust 2002-77, Cl. SH, 8.631%, 12/18/32 8 385,361 32,493 Trust 2002-84, Cl. SA, 15.988%, 12/25/32 8 1,120,656 103,886 Trust 2003-4, Cl. S, 15.29%, 2/25/33 8 721,881 76,449 Trust 2004-54, Cl. DS, 1.368%, 11/25/30 8 577,418 28,695 Trust 2005-6, Cl. SE, 5.383%, 2/25/35 8 2,055,859 93,177 Trust 2005-19, Cl. SA, 4.435%, 3/25/35 8 8,039,369 389,794 Trust 2005-40, Cl. SA, 5.093%, 5/25/35 8 1,753,199 81,906 Trust 2005-71, Cl. SA, 12.685%, 8/25/25 8 1,826,698 92,794 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 333, Cl. 1, 4.628%, 4/1/33 9 3,389,538 2,484,501 Trust 338, Cl. 1, 5.022%, 7/1/33 7,9 3,910,131 2,869,468 Trust 1993-184, Cl. M, 5.762%, 9/25/23 9 337,538 274,726 ---------------- 134,741,868 - ---------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.1% Government National Mortgage Assn., 8%, 4/15/23 218,784 234,109 - ---------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped 612,316 35,671 Mtg.-Backed Security: Series 2001-21, Cl. SB, (0.218)%, 1/16/27 8 Series 2002-15, Cl. SM, (3.059)%, 2/16/32 8 704,710 39,226 Series 2002-76, Cl. SY, 0.913%, 12/16/26 8 1,439,409 85,883 Series 2004-11, Cl. SM, (3.232)%, 1/17/30 8 513,872 31,177 ---------------- 426,066 - ---------------------------------------------------------------------------------------------------------------------------- NON-AGENCY--4.3% - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL--3.9% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 1,050,000 1,013,921
7 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Series 2004-6, Cl. A3, 4.512%, 12/10/42 $ 1,000,000 $ 954,526 Series 2005-2, Cl. A4, 4.783%, 7/10/43 5 1,280,000 1,236,364 - ---------------------------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 936,547 923,032 - ---------------------------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 714,123 721,488 Series 2005-E, Cl. 2A2, 4.978%, 6/25/35 5 178,225 178,013 - ---------------------------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 490,000 476,752 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., CMO, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 260,000 260,000 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2005-CD1, Cl. A4, 5.226%, 7/15/44 3,5 1,180,000 1,157,430 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, CMO, Series 2004-J9, Cl. 1A1, 4.998%, 10/25/34 5 135,132 135,233 - ---------------------------------------------------------------------------------------------------------------------------- First Chicago/Lennar Trust 1, Commercial Mtg. Pass-Through Certificates, Series 1997-CHL1, Cl. D, 7.577%, 4/29/39 5,6 465,989 466,595 - ---------------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2005-CA, Cl. A3, 4.578%, 6/10/48 440,000 421,982 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 620,000 608,605 - ---------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 297,977 302,445 Series 2004-C3, Cl. A4, 4.547%, 12/10/41 640,000 611,985 - ---------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 890,000 859,480 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 680,000 673,068 - ---------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 260,000 251,949 Series 2006-CB14, Cl. A4, 5.481%, 12/12/44 1,030,000 1,022,470 Series 2006-LDP6, Cl. A4, 5.475%, 4/15/43 1,180,000 1,167,350 - ---------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 740,000 726,549 - ---------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,271,297 1,263,989 Series 2004-9, Cl. A3, 4.70%, 8/25/34 5 2,392,263 2,374,495 - ---------------------------------------------------------------------------------------------------------------------------- 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 1,058,195 - ---------------------------------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 600,605 597,074 - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C17, Cl. A2, 4.782%, 3/15/42 1,450,000 1,418,754 Series 2005-C20, Cl. A5, 5.087%, 7/15/42 5 740,000 723,875 - ---------------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., CMO Pass-Through Certificates, Series 2005-AR5, Cl. A1, 4.678%, 5/25/35 5 733,586 732,302
8 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Wells Fargo Mortgage-Backed Securities Trust, CMO, Series 2004-DD, Cl. 2A1, 5.518%, 1/25/35 5 $ 646,287 $ 642,938 ---------------- 22,980,859 - ---------------------------------------------------------------------------------------------------------------------------- OTHER--0.1% JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 890,000 867,935 - ---------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL--0.3% Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,809,367 1,831,984 ---------------- Total Mortgage-Backed Obligations (Cost $162,855,786) 160,848,712 - ---------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--5.2% - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Bank Unsec. Bonds: 3.125%, 11/15/06 2,150,000 2,124,273 3.50%, 11/15/07 650,000 634,276 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 3.625%, 9/15/06 2,535,000 2,519,083 4.125%, 7/12/10 3 807,000 776,447 4.375%, 11/16/07 330,000 326,418 4.625%, 2/21/08 3 640,000 635,010 5.125%, 4/18/11 870,000 869,596 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 4%, 2/28/07 1,470,000 1,455,576 4.25%, 7/15/07 3 2,215,000 2,191,813 6%, 5/15/11 3,10 2,500,000 2,594,643 7.25%, 1/15/10 800,000 857,874 7.25%, 5/15/30 3 775,000 976,216 - ---------------------------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 4.65%, 6/15/35 3 1,100,000 988,749 Series A, 6.79%, 5/23/12 7,916,000 8,572,996 - ---------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 5.375%, 2/15/31 3 210,000 221,123 8.875%, 8/15/17 3 440,000 587,641 - ---------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 4.25%, 11/30/07-8/15/15 3 2,685,000 2,616,061 4.375%, 12/31/07-1/31/08 3 1,373,000 1,362,164 4.50%, 2/28/11 3 410,000 404,155 4.625%, 2/29/08 3 564,000 561,908 ---------------- Total U.S. Government Obligations (Cost $32,062,506) 31,276,022 - ---------------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--13.0% - ---------------------------------------------------------------------------------------------------------------------------- ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 400,000 446,853 - ---------------------------------------------------------------------------------------------------------------------------- Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 3 980,000 914,595 - ---------------------------------------------------------------------------------------------------------------------------- Allied Waste North America, Inc., 8.875% Sr. Nts., Series B, 4/1/08 555,000 585,525 - ---------------------------------------------------------------------------------------------------------------------------- Archer Daniels Midland Co., 5.375% Nts., 9/15/35 615,000 562,545 - ---------------------------------------------------------------------------------------------------------------------------- AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 815,000 916,217
9 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc, 6.278% Perpetual Bonds 11 $ 960,000 $ 921,379 - ---------------------------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc., 6.875% Sr. Unsec. Nts., 7/15/15 595,000 568,225 - ---------------------------------------------------------------------------------------------------------------------------- Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 835,000 874,101 - ---------------------------------------------------------------------------------------------------------------------------- British Sky Broadcasting Group plc, 8.20% Sr. Unsec. Nts., 7/15/09 1,075,000 1,156,467 - ---------------------------------------------------------------------------------------------------------------------------- British Telecommunications plc, 8.875% Bonds, 12/15/30 520,000 667,140 - ---------------------------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,080,000 1,140,421 - ---------------------------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 560,000 588,193 - ---------------------------------------------------------------------------------------------------------------------------- CIT Group, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/2/12 1,025,000 1,131,163 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc., 6.625% Unsec. Sub. Nts., 6/15/32 465,000 499,544 - ---------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 570,000 566,136 - ---------------------------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 433,746 - ---------------------------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc., 7.60% Unsec. Nts., 4/1/32 960,000 1,101,348 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Financial Corp., 4.50% Nts., Series A, 6/15/10 1,220,000 1,169,770 - ---------------------------------------------------------------------------------------------------------------------------- Cox Communications, Inc., 4.625% Unsec. Nts., 1/15/10 1,230,000 1,180,087 - ---------------------------------------------------------------------------------------------------------------------------- Credit Suisse (USA), Inc., 5.25% Nts., 3/2/11 1,185,000 1,172,735 - ---------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc.: 5.375% Sr. Unsec. Nts., 6/15/12 3 690,000 659,163 6.125% Nts., 1/15/14 525,000 515,940 - ---------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler North America Holding Corp., 8% Nts., 6/15/10 1,040,000 1,119,771 - ---------------------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 775,000 900,306 - ---------------------------------------------------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 1,060,000 1,152,057 - ---------------------------------------------------------------------------------------------------------------------------- DTE Energy Co., 6.45% Sr. Unsub. Nts., 6/1/06 580,000 580,996 - ---------------------------------------------------------------------------------------------------------------------------- EOP Operating LP, 8.10% Unsec. Nts., 8/1/10 1,060,000 1,152,226 - ---------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 760,000 781,227 - ---------------------------------------------------------------------------------------------------------------------------- FirstEnergy Corp.: 5.50% Sr. Unsub. Nts., Series A, 11/15/06 495,000 495,200 7.375% Sr. Unsub. Nts., Series C, 11/15/31 600,000 668,488 - ---------------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co.: 5.80% Sr. Unsec. Nts., 1/12/09 705,000 644,245 6.625% Nts., 6/16/08 1,845,000 1,747,139 - ---------------------------------------------------------------------------------------------------------------------------- France Telecom SA, 8.315% Sr. Unsec. Nts., 3/1/31 5 180,000 225,499 - ---------------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The): 6.90% Nts., 9/15/07 685,000 695,848 9.55% Unsub. Nts., 12/15/08 5 141,000 153,986 - ---------------------------------------------------------------------------------------------------------------------------- General Mills, Inc., 3.875% Nts., 11/30/07 890,000 868,878 - ---------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 6.15% Nts., 4/5/07 1,855,000 1,822,341 8% Bonds, 11/1/31 3 855,000 810,177 - ---------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 895,000 890,416 - ---------------------------------------------------------------------------------------------------------------------------- Harrah's Operating Co., Inc., 5.625% Sr. Unsec. Bonds, 6/1/15 615,000 590,311 - ---------------------------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 6,11 1,200,000 1,145,940 - ---------------------------------------------------------------------------------------------------------------------------- HCA, Inc., 7.125% Sr. Unsec. Nts., 6/1/06 565,000 569,206 - ---------------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 695,000 755,648 - ---------------------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 3,5 1,200,000 1,179,496 - ---------------------------------------------------------------------------------------------------------------------------- Hyatt Equities LLC, 6.875% Nts., 6/15/07 6 440,000 446,219 - ---------------------------------------------------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 5 540,000 567,000 - ---------------------------------------------------------------------------------------------------------------------------- iStar Financial, Inc., 5.15% Sr. Unsec. Nts., 3/1/12 1,225,000 1,177,067 - ---------------------------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.), 7.40% Nts., 4/1/37 840,000 909,893 - ---------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co., 5.15% Sub. Nts., 10/1/15 1,195,000 1,145,638 - ---------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 610,000 575,046
10 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 3,12 $ 250,000 $ 131,250 - ---------------------------------------------------------------------------------------------------------------------------- KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 750,000 689,394 - ---------------------------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc., 6.50% Sr. Unsec. Nts., 9/1/12 655,000 678,515 - ---------------------------------------------------------------------------------------------------------------------------- Kroger Co. (The): 5.50% Unsec. Unsub. Nts., 2/1/13 920,000 896,303 6.80% Sr. Unsec. Nts., 4/1/11 245,000 255,534 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 5.70% Sr. Unsec. Nts., 5/15/13 3 615,000 574,970 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Property Trust, 5.65% Sr. Nts., 8/15/14 595,000 585,484 - ---------------------------------------------------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc., 5.875% Sr. Unsec. Bonds, 8/1/33 785,000 713,770 - ---------------------------------------------------------------------------------------------------------------------------- May Department Stores Co., 7.90% Unsec. Debs., 10/15/07 410,000 422,319 - ---------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 5% Sr. Unsub. Nts., Series C, 2/3/14 615,000 590,737 - ---------------------------------------------------------------------------------------------------------------------------- MetLife, Inc., 5.70% Sr. Unsec. Nts., 6/15/35 3 605,000 572,035 - ---------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 925,000 915,750 - ---------------------------------------------------------------------------------------------------------------------------- MidAmerican Energy Holdings Co., 5.875% Sr. Unsec. Nts., 10/1/12 1,005,000 1,015,667 - ---------------------------------------------------------------------------------------------------------------------------- Morgan Stanley, 6.60% Nts., 4/1/12 1,085,000 1,139,776 - ---------------------------------------------------------------------------------------------------------------------------- National City Bank, 6.20% Sub. Nts., 12/15/11 83,000 85,934 - ---------------------------------------------------------------------------------------------------------------------------- Nationwide Financial Services, Inc.: 5.90% Nts., 7/1/12 440,000 448,373 6.25% Sr. Unsec. Nts., 11/15/11 130,000 133,884 - ---------------------------------------------------------------------------------------------------------------------------- NiSource Finance Corp.: 3.20% Nts., 11/1/06 180,000 177,836 7.875% Sr. Unsec. Nts., 11/15/10 790,000 857,749 - ---------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp., 9.375% Sr. Unsec. Sub. Nts., 2/15/07 100,000 103,375 - ---------------------------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust: 5.75% Unsec. Unsub. Nts., Series 12, 12/15/15 965,000 925,194 5.75% Nts., 12/15/15 3,6 810,000 776,588 - ---------------------------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 6 1,698,111 1,667,788 - ---------------------------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 6 371,753 347,420 - ---------------------------------------------------------------------------------------------------------------------------- Popular North America, Inc., 5.20% Nts., 12/12/07 1,195,000 1,188,655 - ---------------------------------------------------------------------------------------------------------------------------- Portland General Electric Co., 8.125% First Mortgage Nts., 2/1/10 6 470,000 508,608 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 6 1,095,000 1,335,862 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 1,110,000 1,370,083 - ---------------------------------------------------------------------------------------------------------------------------- PSE&G Power LLC, 6.875% Sr. Unsec. Nts., 4/15/06 560,000 560,198 - ---------------------------------------------------------------------------------------------------------------------------- PSEG Funding Trust I, 5.381% Nts., 11/16/07 610,000 608,195 - ---------------------------------------------------------------------------------------------------------------------------- R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 551,089 - ---------------------------------------------------------------------------------------------------------------------------- Reed Elsevier Capital, Inc., 4.625% Nts., 6/15/12 480,000 449,483 - ---------------------------------------------------------------------------------------------------------------------------- Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11 1,110,000 1,144,473 - ---------------------------------------------------------------------------------------------------------------------------- SBC Communications, Inc., 5.30% Nts., 11/15/10 885,000 874,249 - ---------------------------------------------------------------------------------------------------------------------------- Simon Property Group LP, 5.375% Nts., 6/1/11 6 910,000 897,646 - ---------------------------------------------------------------------------------------------------------------------------- Socgen Real Estate LLC, 7.64% Perpetual Bonds 6,11 45,000 46,297 - ---------------------------------------------------------------------------------------------------------------------------- Sprint Capital Corp., 8.75% Nts., 3/15/32 730,000 915,353 - ---------------------------------------------------------------------------------------------------------------------------- TCI Communications, Inc., 9.80% Sr. Unsec. Debs., 2/1/12 1,095,000 1,291,836 - ---------------------------------------------------------------------------------------------------------------------------- Telus Corp., 8% Nts., 6/1/11 135,000 149,060 - ---------------------------------------------------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 1,000,000 1,154,371 - ---------------------------------------------------------------------------------------------------------------------------- TXU Energy Co., 6.125% Nts., 3/15/08 755,000 761,472 - ---------------------------------------------------------------------------------------------------------------------------- Tyco International Group SA: 6.125% Unsec. Unsub. Nts., 11/1/08 3 1,010,000 1,024,295 6.125% Unsec. Unsub. Nts., 1/15/09 136,000 137,817 - ---------------------------------------------------------------------------------------------------------------------------- Univision Communications, Inc., 3.50% Sr. Unsec. Nts., 10/15/07 975,000 943,966
11 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- Verizon Global Funding Corp.: 5.85% Nts., 9/15/35(3) $ 600,000 $ 539,941 7.25% Sr. Unsec. Unsub. Nts., 12/1/10 540,000 573,951 - ---------------------------------------------------------------------------------------------------------------------------- Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 1,175,000 1,176,772 - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Bank NA, 5.60% Sub. Nts., 3/15/16 600,000 595,250 - ---------------------------------------------------------------------------------------------------------------------------- Yum! Brands, Inc., 8.50% Sr. Unsec. Nts., 4/15/06 1,230,000 1,231,096 ---------------- Total Non-Convertible Corporate Bonds and Notes (Cost $77,206,953) 76,277,220 - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--6.5% - ---------------------------------------------------------------------------------------------------------------------------- Undivided interest of 1.86% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $38,174,533 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $38,160,000) 38,160,000 38,160,000 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $567,434,288) 635,855,137 - ---------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--2.9% - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.8% Undivided interest of 1.69% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,407,917) with Bank of America NA, 4.895%, dated 3/31/06, to be repurchased at $16,911,981 on 4/3/06, collateralized by U.S. Agency Mortgages, 5.50%, 12/1/34, with a value of $1,020,000,001 13 16,905,085 16,905,085 - ---------------------------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.1% Bear Stearns, 4.995%, 4/3/06 13 500,000 500,000 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $17,405,085) 17,405,085 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $584,839,373) 110.9% 653,260,222 - ---------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (10.9) (64,462,711) --------------------------------------- Net Assets 100.0% $ 588,797,511 =======================================
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 EXPIRATION EXERCISE PREMIUM SUBJECT TO CALL DATE PRICE RECEIVED VALUE - ------------------------------------------------------------------------------------------- MedImmume, Inc. 460 6/19/06 $ 40.00 $ 43,266 $ 34,500
3. Partial or fully-loaned security. See accompanying Notes. 4. Illiquid security. The aggregate value of illiquid or restricted securities as of March 31, 2006 was zero. See accompanying Notes. 5. Represents the current interest rate for a variable or increasing rate security. 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 $8,794,617 or 1.49% of the Fund's net assets as of March 31, 2006. 7. When-issued security or forward commitment to be delivered and settled after March 31, 2006. See accompanying Notes. 8. 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 $8,578,486 or 1.46% of the Fund's net assets as of March 31, 2006. 12 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - -------------------------------------------------------------------------------- 9. 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 $5,736,016 or 0.97% of the Fund's net assets as of March 31, 2006. 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 $1,349,214. See accompanying Notes. 11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 12. Issue is in default. Non-income producing. See accompanying Notes. 13. 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2006 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 $584,863,891 Federal tax cost of other investments (59,183,895) ------------- Total federal tax cost $525,679,996 ============= Gross unrealized appreciation $ 84,349,598 Gross unrealized depreciation (16,042,009) ------------- Net unrealized appreciation $ 68,307,589 ============= 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, as 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 13 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - -------------------------------------------------------------------------------- commitment prior to settlement of the original purchase. As of March 31, 2006, the Fund had purchased $84,142,483 of securities issued on a when-issued basis or forward commitment and sold $34,463,637 of securities issued on a when-issued basis or forward commitment. In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2006, securities with an aggregate market value of $131,250, representing 0.02% 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 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 in the annual and semiannual reports. 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. 14 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / 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 in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports 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 in the annual and semiannual reports. As of March 31, 2006, 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 in the annual and semiannual reports. 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 in the annual and semiannual reports 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 in the annual and semiannual reports as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2006 (DEPRECIATION) - --------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 6/21/06 123 $ 13,426,219 $ (383,420) --------------- CONTRACTS TO SELL Euro-Bundesobligation, 10 yr. 6/8/06 65 9,334,931 105,370 U.S. Treasury Nts., 2 yr. 6/30/06 241 49,130,109 94,276 15 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - -------------------------------------------------------------------------------- U.S. Treasury Nts., 5 yr. 6/30/06 80 8,355,000 $ 57,514 U.S. Treasury Nts., 10 yr. 6/21/06 56 5,957,875 22,064 --------------- 279,224 --------------- $ (104,196) ===============
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 in the annual and semiannual reports. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended March 31, 2006 was as follows: CALL OPTIONS ------------------------ NUMBER OF AMOUNT OF CONTRACTS PREMIUMS - -------------------------------------------------------- Options outstanding as of December 31, 2005 539 $ 66,159 Options written 460 43,266 Options closed or expired (539) (66,159) ------------------------ Options outstanding as of March 31, 2006 460 $ 43,266 ======================== 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 unrealized gain (loss) related to the daily change in the valuation of the notional amount of the swap, as well as the amount due to (owed by) the Fund at termination or settlement is combined and separately disclosed as an asset (liability). The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss). Total return swaps are subject to risks (if the counterparty fails to meet its obligations). 16 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - -------------------------------------------------------------------------------- As of March 31, 2006, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION UNREALIZED COUNTERPARTY SWAP DESCRIPTION AMOUNT DATES APPRECIATION - ----------------------------------------------------------------------------------------------------------------------------------- Received or paid monthly. If the sum of the Lehman Brothers CMBS Index Payer Payment Amount and the Floating Rate Payer Payment Amount is positive, the Counterparty will pay such amount to the Fund. If the sums are negative, then the Fund shall pay the absolute value of such amount to the Goldman Sachs Group, Inc. (The) Counterparty. $ 3,530,000 6/1/06 $ 8,191
Abbreviations are as follows: CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of March 31, 2006, 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 U.S. 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 March 31, 2006, the Fund had on loan securities valued at $22,014,623. Collateral of $22,475,836 was received for the loans, of which $17,405,085 was received in cash and subsequently invested in approved instruments. 17 | Oppenheimer Balanced Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.2% - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--14.4% - ---------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.5% Toyota Motor Corp. 184,800 $ 10,095,701 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.7% Apollo Group, Inc., Cl. A 1 281,500 14,781,565 - ---------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.9% Carnival Corp. 360,500 17,076,885 - ---------------------------------------------------------------------------------------------------------------------------- Las Vegas Sands Corp. 1 157,000 8,895,620 - ---------------------------------------------------------------------------------------------------------------------------- Starbucks Corp. 1 396,200 14,912,968 ---------------- 40,885,473 - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.7% Toll Brothers, Inc. 1 399,500 13,834,685 - ---------------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.9% eBay, Inc. 1 909,100 35,509,446 - ---------------------------------------------------------------------------------------------------------------------------- Expedia, Inc. 1 284,000 5,756,680 ---------------- 41,266,126 - ---------------------------------------------------------------------------------------------------------------------------- MEDIA--1.5% Comcast Corp., Cl. A Special, Non-Vtg. 1 544,900 14,232,788 - ---------------------------------------------------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc., Cl. A 1 750,400 16,711,408 ---------------- 30,944,196 - ---------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--2.1% J.C. Penney Co., Inc. (Holding Co.) 272,200 16,443,602 - ---------------------------------------------------------------------------------------------------------------------------- Kohl's Corp. 1 304,900 16,162,749 - ---------------------------------------------------------------------------------------------------------------------------- Target Corp. 230,200 11,972,702 ---------------- 44,579,053 - ---------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--4.7% Best Buy Co., Inc. 342,650 19,164,415 - ---------------------------------------------------------------------------------------------------------------------------- Lowe's Cos., Inc. 384,600 24,783,624 - ---------------------------------------------------------------------------------------------------------------------------- Michaels Stores, Inc. 413,100 15,524,298 - ---------------------------------------------------------------------------------------------------------------------------- Staples, Inc. 1,016,800 25,948,736 - ---------------------------------------------------------------------------------------------------------------------------- Urban Outfitters, Inc. 1 577,500 14,171,850 ---------------- 99,592,923 - ---------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.4% Polo Ralph Lauren Corp. 157,800 9,564,258 - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--7.3% - ---------------------------------------------------------------------------------------------------------------------------- BEVERAGES--1.0% PepsiCo, Inc. 345,800 19,983,782 - ---------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.0% Costco Wholesale Corp. 161,100 8,725,176 - ---------------------------------------------------------------------------------------------------------------------------- CVS Corp. 708,600 21,165,882 - ---------------------------------------------------------------------------------------------------------------------------- Sysco Corp. 408,700 13,098,835 ---------------- 42,989,893 - ---------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--2.0% Cadbury Schweppes plc 1,825,680 18,143,561 - ---------------------------------------------------------------------------------------------------------------------------- Nestle SA 84,757 25,160,863 ---------------- 43,304,424
1 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--2.3% Procter & Gamble Co. (The) 511,400 $ 29,466,868 - ---------------------------------------------------------------------------------------------------------------------------- Reckitt Benckiser plc 568,470 20,010,081 ---------------- 49,476,949 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY--7.0% - ---------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--4.5% Halliburton Co. 255,100 18,627,402 - ---------------------------------------------------------------------------------------------------------------------------- Schlumberger Ltd. 218,900 27,706,173 - ---------------------------------------------------------------------------------------------------------------------------- Smith International, Inc. 605,100 23,574,696 - ---------------------------------------------------------------------------------------------------------------------------- Transocean, Inc. 1 311,400 25,005,420 ---------------- 94,913,691 - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS--2.5% Apache Corp. 139,900 9,164,849 - ---------------------------------------------------------------------------------------------------------------------------- EOG Resources, Inc. 190,600 13,723,200 - ---------------------------------------------------------------------------------------------------------------------------- Kinder Morgan Management LLC 242,750 10,681,000 - ---------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 212,400 19,678,860 ---------------- 53,247,909 - ---------------------------------------------------------------------------------------------------------------------------- FINANCIALS--9.4% - ---------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.5% Northern Trust Corp. 230,400 12,096,000 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.4% Bank of America Corp. 182,000 8,288,280 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--5.3% Chicago Mercantile Exchange (The) 48,500 21,703,750 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 224,800 10,617,304 - ---------------------------------------------------------------------------------------------------------------------------- Franklin Resources, Inc. 129,500 12,204,080 - ---------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 176,200 27,656,352 - ---------------------------------------------------------------------------------------------------------------------------- Legg Mason, Inc. 127,900 16,029,707 - ---------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 55,500 8,021,415 - ---------------------------------------------------------------------------------------------------------------------------- Nomura Securities Co. Ltd. 479,700 10,698,492 - ---------------------------------------------------------------------------------------------------------------------------- T. Rowe Price Group, Inc. 68,900 5,388,669 ---------------- 112,319,769 - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE--3.2% American International Group, Inc. 513,850 33,960,347 - ---------------------------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 167,700 13,508,235 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 268,400 20,347,404 ---------------- 67,815,986 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--16.2% - ---------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--4.9% Amgen, Inc. 1 528,300 38,433,825 - ---------------------------------------------------------------------------------------------------------------------------- Genentech, Inc. 1 181,600 15,347,016 - ---------------------------------------------------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 272,200 18,297,284 - ---------------------------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 139,200 8,661,024 - ---------------------------------------------------------------------------------------------------------------------------- MedImmune, Inc. 1 376,900 13,787,002 - ---------------------------------------------------------------------------------------------------------------------------- PDL BioPharma, Inc. 1 318,200 10,436,960 ---------------- 104,963,111 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--3.8% Fisher Scientific International, Inc. 1 247,800 16,862,790
2 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED - ---------------------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 782,600 $ 39,716,950 - ---------------------------------------------------------------------------------------------------------------------------- PerkinElmer, Inc. 439,000 10,303,330 - ---------------------------------------------------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 241,100 13,540,176 ---------------- 80,423,246 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.9% Caremark Rx, Inc. 1 200,100 9,840,918 - ---------------------------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. 1 181,900 10,408,318 - ---------------------------------------------------------------------------------------------------------------------------- Quest Diagnostics, Inc. 311,200 15,964,560 - ---------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group, Inc. 468,500 26,170,410 ---------------- 62,384,206 - ---------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--4.6% Novartis AG 572,143 31,818,638 - ---------------------------------------------------------------------------------------------------------------------------- Roche Holdings AG 156,478 23,297,956 - ---------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis SA 168,200 16,000,994 - ---------------------------------------------------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd., Sponsored ADR 621,146 25,578,792 ---------------- 96,696,380 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--8.4% - ---------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.7% Empresa Brasileira de Aeronautica SA, ADR 497,300 18,325,505 - ---------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 291,600 18,656,568 - ---------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 278,100 20,893,653 - ---------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 336,100 19,483,717 ---------------- 77,359,443 - ---------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.4% Expeditors International of Washington, Inc. 106,200 9,174,618 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.2% ChoicePoint, Inc. 1 154,200 6,900,450 - ---------------------------------------------------------------------------------------------------------------------------- Corporate Executive Board Co. 174,100 17,566,690 ---------------- 24,467,140 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.9% General Electric Co. 1,163,400 40,463,052 - ---------------------------------------------------------------------------------------------------------------------------- MACHINERY--0.9% Danaher Corp. 295,800 18,798,090 - ---------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.3% Fastenal Co. 148,500 7,029,990 - ---------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--30.2% - ---------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--7.5% Cisco Systems, Inc. 1 3,213,000 69,625,710 - ---------------------------------------------------------------------------------------------------------------------------- Corning, Inc. 1 673,000 18,110,430 - ---------------------------------------------------------------------------------------------------------------------------- Motorola, Inc. 884,200 20,257,022 - ---------------------------------------------------------------------------------------------------------------------------- Nokia Corp., Sponsored ADR 660,200 13,679,344 - ---------------------------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 437,700 22,151,997 - ---------------------------------------------------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, Sponsored ADR 385,500 14,541,060 ---------------- 158,365,563 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.2% Apple Computer, Inc. 1 245,900 15,422,848 - ---------------------------------------------------------------------------------------------------------------------------- Dell, Inc. 1 807,700 24,037,152
3 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS CONTINUED - ---------------------------------------------------------------------------------------------------------------------------- EMC Corp. 1 1,303,300 $ 17,763,979 - ---------------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. 1 315,800 11,378,274 ---------------- 68,602,253 - ---------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--4.1% Google, Inc., Cl. A 1 91,400 35,646,000 - ---------------------------------------------------------------------------------------------------------------------------- VeriSign, Inc. 1 434,300 10,418,857 - ---------------------------------------------------------------------------------------------------------------------------- Yahoo!, Inc. 1 1,257,400 40,563,724 ---------------- 86,628,581 - ---------------------------------------------------------------------------------------------------------------------------- IT SERVICES--3.6% Affiliated Computer Services, Inc., Cl. A 1 343,600 20,499,176 - ---------------------------------------------------------------------------------------------------------------------------- Automatic Data Processing, Inc. 703,800 32,149,584 - ---------------------------------------------------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 323,100 19,221,219 - ---------------------------------------------------------------------------------------------------------------------------- NAVTEQ Corp. 1 77,200 3,910,180 ---------------- 75,780,159 - ---------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.9% Advanced Micro Devices, Inc. 1 465,400 15,432,664 - ---------------------------------------------------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 657,600 28,382,016 - ---------------------------------------------------------------------------------------------------------------------------- Linear Technology Corp. 585,000 20,521,800 - ---------------------------------------------------------------------------------------------------------------------------- Marvell Technology Group Ltd. 1 145,900 7,893,190 - ---------------------------------------------------------------------------------------------------------------------------- Microchip Technology, Inc. 357,900 12,991,770 - ---------------------------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 566,700 18,400,749 ---------------- 103,622,189 - ---------------------------------------------------------------------------------------------------------------------------- SOFTWARE--6.9% Adobe Systems, Inc. 1 634,500 22,156,740 - ---------------------------------------------------------------------------------------------------------------------------- Amdocs Ltd. 1 450,400 16,241,424 - ---------------------------------------------------------------------------------------------------------------------------- Autodesk, Inc. 1 281,400 10,839,528 - ---------------------------------------------------------------------------------------------------------------------------- Electronic Arts, Inc. 1 104,800 5,734,656 - ---------------------------------------------------------------------------------------------------------------------------- McAfee, Inc. 1 310,100 7,544,733 - ---------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 2,060,500 56,066,205 - ---------------------------------------------------------------------------------------------------------------------------- SAP AG, Sponsored ADR 517,700 28,121,464 ---------------- 146,704,750 - ---------------------------------------------------------------------------------------------------------------------------- MATERIALS--3.2% - ---------------------------------------------------------------------------------------------------------------------------- CHEMICALS--3.2% Monsanto Co. 453,900 38,468,025 - ---------------------------------------------------------------------------------------------------------------------------- Praxair, Inc. 539,200 29,736,880 ---------------- 68,204,905 - ---------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.1% - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.1% American Tower Corp. 1 533,900 16,187,848 - ---------------------------------------------------------------------------------------------------------------------------- Crown Castle International Corp. 1 216,700 6,143,445 - ---------------------------------------------------------------------------------------------------------------------------- Sprint Nextel Corp. 848,800 21,932,991 ---------------- 44,264,284 ---------------- Total Common Stocks (Cost $1,708,761,824) 2,083,912,623
4 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.5% - ---------------------------------------------------------------------------------------------------------------------------- Undivided interest of 1.53% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $31,360,939 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $31,349,000) $ 31,349,000 $ 31,349,000 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,740,110,824) 99.7% 2,115,261,623 - ---------------------------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 0.3 5,304,143 --------------------------------------- Net Assets 100.0% $ 2,120,565,766 =======================================
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 March 31, 2006 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 $1,746,368,015 =============== Gross unrealized appreciation $ 388,077,600 Gross unrealized depreciation (19,183,992) --------------- Net unrealized appreciation $ 368,893,608 =============== 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, as 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). 5 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / 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 in the annual and semiannual reports. 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. 6 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--8.5% - ---------------------------------------------------------------------------------------------------------------------------- Ace Securities Corp., Home Equity Loan Pass-Through Certificates, Series 2002-HE7, Cl. A2B, 4.998%, 11/25/35 1 $ 960,000 $ 960,592 - ---------------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 4.836%, 4/20/08 1 640,000 640,451 - ---------------------------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts., Series 2004-2, Cl. A3, 3.58%, 1/15/09 2,250,000 2,203,520 - ---------------------------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-D, Cl. AF1, 2.98%, 4/25/20 40,957 40,835 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 233,921 232,708 Series 2005-C, Cl. AF1, 4.196%, 6/25/35 867,128 861,158 Series 2005-D, Cl. AF1, 5.04%, 10/25/35 1,696,468 1,687,188 Series 2005-D, Cl. AV2, 5.088%, 10/25/35 1 1,920,000 1,921,460 - ---------------------------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 183,965 183,810 - ---------------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 296,478 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., CMO, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 1 2,372,718 2,349,615 - ---------------------------------------------------------------------------------------------------------------------------- Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 2 1,520,000 1,554,508 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates: Series 2002-4, Cl. A1, 5.188%, 2/25/33 1 35,747 35,837 Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 1 1,059,838 1,053,669 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 670,000 666,526 Series 2005-17, Cl. 1AF1, 5.018%, 5/25/36 1 1,335,184 1,335,968 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 440,000 437,569 - ---------------------------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 1 201,268 200,576 - ---------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Asset-Backed Certificates, Home Equity Receivables, Series 2005-FF10, Cl. A3, 5.028%, 11/25/35 1 2,840,000 2,841,750 - ---------------------------------------------------------------------------------------------------------------------------- Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.036%, 1/20/35 1 1,265,228 1,266,378 - ---------------------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Home Equity Mtg. Pass-Through Certificates: Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 1,364,686 1,359,850 Series 2005-10, Cl. 2-A3B, 5.55%, 12/25/06 1,186,362 1,175,285 - ---------------------------------------------------------------------------------------------------------------------------- Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31 3 3,338,620 3,395,544 - ---------------------------------------------------------------------------------------------------------------------------- NC Finance Trust, CMO, Home Equity Pass-Through Certificates, Series 1999-I, Cl. ECFD, 1.079%, 1/25/29 3 3,370,016 775,104 - ---------------------------------------------------------------------------------------------------------------------------- Onyx Acceptance Owner Trust, Automobile Receivable Obligations, Series 2005-B, Cl. A2, 4.03%, 4/15/08 1,132,555 1,129,697 - ---------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 1 620,000 613,274 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 1 450,000 443,571 Series 2005-2, Cl. A F2, 4.415%, 4/25/35 1 730,000 721,207 Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 690,000 685,935
1 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- 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 $ 1,491,094 - ---------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Home Equity Obligations, Series 2003-25XS, Cl. A4, 4.51%, 8/25/33 376,249 373,821 - ---------------------------------------------------------------------------------------------------------------------------- Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 1,850,000 1,906,129 - ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 1 663,117 659,158 - ---------------------------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates, Series 2004-1, Cl. A2A, 2.59%, 5/15/07 367,935 367,218 ----------------- Total Asset- Backed Securities (Cost $38,450,184) 35,867,483 - ---------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--71.2% - ---------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--58.2% - ---------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--58.1% Fannie Mae Whole Loan, CMO Pass-Through Certificates, Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 3 781,585 807,719 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19 9,312,416 8,904,488 4.50%, 5/1/19 4 2,912,830 2,783,336 5%, 4/1/36 4 7,318,000 6,963,531 6%, 7/1/17-10/1/29 10,863,947 10,944,944 6.50%, 4/1/18-4/1/34 1,837,780 1,879,227 7%, 5/1/29-3/1/35 9,941,929 10,248,445 8%, 4/1/16 956,448 1,015,613 9%, 8/1/22-5/1/25 264,357 285,743 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2326, Cl. ZP, 6.50%, 6/15/31 643,453 655,176 Series 2456, Cl. BD, 6%, 3/15/30 125,959 125,908 Series 2500, Cl. FD, 5.249%, 3/15/32 1 470,506 473,203 Series 2526, Cl. FE, 5.149%, 6/15/29 1 710,078 711,701 Series 2551, Cl. FD, 5.149%, 1/15/33 1 556,022 561,908 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 45,675 45,566 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2195, Cl. LH, 6.50%, 10/15/29 1,851,638 1,882,670 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 12.267%, 6/1/26 5 814,432 183,074 Series 183, Cl. IO, 9.08%, 4/1/27 5 1,205,738 279,122 Series 184, Cl. IO, 15.042%, 12/1/26 5 1,334,191 294,683 Series 192, Cl. IO, 15.247%, 2/1/28 5 317,567 68,472 Series 200, Cl. IO, 13.554%, 1/1/29 5 373,779 87,381 Series 206, Cl. IO, (9.288)%, 12/1/29 5 831,221 190,710 Series 2003-118, Cl. S, 15.59%, 12/25/33 5 4,261,546 500,155 Series 2130, Cl. SC, 2.676%, 3/15/29 5 879,176 58,191 Series 2796, Cl. SD, 6.296%, 7/15/26 5 1,380,785 92,150 Series 2920, Cl. S, 5.858%, 1/15/35 5 5,309,785 239,430
2 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Series 3000, Cl. SE, 9.306%, 7/15/25 5 $ 5,712,348 $ 188,297 - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.683%, 6/1/26 6 331,812 268,303 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 3/1/19 411,105 394,014 5%, 6/1/18-7/1/18 5,314,000 5,192,933 5%, 9/1/33-5/1/36 4 40,268,010 38,342,678 5.50%, 3/1/33-1/1/34 16,555,607 16,197,699 5.50%, 4/1/21-5/25/36 4 40,064,000 39,339,965 6%, 7/1/17-11/1/32 17,940,806 18,128,389 6.50%, 3/1/11-11/1/31 3,323,155 3,407,438 6.50%, 5/1/36 4 14,278,000 14,550,167 7%, 11/1/17-9/1/35 10,460,606 10,779,872 7%, 4/1/36 4 2,578,000 2,655,340 7.50%, 1/1/08-1/1/33 45,161 46,892 8%, 5/1/17 11,914 12,554 8.50%, 7/1/32 105,905 114,144 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 88,102 94,736 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,831,639 1,871,417 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 1,510,125 1,545,409 Trust 2001-70, Cl. LR, 6%, 9/25/30 484,608 486,413 Trust 2001-72, Cl. NH, 6%, 4/25/30 264,536 264,883 Trust 2001-74, Cl. PD, 6%, 5/25/30 106,933 106,837 Trust 2002-77, Cl. WF, 5.176%, 12/18/32 1 843,195 850,267 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 3,883,677 Trust 2004-38, Cl. FT, 5.248%, 10/25/33 1 4,242,779 4,253,680 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,908,000 1,838,706 Trust 2005-30, Cl. UG, 5%, 4/25/35 5,630,000 5,136,279 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,120,000 1,070,633 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 2002-47, Cl. NS, 3.218%, 4/25/32 5 1,654,211 148,267 Trust 2002-51, Cl. S, 3.364%, 8/25/32 5 1,518,571 133,741 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 222, Cl. 2, 14.254%, 6/1/23 5 2,618,776 613,333 Trust 240, Cl. 2, 15.888%, 9/1/23 5 3,076,250 719,347 Trust 252, Cl. 2, 7.505%, 11/1/23 5 2,042,435 483,142 Trust 273, Cl. 2, 15.079%, 8/1/26 5 612,387 137,804 Trust 303, Cl. IO, (3.445)%, 11/1/29 5 355,594 85,980 Trust 319, Cl. 2, 10.717%, 2/1/32 5 558,508 142,725 Trust 321, Cl. 2, 5.53%, 4/1/32 5 6,189,490 1,574,677 Trust 329, Cl. 2, 10.564%, 1/1/33 5 2,664,552 657,974 Trust 331, Cl. 9, 1.976%, 2/1/33 5 1,468,457 330,105 Trust 333, Cl. 2, 10.535%, 4/1/33 5 12,620,118 3,135,952 Trust 334, Cl. 17, 10.882%, 2/1/33 5 1,008,990 230,909
3 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 338, Cl. 2, 9.401%, 7/1/33 5 $ 5,305,552 $ 1,313,880 Trust 350, Cl. 2, 11.907%, 3/1/34 5 3,881,711 951,455 Trust 2001-65, Cl. S, 15.573%, 11/25/31 5 2,539,896 223,704 Trust 2001-81, Cl. S, 4.9%, 1/25/32 5 645,189 54,884 Trust 2002-52, Cl. SD, 0.984%, 9/25/32 5 1,821,856 162,710 Trust 2002-77, Cl. SH, 8.631%, 12/18/32 5 777,687 65,574 Trust 2002-84, Cl. SA, 15.988%, 12/25/32 5 2,188,090 202,839 Trust 2003-4, Cl. S, 15.29%, 2/25/33 5 1,464,993 155,147 Trust 2004-54, Cl. DS, 1.368%, 11/25/30 5 1,283,885 63,804 Trust 2005-6, Cl. SE, 5.383%, 2/25/35 5 3,591,248 162,764 Trust 2005-19, Cl. SA, 4.435%, 3/25/35 5 13,414,930 650,432 Trust 2005-40, Cl. SA, 5.093%, 5/25/35 5 3,052,174 142,591 Trust 2005-71, Cl. SA, 12.685%, 8/25/25 5 3,636,713 184,741 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 333, Cl. 1, 4.628%, 4/1/33 6 6,113,978 4,481,491 Trust 338, Cl. 1, 5.022%, 7/1/33 4,6 6,969,989 5,114,961 Trust 1993-184, Cl. M, 5.748%, 9/25/23 6 714,191 581,288 ----------------- 244,210,389 - ---------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.1% Government National Mortgage Assn.: 7%, 1/15/09-5/15/09 28,545 29,214 8.50%, 8/15/17-12/15/17 357,950 383,362 - ---------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, (0.218)%, 1/16/27 5 1,372,449 79,952 Series 2002-15, Cl. SM, (3.059)%, 2/16/32 5 1,633,738 90,938 Series 2004-11, Cl. SM, (3.232)%, 1/17/30 5 1,173,424 71,193 ----------------- 654,659 - ---------------------------------------------------------------------------------------------------------------------------- NON-AGENCY--13.0% - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL--10.7% Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1996-MD6, Cl. A3, 6.839%, 11/13/29 1 1,200,000 1,237,881 - ---------------------------------------------------------------------------------------------------------------------------- Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security Collateralized Mtg. Obligations, Series 1997-D4, Cl. PS1, 4.885%, 4/14/29 5 40,192,203 1,056,010 - ---------------------------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2004-6, Cl. A3, 4.512%, 12/10/42 1,720,000 1,641,784 Series 2005-2, Cl. A4, 4.783%, 7/10/43 1 2,550,000 2,463,069 Series 2005-3, Cl. A2, 4.501%, 7/10/43 2,100,000 2,027,842 - ---------------------------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 2,065,206 2,035,405 - ---------------------------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,513,373 1,528,980 Series 2005-E, Cl. 2A2, 4.978%, 6/25/35 1 366,352 365,917
4 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 $ 860,000 $ 836,749 - ---------------------------------------------------------------------------------------------------------------------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 7.291%, 6/22/24 5 20,061,948 768,808 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., CMO, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 460,000 460,000 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2005-CD1, Cl. A4, 5.226%, 7/15/44 1,7 2,260,000 2,216,772 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, CMO: Series 2004-J9, Cl. 1A1, 4.998%, 10/25/34 1 260,083 260,277 Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 3,118,519 3,143,746 - ---------------------------------------------------------------------------------------------------------------------------- First Chicago/Lennar Trust 1, Commercial Mtg. Pass-Through Certificates, Series 1997-CHL1, Cl. D, 7.577%, 4/29/39 1,2 895,667 896,831 - ---------------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2005-CA, Cl. A3, 4.578%, 6/10/48 730,000 700,107 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 1,190,000 1,168,129 - ---------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 677,658 687,818 Series 2004-C3, Cl. A4, 4.547%, 12/10/41 1,110,000 1,061,412 - ---------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 1,460,000 1,409,934 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,290,000 1,276,849 - ---------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 510,000 494,208 Series 2006-CB14, Cl. A4, 5.481%, 12/12/44 1,860,000 1,846,402 - ---------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 1,430,000 1,404,007 - ---------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 6.347%, 2/18/30 5 16,635,431 399,071 - ---------------------------------------------------------------------------------------------------------------------------- Lehman Structured Securities Corp., CMO, Series 2002-GE1, Cl. A, 2.514%, 7/26/24 3 328,808 253,182 - ---------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-6, Cl. 10A1, 6%, 7/25/34 2,363,724 2,350,137 Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 2,786,651 2,765,954 - ---------------------------------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 1,197,310 1,190,270 - ---------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, (4.591)%, 5/18/32 5 311,794,334 840,972 - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C17, Cl. A2, 4.782%, 3/15/42 2,520,000 2,465,697 Series 2005-C20, Cl. A5, 5.087%, 7/15/42 1 1,440,000 1,408,622 - ---------------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., CMO Pass-Through Certificates, Series 2005-AR5, Cl. A1, 4.678%, 5/25/35 1 1,672,799 1,669,871 - ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities Trust, CMO, Series 2004-DD, Cl. 2A1, 5.518%, 1/25/35 1 726,358 722,593 ----------------- 45,055,306
5 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- 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 $ 1,677,357 - ---------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 52.487%, 10/23/17 5 16,281 3,766 - ---------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series1987-3, Cl. A, 7.393%, 10/23/17 6 24,096 21,361 - ---------------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., CMO Pass-Through Certificates, Series 2005-AR8, Cl. 2AB1, 5.068%, 7/25/45 1 1,869,799 1,871,256 ----------------- 3,573,740 - ---------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL--1.4% Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 3,490,273 3,533,902 - ---------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., CMO Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,708,054 2,302,977 ----------------- 5,836,879 ----------------- Total Mortgage-Backed Obligations (Cost $303,685,835) 299,330,973 - ---------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--8.5% - ---------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 4.125%, 7/12/10 7 4,383,000 4,217,060 5.125%, 4/18/11 4,760,000 4,757,791 6.625%, 9/15/09 4,775,000 5,000,600 - ---------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 6%, 5/15/11 7 1,815,000 1,883,710 6.625%, 9/15/09 8 2,260,000 2,366,051 7.25%, 5/15/30 7 1,665,000 2,097,289 - ---------------------------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 4.65%, 6/15/35 3,555,000 3,195,458 Series A, 6.79%, 5/23/12 5,659,000 6,128,674 - ---------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 5.375%, 2/15/31 7 415,000 436,982 - ---------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 4.25%, 11/30/07-1/15/11 7 1,811,000 1,771,505 4.375%, 1/31/08 7 1,059,000 1,050,521 4.50%, 2/28/11-11/15/15 7 1,220,000 1,195,914 4.625%, 2/29/08 7 1,425,000 1,419,713 ----------------- Total U.S. Government Obligations (Cost $36,689,429) 35,521,268 - ---------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--33.4% - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--11.2% - ---------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--2.7% DaimlerChrysler North America Holding Corp., 8% Nts., 6/15/10 1,940,000 2,088,804 - ---------------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co.: 5.80% Sr. Unsec. Nts., 1/12/09 1,310,000 1,197,107 6.625% Nts., 6/16/08 3,325,000 3,148,639 - ---------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 6.15% Nts., 4/5/07 3,449,000 3,388,277 8% Bonds, 11/1/31 7 1,640,000 1,554,025 ----------------- 11,376,852
6 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.8% Harrah's Operating Co., Inc., 5.625% Sr. Unsec. Bonds, 6/1/15 $ 1,180,000 $ 1,132,630 - ---------------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 1,305,000 1,418,880 - ---------------------------------------------------------------------------------------------------------------------------- Hyatt Equities LLC, 6.875% Nts., 6/15/07 2 785,000 796,096 - ---------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 1,665,000 1,648,350 - ---------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp., 9.375% Sr. Unsec. Sub. Nts., 2/15/07 183,000 189,176 - ---------------------------------------------------------------------------------------------------------------------------- Yum! Brands, Inc., 8.50% Sr. Unsec. Nts., 4/15/06 2,465,000 2,467,196 ----------------- 7,652,328 - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.4% Beazer Homes USA, Inc., 6.875% Sr. Unsec. Nts., 7/15/15 1,150,000 1,098,250 - ---------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc.: 5.375% Sr. Unsec. Nts., 6/15/12 7 1,200,000 1,146,370 6.125% Nts., 1/15/14 1,035,000 1,017,138 - ---------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 1,155,000 1,088,816 - ---------------------------------------------------------------------------------------------------------------------------- KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 1,445,000 1,328,232 ----------------- 5,678,806 - ---------------------------------------------------------------------------------------------------------------------------- MEDIA--3.9% Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 1,520,000 1,591,179 - ---------------------------------------------------------------------------------------------------------------------------- British Sky Broadcasting Group plc, 8.20% Sr. Unsec. Nts., 7/15/09 1,940,000 2,087,019 - ---------------------------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 1,005,000 1,055,597 - ---------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 1,035,000 1,027,984 - ---------------------------------------------------------------------------------------------------------------------------- Cox Communications, Inc., 4.625% Unsec. Nts., 1/15/10 2,375,000 2,278,623 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 5.70% Sr. Unsec. Nts., 5/15/13 7 1,200,000 1,121,892 - ---------------------------------------------------------------------------------------------------------------------------- Reed Elsevier Capital, Inc., 4.625% Nts., 6/15/12 860,000 805,324 - ---------------------------------------------------------------------------------------------------------------------------- TCI Communications, Inc., 9.80% Sr. Unsec. Debs., 2/1/12 2,210,000 2,607,267 - ---------------------------------------------------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 1,825,000 2,106,727 - ---------------------------------------------------------------------------------------------------------------------------- Univision Communications, Inc., 3.50% Sr. Unsec. Nts., 10/15/07 1,860,000 1,800,796 ----------------- 16,482,408 - ---------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--1.0% Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 1,455,000 1,495,638 - ---------------------------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc., (Holding Co.), 7.40% Nts., 4/1/37 1,625,000 1,760,210 - ---------------------------------------------------------------------------------------------------------------------------- May Department Stores Co., 7.90% Unsec. Debs., 10/15/07 785,000 808,587 ----------------- 4,064,435 - ---------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.4% Gap, Inc. (The): 6.90% Nts., 9/15/07 1,315,000 1,335,826 9.55% Unsub. Nts., 12/15/08 1 466,000 508,919 ----------------- 1,844,745 - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--2.5% - ---------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.8% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 7 1,795,000 1,675,202 - ---------------------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,500,000 1,742,528 - ---------------------------------------------------------------------------------------------------------------------------- Kroger Co. (The): 5.50% Unsec. Unsub. Nts., 2/1/13 1,660,000 1,617,242 6.80% Sr. Unsec. Nts., 4/1/11 440,000 458,918 - ---------------------------------------------------------------------------------------------------------------------------- Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11 2,035,000 2,098,201 ----------------- 7,592,091 - ---------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.7% Archer Daniels Midland Co., 5.375% Nts., 9/15/35 1,175,000 1,074,781
7 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED General Mills, Inc., 3.875% Nts., 11/30/07 $ 1,715,000 $ 1,674,298 ----------------- 2,749,079 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY--2.1% - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS--2.1% Kinder Morgan, Inc., 6.50% Sr. Unsec. Nts., 9/1/12 1,265,000 1,310,415 - ---------------------------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust: 5.75% Nts., 12/15/15 2,7 1,400,000 1,342,250 5.75% Unsec. Unsub. Nts., Series 12, 12/15/15 1,865,000 1,788,069 - ---------------------------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 2 3,329,167 3,269,718 - ---------------------------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 2 1,332,463 1,245,247 ----------------- 8,955,699 - ---------------------------------------------------------------------------------------------------------------------------- FINANCIALS--9.8% - ---------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.9% Credit Suisse (USA), Inc., 5.25% Nts., 3/2/11 2,145,000 2,122,799 - ---------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,640,000 1,631,600 ----------------- 3,754,399 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--2.2% Barclays Bank plc, 6.278% Perpetual Bonds 9 1,860,000 1,785,172 - ---------------------------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 2,9 2,100,000 2,005,395 - ---------------------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 1,7 2,100,000 2,064,117 - ---------------------------------------------------------------------------------------------------------------------------- National City Bank, 6.20% Sub. Nts., 12/15/11 178,000 184,293 - ---------------------------------------------------------------------------------------------------------------------------- Popular North America, Inc., 5.20% Nts., 12/12/07 2,225,000 2,213,185 - ---------------------------------------------------------------------------------------------------------------------------- Socgen Real Estate LLC, 7.64% Perpetual Bonds 2,9 90,000 92,594 - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Bank NA, 5.60% Sub. Nts., 3/15/16 1,085,000 1,076,411 ----------------- 9,421,167 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--2.0% CIT Group, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/2/12 1,860,000 2,052,648 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc., 6.625% Unsec. Sub. Nts., 6/15/32 890,000 956,116 - ---------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co., 5.15% Sub. Nts., 10/1/15 2,195,000 2,104,331 - ---------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 5% Sr. Unsub. Nts., Series C, 2/3/14 1,110,000 1,066,208 - ---------------------------------------------------------------------------------------------------------------------------- Morgan Stanley, 6.60% Nts., 4/1/12 1,975,000 2,074,708 ----------------- 8,254,011 - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE--2.0% Marsh & McLennan Cos., Inc., 5.875% Sr. Unsec. Bonds, 8/1/33 1,470,000 1,336,614 - ---------------------------------------------------------------------------------------------------------------------------- MetLife, Inc., 5.70% Sr. Unsec. Nts., 6/15/35 7 1,170,000 1,106,249 - ---------------------------------------------------------------------------------------------------------------------------- Nationwide Financial Services, Inc.: 5.90% Nts., 7/1/12 990,000 1,008,839 6.25% Sr. Unsec. Nts., 11/15/11 105,000 108,137 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 2 2,055,000 2,507,028 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 2,035,000 2,511,819 ----------------- 8,578,686 - ---------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--2.2% EOP Operating LP, 8.10% Unsec. Nts., 8/1/10 1,925,000 2,092,487 - ---------------------------------------------------------------------------------------------------------------------------- iStar Financial, Inc., 5.15% Sr. Unsec. Nts., 3/1/12 2,215,000 2,128,329 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Property Trust, 5.65% Sr. Nts., 8/15/14 1,185,000 1,166,048 - ---------------------------------------------------------------------------------------------------------------------------- Simon Property Group LP, 5.375% Nts., 6/1/11 2 1,680,000 1,657,192
8 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- REAL ESTATE CONTINUED Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 $ 2,225,000 $ 2,228,355 ----------------- 9,272,411 - ---------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.5% Countrywide Financial Corp., 4.50% Nts., Series A, 6/15/10 2,250,000 2,157,363 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--0.3% - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.3% HCA, Inc., 7.125% Sr. Unsec. Nts., 6/1/06 1,095,000 1,103,151 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--0.8% - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.3% Allied Waste North America, Inc., 8.875% Sr. Nts., Series B, 4/1/08 1,070,000 1,128,850 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.5% Tyco International Group SA: 6.125% Unsec. Unsub. Nts., 1/15/09 253,000 256,380 6.125% Unsec. Unsub. Nts., 11/1/08 1,875,000 1,901,537 ----------------- 2,157,917 - ---------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.2% - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.8% British Telecommunications plc, 8.875% Bonds, 12/15/30 1,015,000 1,302,206 - ---------------------------------------------------------------------------------------------------------------------------- France Telecom SA, 8.315% Sr. Unsec. Nts., 3/1/31 1 350,000 438,470 - ---------------------------------------------------------------------------------------------------------------------------- SBC Communications, Inc., 5.30% Nts., 11/15/10 1,680,000 1,659,591 - ---------------------------------------------------------------------------------------------------------------------------- Sprint Capital Corp., 8.75% Nts., 3/15/32 1,455,000 1,824,436 - ---------------------------------------------------------------------------------------------------------------------------- Telus Corp., 8% Nts., 6/1/11 245,000 270,517 - ---------------------------------------------------------------------------------------------------------------------------- Verizon Global Funding Corp.: 5.85% Nts., 9/15/35 1,155,000 1,039,386 7.25% Sr. Unsec. Unsub. Nts., 12/1/10 1,010,000 1,073,502 ----------------- 7,608,108 - ---------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.4% AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 1,545,000 1,736,878 - ---------------------------------------------------------------------------------------------------------------------------- UTILITIES--4.5% - ---------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--3.2% CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,990,000 2,101,331 - ---------------------------------------------------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 1,950,000 2,119,350 - ---------------------------------------------------------------------------------------------------------------------------- DTE Energy Co., 6.45% Sr. Unsub. Nts., 6/1/06 725,000 726,245 - ---------------------------------------------------------------------------------------------------------------------------- FirstEnergy Corp.: 5.50% Sr. Unsub. Nts., Series A, 11/15/06 995,000 995,403 7.375% Sr. Unsub. Nts., Series C, 11/15/31 7 1,160,000 1,292,411 - ---------------------------------------------------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 1 1,180,000 1,239,000 - ---------------------------------------------------------------------------------------------------------------------------- MidAmerican Energy Holdings Co., 5.875% Sr. Unsec. Nts., 10/1/12 1,955,000 1,975,750 - ---------------------------------------------------------------------------------------------------------------------------- Portland General Electric Co., 8.125% First Mortgage Nts., 2/1/10 2 1,040,000 1,125,430 - ---------------------------------------------------------------------------------------------------------------------------- PSE&G Power LLC, 6.875% Sr. Unsec. Nts., 4/15/06 355,000 355,126 - ---------------------------------------------------------------------------------------------------------------------------- TXU Energy Co., 6.125% Nts., 3/15/08 1,430,000 1,442,258 ----------------- 13,372,304 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.5% Constellation Energy Group, Inc., 7.60% Unsec. Nts., 4/1/32 1,765,000 2,024,873 - ---------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.4% NiSource Finance Corp., 7.875% Sr. Unsec. Nts., 11/15/10 1,590,000 1,726,355 - ---------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% PSEG Funding Trust I, 5.381% Nts., 11/16/07 1,835,000 1,829,559 ----------------- Total Corporate Bonds and Notes (Cost $142,246,557) 140,522,475
9 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Units Value - ---------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ---------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 10 (Cost $14,872) 5,408 $ 1,676
Principal Amount - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.7% - ---------------------------------------------------------------------------------------------------------------------------- Undivided interest of 0.35% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $7,216,747 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $7,214,000) $ 7,214,000 7,214,000 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $528,300,877) 518,457,875 - ---------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--4.0% - ---------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTE--0.6% Trust Money Market Securities, Series A-2, 4.82%, 4/17/06 11 1,000,000 1,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 4.98%, 6/15/06 11 1,500,000 1,500,000 ----------------- 2,500,000 - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.8% Undivided interest of 1.18% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,407,917) with Bank of America NA, 4.895%, dated 3/31/06, to be repurchased at $11,838,546 on 4/3/06, collateralized by U.S. Agency Mortgages, 5.50%, 12/1/34, with a value of $1,020,000,001 11 11,833,719 11,833,719 - ---------------------------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.6% Bear Stearns, 4.995%, 4/3/06 11 2,500,000 2,500,000 ----------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $16,833,719) 16,833,719 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $545,134,596) 127.3% 535,291,594 - ---------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (27.3) (114,784,476) --------------------------------------- Net Assets 100.0% $ 420,507,118 =======================================
Footnotes to Statement of Investments 1. Represents the current interest rate for a variable or increasing rate security. 2. 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 $16,492,289 or 3.92% of the Fund's net assets as of March 31, 2006. 3. Illiquid security. The aggregate value of illiquid securities as of March 31, 2006 was $5,231,549, which represents 1.24% of the Fund's net assets. See accompanying Notes. 4. When-issued security or forward commitment to be delivered and settled after March 31, 2006. See accompanying Notes. 5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $18,220,856 or 4.33% of the Fund's net assets as of March 31, 2006. 6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $10,467,404 or 2.49% of the Fund's net assets as of March 31, 2006. 10 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 7. Partial or fully-loaned security. See accompanying Notes. 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 $2,093,851. See accompanying Notes. 9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2006 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 $ 545,292,918 Federal tax cost of other investments (106,163,046) ------------------ Total federal tax cost $ 439,129,872 ================== Gross unrealized appreciation $ 3,596,433 Gross unrealized depreciation (13,878,650) ------------------ Net unrealized depreciation $ (10,282,217) ================== 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, as 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 March 31, 2006, the Fund had purchased $177,842,498 of securities 11 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- issued on a when-issued basis or forward commitment and sold $75,197,040 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. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a commodity or financial instrument at a negotiated price on a stipulated future date. Futures contracts are traded on a commodity exchange. The Fund may buy and sell futures contracts that relate to broadly based securities indices (financial futures) or debt securities (interest rate futures) in order to gain exposure to or protection from changes in market value of stocks and bonds or interest rates. The Fund may also buy or write put or call options on these futures contracts. The Fund generally sells futures contracts as a hedge against increases in interest rates and decreases in market value of portfolio securities. The Fund may also purchase futures contracts to gain exposure to market changes as it may be more efficient or cost effective than actually buying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities in the annual and semiannual reports. 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 in the annual and semiannual reports 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 in the annual and semiannual reports as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. 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. 12 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- As of March 31, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2006 (DEPRECIATION) - ------------------------------------------------------------------------------------------ CONTRACTS TO PURCHASE U.S. Long Bonds 6/21/06 260 $ 28,380,625 $ (816,261) U.S. Treasury Nts., 5 yr. 6/30/06 211 22,036,313 (120,209) --------------- (936,470) --------------- CONTRACTS TO SELL Euro-Bundesobligation, 10 yr. 6/8/06 84 11,927,434 134,230 U.S. Treasury Nts., 2 yr. 6/30/06 519 105,803,016 200,042 U.S. Treasury Nts., 10 yr. 6/21/06 368 39,151,750 299,982 --------------- 634,254 --------------- $ (302,216) ===============
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 unrealized gain (loss) related to the daily change in the valuation of the notional amount of the swap, as well as the amount due to (owed by) the Fund at termination or settlement is combined and separately disclosed as an asset (liability). The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss). Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of March 31, 2006, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION UNREALIZED COUNTERPARTY SWAP DESCRIPTION AMOUNT DATE APPRECIATION - ------------------------------------------------------------------------------------------------------------- Received or paid monthly. If the sum of the Lehman Brothers CMBS Index Payer Payment Amount and the Floating Rate Payer Payment Amount is positive, the Counterparty will pay such amount to the Fund. If the sums are negative, then the Fund shall pay the absolute value of such amount Goldman Sachs Group, Inc. to the Counterparty. $ 9,190,000 6/1/06 $ 21,323 (The) Abbreviations are as follows: CMBS Commercial Mortgage Backed Securities
ILLIQUID SECURITIES As of March 31, 2006, 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. 13 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/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 U.S. 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 March 31, 2006, the Fund had on loan securities valued at $23,484,826. Collateral of $23,959,191 was received for the loans, of which $16,833,719 was received in cash and subsequently invested in approved instruments. 14 | Oppenheimer Core Bond Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--99.0% - ------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--18.0% - ------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--2.3% Bayerische Motoren Werke AG 547,910 $ 30,211,475 - ------------------------------------------------------------------------------------------------------------------------ Porsche AG, Preference 18,742 17,904,359 - ------------------------------------------------------------------------------------------------------------------------ Toyota Motor Corp. 562,300 30,718,683 ---------------- 78,834,517 - ------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.1% Carnival Corp. 671,200 31,794,744 - ------------------------------------------------------------------------------------------------------------------------ International Game Technology 640,300 22,551,366 - ------------------------------------------------------------------------------------------------------------------------ Starbucks Corp. 1 490,600 18,466,184 ---------------- 72,812,294 - ------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--2.4% Koninklijke (Royal) Philips Electronics NV 1,152,600 38,956,366 - ------------------------------------------------------------------------------------------------------------------------ Sony Corp. 950,300 43,820,674 ---------------- 82,777,040 - ------------------------------------------------------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--1.9% Amazon.com, Inc. 1 231,500 8,452,065 - ------------------------------------------------------------------------------------------------------------------------ eBay, Inc. 1 1,165,700 45,532,242 - ------------------------------------------------------------------------------------------------------------------------ GUS plc 575,348 10,512,585 ---------------- 64,496,892 - ------------------------------------------------------------------------------------------------------------------------ MEDIA--4.7% Grupo Televisa SA, Sponsored GDR 1,457,596 29,006,160 - ------------------------------------------------------------------------------------------------------------------------ JC Decaux SA 1 408,864 11,064,172 - ------------------------------------------------------------------------------------------------------------------------ Pearson plc 1,410,238 19,552,269 - ------------------------------------------------------------------------------------------------------------------------ Singapore Press Holdings Ltd. 4,779,840 13,311,434 - ------------------------------------------------------------------------------------------------------------------------ Sirius Satellite Radio, Inc. 1 5,711,310 29,013,455 - ------------------------------------------------------------------------------------------------------------------------ Walt Disney Co. (The) 750,000 20,917,500 - ------------------------------------------------------------------------------------------------------------------------ WPP Group plc 886,660 10,637,086 - ------------------------------------------------------------------------------------------------------------------------ Zee Telefilms Ltd. 4,932,200 26,489,793 ---------------- 159,991,869 - ------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--2.5% Hennes & Mauritz AB, B Shares 1,430,200 52,150,838 - ------------------------------------------------------------------------------------------------------------------------ Industria de Diseno Textil SA 648,800 25,042,148 - ------------------------------------------------------------------------------------------------------------------------ Tiffany & Co. 200,100 7,511,754 ---------------- 84,704,740 - ------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--2.1% Bulgari SpA 442,718 5,327,552 - ------------------------------------------------------------------------------------------------------------------------ Burberry Group plc 1,299,628 10,465,757 - ------------------------------------------------------------------------------------------------------------------------ Coach, Inc. 1 498,900 17,251,962 - ------------------------------------------------------------------------------------------------------------------------ LVMH Moet Hennessey Louis Vuitton 398,690 39,087,255 ---------------- 72,132,526 - ------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--8.6% - ------------------------------------------------------------------------------------------------------------------------ BEVERAGES--1.7% Companhia de Bebidas das Americas, ADR, Preference 463,515 19,912,604 - ------------------------------------------------------------------------------------------------------------------------ Diageo plc 220,960 3,480,033 - ------------------------------------------------------------------------------------------------------------------------ Fomento Economico Mexicano SA de CV, UBD 2,415,200 22,261,544
1 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ BEVERAGES CONTINUED Grupo Modelo SA de CV, Series C 3,279,000 $ 11,977,876 ---------------- 57,632,057 - ------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--1.5% Tesco plc 2,868,880 16,448,571 - ------------------------------------------------------------------------------------------------------------------------ Wal-Mart Stores, Inc. 728,300 34,404,892 ---------------- 50,853,463 - ------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--1.0% Cadbury Schweppes plc 3,387,574 33,665,624 - ------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--3.3% Hindustan Lever Ltd. 4,921,600 30,082,589 - ------------------------------------------------------------------------------------------------------------------------ Kao Corp. 458,000 12,062,872 - ------------------------------------------------------------------------------------------------------------------------ Procter & Gamble Co. (The) 216,152 12,454,678 - ------------------------------------------------------------------------------------------------------------------------ Reckitt Benckiser plc 1,706,238 60,059,388 ---------------- 114,659,527 - ------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.9% Avon Products, Inc. 504,300 15,719,031 - ------------------------------------------------------------------------------------------------------------------------ Shiseido Co. Ltd. 825,000 15,350,467 ---------------- 31,069,498 - ------------------------------------------------------------------------------------------------------------------------ TOBACCO--0.2% Altria Group, Inc. 110,400 7,822,944 - ------------------------------------------------------------------------------------------------------------------------ ENERGY--7.4% - ------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--3.4% GlobalSantaFe Corp. 548,700 33,333,525 - ------------------------------------------------------------------------------------------------------------------------ Technip SA 583,560 39,616,025 - ------------------------------------------------------------------------------------------------------------------------ Transocean, Inc. 1 551,200 44,261,360 ---------------- 117,210,910 - ------------------------------------------------------------------------------------------------------------------------ OIL & GAS--4.0% BP plc, ADR 425,969 29,366,303 - ------------------------------------------------------------------------------------------------------------------------ Burlington Resources, Inc. 294,800 27,095,068 - ------------------------------------------------------------------------------------------------------------------------ Chevron Corp. 345,444 20,025,389 - ------------------------------------------------------------------------------------------------------------------------ Husky Energy, Inc. 663,015 40,109,611 - ------------------------------------------------------------------------------------------------------------------------ Neste Oil Oyj 105,900 3,640,882 - ------------------------------------------------------------------------------------------------------------------------ Total SA, B Shares 55,560 14,657,907 ---------------- 134,895,160 - ------------------------------------------------------------------------------------------------------------------------ FINANCIALS--15.2% - ------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--2.5% 3i Group plc 916,975 14,983,668 - ------------------------------------------------------------------------------------------------------------------------ Credit Suisse Group 725,145 40,689,109 - ------------------------------------------------------------------------------------------------------------------------ Northern Trust Corp. 584,000 30,660,000 ---------------- 86,332,777 - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--4.7% Anglo Irish Bank Corp. 861,454 14,197,841 - ------------------------------------------------------------------------------------------------------------------------ HSBC Holdings plc 1,971,345 33,003,321 - ------------------------------------------------------------------------------------------------------------------------ ICICI Bank Ltd., Sponsored ADR 432,350 11,967,448 - ------------------------------------------------------------------------------------------------------------------------ Resona Holdings, Inc. 1 4,959 17,063,679 - ------------------------------------------------------------------------------------------------------------------------ Royal Bank of Scotland Group plc (The) 1,541,217 50,153,751
2 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS CONTINUED Societe Generale, Cl. A 238,960 $ 35,937,536 ---------------- 162,323,576 - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--3.7% American Express Co. 373,600 19,632,680 - ------------------------------------------------------------------------------------------------------------------------ Citigroup, Inc. 171,266 8,088,893 - ------------------------------------------------------------------------------------------------------------------------ Credit Saison Co. Ltd. 395,100 21,782,833 - ------------------------------------------------------------------------------------------------------------------------ Investor AB, B Shares 683,322 12,414,465 - ------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase & Co. 633,263 26,369,071 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley 588,600 36,975,852 ---------------- 125,263,794 - ------------------------------------------------------------------------------------------------------------------------ INSURANCE--4.3% ACE Ltd. 388,071 20,183,573 - ------------------------------------------------------------------------------------------------------------------------ Allianz AG 233,811 39,084,672 - ------------------------------------------------------------------------------------------------------------------------ Berkshire Hathaway, Inc., Cl. B 1 6,110 18,403,320 - ------------------------------------------------------------------------------------------------------------------------ Everest Re Group Ltd. 104,800 9,785,176 - ------------------------------------------------------------------------------------------------------------------------ Manulife Financial Corp. 279,713 17,546,581 - ------------------------------------------------------------------------------------------------------------------------ Prudential plc 2,504,680 29,047,273 - ------------------------------------------------------------------------------------------------------------------------ XL Capital Ltd., Cl. A 183,500 11,764,185 ---------------- 145,814,780 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--12.9% - ------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--3.1% Affymetrix, Inc. 1 322,800 10,629,804 - ------------------------------------------------------------------------------------------------------------------------ Amgen, Inc. 1 385,800 28,066,950 - ------------------------------------------------------------------------------------------------------------------------ Genentech, Inc. 1 186,300 15,744,213 - ------------------------------------------------------------------------------------------------------------------------ Gilead Sciences, Inc. 1 452,060 28,127,173 - ------------------------------------------------------------------------------------------------------------------------ ImClone Systems, Inc. 1 195,300 6,644,106 - ------------------------------------------------------------------------------------------------------------------------ Nuvelo, Inc. 1 85,300 1,520,046 - ------------------------------------------------------------------------------------------------------------------------ Wyeth 305,500 14,822,860 ---------------- 105,555,152 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--2.6% Biomet, Inc. 557,600 19,805,952 - ------------------------------------------------------------------------------------------------------------------------ Boston Scientific Corp. 1 1,131,400 26,078,770 - ------------------------------------------------------------------------------------------------------------------------ Conor Medsystems, Inc. 1 203,500 5,982,900 - ------------------------------------------------------------------------------------------------------------------------ Guidant Corp. 21,700 1,693,902 - ------------------------------------------------------------------------------------------------------------------------ Medtronic, Inc. 187,500 9,515,625 - ------------------------------------------------------------------------------------------------------------------------ Nektar Therapeutics 1,2 314,361 5,125,342 - ------------------------------------------------------------------------------------------------------------------------ Smith & Nephew plc 2,252,247 19,995,799 ---------------- 88,198,290 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--1.2% Express Scripts, Inc. 1 181,800 15,980,220 - ------------------------------------------------------------------------------------------------------------------------ Quest Diagnostics, Inc. 461,100 23,654,430 ---------------- 39,634,650 - ------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--6.0% AtheroGenics, Inc. 1 132,300 2,159,136 - ------------------------------------------------------------------------------------------------------------------------ Chugai Pharmaceutical Co. Ltd. 622,100 11,284,482 - ------------------------------------------------------------------------------------------------------------------------ Johnson & Johnson 141,300 8,367,786
3 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS CONTINUED Novartis AG 331,768 $ 18,450,642 - ------------------------------------------------------------------------------------------------------------------------ Novo Nordisk AS, Cl. B 139,600 8,682,776 - ------------------------------------------------------------------------------------------------------------------------ Pfizer, Inc. 541,619 13,497,145 - ------------------------------------------------------------------------------------------------------------------------ Roche Holdings AG 261,604 38,950,130 - ------------------------------------------------------------------------------------------------------------------------ Sanofi-Aventis SA 580,844 55,256,131 - ------------------------------------------------------------------------------------------------------------------------ Shionogi & Co. Ltd. 1,585,000 26,003,696 - ------------------------------------------------------------------------------------------------------------------------ Takeda Pharmaceutical Co. Ltd. 279,600 15,939,813 - ------------------------------------------------------------------------------------------------------------------------ Theravance, Inc. 1 271,000 7,598,840 ---------------- 206,190,577 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--9.1% - ------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--4.2% Boeing Co. 284,900 22,202,257 - ------------------------------------------------------------------------------------------------------------------------ Empresa Brasileira de Aeronautica SA, ADR 801,934 29,551,268 - ------------------------------------------------------------------------------------------------------------------------ European Aeronautic Defence & Space Co. 879,810 37,071,904 - ------------------------------------------------------------------------------------------------------------------------ Lockheed Martin Corp. 222,900 16,746,477 - ------------------------------------------------------------------------------------------------------------------------ Northrop Grumman Corp. 248,200 16,949,578 - ------------------------------------------------------------------------------------------------------------------------ Raytheon Co. 488,500 22,392,840 ---------------- 144,914,324 - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--0.6% Cendant Corp. 1,106,700 19,201,245 - ------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION & ENGINEERING--0.2% JGC Corp. 407,000 8,005,140 - ------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--0.6% Emerson Electric Co. 264,200 22,095,046 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--2.4% 3M Co. 454,200 34,378,398 - ------------------------------------------------------------------------------------------------------------------------ Hutchison Whampoa Ltd. 1,175,000 10,740,317 - ------------------------------------------------------------------------------------------------------------------------ Siemens AG 390,010 36,359,909 ---------------- 81,478,624 - ------------------------------------------------------------------------------------------------------------------------ MACHINERY--0.8% Fanuc Ltd. 104,500 10,059,346 - ------------------------------------------------------------------------------------------------------------------------ Hyundai Heavy Industries Co. Ltd. 197,840 17,267,221 ---------------- 27,326,567 - ------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.3% Macquarie Airports 3,801,284 9,170,934 - ------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--22.1% - ------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--5.8% Cisco Systems, Inc. 1 923,000 20,001,410 - ------------------------------------------------------------------------------------------------------------------------ Corning, Inc. 1 1,521,600 40,946,256 - ------------------------------------------------------------------------------------------------------------------------ Juniper Networks, Inc. 1 543,300 10,387,896 - ------------------------------------------------------------------------------------------------------------------------ QUALCOMM, Inc. 577,700 29,237,397 - ------------------------------------------------------------------------------------------------------------------------ Telefonaktiebolaget LM Ericsson, B Shares 25,224,000 95,530,347 ---------------- 196,103,306 - ------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.7% International Business Machines Corp. 284,817 23,488,858 - ------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--2.9% Hoya Corp. 552,900 22,313,297 - ------------------------------------------------------------------------------------------------------------------------ Keyence Corp. 70,840 18,417,196
4 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Kyocera Corp. 101,400 $ 8,933,232 - ------------------------------------------------------------------------------------------------------------------------ Murata Manufacturing Co. Ltd. 416,900 28,230,187 - ------------------------------------------------------------------------------------------------------------------------ Nidec Corp. 138,200 11,342,498 - ------------------------------------------------------------------------------------------------------------------------ Tandberg ASA 1,153,550 10,429,052 ---------------- 99,665,462 - ------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--0.2% Yahoo!, Inc. 1 250,100 8,068,226 - ------------------------------------------------------------------------------------------------------------------------ IT SERVICES--1.9% Automatic Data Processing, Inc. 460,100 21,017,368 - ------------------------------------------------------------------------------------------------------------------------ First Data Corp. 106,100 4,967,602 - ------------------------------------------------------------------------------------------------------------------------ Infosys Technologies Ltd. 599,358 40,155,639 ---------------- 66,140,609 - ------------------------------------------------------------------------------------------------------------------------ OFFICE ELECTRONICS--0.3% Canon, Inc. 172,700 11,430,187 - ------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.1% Advanced Micro Devices, Inc. 1 1,978,400 65,603,744 - ------------------------------------------------------------------------------------------------------------------------ Altera Corp. 1 735,800 15,186,912 - ------------------------------------------------------------------------------------------------------------------------ Cree, Inc. 1 573,300 18,809,973 - ------------------------------------------------------------------------------------------------------------------------ International Rectifier Corp. 1 429,200 17,781,756 - ------------------------------------------------------------------------------------------------------------------------ Samsung Electronics Co. 54,000 35,014,409 - ------------------------------------------------------------------------------------------------------------------------ Taiwan Semiconductor Manufacturing Co. Ltd. 10,658,194 21,080,951 ---------------- 173,477,745 - ------------------------------------------------------------------------------------------------------------------------ SOFTWARE--5.2% Adobe Systems, Inc. 1 526,400 18,381,888 - ------------------------------------------------------------------------------------------------------------------------ Enix Corp. 605,900 15,649,414 - ------------------------------------------------------------------------------------------------------------------------ Intuit, Inc. 1 526,400 27,999,216 - ------------------------------------------------------------------------------------------------------------------------ Microsoft Corp. 1,732,100 47,130,441 - ------------------------------------------------------------------------------------------------------------------------ Nintendo Co. Ltd. 91,100 13,622,430 - ------------------------------------------------------------------------------------------------------------------------ Novell, Inc. 1 2,193,226 16,843,976 - ------------------------------------------------------------------------------------------------------------------------ SAP AG 173,160 37,625,231 ---------------- 177,252,596 - ------------------------------------------------------------------------------------------------------------------------ MATERIALS--0.2% - ------------------------------------------------------------------------------------------------------------------------ CHEMICALS--0.2% Syngenta AG 1 47,067 6,614,256 - ------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--4.1% - ------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--4.1% KDDI Corp. 6,323 33,790,714 - ------------------------------------------------------------------------------------------------------------------------ SK Telecom Co. Ltd., ADR 1,315,660 31,036,419 - ------------------------------------------------------------------------------------------------------------------------ Vodafone Group plc 35,355,070 74,018,554 ---------------- 138,845,687 - ------------------------------------------------------------------------------------------------------------------------ UTILITIES--1.4% - ------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.9% Energias de Portugal SA 2,905,006 11,406,262 - ------------------------------------------------------------------------------------------------------------------------ Fortum Oyj 754,800 19,044,252 ---------------- 30,450,514
5 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.5% Hong Kong & China Gas Co. Ltd. 6,593,000 $ 15,931,996 ---------------- Total Common Stocks (Cost $2,299,803,675) 3,382,533,979 Principal Amount - ------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--0.8% Undivided interest of 1.36% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $27,931,633 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $27,921,000) $ 27,921,000 27,921,000 - ------------------------------------------------------------------------------------------------------------------------ Total Investments, at Value (Cost $2,327,724,675) 99.8% 3,410,454,979 - ------------------------------------------------------------------------------------------------------------------------ Other Assets Net of Liabilities 0.2 7,393,425 ------------------------------------ Net Assets 100.0% $ 3,417,848,404 ====================================
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 March 31, 2006 was $5,125,342, which represents 0.15% of the Fund's net assets, all of which is considered restricted. See accompanying Notes. Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows: Geographic Holdings Value Percent - ------------------------------------------------------------------------------- United States $ 1,349,492,935 39.6% United Kingdom 415,389,982 12.2 Japan 375,820,840 11.0 France 232,690,930 6.8 Germany 161,185,646 4.7 Sweden 160,095,650 4.7 India 108,695,469 3.2 Switzerland 104,704,137 3.1 Korea, Republic of South 83,318,049 2.4 Mexico 63,245,580 1.9 Canada 57,656,192 1.7 Brazil 49,463,872 1.4 The Netherlands 38,956,366 1.1 Cayman Islands 31,947,758 0.9 Hong Kong 26,672,313 0.8 Spain 25,042,148 0.7 Finland 22,685,134 0.7 Taiwan 21,080,951 0.6 Ireland 14,197,841 0.4 Singapore 13,311,434 0.4 Portugal 11,406,262 0.3 Norway 10,429,052 0.3 Bermuda 9,785,176 0.3 6 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited Geographic Holdings Value Percent - -------------------------------------------------------------------------------- Australia $ 9,170,934 0.3% Denmark 8,682,776 0.3 Italy 5,327,552 0.2 -------------------------------- Total $ 3,410,454,979 100.0% ================================ 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 March 31, 2006 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 $ 2,331,653,465 ================= Gross unrealized appreciation $ 1,101,880,117 Gross unrealized depreciation (23,109,516) ----------------- Net unrealized appreciation $ 1,078,770,601 ================= 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, as 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. 7 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. 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 in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports 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 in the annual and semiannual reports. As of March 31, 2006, the Fund had no outstanding foreign currency contracts. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2006, 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 MARCH 31, 2006 APPRECIATION - ------------------------------------------------------------------------------------------- Nektar Therapeutics 6/25/03 $ 3,568,000 $ 5,125,342 $ 1,557,342
8 | Oppenheimer Global Securities Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--0.1% - ---------------------------------------------------------------------------------------------------------------------------- Norse CBO Ltd., Collateralized Bond Obligations, Series 1A, Cl. C2, 9.342% Sub. Bonds, 8/13/10 1 (Cost $488,896) $ 488,896 $ 449,784 - ---------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--87.9% - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--31.2% - ---------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--1.6% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 800,000 760,000 - ---------------------------------------------------------------------------------------------------------------------------- Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 2 200,000 139,000 - ---------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 2,050,000 2,014,125 9% Sr. Unsec. Nts., 7/1/15 445,000 453,900 - ---------------------------------------------------------------------------------------------------------------------------- Keystone Automotive Operations, Inc., 9.75% Sr. Unsec. Sub. Nts., 11/1/13 200,000 176,000 - ---------------------------------------------------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 900,000 819,000 - ---------------------------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc.: 8.625% Sr. Unsec. Sub. Nts., 11/15/14 1,050,000 1,055,250 10.25% Sr. Sec. Nts., Series B, 7/15/13 900,000 1,003,500 - ---------------------------------------------------------------------------------------------------------------------------- United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 400,000 388,000 - ---------------------------------------------------------------------------------------------------------------------------- Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 900,000 697,500 8.25% Sr. Unsec. Nts., 8/1/10 1,400,000 1,162,000 ---------------- 8,668,275 - ---------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--2.6% Ford Motor Co., 7.45% Bonds, 7/16/31 1,300,000 971,750 - ---------------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co.: 5.625% Nts., 10/1/08 3,700,000 3,385,530 5.80% Sr. Unsec. Nts., 1/12/09 1,200,000 1,096,586 7.25% Nts., 10/25/11 400,000 364,895 7.375% Nts., 10/28/09 1,900,000 1,787,613 - ---------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 6.875% Nts., 9/15/11 1,100,000 1,026,418 7.25% Nts., 3/2/11 500,000 474,299 8% Bonds, 11/1/31 3,300,000 3,127,001 - ---------------------------------------------------------------------------------------------------------------------------- General Motors Corp., 8.375% Sr. Unsec. Debs., 7/15/33 500,000 368,750 - ---------------------------------------------------------------------------------------------------------------------------- Hertz Corp.: 8.875% Sr. Nts., 1/1/14 3 1,090,000 1,136,325 10.50% Sr. Sub. Nts., 1/1/16 3 370,000 403,300 ---------------- 14,142,467 - ---------------------------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.2% SGS International, Inc., 12% Sr. Sub. Nts., 12/15/13 3 895,000 924,088 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.2% Alderwoods Group, Inc., 7.75% Sr. Nts., 9/15/12 1,150,000 1,187,375 - ---------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--8.6% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 1 940,000 925,900 - ---------------------------------------------------------------------------------------------------------------------------- Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 450,000 477,675 - ---------------------------------------------------------------------------------------------------------------------------- Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 1,200,000 1,287,000 - ---------------------------------------------------------------------------------------------------------------------------- CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 3 1,840,000 1,840,000 - ---------------------------------------------------------------------------------------------------------------------------- Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 875,000 901,250 - ---------------------------------------------------------------------------------------------------------------------------- French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 3,4 910,000 910,000 - ---------------------------------------------------------------------------------------------------------------------------- Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 700,000 733,250 - ---------------------------------------------------------------------------------------------------------------------------- Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 3 1,435,000 1,485,225
1 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 $ 917,000 $ 934,194 - ---------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 1,750,000 1,736,875 9% Sr. Sub. Nts., 3/15/12 600,000 639,750 - ---------------------------------------------------------------------------------------------------------------------------- ITT Corp., 7.375% Unsec. Debs., 11/15/15 800,000 868,000 - ---------------------------------------------------------------------------------------------------------------------------- Kerzner International Ltd., 6.75% Sr. Unsec. Sub. Nts., 10/1/15 280,000 296,100 - ---------------------------------------------------------------------------------------------------------------------------- Mandalay Resort Group: 9.375% Sr. Sub. Nts., 2/15/10 41,000 44,690 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 800,000 846,000 - ---------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 6.75% Sr. Nts., 4/1/13 3, 4 510,000 510,000 8.375% Sr. Unsec. Sub. Nts., 2/1/11 3,600,000 3,816,000 9.75% Sr. Unsec. Sub. Nts., 6/1/07 800,000 837,000 - ---------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 440,000 436,150 6.375% Sr. Sub. Nts., 7/15/09 800,000 800,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 915,000 913,856 8% Sr. Sub. Nts., 4/1/12 1,700,000 1,789,250 - ---------------------------------------------------------------------------------------------------------------------------- NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 600,000 624,000 - ---------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 1,500,000 1,601,250 9.375% Sr. Unsec. Sub. Nts., 2/15/07 1,500,000 1,550,625 - ---------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 445,000 447,225 6.875% Sr. Sub. Nts., 12/1/11 150,000 153,375 - ---------------------------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 2,750,000 2,894,375 - ---------------------------------------------------------------------------------------------------------------------------- Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 400,000 400,500 9.625% Sr. Nts., 6/1/14 457,000 462,713 9.75% Sr. Nts., 4/15/13 1,350,000 1,366,875 - ---------------------------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 1,500,000 1,638,750 - ---------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 3,800,000 3,776,250 6.875% Sr. Unsec. Sub. Nts., 3/1/16 480,000 484,800 - ---------------------------------------------------------------------------------------------------------------------------- Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 3,200,000 3,128,000 - ---------------------------------------------------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 1,000,000 1,107,500 - ---------------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,091,750 - ---------------------------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 2,400,000 2,343,000 ---------------- 46,099,153 - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.4% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 500,000 521,875 - ---------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 300,000 338,031 - ---------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 900,000 886,500 8.875% Sr. Sub. Nts., 4/1/12 800,000 840,000 - ---------------------------------------------------------------------------------------------------------------------------- KB Home: 8.625% Sr. Sub. Nts., 12/15/08 150,000 158,962 9.50% Sr. Unsec. Sub. Nts., 2/15/11 350,000 367,938 - ---------------------------------------------------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 960,000 1,008,000 - ---------------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp.: 7.75% Sr. Nts., 3/15/13 650,000 637,813
2 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED 9.25% Sr. Sub. Nts., 4/15/12 $ 700,000 $ 720,125 - ---------------------------------------------------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 500,000 523,750 - ---------------------------------------------------------------------------------------------------------------------------- WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 800,000 818,000 - ---------------------------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 800,000 810,000 ---------------- 7,630,994 - ---------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.3% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 445,000 449,450 - ---------------------------------------------------------------------------------------------------------------------------- Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 1 700,000 771,750 - ---------------------------------------------------------------------------------------------------------------------------- Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 3 275,000 276,375 ---------------- 1,497,575 - ---------------------------------------------------------------------------------------------------------------------------- MEDIA--13.1% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 2 360,000 210,600 8.125% Sr. Nts., Series B, 7/15/03 2 575,000 345,000 8.375% Sr. Nts., Series B, 2/1/08 2 1,000,000 595,000 10.25% Sr. Unsec. Sub. Nts., 6/15/11 2 1,000,000 635,000 10.875% Sr. Unsec. Nts., 10/1/10 2 1,000,000 595,000 - ---------------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 707,000 - ---------------------------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 1,050,000 942,375 9.50% Sr. Unsec. Sub. Nts., 2/1/11 192,000 187,680 - ---------------------------------------------------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 900,000 774,000 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,200,000 1,092,000 - ---------------------------------------------------------------------------------------------------------------------------- Block Communications, Inc., 8.25% Sr. Nts., 12/15/15 3 625,000 615,625 - ---------------------------------------------------------------------------------------------------------------------------- Carmike Cinemas, Inc., 7.50% Sr. Sub. Nts., 2/15/14 850,000 784,125 - ---------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings I LLC, 0%/11.75% Sr. Unsec. Unsub. Nts., 5/15/14 6 515,000 270,375 - ---------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings II LLC, 10.25% Sr. Unsec. Nts., 9/15/10 1,000,000 987,500 - ---------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., 10.25% Sr. Nts., 9/15/10 3 1,835,000 1,807,475 - ---------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 3 5,450,000 5,463,625 - ---------------------------------------------------------------------------------------------------------------------------- Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 400,000 427,000 - ---------------------------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 6 2,200,000 1,694,000 - ---------------------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc.: 7.625% Sr. Unsec. Debs., 7/15/18 1,500,000 1,490,625 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,700,000 1,717,000 - ---------------------------------------------------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 800,000 858,000 - ---------------------------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 700,000 743,750 9.875% Sr. Sub. Nts., 8/15/13 1,172,000 1,302,385 - ---------------------------------------------------------------------------------------------------------------------------- Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 6 500,000 425,000 0%/9% Unsec. Disc. Nts., 11/15/13 6 500,000 425,000 8% Unsec. Nts., 11/15/13 6,450,000 6,675,750
3 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- MEDIA CONTINUED Dow Jones CDX High Yield Index Pass-Through Certificates, Series 6-T1, 8.625%, 6/29/11 3,4 $ 4,000,000 $ 3,985,000 - ---------------------------------------------------------------------------------------------------------------------------- EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 500,000 485,625 7.125% Sr. Nts., 2/1/16 3 800,000 791,000 - ---------------------------------------------------------------------------------------------------------------------------- Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 1,200,000 1,164,000 - ---------------------------------------------------------------------------------------------------------------------------- Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 610,000 570,350 - ---------------------------------------------------------------------------------------------------------------------------- Gray Television, Inc., 9.25% Sr. Sub. Nts., 12/15/11 500,000 532,500 - ---------------------------------------------------------------------------------------------------------------------------- Lamar Media Corp.: 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,872,000 1,872,000 7.25% Sr. Unsec. Sub. Nts., 1/1/13 200,000 206,000 - ---------------------------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 785,000 741,825 - ---------------------------------------------------------------------------------------------------------------------------- LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 1 300,000 325,500 - ---------------------------------------------------------------------------------------------------------------------------- Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 6 1,600,000 1,048,000 - ---------------------------------------------------------------------------------------------------------------------------- Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50% Sr. Nts., 10/15/15 580,000 559,700 - ---------------------------------------------------------------------------------------------------------------------------- Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 1,257,000 1,250,715 - ---------------------------------------------------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,400,000 1,270,500 6.875% Sr. Unsec. Sub. Nts., 10/1/13 800,000 748,000 - ---------------------------------------------------------------------------------------------------------------------------- Paxson Communications Corp., 10.777% Sr. Sec. Nts., 1/15/13 3,7 1,165,000 1,159,175 - ---------------------------------------------------------------------------------------------------------------------------- PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 1,100,000 1,012,000 8.875% Sr. Unsec. Nts., 5/15/11 1,157,000 1,133,860 - ---------------------------------------------------------------------------------------------------------------------------- Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 3 460,000 450,932 - ---------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., 1/15/13 3 1,635,000 1,536,900 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 3 2,960,000 2,782,400 6.875% Sr. Nts., 1/15/13 2,700,000 2,538,000 8.875% Sr. Nts., Series A-3, 1/15/16 3 2,755,000 2,878,975 - ---------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 3 1,000,000 1,113,750 - ---------------------------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 844,000 - ---------------------------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 3 900,000 963,000 - ---------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 4,200,000 4,305,000 - ---------------------------------------------------------------------------------------------------------------------------- Vertis, Inc.: 1,400,000 1,442,000 9.75% Sr. Sec. Nts., 4/1/09 10.875% Sr. Unsec. Nts., Series B, 6/15/09 600,000 592,500 - ---------------------------------------------------------------------------------------------------------------------------- WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 6 2,365,000 1,753,056 ---------------- 71,827,153 - ---------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.9% Bon-Ton Stores, Inc. (The), 10.25% Sr. Nts., 3/15/14 3 2,600,000 2,514,200 - ---------------------------------------------------------------------------------------------------------------------------- Neiman Marcus Group, Inc.: 9% Sr. Nts., 10/15/15 3 1,645,000 1,747,813 10.375% Sr. Sub. Nts., 10/15/15 3 625,000 667,188 ---------------- 4,929,201 - ---------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.7% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 600,000 615,750 - ---------------------------------------------------------------------------------------------------------------------------- Atlantic Broadband Finance LLC, 9.375% Sr. Unsec. Sub. Nts., 1/15/14 500,000 476,250
4 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 $ 950,000 $ 919,125 - ---------------------------------------------------------------------------------------------------------------------------- Linens 'N Things, Inc., 10.366% Sr. Sec. Nts., 1/15/14 3,7 735,000 740,513 - ---------------------------------------------------------------------------------------------------------------------------- Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 1 750,000 808,125 - ---------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 350,000 351,750 ---------------- 3,911,513 - ---------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.6% Invista, Inc., 9.25% Sr. Nts., 5/1/12 3 2,575,000 2,768,125 - ---------------------------------------------------------------------------------------------------------------------------- Levi Strauss & Co.: 9.28% Sr. Unsec. Unsub. Nts., 4/1/12 7 2,400,000 2,496,000 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 755,000 798,413 - ---------------------------------------------------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 1 500,000 517,500 - ---------------------------------------------------------------------------------------------------------------------------- Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 975,000 953,063 - ---------------------------------------------------------------------------------------------------------------------------- Russell Corp., 9.25% Sr. Nts., 5/1/10 800,000 834,000 ---------------- 8,367,101 - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--3.3% - ---------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.1% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 500,000 526,875 - ---------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.5% Jean Coutu Group (PJC), Inc. (The), 8.50% Sr. Sub. Nts., 8/1/14 1,600,000 1,476,000 - ---------------------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 1,2 476,601 -- - ---------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 900,000 923,625 9.50% Sr. Sec. Nts., 2/15/11 450,000 477,000 ---------------- 2,876,625 - ---------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.9% American Seafoods Group LLC, 10.125% Sr. Sub. Nts., 4/15/10 500,000 525,315 - ---------------------------------------------------------------------------------------------------------------------------- Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 350,000 343,000 8.625% Sr. Sub. Nts., 12/15/12 1,000,000 1,061,250 - ---------------------------------------------------------------------------------------------------------------------------- Doane Pet Care Co.: 10.625% Sr. Unsec. Sub. Nts., 11/15/15 875,000 931,875 10.75% Sr. Nts., 3/1/10 2,000,000 2,175,000 - ---------------------------------------------------------------------------------------------------------------------------- Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 687,000 693,870 8.875% Sr. Unsec. Nts., 3/15/11 146,000 145,270 - ---------------------------------------------------------------------------------------------------------------------------- Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 900,000 884,250 - ---------------------------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc.: 7.625% Sr. Unsec. Sub. Nts., 2/15/08 925,000 948,125 8% Sr. Nts., Series B, 10/15/09 900,000 942,750 - ---------------------------------------------------------------------------------------------------------------------------- United Biscuits Finance plc, 10.625% Sr. Sub. Nts., 4/15/11 1 [EUR] 1,000,000 1,286,083 ---------------- 9,936,788 - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.6% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 900,000 889,875 - ---------------------------------------------------------------------------------------------------------------------------- Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 1,000,000 1,062,500 9.375% Sr. Unsec. Sub. Nts., 6/1/11 1,295,000 1,359,750 - ---------------------------------------------------------------------------------------------------------------------------- Spectrum Brands, Inc., 7.375% Sr. Unsec. Sub. Nts., 2/1/15 71,000 62,125 ---------------- 3,374,250
5 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.2% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 $ 1,150,000 $ 1,184,500 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY--8.5% - ---------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.6% Dresser, Inc., 9.375% Sr. Sub. Nts., 4/15/11 400,000 420,000 - ---------------------------------------------------------------------------------------------------------------------------- Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 700,000 737,625 - ---------------------------------------------------------------------------------------------------------------------------- Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 227,078 - ---------------------------------------------------------------------------------------------------------------------------- Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 600,000 632,250 - ---------------------------------------------------------------------------------------------------------------------------- RathGibson, Inc., 11.25% Sr. Nts., 2/15/14 3 460,000 483,000 - ---------------------------------------------------------------------------------------------------------------------------- Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 800,000 816,000 ---------------- 3,315,953 - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS--7.9% Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 900,000 897,750 - ---------------------------------------------------------------------------------------------------------------------------- Atlas Pipeline Partners LP, 8.125% Sr. Nts., 12/15/15 3 450,000 471,375 - ---------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 550,000 543,813 6.875% Sr. Unsec. Nts., 1/15/16 1,320,000 1,336,500 - ---------------------------------------------------------------------------------------------------------------------------- Clayton Williams Energy, Inc., 7.75% Sr. Unsec. Nts., 8/1/13 390,000 368,550 - ---------------------------------------------------------------------------------------------------------------------------- Compton Petroleum Finance Corp.: 7.625% Sr. Nts., 12/1/13 670,000 673,350 7.625% Sr. Nts., 12/1/13 3,4 730,000 733,650 - ---------------------------------------------------------------------------------------------------------------------------- Copano Energy LLC, 8.125% Sr. Nts., 3/1/16 3 275,000 286,000 - ---------------------------------------------------------------------------------------------------------------------------- El Paso Corp.: 7.75% Sr. Nts., 1/15/32 1,300,000 1,316,250 7.875% Sr. Unsec. Nts., 6/15/12 3,207,000 3,355,324 - ---------------------------------------------------------------------------------------------------------------------------- El Paso Energy Corp., 7.625% Nts., 7/15/11 350,000 362,250 - ---------------------------------------------------------------------------------------------------------------------------- El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 3,000,000 3,123,750 - ---------------------------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,000,000 1,037,500 - ---------------------------------------------------------------------------------------------------------------------------- Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 850,000 867,000 - ---------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 450,000 451,125 - ---------------------------------------------------------------------------------------------------------------------------- Inergy LP/Inergy Finance Corp., 8.25% Sr. Nts., 3/1/16 3 1,165,000 1,199,950 - ---------------------------------------------------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 400,000 409,000 - ---------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co.: 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,300,000 1,309,750 8.375% Sr. Sub. Nts., 8/15/12 600,000 645,000 - ---------------------------------------------------------------------------------------------------------------------------- Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 195,000 191,100 - ---------------------------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 1,200,000 1,224,000 - ---------------------------------------------------------------------------------------------------------------------------- Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 600,000 619,500 - ---------------------------------------------------------------------------------------------------------------------------- Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 1,000,000 1,108,795 - ---------------------------------------------------------------------------------------------------------------------------- Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 915,000 908,138 - ---------------------------------------------------------------------------------------------------------------------------- Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 445,000 440,550 7.375% Sr. Sub. Nts., 7/15/13 400,000 416,000 - ---------------------------------------------------------------------------------------------------------------------------- Southern Natural Gas Co.: 7.35% Nts., 2/15/31 2,100,000 2,170,627 8% Sr. Unsub. Nts., 3/1/32 900,000 991,563 8.875% Sr. Nts., 3/15/10 700,000 748,125 - ---------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp.: 6.75% Sr. Unsec. Sub. Nts., 12/15/14 860,000 808,400 8.25% Sr. Unsec. Sub. Nts., 12/15/11 1,300,000 1,313,000
6 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 3 $ 950,000 $ 992,750 - ---------------------------------------------------------------------------------------------------------------------------- Teekay Shipping Corp., 8.875% Sr. Nts., 7/15/11 575,000 635,375 - ---------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 3,115,000 3,334,168 - ---------------------------------------------------------------------------------------------------------------------------- Tesoro Corp.: 6.25% Sr. Nts., 11/1/12 3 715,000 706,063 6.625% Sr. Nts., 11/1/15 3 715,000 711,425 - ---------------------------------------------------------------------------------------------------------------------------- Transcontinental Gas Pipe Line Corp., 8.875% Sr. Unsub. Nts., Series B, 7/15/12 200,000 229,000 - ---------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 800,000 801,000 - ---------------------------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 550,000 568,563 7.625% Nts., 7/15/19 900,000 963,000 8.75% Unsec. Nts., 3/15/32 2,400,000 2,820,000 - ---------------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 300,000 303,000 ---------------- 42,392,029 - ---------------------------------------------------------------------------------------------------------------------------- FINANCIALS--4.8% - ---------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.9% Berry Plastics Corp., 10.75% Sr. Sub. Nts., 7/15/12 1,900,000 2,099,500 - ---------------------------------------------------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc., 12% Sr. Unsec. Sub. Nts., Series B, 9/30/08 1 1,550,000 1,116,000 - ---------------------------------------------------------------------------------------------------------------------------- E*TRADE Financial Corp.: 7.375% Sr. Unsec. Nts., 9/15/13 691,000 708,275 8% Sr. Nts., 6/15/11 825,000 861,094 ---------------- 4,784,869 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.2% Bank Plus Corp., 12% Sr. Nts., 7/18/07 1 517,000 555,775 - ---------------------------------------------------------------------------------------------------------------------------- Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 400,000 451,000 ---------------- 1,006,775 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--2.7% Affinia Group, Inc., 9% Sr. Unsec. Sub. Nts., 11/30/14 450,000 389,250 - ---------------------------------------------------------------------------------------------------------------------------- Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp.: 0%/10.50% Sr. Unsec. Disc. Nts., Series B, 10/1/14 6 1,600,000 1,248,000 9.625% Sr. Sub. Nts., 6/15/14 1,560,000 1,735,500 - ---------------------------------------------------------------------------------------------------------------------------- Dow Jones CDX High Yield Index Pass-Through Certificates, Series 6-T3, 8.125%, 6/29/11 3,4 6,500,000 6,426,875 - ---------------------------------------------------------------------------------------------------------------------------- JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 865,000 817,425 - ---------------------------------------------------------------------------------------------------------------------------- Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 3 3,540,000 3,531,150 - ---------------------------------------------------------------------------------------------------------------------------- Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 270,000 273,375 9.43% Sr. Unsec. Nts., 5/1/10 7 270,000 275,400 ---------------- 14,696,975 - ---------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--1.0% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 1,300,000 1,339,000 - ---------------------------------------------------------------------------------------------------------------------------- Felcor Lodging LP, 9% Sr. Nts., 6/1/11 837,000 920,700 - ---------------------------------------------------------------------------------------------------------------------------- HMH Properties, Inc., 7.875% Sr. Nts., Series B, 8/1/08 196,000 198,450 - ---------------------------------------------------------------------------------------------------------------------------- Host Marriott LP, 6.375% Sr. Nts., Series O, 3/15/15 1,025,000 1,013,469 - ---------------------------------------------------------------------------------------------------------------------------- MeriStar Hospitality Corp., 9.125% Sr. Unsec. Nts., 1/15/11 457,000 531,263
7 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- REAL ESTATE CONTINUED Trustreet Properties, Inc., 7.50% Sr. Unsec. Nts., 4/1/15 $ 1,145,000 $ 1,153,588 ---------------- 5,156,470 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--5.3% - ---------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.1% Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 3 455,000 461,825 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.4% Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 600,000 594,000 - ---------------------------------------------------------------------------------------------------------------------------- Sybron Dental Specialties, Inc., 8.125% Sr. Sub. Nts., 6/15/12 1 700,000 742,000 - ---------------------------------------------------------------------------------------------------------------------------- Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 800,000 834,000 ---------------- 2,170,000 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.7% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 1 700,000 742,000 - ---------------------------------------------------------------------------------------------------------------------------- Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 900,000 876,375 - ---------------------------------------------------------------------------------------------------------------------------- DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 890,000 892,225 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,910,000 1,929,100 - ---------------------------------------------------------------------------------------------------------------------------- Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 600,000 621,000 9.50% Sr. Unsec. Sub. Nts., 7/1/10 500,000 530,625 - ---------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 1,600,000 1,644,000 - ---------------------------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 400,000 425,000 - ---------------------------------------------------------------------------------------------------------------------------- HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 1,400,000 1,373,460 6.375% Nts., 1/15/15 1,500,000 1,467,413 8.75% Sr. Nts., 9/1/10 2,800,000 3,051,056 - ---------------------------------------------------------------------------------------------------------------------------- Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 900,000 684,000 - ---------------------------------------------------------------------------------------------------------------------------- National Nephrology Assn., 9% Sr. Sub. Nts., 11/1/11 3 200,000 220,090 - ---------------------------------------------------------------------------------------------------------------------------- Omnicare, Inc.: 185,000 185,000 6.75% Sr. Sub. Nts., 12/15/13 6.875% Sr. Sub. Nts., 12/15/15 285,000 285,713 - ---------------------------------------------------------------------------------------------------------------------------- Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 485,000 495,913 - ---------------------------------------------------------------------------------------------------------------------------- Rotech Healthcare, Inc., 9.50% Sr. Unsec. Sub. Nts., 4/1/12 1 600,000 627,000 - ---------------------------------------------------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,875,000 1,701,563 - ---------------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 1,574,000 1,428,405 7.375% Nts., 2/1/13 57,000 52,298 9.875% Sr. Nts., 7/1/14 2,600,000 2,645,500 - ---------------------------------------------------------------------------------------------------------------------------- Triad Hospitals, Inc., 7% Sr. Sub. Nts., 11/15/13 725,000 717,750 - ---------------------------------------------------------------------------------------------------------------------------- US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 650,000 676,000 10.75% Sr. Unsec. Sub. Nts., 8/15/14 650,000 713,375 - ---------------------------------------------------------------------------------------------------------------------------- Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 6 1,760,000 1,293,600 ---------------- 25,278,461 - ---------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--0.1% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 800,000 796,000 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.6% - ---------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.5% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 910,000 923,650 - ---------------------------------------------------------------------------------------------------------------------------- BE Aerospace, Inc., 8.875% Sr. Unsec. Sub. Nts., 5/1/11 57,000 59,565
8 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE CONTINUED DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 $ 735,000 $ 735,000 6.875% Sr. Unsec. Sub. Nts., 11/1/13 300,000 301,500 7.625% Sr. Sub. Nts., 2/1/18 320,000 331,200 - ---------------------------------------------------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 684,000 654,930 6.125% Sr. Unsec. Sub. Nts., 1/15/14 1,100,000 1,075,250 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,280,000 1,267,200 7.625% Sr. Sub. Nts., 6/15/12 500,000 518,750 - ---------------------------------------------------------------------------------------------------------------------------- TD Funding Corp., 8.375% Sr. Sub. Nts., 7/15/11 1,200,000 1,260,000 - ---------------------------------------------------------------------------------------------------------------------------- TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 580,000 630,025 11% Sr. Sub. Nts., 2/15/13 454,000 509,615 ---------------- 8,266,685 - ---------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 1,2 1,575,000 70,875 - ---------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.6% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 700,000 729,750 - ---------------------------------------------------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 1,060,000 1,052,050 - ---------------------------------------------------------------------------------------------------------------------------- Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 544,000 586,160 - ---------------------------------------------------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 600,000 613,500 ----------------- 2,981,460 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.6% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 225,000 230,625 7.375% Sr. Sec. Nts., Series B, 4/15/14 1,950,000 1,940,250 8.875% Sr. Nts., Series B, 4/1/08 1,900,000 2,004,500 9.25% Sr. Sec. Debs., Series B, 9/1/12 283,000 306,701 - ---------------------------------------------------------------------------------------------------------------------------- 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 1,572,000 - ---------------------------------------------------------------------------------------------------------------------------- Comforce Operating, Inc., 12% Sr. Nts., Series B, 12/1/07 350,000 352,188 - ---------------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 890,000 879,988 7.50% Sr. Nts., 5/1/11 500,000 517,500 - ---------------------------------------------------------------------------------------------------------------------------- Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 600,000 648,750 ---------------- 8,452,502 - ---------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.3% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 650,000 672,750 - ---------------------------------------------------------------------------------------------------------------------------- Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 100,000 84,000 - ---------------------------------------------------------------------------------------------------------------------------- General Cable Corp., 9.50% Sr. Nts., 11/15/10 500,000 542,500 - ---------------------------------------------------------------------------------------------------------------------------- UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 400,000 429,000 ---------------- 1,728,250 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.2% Covalence Specialty Materials Corp., 10.25% Sr. Sub. Nts., 3/1/16 3 575,000 606,625 - ---------------------------------------------------------------------------------------------------------------------------- Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 250,000 235,000 ---------------- 841,625 - ---------------------------------------------------------------------------------------------------------------------------- MACHINERY--1.1% Case New Holland, Inc., 7.125% Sr. Nts., 3/1/14 3 730,000 724,525 - ---------------------------------------------------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 3 600,000 585,000
9 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- MACHINERY CONTINUED Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 $ 740,000 $ 778,850 - ---------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The): 7.125% Sr. Nts., 11/1/13 150,000 153,750 10.50% Sr. Sub. Nts., 8/1/12 520,000 578,500 - ---------------------------------------------------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 1,700,000 1,564,000 - ---------------------------------------------------------------------------------------------------------------------------- NMHG Holding Co., 10% Sr. Nts., 5/15/09 600,000 630,001 - ---------------------------------------------------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 1,000,000 1,005,000 ---------------- 6,019,626 - ---------------------------------------------------------------------------------------------------------------------------- MARINE--0.0% Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 2,3 191,000 218,934 - ---------------------------------------------------------------------------------------------------------------------------- WPO Shipholding Co. LLC, 12% Sr. Sec. Nts., 7/15/05 1, 2 700,000 -- ---------------- 218,934 - ---------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.5% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 500,000 510,000 - ---------------------------------------------------------------------------------------------------------------------------- Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 141,750 7.50% Sr. Unsec. Nts., 11/1/13 928,000 921,040 9.625% Sr. Nts., 12/1/12 1,100,000 1,204,500 ---------------- 2,777,290 - ---------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.7% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 4,000,000 3,870,000 - ---------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.1% Horizon Lines LLC, 9% Nts., 11/1/12 473,000 502,563 - ---------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--3.6% - ---------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.8% Loral Skynet Corp., 14% Sr. Sec. Nts., 11/21/15 8 198,000 239,580 - ---------------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 4,500,000 4,083,750 - ---------------------------------------------------------------------------------------------------------------------------- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 2 1,150,000 17,250 ---------------- 4,340,580 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.1% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 700,000 730,625 - ---------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.7% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 1,700,000 1,674,500 - ---------------------------------------------------------------------------------------------------------------------------- Sanmina-SCI Corp.: 6.75% Unsec. Sub. Nts., 3/1/13 470,000 450,025 8.125% Sr. Sub. Nts., 3/1/16 950,000 964,250 - ---------------------------------------------------------------------------------------------------------------------------- Solectron Corp., 8% Sr. Sub. Nts., 3/15/16 3 640,000 644,800 ---------------- 3,733,575 - ---------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 1,2 [EUR] 846,550 -- - ---------------------------------------------------------------------------------------------------------------------------- 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 -- ----------------- -- - ---------------------------------------------------------------------------------------------------------------------------- IT SERVICES--1.2% DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 1 1,300,000 1,358,500
10 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- IT SERVICES CONTINUED Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 $ 1,000,000 $ 1,045,000 - ---------------------------------------------------------------------------------------------------------------------------- SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 3 2,130,000 2,263,125 10.25% Sr. Sub. Nts., 8/15/15 3 1,490,000 1,575,675 ---------------- 6,242,300 - ---------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.8% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 1,655,000 1,739,819 - ---------------------------------------------------------------------------------------------------------------------------- Amkor Technology, Inc.: 7.75% Sr. Nts., 5/15/13 1,050,000 971,250 9.25% Sr. Unsec. Sub. Nts., 2/15/08 1,431,000 1,466,775 ---------------- 4,177,844 - ---------------------------------------------------------------------------------------------------------------------------- MATERIALS--10.4% - ---------------------------------------------------------------------------------------------------------------------------- CHEMICALS--2.6% AEP Industries, Inc., 7.875% Sr. Unsec. Unsub. Nts., 3/15/13 300,000 303,000 - ---------------------------------------------------------------------------------------------------------------------------- Crompton Corp., 9.875% Sr. Nts., 8/1/12 800,000 904,000 - ---------------------------------------------------------------------------------------------------------------------------- Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 400,000 416,000 10.125% Sr. Unsec. Nts., 9/1/08 57,000 60,848 10.625% Sr. Unsec. Nts., 5/1/11 1,400,000 1,522,500 - ---------------------------------------------------------------------------------------------------------------------------- Huntsman Corp./ICI Chemical Co. plc, 10.125% Sr. Unsec. Sub. Nts., 7/1/09 1,645,000 1,694,350 - ---------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC, 7.875% Sr. Sub. Nts., 1/1/15 3,7 800,000 812,000 - ---------------------------------------------------------------------------------------------------------------------------- Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 7 332,000 383,460 11.625% Sr. Unsec. Nts., 10/15/10 37,000 42,088 - ---------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc.: 10.875% Sr. Unsec. Nts., 8/1/13 57,000 65,550 10.875% Sr. Unsec. Nts., Series B, 6/1/08 11,000 12,073 - ---------------------------------------------------------------------------------------------------------------------------- Ineos Group Holdings plc, 8.50% Nts., 2/15/16 3 1,330,000 1,270,150 - ---------------------------------------------------------------------------------------------------------------------------- Innophos, Inc., 8.875% Sr. Unsec. Sub. Nts., 8/15/14 1,000,000 1,045,000 - ---------------------------------------------------------------------------------------------------------------------------- KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 6 750,000 547,500 - ---------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 34,000 35,530 9.50% Sr. Sec. Nts., 12/15/08 59,000 61,655 9.625% Sr. Sec. Nts., Series A, 5/1/07 1,000,000 1,037,500 10.50% Sr. Sec. Nts., 6/1/13 800,000 890,000 11.125% Sr. Sec. Nts., 7/15/12 300,000 330,750 - ---------------------------------------------------------------------------------------------------------------------------- Millennium America, Inc., 9.25% Sr. Unsec. Sub. Nts., 6/15/08 411,000 419,734 - ---------------------------------------------------------------------------------------------------------------------------- Resolution Performance Products LLC: 8% Sr. Sec. Nts., 12/15/09 1 450,000 465,750 13.50% Sr. Unsec. Sub. Nts., 11/15/10 300,000 322,125 - ---------------------------------------------------------------------------------------------------------------------------- Rockwood Specialties Group, Inc.: 7.50% Sr. Sub. Nts., 11/15/14 400,000 404,000 10.625% Sr. Unsec. Sub. Nts., 5/15/11 1 291,000 320,828 - ---------------------------------------------------------------------------------------------------------------------------- Tronox Worldwide LLC/Tronox Finance Corp., 9.50% Sr. Nts., 12/1/12 3 955,000 1,007,525 ---------------- 14,373,916 - ---------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.2% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 6 1,420,000 1,043,700 - ---------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--4.0% Ball Corp., 6.625% Sr. Nts., 3/15/18 910,000 907,725
11 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING CONTINUED Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 3 $ 760,000 $ 792,300 - ---------------------------------------------------------------------------------------------------------------------------- Graham Packaging Co., Inc.: 8.50% Sr. Unsec. Nts., 10/15/12 350,000 355,250 9.875% Sr. Unsec. Sub. Nts., 10/15/14 1,900,000 1,933,250 - ---------------------------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 1,000,000 995,000 9.50% Sr. Sub. Nts., 8/15/13 1,200,000 1,128,000 - ---------------------------------------------------------------------------------------------------------------------------- Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 350,000 330,750 8.25% Sr. Unsec. Nts., 10/1/12 1,950,000 1,923,188 - ---------------------------------------------------------------------------------------------------------------------------- MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 800,000 850,000 - ---------------------------------------------------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 500,000 523,750 8.25% Sr. Unsec. Nts., 5/15/13 1,657,000 1,739,850 8.75% Sr. Sec. Nts., 11/15/12 1,350,000 1,451,250 8.875% Sr. Sec. Nts., 2/15/09 300,000 313,875 - ---------------------------------------------------------------------------------------------------------------------------- Pliant Corp., 11.625% Sr. Sec. Nts., 6/15/09 2 540,268 607,802 - ---------------------------------------------------------------------------------------------------------------------------- Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 2,250,000 2,126,250 - ---------------------------------------------------------------------------------------------------------------------------- Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 850,000 841,500 9.25% Sr. Unsec. Nts., 2/1/08 1,000,000 1,046,250 9.75% Sr. Unsec. Nts., 2/1/11 1,000,000 1,032,500 - ---------------------------------------------------------------------------------------------------------------------------- Stone Container Finance Co. of Canada II, 7.375% Sr. Unsec. Nts., 7/15/14 300,000 280,500 - ---------------------------------------------------------------------------------------------------------------------------- Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 3 290,000 322,625 - ---------------------------------------------------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 2,300,000 2,116,000 ---------------- 21,617,615 - ---------------------------------------------------------------------------------------------------------------------------- METALS & MINING--2.4% AK Steel Corp., 7.75% Sr. Unsec. Nts., 6/15/12 1,107,000 1,124,989 - ---------------------------------------------------------------------------------------------------------------------------- Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 1,000,000 1,045,000 - ---------------------------------------------------------------------------------------------------------------------------- Gibraltar Industries, Inc., 8% Sr. Sub. Nts., 12/1/15 1 1,075,000 1,088,438 - ---------------------------------------------------------------------------------------------------------------------------- IMCO Recycling, Inc., 10.375% Sr. Sec. Nts., 10/15/10 700,000 775,250 - ---------------------------------------------------------------------------------------------------------------------------- IPSCO, Inc., 8.75% Sr. Nts., 6/1/13 300,000 328,500 - ---------------------------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,364,000 1,545,213 - ---------------------------------------------------------------------------------------------------------------------------- Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 800,000 868,000 - ---------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 2 1,000,000 525,000 - ---------------------------------------------------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 614,000 675,400 - ---------------------------------------------------------------------------------------------------------------------------- Northwest Pipeline Corp., 8.125% Sr. Nts., 3/1/10 200,000 212,000 - ---------------------------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.75% Sr. Nts., 2/15/15 3,7 1,915,000 1,847,975 - ---------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 1 1,300,000 1,384,500 - ---------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 400,000 419,500 - ---------------------------------------------------------------------------------------------------------------------------- United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 505,000 547,925 10.75% Sr. Nts., 8/1/08 389,000 429,845 ---------------- 12,817,535 - ---------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--1.2% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15 1,200,000 1,176,000 - ---------------------------------------------------------------------------------------------------------------------------- Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 600,000 606,000 - ---------------------------------------------------------------------------------------------------------------------------- Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 600,000 606,000 - ---------------------------------------------------------------------------------------------------------------------------- Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 350,000 354,375
12 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS CONTINUED Domtar, Inc., 7.125% Nts., 8/15/15 $ 500,000 $ 445,000 - ---------------------------------------------------------------------------------------------------------------------------- Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 2 1,700,000 1,105,000 - ---------------------------------------------------------------------------------------------------------------------------- JSG Holding plc, 11.50% Sr. Nts., 10/1/15 3,8 [EUR] 291,088 359,812 - ---------------------------------------------------------------------------------------------------------------------------- Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 620,000 554,900 - ---------------------------------------------------------------------------------------------------------------------------- Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 1,000,000 950,000 - ---------------------------------------------------------------------------------------------------------------------------- Tembec Industries, Inc., 7.75% Sr. Nts., 3/15/12 490,000 279,300 ---------------- 6,436,387 - ---------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--8.8% - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.7% American Tower Corp., 7.125% Sr. Unsec. Nts., 10/15/12 500,000 522,500 - ---------------------------------------------------------------------------------------------------------------------------- Intelsat Subsidiary Holding Co. Ltd., 8.625% Sr. Nts., 1/15/15 1,980,000 2,054,250 - ---------------------------------------------------------------------------------------------------------------------------- PanAmSat Corp., 9% Sr. Unsec. Nts., 8/15/14 1,300,000 1,374,750 - ---------------------------------------------------------------------------------------------------------------------------- PanAmSat Holding Corp., 0%/10.375% Sr. Unsec. Disc. Nts., 11/1/14 6 750,000 543,750 - ---------------------------------------------------------------------------------------------------------------------------- Qwest Capital Funding, Inc.: 7.25% Unsec. Unsub. Nts., 2/15/11 900,000 916,875 7.90% Unsec. Nts., 8/15/10 1,657,000 1,731,565 - ---------------------------------------------------------------------------------------------------------------------------- Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 7 600,000 618,000 - ---------------------------------------------------------------------------------------------------------------------------- Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 7 3,200,000 3,592,000 - ---------------------------------------------------------------------------------------------------------------------------- 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 2,150,000 2,316,625 - ---------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 300,000 316,875 - ---------------------------------------------------------------------------------------------------------------------------- Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 445,000 468,363 - ---------------------------------------------------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 1,2 1,000,000 -- ---------------- 14,455,553 - ---------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--6.1% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 500,000 541,250 11% Sr. Unsec. Nts., 7/31/10 57,000 63,698 12.50% Sr. Unsec. Nts., 2/1/11 1 100,000 108,500 - ---------------------------------------------------------------------------------------------------------------------------- American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 2,110,000 2,299,900 - ---------------------------------------------------------------------------------------------------------------------------- American Tower Corp., 7.50% Sr. Nts., 5/1/12 1,650,000 1,736,625 - ---------------------------------------------------------------------------------------------------------------------------- AT&T Corp.: 9.05% Sr. Unsec. Nts., 11/15/11 7 1,076,000 1,164,509 9.75% Sr. Nts., 11/15/31 7 300,000 359,294 - ---------------------------------------------------------------------------------------------------------------------------- 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 2,200,000 2,414,500 - ---------------------------------------------------------------------------------------------------------------------------- Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 470,000 499,375 - ---------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp.: 8.85% Sr. Unsec. Nts., 10/15/12 7 290,000 289,275 8.875% Sr. Nts., 10/1/13 769,000 776,690 - ---------------------------------------------------------------------------------------------------------------------------- IWO Holdings, Inc., 8.35% Sr. Sec. Nts., 1/15/12 7 220,000 230,175 - ---------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 7,490,000 7,860,792 - ---------------------------------------------------------------------------------------------------------------------------- Nextel Partners, Inc., 8.125% Sr. Nts., 7/1/11 700,000 743,750
13 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED Rogers Wireless, Inc.: 6.375% Sec. Nts., 3/1/14 $ 2,100,000 $ 2,105,250 7.50% Sec. Nts., 3/15/15 900,000 969,750 8% Sr. Sub. Nts., 12/15/12 600,000 639,750 - ---------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp.: 9.75% Sr. Sub. Nts., 1/15/10 2,857,000 2,914,140 9.875% Sr. Nts., 2/1/10 2,200,000 2,359,500 - ---------------------------------------------------------------------------------------------------------------------------- SBA Communications Corp., 8.50% Sr. Unsec. Nts., Cl. A, 12/1/12 909,000 1,013,535 - ---------------------------------------------------------------------------------------------------------------------------- SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 6 1,540,000 1,478,400 - ---------------------------------------------------------------------------------------------------------------------------- Triton PCS, Inc., 8.50% Sr. Unsec. Nts., 6/1/13 412,000 393,460 - ---------------------------------------------------------------------------------------------------------------------------- UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 1,100,000 1,207,250 - ---------------------------------------------------------------------------------------------------------------------------- US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 1 500,000 563,125 ---------------- 32,732,493 - ---------------------------------------------------------------------------------------------------------------------------- UTILITIES--5.4% - ---------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--2.8% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 3 1,550,000 1,681,750 - ---------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 357,000 369,049 7.75% Sr. Nts., 8/1/10 400,000 421,000 - ---------------------------------------------------------------------------------------------------------------------------- ESI Tractebel Acquisition Corp., 7.99% Sec. Bonds, Series B, 12/30/11 842,000 876,041 - ---------------------------------------------------------------------------------------------------------------------------- FPL Energy National Wind Power LLC: 5.608% Nts., 3/10/24 3 508,453 489,712 6.125% Nts., 3/25/19 3 291,989 284,452 - ---------------------------------------------------------------------------------------------------------------------------- Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 3,900,000 4,241,250 - ---------------------------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC, 8.30% Sr. Unsec. Nts., 5/1/11 2,600,000 2,704,000 - ---------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 700,000 724,500 - ---------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 400,000 426,000 - ---------------------------------------------------------------------------------------------------------------------------- Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 157,000 157,981 9.50% Sr. Sec. Nts., 7/15/13 225,000 226,406 - ---------------------------------------------------------------------------------------------------------------------------- Sierra Pacific Resources, 6.75% Sr. Nts., 8/15/17 3 2,281,000 2,300,959 ---------------- 14,903,100 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--1.0% Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16 3,4 110,000 110,000 - ---------------------------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC: 8.50% Sr. Unsec. Nts., 10/1/21 600,000 613,500 9.125% Sr. Unsec. Nts., 5/1/31 1,200,000 1,284,000 - ---------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc.: 7.25% Sr. Nts., 2/1/14 275,000 280,156 7.375% Sr. Nts., 2/1/16 3,040,000 3,112,200 ---------------- 5,399,856 - ---------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.1% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 400,000 404,234 - ---------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--1.5% AES Red Oak LLC: 8.54% Sr. Sec. Bonds, Series A, 11/30/19 9 771,549 844,846
14 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER CONTINUED 9.20% Sr. Sec. Bonds, Series B, 11/30/29 $ 500,000 $ 565,000 - ---------------------------------------------------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 901,000 873,970 8.75% Sr. Nts., 2/15/12 424,000 445,200 10.125% Sr. Sec. Nts., 7/15/13 3 3,100,000 3,555,545 - ---------------------------------------------------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 1,245,635 1,327,761 - ---------------------------------------------------------------------------------------------------------------------------- NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 580,000 574,180 ---------------- 8,186,502 ---------------- Total Corporate Bonds and Notes (Cost $472,681,347) 474,468,915 Shares - ---------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.8% - ---------------------------------------------------------------------------------------------------------------------------- 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. 3 885 161,844 - ---------------------------------------------------------------------------------------------------------------------------- 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 -- - ---------------------------------------------------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 1,10 342 -- - ---------------------------------------------------------------------------------------------------------------------------- Loral Skynet Corp., 12% Cum., Series A, Non-Vtg. 3,10 1,634 327,617 - ---------------------------------------------------------------------------------------------------------------------------- Paxson Communications Corp., 14.25% Cum. Jr. Exchangeable, Non-Vtg. 1, 8 213 1,858,539 - ---------------------------------------------------------------------------------------------------------------------------- PTV, Inc., 10% Cum., Series A, Non-Vtg. 1,10 22 42 - ---------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 1,10 245 298,900 - ---------------------------------------------------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 1 10,000 1,462,500 ---------------- Total Preferred Stocks (Cost $4,784,162) 4,109,492 - ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--2.6% - ---------------------------------------------------------------------------------------------------------------------------- Advanced Micro Devices, Inc.10 2,610 86,548 - ---------------------------------------------------------------------------------------------------------------------------- Allegheny Technologies, Inc. 1,970 120,525 - ---------------------------------------------------------------------------------------------------------------------------- American Tower Corp. 10 19,733 598,305 - ---------------------------------------------------------------------------------------------------------------------------- Anadarko Petroleum Corp. 1,060 107,071 - ---------------------------------------------------------------------------------------------------------------------------- Aon Corp. 2,680 111,247 - ---------------------------------------------------------------------------------------------------------------------------- Archer-Daniels-Midland Co. 3,380 113,737 - ---------------------------------------------------------------------------------------------------------------------------- Ashland, Inc. 1,652 117,424 - ---------------------------------------------------------------------------------------------------------------------------- ATA Holdings Corp. 1,10 3,690 36,900 - ---------------------------------------------------------------------------------------------------------------------------- Avaya, Inc. 10 9,621 108,717 - ---------------------------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 800 110,960 - ---------------------------------------------------------------------------------------------------------------------------- Broadcom Corp., Cl. A 10 2,210 95,384 - ---------------------------------------------------------------------------------------------------------------------------- Burlington Northern Santa Fe Corp. 1,369 114,079 - ---------------------------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 1,180 108,454 - ---------------------------------------------------------------------------------------------------------------------------- CA, Inc. 4,000 108,840 - ---------------------------------------------------------------------------------------------------------------------------- Caterpillar, Inc. 1,450 104,125 - ---------------------------------------------------------------------------------------------------------------------------- Cebridge Connections Holding LLC 1,10 2,645 --
15 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- Centex Corp. 1,581 $ 98,006 - ---------------------------------------------------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 10 8,360 409,807 - ---------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp. 12,000 376,920 - ---------------------------------------------------------------------------------------------------------------------------- Chubb Corp. 1,130 107,847 - ---------------------------------------------------------------------------------------------------------------------------- CIT Group, Inc. 2,000 107,040 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 359 16,956 - ---------------------------------------------------------------------------------------------------------------------------- ConocoPhillips 1,720 108,618 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Financial Corp. 3,090 113,403 - ---------------------------------------------------------------------------------------------------------------------------- Covad Communications Group, Inc. 10 20,660 39,874 - ---------------------------------------------------------------------------------------------------------------------------- Cummins, Inc. 1,000 105,100 - ---------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc. 3,213 106,736 - ---------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 10 43,391 347,996 - ---------------------------------------------------------------------------------------------------------------------------- Dow Chemical Co. (The) 13,000 527,800 - ---------------------------------------------------------------------------------------------------------------------------- Duke Energy Corp. 3,800 110,770 - ---------------------------------------------------------------------------------------------------------------------------- E*TRADE Financial Corp. 10 4,197 113,235 - ---------------------------------------------------------------------------------------------------------------------------- Eastman Chemical Co. 2,100 107,478 - ---------------------------------------------------------------------------------------------------------------------------- El Paso Corp. 45,000 542,250 - ---------------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc. 10 1,233 108,381 - ---------------------------------------------------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., Cl. B 2,010 120,138 - ---------------------------------------------------------------------------------------------------------------------------- Geotek Communications, Inc., Liquidating Trust 1 226 -- - ---------------------------------------------------------------------------------------------------------------------------- Globix Corp. 10 11,467 31,649 - ---------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 750 117,720 - ---------------------------------------------------------------------------------------------------------------------------- Gulfstream Holding, Inc. 1,10 56 -- - ---------------------------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 1,300 104,715 - ---------------------------------------------------------------------------------------------------------------------------- Horizon Natural Resources Co. 1,10 20,000 -- - ---------------------------------------------------------------------------------------------------------------------------- Huntsman Corp. 1,10 19,570 358,816 - ---------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. 10 42,107 237,905 - ---------------------------------------------------------------------------------------------------------------------------- iPCS, Inc. 10 10,189 478,883 - ---------------------------------------------------------------------------------------------------------------------------- Jefferson-Pilot Corp. 1,820 101,811 - ---------------------------------------------------------------------------------------------------------------------------- KB Home 1,610 104,618 - ---------------------------------------------------------------------------------------------------------------------------- Leap Wireless International, Inc. 10 1,913 83,388 - ---------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 742 107,241 - ---------------------------------------------------------------------------------------------------------------------------- Lennar Corp., Cl. A 1,822 110,012 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series A 8,343 170,781 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 10 8,343 164,774 - ---------------------------------------------------------------------------------------------------------------------------- Lincoln National Corp. 1,940 105,905 - ---------------------------------------------------------------------------------------------------------------------------- Loral Space & Communications Ltd. 10 12,388 354,916 - ---------------------------------------------------------------------------------------------------------------------------- Louisiana-Pacific Corp. 3,834 104,285 - ---------------------------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc. 10 10,104 408,909 - ---------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 1,039 94,705 - ---------------------------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 1,484 113,036 - ---------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 1,390 109,476 - ---------------------------------------------------------------------------------------------------------------------------- Norfolk Southern Corp. 2,090 113,006 - ---------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 10 11,337 87,068 - ---------------------------------------------------------------------------------------------------------------------------- NTL, Inc. 10 69,198 2,014,354 - ---------------------------------------------------------------------------------------------------------------------------- Nucor Corp. 1,218 127,634 - ---------------------------------------------------------------------------------------------------------------------------- NVIDIA Corp. 10 2,200 125,972 - ---------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 1,141 105,714
16 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 10 2,235 $ 35,358 - ---------------------------------------------------------------------------------------------------------------------------- Phelps Dodge Corp. 1,508 121,439 - ---------------------------------------------------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 1,530 102,984 - ---------------------------------------------------------------------------------------------------------------------------- Polymer Group, Inc., Cl. A 10 24,040 646,676 - ---------------------------------------------------------------------------------------------------------------------------- Prandium, Inc. 1,10 62,829 628 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 1,430 108,408 - ---------------------------------------------------------------------------------------------------------------------------- Reynolds American, Inc. 1,020 107,610 - ---------------------------------------------------------------------------------------------------------------------------- Ryder Systems, Inc. 2,410 107,920 - ---------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 10 398 4,080 - ---------------------------------------------------------------------------------------------------------------------------- Teco Energy, Inc. 20,000 322,400 - ---------------------------------------------------------------------------------------------------------------------------- Tellabs, Inc. 10 7,280 115,752 - ---------------------------------------------------------------------------------------------------------------------------- TVMAX Holdings, Inc. 10 7,500 7,500 - ---------------------------------------------------------------------------------------------------------------------------- TXU Corp. 2,040 91,310 - ---------------------------------------------------------------------------------------------------------------------------- United States Steel Corp. 1,876 113,836 - ---------------------------------------------------------------------------------------------------------------------------- Valero Energy Corp. 1,902 113,702 - ---------------------------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 935 31,846 - ---------------------------------------------------------------------------------------------------------------------------- Viatel Holding (Bermuda) Ltd. 10 2,701 14 - ---------------------------------------------------------------------------------------------------------------------------- Washington Mutual, Inc. 2,540 108,234 - ---------------------------------------------------------------------------------------------------------------------------- Western Forest Products, Inc. 10 85,047 160,212 - ---------------------------------------------------------------------------------------------------------------------------- WRC Media Corp. 1,10 1,353 14 - ---------------------------------------------------------------------------------------------------------------------------- XO Holdings, Inc. 10 3,509 13,861 ---------------- Total Common Stocks (Cost $13,571,378) 13,961,748 Units - ---------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ---------------------------------------------------------------------------------------------------------------------------- ASAT Finance LLC Wts., Exp. 11/1/06 10 500 -- - ---------------------------------------------------------------------------------------------------------------------------- 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 -- - ---------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. Wts.: Exp.5/16/06 1,10 10,561 53 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 -- - ---------------------------------------------------------------------------------------------------------------------------- Ntelos, Inc. Wts., Exp. 8/15/10 1,10 1,000 -- - ---------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 10 20,000 6,200 - ---------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1,10 651 -- - ---------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc.: Series A Wts., Exp. 1/16/10 10 7,031 3,164 Series B Wts., Exp. 1/16/10 10 5,273 1,635 Series C Wts., Exp. 1/16/10 10 5,273 1,318 ---------------- Total Rights, Warrants and Certificates (Cost $72,430) 12,370
17 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--0.6% - ---------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2005-1, 7.651%, 6/15/15 1, 5 (Cost $3,481,436) $ 3,329,268 $ 3,432,908 - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--7.9% - ---------------------------------------------------------------------------------------------------------------------------- Undivided interest of 28.36% in repurchase agreement (Principal Amount/Value $150,621,000, with a maturity value of $150,677,483) with DB Alex Brown LLC, 4.50%, dated 3/31/06, to be repurchased at $42,731,018 on 4/3/06, collateralized by U.S. Treasury Bonds, 4.50%, 2/15/16 with a value of $153,696,194 (Cost $42,715,000) 42,715,000 42,715,000 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $537,794,649) 99.9% 539,150,217 - ---------------------------------------------------------------------------------------------------------------------------- Assets in Excess of Other Liabilities 0.1 (277,454) --------------------------------------- Net Assets 100.0% $ 539,427,671 =======================================
Footnotes to Statement of Investments Principal amount is reported in U.S. Dollars, except for those denoted in the following currency: EUR Euro 1. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2006 was $21,677,283, which represents 4.02% of the Fund's net assets, of which $359,444 is considered restricted. See accompanying Notes. 2. Issue is in default. Non-income producing. See accompanying Notes. 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 $77,638,112 or 14.39% of the Fund's net assets as of March 31, 2006. 4. When-issued security or forward commitment to be delivered and settled after March 31, 2006. See accompanying Notes. 5. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 7. Represents the current interest rate for a variable or increasing rate security. 8. Interest or dividend is paid-in-kind. 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 $739,125. See accompanying Notes. 10. 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 March 31, 2006 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 $538,702,196 Federal tax cost of other investments (958,427) ------------- Total federal tax cost $537,743,769 ============= Gross unrealized appreciation $ 17,486,305 Gross unrealized depreciation (17,057,332) ------------- Net unrealized appreciation $ 428,973 ============= 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 18 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 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, as 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 in the annual and semiannual reports. The Fund records a realized gain or loss when a structured note is sold or matures. As of March 31, 2006, the market value of these securities comprised 0.6% of the Fund's net assets and resulted in unrealized cumulative losses of $48,528. SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2006, the Fund had purchased $13,963,989 of securities issued on a when-issued basis or forward commitment and sold $1,201,215 of securities issued on a when-issued basis or forward commitment. In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2006, securities with an aggregate market value of $5,064,461, representing 0.94% of the Fund's net assets, were in default. 19 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/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 in the annual and semiannual reports. 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 in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports 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 in the annual and semiannual reports. As of March 31, 2006, 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. 20 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 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 in the annual and semiannual reports. 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 in the annual and semiannual reports 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 in the annual and semiannual reports as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2006 (DEPRECIATION) - ---------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Standard & Poor's 500 E-Mini 6/16/06 50 $ 3,258,250 $ 25,400 ----------------- CONTRACTS TO SELL Standard & Poor's 500 E-Mini 6/16/06 65 4,235,725 (44,448) ----------------- $ (19,048) =================
ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2006, 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: UNREALIZED ACQUISITION VALUATION AS OF APPRECIATION SECURITY DATES COST MARCH 31, 2006 (DEPRECIATION) - -------------------------------------------------------------------------------- Huntsman Corp. 7/15/04 $ 132,250 $ 358,816 $ 226,566 Prandium, Inc. 3/19/99-7/19/02 738,000 628 (737,372) -------------------------------------------- $ 870,250 $ 359,444 $ (510,806) ============================================ 21 | Oppenheimer High Income Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--99.7% - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--9.9% - ---------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.3% Goodyear Tire & Rubber Co. (The) 1,2 46,000 $ 666,080 - ---------------------------------------------------------------------------------------------------------------------------- Johnson Controls, Inc. 56,800 4,312,824 - ---------------------------------------------------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1,2 8,900 207,370 ---------------- 5,186,274 - ---------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.5% Ford Motor Co. 2 598,915 4,767,363 - ---------------------------------------------------------------------------------------------------------------------------- Harley-Davidson, Inc. 2 96,700 5,016,796 ---------------- 9,784,159 - ---------------------------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Genuine Parts Co. 4,700 206,001 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.1% Apollo Group, Inc., Cl. A 1 32,000 1,680,320 - ---------------------------------------------------------------------------------------------------------------------------- Career Education Corp. 1,2 19,100 720,643 ---------------- 2,400,963 - ---------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--0.7% Choice Hotels International, Inc. 2 5,800 265,524 - ---------------------------------------------------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 1,600 27,840 - ---------------------------------------------------------------------------------------------------------------------------- International Game Technology 69,100 2,433,702 - ---------------------------------------------------------------------------------------------------------------------------- McDonald's Corp. 152,050 5,224,438 - ---------------------------------------------------------------------------------------------------------------------------- Six Flags, Inc. 1,2 7,300 74,314 - ---------------------------------------------------------------------------------------------------------------------------- Starbucks Corp. 1 25,100 944,764 - ---------------------------------------------------------------------------------------------------------------------------- Yum! Brands, Inc. 78,600 3,840,396 ---------------- 12,810,978 - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.1% American Greetings Corp., Cl. A 2 11,700 252,954 - ---------------------------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc. 2 2,000 131,400 - ---------------------------------------------------------------------------------------------------------------------------- Lennar Corp., Cl. A 2 3,900 235,482 - ---------------------------------------------------------------------------------------------------------------------------- Whirlpool Corp. 3,000 274,410 ---------------- 894,246 - ---------------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.2% eBay, Inc. 1 86,000 3,359,160 - ---------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Hasbro, Inc. 33,400 704,740 - ---------------------------------------------------------------------------------------------------------------------------- MEDIA--2.9% CBS Corp., Cl. B 141,973 3,404,513 - ---------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc. 2 234,800 6,811,548 - ---------------------------------------------------------------------------------------------------------------------------- Gannett Co., Inc. 2 91,900 5,506,648 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., Cl. A 1 241,400 1,981,894 - ---------------------------------------------------------------------------------------------------------------------------- Live Nation 1 16,937 336,030 - ---------------------------------------------------------------------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 78,300 4,511,646 - ---------------------------------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. A 321,200 5,335,132 - ---------------------------------------------------------------------------------------------------------------------------- Omnicom Group, Inc. 43,800 3,646,350 - ---------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 4,000 232,920
1 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- MEDIA CONTINUED Time Warner, Inc. 627,400 $ 10,534,046 - ---------------------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 1 141,973 5,508,552 - ---------------------------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 222,700 6,211,103 ---------------- 54,020,382 - ---------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--1.5% Dollar General Corp. 24,400 431,148 - ---------------------------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1,2 27,500 760,925 - ---------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. 57,300 4,182,900 - ---------------------------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 116,200 7,019,642 - ---------------------------------------------------------------------------------------------------------------------------- Kohl's Corp. 1 54,300 2,878,443 - ---------------------------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 146,600 5,743,788 - ---------------------------------------------------------------------------------------------------------------------------- Saks, Inc. 1,2 9,700 187,210 - ---------------------------------------------------------------------------------------------------------------------------- Target Corp. 122,600 6,376,426 ---------------- 27,580,482 - ---------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.2% American Eagle Outfitters, Inc. 2 31,100 928,646 - ---------------------------------------------------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1,2 8,800 323,752 - ---------------------------------------------------------------------------------------------------------------------------- AutoNation, Inc. 1,2 39,700 855,535 - ---------------------------------------------------------------------------------------------------------------------------- Barnes & Noble, Inc. 2 18,100 837,125 - ---------------------------------------------------------------------------------------------------------------------------- Bed Bath & Beyond, Inc. 1 37,700 1,447,680 - ---------------------------------------------------------------------------------------------------------------------------- Best Buy Co., Inc. 116,700 6,527,031 - ---------------------------------------------------------------------------------------------------------------------------- Building Materials Holding Corp. 2 7,400 263,736 - ---------------------------------------------------------------------------------------------------------------------------- Chico's FAS, Inc. 1,2 12,900 524,256 - ---------------------------------------------------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1,2 6,100 353,190 - ---------------------------------------------------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 34,000 832,320 - ---------------------------------------------------------------------------------------------------------------------------- Claire's Stores, Inc. 15,600 566,436 - ---------------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 304,000 5,678,720 - ---------------------------------------------------------------------------------------------------------------------------- Home Depot, Inc. 370,100 15,655,230 - ---------------------------------------------------------------------------------------------------------------------------- Lowe's Cos., Inc. 139,900 9,015,156 - ---------------------------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 2 13,500 485,190 - ---------------------------------------------------------------------------------------------------------------------------- Office Depot, Inc. 1 91,600 3,411,184 - ---------------------------------------------------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1,2 1,100 25,179 - ---------------------------------------------------------------------------------------------------------------------------- Sports Authority, Inc. (The) 1,2 8,100 298,890 - ---------------------------------------------------------------------------------------------------------------------------- Staples, Inc. 306,850 7,830,812 - ---------------------------------------------------------------------------------------------------------------------------- Talbots, Inc. (The) 2 8,300 223,021 - ---------------------------------------------------------------------------------------------------------------------------- Tiffany & Co. 2,800 105,112 - ---------------------------------------------------------------------------------------------------------------------------- TJX Cos., Inc. (The) 94,700 2,350,454 - ---------------------------------------------------------------------------------------------------------------------------- Too, Inc. 1,2 8,800 302,280 - ---------------------------------------------------------------------------------------------------------------------------- Zale Corp. 1,2 5,000 140,150 ---------------- 58,981,085 - ---------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.3% Coach, Inc. 1 137,000 4,737,460 - ---------------------------------------------------------------------------------------------------------------------------- Jones Apparel Group, Inc. 11,600 410,292 - ---------------------------------------------------------------------------------------------------------------------------- Nike, Inc., Cl. B 1,300 110,630 - ---------------------------------------------------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 2 4,400 168,124
2 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS CONTINUED Timberland Co., Cl. A 1,2 21,900 $ 749,637 ---------------- 6,176,143 - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--6.5% - ---------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.9% Brown-Forman Corp., Cl. B 2,800 215,516 - ---------------------------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The) 162,400 6,799,688 - ---------------------------------------------------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 39,700 1,206,483 - ---------------------------------------------------------------------------------------------------------------------------- PepsiCo, Inc. 136,450 7,885,446 ---------------- 16,107,133 - ---------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.7% Albertson's, Inc. 24,900 639,183 - ---------------------------------------------------------------------------------------------------------------------------- Costco Wholesale Corp. 47,000 2,545,520 - ---------------------------------------------------------------------------------------------------------------------------- Kroger Co. (The) 1 296,900 6,044,884 - ---------------------------------------------------------------------------------------------------------------------------- Performance Food Group Co. 1,2 2,100 65,499 - ---------------------------------------------------------------------------------------------------------------------------- Safeway, Inc. 262,500 6,594,000 - ---------------------------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 21,100 650,302 - ---------------------------------------------------------------------------------------------------------------------------- Sysco Corp. 28,000 897,400 - ---------------------------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 237,300 11,210,052 - ---------------------------------------------------------------------------------------------------------------------------- Walgreen Co. 25,800 1,112,754 - ---------------------------------------------------------------------------------------------------------------------------- Whole Foods Market, Inc. 2 25,200 1,674,288 ---------------- 31,433,882 - ---------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.6% Archer-Daniels-Midland Co. 13,900 467,735 - ---------------------------------------------------------------------------------------------------------------------------- Campbell Soup Co. 66,400 2,151,360 - ---------------------------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc. 2 1,300 21,801 - ---------------------------------------------------------------------------------------------------------------------------- ConAgra Foods, Inc. 30,000 643,800 - ---------------------------------------------------------------------------------------------------------------------------- Dean Foods Co. 1,2 16,200 629,046 - ---------------------------------------------------------------------------------------------------------------------------- Del Monte Foods Co. 2 8,800 104,368 - ---------------------------------------------------------------------------------------------------------------------------- General Mills, Inc. 63,400 3,213,112 - ---------------------------------------------------------------------------------------------------------------------------- Heinz (H.J.) Co. 44,400 1,683,648 - ---------------------------------------------------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 2 19,800 429,066 - ---------------------------------------------------------------------------------------------------------------------------- Sara Lee Corp. 144,700 2,587,236 - ---------------------------------------------------------------------------------------------------------------------------- Wm. Wrigley Jr. Co. 400 25,600 ---------------- 11,956,772 - ---------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.5% Colgate-Palmolive Co. 31,000 1,770,100 - ---------------------------------------------------------------------------------------------------------------------------- Energizer Holdings, Inc. 1,2 8,500 450,500 - ---------------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp. 11,900 687,820 - ---------------------------------------------------------------------------------------------------------------------------- Procter & Gamble Co. (The) 413,015 23,797,924 ---------------- 26,706,344 - ---------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.2% Avon Products, Inc. 114,400 3,565,848 - ---------------------------------------------------------------------------------------------------------------------------- TOBACCO--1.6% Altria Group, Inc. 327,600 23,213,736 - ---------------------------------------------------------------------------------------------------------------------------- Loews Corp./Carolina Group 8,100 382,887
3 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- TOBACCO CONTINUED Reynolds American, Inc. 2 62,100 $ 6,551,550 ---------------- 30,148,173 - ---------------------------------------------------------------------------------------------------------------------------- ENERGY--11.4% - ---------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.5% Grey Wolf, Inc. 1,2 39,400 293,136 - ---------------------------------------------------------------------------------------------------------------------------- Halliburton Co. 14,100 1,029,582 - ---------------------------------------------------------------------------------------------------------------------------- Lone Star Technologies, Inc. 1,2 6,000 332,460 - ---------------------------------------------------------------------------------------------------------------------------- NS Group, Inc. 1,2 6,700 308,401 - ---------------------------------------------------------------------------------------------------------------------------- Schlumberger Ltd. 8,900 1,126,473 - ---------------------------------------------------------------------------------------------------------------------------- Transocean, Inc. 1 52,100 4,183,630 - ---------------------------------------------------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1,2 4,200 212,814 - ---------------------------------------------------------------------------------------------------------------------------- Veritas DGC, Inc. 1,2 8,300 376,737 ---------------- 7,863,233 - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS--10.9% Amerada Hess Corp. 35,600 5,069,440 - ---------------------------------------------------------------------------------------------------------------------------- Anadarko Petroleum Corp. 88,700 8,959,587 - ---------------------------------------------------------------------------------------------------------------------------- Apache Corp. 105,400 6,904,754 - ---------------------------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 98,200 9,025,562 - ---------------------------------------------------------------------------------------------------------------------------- Canadian Natural Resources Ltd. 41,400 2,300,689 - ---------------------------------------------------------------------------------------------------------------------------- Chevron Corp. 408,526 23,682,252 - ---------------------------------------------------------------------------------------------------------------------------- Comstock Resources, Inc. 1,2 9,000 267,210 - ---------------------------------------------------------------------------------------------------------------------------- ConocoPhillips 319,742 20,191,707 - ---------------------------------------------------------------------------------------------------------------------------- Devon Energy Corp. 162,700 9,952,359 - ---------------------------------------------------------------------------------------------------------------------------- EOG Resources, Inc. 92,100 6,631,200 - ---------------------------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 1,004,916 61,159,188 - ---------------------------------------------------------------------------------------------------------------------------- General Maritime Corp. 2 4,700 156,698 - ---------------------------------------------------------------------------------------------------------------------------- Giant Industries, Inc. 1,2 4,300 299,022 - ---------------------------------------------------------------------------------------------------------------------------- KCS Energy, Inc. 1,2 11,300 293,800 - ---------------------------------------------------------------------------------------------------------------------------- Kerr-McGee Corp. 58,123 5,549,584 - ---------------------------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 84,700 6,451,599 - ---------------------------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 5,500 274,010 - ---------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 98,226 9,100,639 - ---------------------------------------------------------------------------------------------------------------------------- OMI Corp. 2 8,600 154,972 - ---------------------------------------------------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 2 12,900 618,297 - ---------------------------------------------------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 122,500 4,368,819 - ---------------------------------------------------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1,2 7,200 311,184 - ---------------------------------------------------------------------------------------------------------------------------- Sunoco, Inc. 2 73,000 5,662,610 - ---------------------------------------------------------------------------------------------------------------------------- Swift Energy Co. 1,2 7,300 273,458 - ---------------------------------------------------------------------------------------------------------------------------- Talisman Energy, Inc. 32,600 1,731,260 - ---------------------------------------------------------------------------------------------------------------------------- Tesoro Corp. 2 14,400 984,096 - ---------------------------------------------------------------------------------------------------------------------------- Valero Energy Corp. 111,010 6,636,178 - ---------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp. 1,2 7,100 291,029 - ---------------------------------------------------------------------------------------------------------------------------- XTO Energy, Inc. 85,400 3,720,878 ---------------- 201,022,081
4 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- FINANCIALS--21.6% - ---------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.8% Ameriprise Financial, Inc. 67,700 $ 3,050,562 - ---------------------------------------------------------------------------------------------------------------------------- Bank of New York Co., Inc. (The) 147,500 5,315,900 - ---------------------------------------------------------------------------------------------------------------------------- Mellon Financial Corp. 96,800 3,446,080 - ---------------------------------------------------------------------------------------------------------------------------- Northern Trust Corp. 35,300 1,853,250 - ---------------------------------------------------------------------------------------------------------------------------- TD Ameritrade Holding Corp. 3,500 73,045 ---------------- 13,738,837 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--5.6% Astoria Financial Corp. 22,450 695,052 - ---------------------------------------------------------------------------------------------------------------------------- Bank of America Corp. 791,709 36,054,428 - ---------------------------------------------------------------------------------------------------------------------------- BB&T Corp. 79,800 3,128,160 - ---------------------------------------------------------------------------------------------------------------------------- Comerica, Inc. 21,200 1,228,964 - ---------------------------------------------------------------------------------------------------------------------------- Downey Financial Corp. 2 500 33,650 - ---------------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp. 25,400 1,724,660 - ---------------------------------------------------------------------------------------------------------------------------- KeyCorp 75,600 2,782,080 - ---------------------------------------------------------------------------------------------------------------------------- M&T Bank Corp. 18,100 2,065,934 - ---------------------------------------------------------------------------------------------------------------------------- National City Corp. 137,500 4,798,750 - ---------------------------------------------------------------------------------------------------------------------------- North Fork Bancorporation, Inc. 9,600 276,768 - ---------------------------------------------------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 26,700 1,797,177 - ---------------------------------------------------------------------------------------------------------------------------- Regions Financial Corp. 2 56,805 1,997,832 - ---------------------------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc. 61,800 4,496,568 - ---------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp 394,870 12,043,535 - ---------------------------------------------------------------------------------------------------------------------------- UnionBanCal Corp. 21,600 1,515,456 - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Corp. 245,100 13,737,855 - ---------------------------------------------------------------------------------------------------------------------------- Washington Mutual, Inc. 92,829 3,956,372 - ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 178,300 11,388,021 ---------------- 103,721,262 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--8.8% American Express Co. 112,700 5,922,385 - ---------------------------------------------------------------------------------------------------------------------------- AmeriCredit Corp. 1,2 40,500 1,244,565 - ---------------------------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 11,700 1,622,790 - ---------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp. 84,077 6,769,880 - ---------------------------------------------------------------------------------------------------------------------------- Chicago Mercantile Exchange (The) 2 7,800 3,490,500 - ---------------------------------------------------------------------------------------------------------------------------- CIT Group, Inc. 88,800 4,752,576 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 817,088 38,591,066 - ---------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 102,800 16,135,488 - ---------------------------------------------------------------------------------------------------------------------------- Janus Capital Group, Inc. 20,500 474,985 - ---------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 585,044 24,361,232 - ---------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 84,300 12,183,879 - ---------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 224,100 17,650,116 - ---------------------------------------------------------------------------------------------------------------------------- Moody's Corp. 27,000 1,929,420 - ---------------------------------------------------------------------------------------------------------------------------- Morgan Stanley 253,000 15,893,460 - ---------------------------------------------------------------------------------------------------------------------------- Schwab (Charles) Corp. 333,700 5,742,977 - ---------------------------------------------------------------------------------------------------------------------------- State Street Corp. 70,200 4,242,186 - ---------------------------------------------------------------------------------------------------------------------------- T. Rowe Price Group, Inc. 3,900 305,019 ---------------- 161,312,524 - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE--5.4% ACE Ltd. 30,900 1,607,109
5 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED AFLAC, Inc. 70,600 $ 3,186,178 - ---------------------------------------------------------------------------------------------------------------------------- Allstate Corp. 154,500 8,050,995 - ---------------------------------------------------------------------------------------------------------------------------- American International Group, Inc. 320,940 21,210,925 - ---------------------------------------------------------------------------------------------------------------------------- AmerUs Group Co. 2 12,100 728,904 - ---------------------------------------------------------------------------------------------------------------------------- Aon Corp. 133,800 5,554,038 - ---------------------------------------------------------------------------------------------------------------------------- Chubb Corp. 54,000 5,153,760 - ---------------------------------------------------------------------------------------------------------------------------- Fidelity National Financial, Inc. 23,159 822,839 - ---------------------------------------------------------------------------------------------------------------------------- Fidelity National Title Group, Inc., Cl. A 2 5,190 118,176 - ---------------------------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 190,900 6,381,787 - ---------------------------------------------------------------------------------------------------------------------------- Hanover Insurance Group, Inc. 2,800 146,776 - ---------------------------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 82,900 6,677,595 - ---------------------------------------------------------------------------------------------------------------------------- Jefferson-Pilot Corp. 400 22,376 - ---------------------------------------------------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 2,600 176,410 - ---------------------------------------------------------------------------------------------------------------------------- Lincoln National Corp. 5,200 283,868 - ---------------------------------------------------------------------------------------------------------------------------- Loews Corp. 17,000 1,720,400 - ---------------------------------------------------------------------------------------------------------------------------- MBIA, Inc. 2 16,400 986,132 - ---------------------------------------------------------------------------------------------------------------------------- MetLife, Inc. 139,900 6,766,963 - ---------------------------------------------------------------------------------------------------------------------------- Principal Financial Group, Inc. (The) 138,400 6,753,920 - ---------------------------------------------------------------------------------------------------------------------------- Progressive Corp. 44,500 4,639,570 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 107,000 8,111,670 - ---------------------------------------------------------------------------------------------------------------------------- Safeco Corp. 6,500 326,365 - ---------------------------------------------------------------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 210,600 8,800,974 - ---------------------------------------------------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 9,800 530,278 - ---------------------------------------------------------------------------------------------------------------------------- Zenith National Insurance Corp. 6,900 332,097 ---------------- 99,090,105 - ---------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.0% Accredited Home Lenders Holding Co. 1,2 6,400 327,552 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Financial Corp. 172,598 6,334,347 - ---------------------------------------------------------------------------------------------------------------------------- Fannie Mae 112,400 5,777,360 - ---------------------------------------------------------------------------------------------------------------------------- Freddie Mac 71,600 4,367,600 - ---------------------------------------------------------------------------------------------------------------------------- Fremont General Corp. 2 2,700 58,212 - ---------------------------------------------------------------------------------------------------------------------------- MGIC Investment Corp. 2 13,700 912,831 - ---------------------------------------------------------------------------------------------------------------------------- PMI Group, Inc. (The) 2 10,400 477,568 - ---------------------------------------------------------------------------------------------------------------------------- Radian Group, Inc. 2 16,100 970,025 ---------------- 19,225,495 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--13.2% - ---------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--2.2% Abgenix, Inc. 1,2 18,800 423,000 - ---------------------------------------------------------------------------------------------------------------------------- Alkermes, Inc. 1,2 16,600 366,030 - ---------------------------------------------------------------------------------------------------------------------------- Amgen, Inc. 1 237,900 17,307,225 - ---------------------------------------------------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 35,100 952,614 - ---------------------------------------------------------------------------------------------------------------------------- Biogen Idec, Inc. 1 39,000 1,836,900 - ---------------------------------------------------------------------------------------------------------------------------- Genentech, Inc. 1 27,300 2,307,123 - ---------------------------------------------------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 17,900 1,203,238 - ---------------------------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 94,800 5,898,456 - ---------------------------------------------------------------------------------------------------------------------------- Sepracor, Inc. 1,2 1,300 63,453
6 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY CONTINUED Techne Corp. 1,2 6,300 $ 378,882 - ---------------------------------------------------------------------------------------------------------------------------- Wyeth 199,800 9,694,296 ---------------- 40,431,217 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.1% Baxter International, Inc. 86,400 3,353,184 - ---------------------------------------------------------------------------------------------------------------------------- Becton, Dickinson & Co. 88,100 5,425,198 - ---------------------------------------------------------------------------------------------------------------------------- Boston Scientific Corp. 1 85,200 1,963,860 - ---------------------------------------------------------------------------------------------------------------------------- Guidant Corp. 32,800 2,560,368 - ---------------------------------------------------------------------------------------------------------------------------- Kinetic Concepts, Inc. 1,2 7,000 288,190 - ---------------------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 116,700 5,922,525 - ---------------------------------------------------------------------------------------------------------------------------- Mentor Corp. 2 12,900 584,499 - ---------------------------------------------------------------------------------------------------------------------------- Millipore Corp. 1 5,200 379,912 - ---------------------------------------------------------------------------------------------------------------------------- PerkinElmer, Inc. 5,400 126,738 - ---------------------------------------------------------------------------------------------------------------------------- Waters Corp. 1 10,000 431,500 ---------------- 21,035,974 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--5.1% Aetna, Inc. 138,800 6,820,632 - ---------------------------------------------------------------------------------------------------------------------------- AmerisourceBergen Corp. 26,600 1,283,982 - ---------------------------------------------------------------------------------------------------------------------------- Cardinal Health, Inc. 119,900 8,934,948 - ---------------------------------------------------------------------------------------------------------------------------- Caremark Rx, Inc. 1 174,000 8,557,320 - ---------------------------------------------------------------------------------------------------------------------------- CIGNA Corp. 59,100 7,719,642 - ---------------------------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 13,550 731,429 - ---------------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc. 1 62,200 5,467,380 - ---------------------------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 5,100 224,094 - ---------------------------------------------------------------------------------------------------------------------------- HCA, Inc. 151,100 6,918,869 - ---------------------------------------------------------------------------------------------------------------------------- Health Net, Inc. 1 15,800 802,956 - ---------------------------------------------------------------------------------------------------------------------------- Healthways, Inc. 1,2 6,300 320,922 - ---------------------------------------------------------------------------------------------------------------------------- Humana, Inc. 1 24,000 1,263,600 - ---------------------------------------------------------------------------------------------------------------------------- IMS Health, Inc. 2 11,400 293,778 - ---------------------------------------------------------------------------------------------------------------------------- Manor Care, Inc. 2 8,300 368,105 - ---------------------------------------------------------------------------------------------------------------------------- McKesson Corp. 146,100 7,616,193 - ---------------------------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. 1 104,681 5,989,847 - ---------------------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1,2 7,300 749,272 - ---------------------------------------------------------------------------------------------------------------------------- Quest Diagnostics, Inc. 68,500 3,514,050 - ---------------------------------------------------------------------------------------------------------------------------- Schein (Henry), Inc. 1,2 15,300 732,258 - ---------------------------------------------------------------------------------------------------------------------------- Sierra Health Services, Inc. 1,2 18,000 732,600 - ---------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group, Inc. 214,948 12,006,995 - ---------------------------------------------------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1,2 6,000 272,640 - ---------------------------------------------------------------------------------------------------------------------------- WellPoint, Inc. 1 160,012 12,389,729 ---------------- 93,711,241 - ---------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--4.8% Abbott Laboratories 90,700 3,852,029 - ---------------------------------------------------------------------------------------------------------------------------- Allergan, Inc. 45,200 4,904,200 - ---------------------------------------------------------------------------------------------------------------------------- Alpharma, Inc., Cl. A 2 15,300 410,346 - ---------------------------------------------------------------------------------------------------------------------------- Andrx Corp. 1,2 10,900 258,766
7 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS CONTINUED Bristol-Myers Squibb Co. 155,800 $ 3,834,238 - ---------------------------------------------------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 8,300 272,323 - ---------------------------------------------------------------------------------------------------------------------------- Forest Laboratories, Inc. 1 91,300 4,074,719 - ---------------------------------------------------------------------------------------------------------------------------- Johnson & Johnson 449,806 26,637,511 - ---------------------------------------------------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 51,500 888,375 - ---------------------------------------------------------------------------------------------------------------------------- Kos Pharmaceuticals, Inc. 1,2 14,000 668,780 - ---------------------------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 2 3,000 97,800 - ---------------------------------------------------------------------------------------------------------------------------- Merck & Co., Inc. 415,000 14,620,450 - ---------------------------------------------------------------------------------------------------------------------------- Pfizer, Inc. 1,104,400 27,521,648 - ---------------------------------------------------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. 1 21,100 606,414 ---------------- 88,647,599 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--11.3% - ---------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.7% Alliant Techsystems, Inc. 1,2 8,600 663,662 - ---------------------------------------------------------------------------------------------------------------------------- BE Aerospace, Inc. 1,2 11,300 283,856 - ---------------------------------------------------------------------------------------------------------------------------- Boeing Co. 218,200 17,004,326 - ---------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 107,500 6,877,850 - ---------------------------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 135,300 5,786,781 - ---------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 128,300 9,639,179 - ---------------------------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 148,500 10,141,065 - ---------------------------------------------------------------------------------------------------------------------------- Precision Castparts Corp. 24,300 1,443,420 - ---------------------------------------------------------------------------------------------------------------------------- Raytheon Co. 199,500 9,145,080 - ---------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 118,000 6,840,460 ---------------- 67,825,679 - ---------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.1% FedEx Corp. 5,000 564,700 - ---------------------------------------------------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 10,300 817,614 ---------------- 1,382,314 - ---------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.1% Alaska Air Group, Inc. 1,2 10,100 358,045 - ---------------------------------------------------------------------------------------------------------------------------- AMR Corp. 1,2 43,600 1,179,380 - ---------------------------------------------------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 17,600 473,440 - ---------------------------------------------------------------------------------------------------------------------------- Southwest Airlines Co. 27,200 489,328 ---------------- 2,500,193 - ---------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.3% Masco Corp. 137,000 4,451,130 - ---------------------------------------------------------------------------------------------------------------------------- USG Corp. 1,2 14,600 1,386,416 ---------------- 5,837,546 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.8% Administaff, Inc. 2 5,300 288,108 - ---------------------------------------------------------------------------------------------------------------------------- Cendant Corp. 421,800 7,318,230 - ---------------------------------------------------------------------------------------------------------------------------- Corporate Executive Board Co. 2 1,600 161,440 - ---------------------------------------------------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 6,100 467,748 - ---------------------------------------------------------------------------------------------------------------------------- Manpower, Inc. 2 14,200 811,956 - ---------------------------------------------------------------------------------------------------------------------------- PHH Corp. 1,2 10,780 287,826
8 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Pitney Bowes, Inc. 25,900 $ 1,111,887 - ---------------------------------------------------------------------------------------------------------------------------- Robert Half International, Inc. 2 16,900 652,509 - ---------------------------------------------------------------------------------------------------------------------------- Waste Management, Inc. 100,400 3,544,120 ---------------- 14,643,824 - ---------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.1% Quanta Services, Inc. 1,2 21,300 341,226 - ---------------------------------------------------------------------------------------------------------------------------- URS Corp. 1,2 23,200 933,800 ---------------- 1,275,026 - ---------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.6% Emerson Electric Co. 56,300 4,708,369 - ---------------------------------------------------------------------------------------------------------------------------- Rockwell Automation, Inc. 81,100 5,831,901 - ---------------------------------------------------------------------------------------------------------------------------- Roper Industries, Inc. 2 11,400 554,382 ---------------- 11,094,652 - ---------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--3.3% 3M Co. 60,000 4,541,400 - ---------------------------------------------------------------------------------------------------------------------------- General Electric Co. 1,476,000 51,335,280 - ---------------------------------------------------------------------------------------------------------------------------- Teleflex, Inc. 2 1,800 128,934 - ---------------------------------------------------------------------------------------------------------------------------- Tyco International Ltd. 155,200 4,171,776 ---------------- 60,177,390 - ---------------------------------------------------------------------------------------------------------------------------- MACHINERY--1.5% Caterpillar, Inc. 81,300 5,838,153 - ---------------------------------------------------------------------------------------------------------------------------- Danaher Corp. 31,000 1,970,050 - ---------------------------------------------------------------------------------------------------------------------------- Deere & Co. 60,800 4,806,240 - ---------------------------------------------------------------------------------------------------------------------------- Eaton Corp. 5,400 394,038 - ---------------------------------------------------------------------------------------------------------------------------- Flowserve Corp. 1,2 16,700 974,278 - ---------------------------------------------------------------------------------------------------------------------------- Illinois Tool Works, Inc. 71,500 6,886,165 - ---------------------------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. Ltd., Cl. A 103,800 4,337,802 - ---------------------------------------------------------------------------------------------------------------------------- ITT Industries, Inc. 10,100 567,822 - ---------------------------------------------------------------------------------------------------------------------------- Parker-Hannifin Corp. 8,500 685,185 - ---------------------------------------------------------------------------------------------------------------------------- SPX Corp. 16,800 897,456 - ---------------------------------------------------------------------------------------------------------------------------- Terex Corp. 1,2 12,800 1,014,272 ---------------- 28,371,461 - ---------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.8% Burlington Northern Santa Fe Corp. 71,600 5,966,428 - ---------------------------------------------------------------------------------------------------------------------------- CSX Corp. 28,100 1,680,380 - ---------------------------------------------------------------------------------------------------------------------------- Landstar System, Inc. 2 9,300 410,316 - ---------------------------------------------------------------------------------------------------------------------------- Norfolk Southern Corp. 123,800 6,693,866 ---------------- 14,750,990 - ---------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.0% United Rentals, Inc. 1,2 12,600 434,700 - ---------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--19.1% - ---------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.4% ADTRAN, Inc. 2 19,500 510,510 - ---------------------------------------------------------------------------------------------------------------------------- Avaya, Inc. 1 56,500 638,450 - ---------------------------------------------------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 106,600 712,088 - ---------------------------------------------------------------------------------------------------------------------------- Cisco Systems, Inc. 1 1,022,100 22,148,907
9 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT CONTINUED Corning, Inc. 1 135,300 $ 3,640,923 - ---------------------------------------------------------------------------------------------------------------------------- Emulex Corp. 1,2 15,800 270,022 - ---------------------------------------------------------------------------------------------------------------------------- Juniper Networks, Inc. 1 87,300 1,669,176 - ---------------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. 1,2 1,658,500 5,058,425 - ---------------------------------------------------------------------------------------------------------------------------- Motorola, Inc. 654,600 14,996,886 - ---------------------------------------------------------------------------------------------------------------------------- Polycom, Inc. 1,2 9,600 208,128 - ---------------------------------------------------------------------------------------------------------------------------- QLogic Corp. 1 40,600 785,610 - ---------------------------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 249,600 12,632,256 ---------------- 63,271,381 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--4.2% Apple Computer, Inc. 1 85,000 5,331,200 - ---------------------------------------------------------------------------------------------------------------------------- Dell, Inc. 1 558,000 16,606,080 - ---------------------------------------------------------------------------------------------------------------------------- EMC Corp. 1 700,100 9,542,363 - ---------------------------------------------------------------------------------------------------------------------------- Hewlett-Packard Co. 611,600 20,121,640 - ---------------------------------------------------------------------------------------------------------------------------- International Business Machines Corp. 257,200 21,211,284 - ---------------------------------------------------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1,2 21,100 957,518 - ---------------------------------------------------------------------------------------------------------------------------- NCR Corp. 1 29,100 1,216,089 - ---------------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. 1 21,600 778,248 - ---------------------------------------------------------------------------------------------------------------------------- Palm, Inc. 1,2 19,800 458,568 - ---------------------------------------------------------------------------------------------------------------------------- Western Digital Corp. 1 72,100 1,400,903 ---------------- 77,623,893 - ---------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.7% Agilent Technologies, Inc. 1 183,900 6,905,445 - ---------------------------------------------------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 24,700 797,069 - ---------------------------------------------------------------------------------------------------------------------------- Avnet, Inc. 1 21,900 555,822 - ---------------------------------------------------------------------------------------------------------------------------- CDW Corp. 2 8,300 488,455 - ---------------------------------------------------------------------------------------------------------------------------- Jabil Circuit, Inc. 1 26,800 1,148,648 - ---------------------------------------------------------------------------------------------------------------------------- Komag, Inc. 1,2 10,600 504,560 - ---------------------------------------------------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1,2 1,800 108,612 - ---------------------------------------------------------------------------------------------------------------------------- Sanmina-SCI Corp. 1 189,600 777,360 - ---------------------------------------------------------------------------------------------------------------------------- Solectron Corp. 1 243,900 975,600 - ---------------------------------------------------------------------------------------------------------------------------- Tech Data Corp. 1 6,100 225,151 ---------------- 12,486,722 - ---------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.6% Check Point Software Technologies Ltd. 1 27,800 556,556 - ---------------------------------------------------------------------------------------------------------------------------- Digital River, Inc. 1,2 9,400 409,934 - ---------------------------------------------------------------------------------------------------------------------------- EarthLink, Inc. 1 49,500 472,725 - ---------------------------------------------------------------------------------------------------------------------------- Google, Inc., Cl. A 1 13,100 5,109,000 - ---------------------------------------------------------------------------------------------------------------------------- Internet Security Systems, Inc. 1,2 17,700 424,446 - ---------------------------------------------------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 3,600 379,044 - ---------------------------------------------------------------------------------------------------------------------------- United Online, Inc. 2 40,100 515,686 - ---------------------------------------------------------------------------------------------------------------------------- Websense, Inc. 1,2 10,000 275,800
10 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES CONTINUED Yahoo!, Inc. 1 78,000 $ 2,516,280 ---------------- 10,659,471 - ---------------------------------------------------------------------------------------------------------------------------- IT SERVICES--1.0% Automatic Data Processing, Inc. 4,200 191,856 - ---------------------------------------------------------------------------------------------------------------------------- CACI International, Inc., Cl. A 1,2 7,400 486,550 - ---------------------------------------------------------------------------------------------------------------------------- Ceridian Corp. 1 20,400 519,180 - ---------------------------------------------------------------------------------------------------------------------------- CheckFree Corp. 1,2 11,500 580,750 - ---------------------------------------------------------------------------------------------------------------------------- Computer Sciences Corp. 1 31,100 1,727,605 - ---------------------------------------------------------------------------------------------------------------------------- CSG Systems International, Inc. 1,2 1,300 30,238 - ---------------------------------------------------------------------------------------------------------------------------- Electronic Data Systems Corp. 23,400 627,822 - ---------------------------------------------------------------------------------------------------------------------------- First Data Corp. 239,000 11,189,980 - ---------------------------------------------------------------------------------------------------------------------------- Fiserv, Inc. 1 22,400 953,120 - ---------------------------------------------------------------------------------------------------------------------------- Global Payments, Inc. 2 10,800 572,508 - ---------------------------------------------------------------------------------------------------------------------------- Sabre Holdings Corp. 2 29,900 703,547 ---------------- 17,583,156 - ---------------------------------------------------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.4% Xerox Corp. 1 415,600 6,317,120 - ---------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.6% Advanced Micro Devices, Inc. 1 155,000 5,139,800 - ---------------------------------------------------------------------------------------------------------------------------- Analog Devices, Inc. 170,500 6,528,445 - ---------------------------------------------------------------------------------------------------------------------------- Applied Materials, Inc. 385,500 6,750,105 - ---------------------------------------------------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 131,900 5,692,804 - ---------------------------------------------------------------------------------------------------------------------------- Cymer, Inc. 1,2 8,200 372,608 - ---------------------------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. B 1 217,143 6,030,061 - ---------------------------------------------------------------------------------------------------------------------------- Genesis Microchip, Inc. 1,2 6,600 112,464 - ---------------------------------------------------------------------------------------------------------------------------- Intel Corp. 1,274,500 24,661,575 - ---------------------------------------------------------------------------------------------------------------------------- Intersil Corp., Cl. A 2 32,100 928,332 - ---------------------------------------------------------------------------------------------------------------------------- KLA-Tencor Corp. 82,400 3,984,864 - ---------------------------------------------------------------------------------------------------------------------------- Lam Research Corp. 1,2 23,700 1,019,100 - ---------------------------------------------------------------------------------------------------------------------------- Linear Technology Corp. 34,000 1,192,720 - ---------------------------------------------------------------------------------------------------------------------------- LSI Logic Corp. 1 94,600 1,093,576 - ---------------------------------------------------------------------------------------------------------------------------- Micrel, Inc. 1,2 14,600 216,372 - ---------------------------------------------------------------------------------------------------------------------------- Microchip Technology, Inc. 30,000 1,089,000 - ---------------------------------------------------------------------------------------------------------------------------- Microsemi Corp. 1,2 9,200 267,812 - ---------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 42,700 1,188,768 - ---------------------------------------------------------------------------------------------------------------------------- Novellus Systems, Inc. 1 31,600 758,400 - ---------------------------------------------------------------------------------------------------------------------------- NVIDIA Corp. 1 27,400 1,568,924 - ---------------------------------------------------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 18,000 543,600 - ---------------------------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 492,700 15,997,969 - ---------------------------------------------------------------------------------------------------------------------------- Zoran Corp. 1 4,900 107,212 ---------------- 85,244,511 - ---------------------------------------------------------------------------------------------------------------------------- SOFTWARE--4.2% Adobe Systems, Inc. 1 30,700 1,072,044 - ---------------------------------------------------------------------------------------------------------------------------- Autodesk, Inc. 1 97,100 3,740,292
11 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- SOFTWARE CONTINUED BEA Systems, Inc. 1,2 82,300 $ 1,080,599 - ---------------------------------------------------------------------------------------------------------------------------- BMC Software, Inc. 1 40,700 881,562 - ---------------------------------------------------------------------------------------------------------------------------- CA, Inc. 2 206,800 5,627,028 - ---------------------------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1,2 49,500 915,255 - ---------------------------------------------------------------------------------------------------------------------------- Citrix Systems, Inc. 1 20,100 761,790 - ---------------------------------------------------------------------------------------------------------------------------- Cognos, Inc. 1,2 5,200 202,280 - ---------------------------------------------------------------------------------------------------------------------------- Compuware Corp. 1 90,800 710,964 - ---------------------------------------------------------------------------------------------------------------------------- Fair Isaac Corp. 2 16,400 649,768 - ---------------------------------------------------------------------------------------------------------------------------- Intuit, Inc. 1 22,700 1,207,413 - ---------------------------------------------------------------------------------------------------------------------------- McAfee, Inc. 1 28,700 698,271 - ---------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 1,509,800 41,081,658 - ---------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 1,2 95,500 733,440 - ---------------------------------------------------------------------------------------------------------------------------- Oracle Corp. 1 699,500 9,576,155 - ---------------------------------------------------------------------------------------------------------------------------- osKHyperion Solutions Corp. 1,2 20,700 674,820 - ---------------------------------------------------------------------------------------------------------------------------- Parametric Technology Corp. 1 19,680 321,374 - ---------------------------------------------------------------------------------------------------------------------------- Red Hat, Inc. 1,2 32,900 920,542 - ---------------------------------------------------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 2 1,800 51,120 - ---------------------------------------------------------------------------------------------------------------------------- Symantec Corp. 1 328,942 5,536,094 - ---------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 52,400 1,171,140 ---------------- 77,613,609 - ---------------------------------------------------------------------------------------------------------------------------- MATERIALS--2.7% - ---------------------------------------------------------------------------------------------------------------------------- CHEMICALS--1.2% Agrium, Inc. 18,700 472,362 - ---------------------------------------------------------------------------------------------------------------------------- Dow Chemical Co. (The) 210,500 8,546,300 - ---------------------------------------------------------------------------------------------------------------------------- E.I. du Pont de Nemours & Co. 62,500 2,638,125 - ---------------------------------------------------------------------------------------------------------------------------- FMC Corp. 2 2,900 179,742 - ---------------------------------------------------------------------------------------------------------------------------- Lubrizol Corp. (The) 3,000 128,550 - ---------------------------------------------------------------------------------------------------------------------------- Monsanto Co. 39,000 3,305,250 - ---------------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc. 54,000 3,420,900 - ---------------------------------------------------------------------------------------------------------------------------- Rohm & Haas Co. 62,600 3,059,262 - ---------------------------------------------------------------------------------------------------------------------------- Scotts Miracle-Gro Co. (The), Cl. A 2 9,200 420,992 - ---------------------------------------------------------------------------------------------------------------------------- Tronox, Inc., Cl. B 1 11,719 199,106 ---------------- 22,370,589 - ---------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.0% Texas Industries, Inc. 2 5,200 314,548 - ---------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.0% Sealed Air Corp. 10,500 607,635 - ---------------------------------------------------------------------------------------------------------------------------- METALS & MINING--1.3% AK Steel Holding Corp. 1,2 51,200 768,000 - ---------------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 2 7,300 689,996 - ---------------------------------------------------------------------------------------------------------------------------- Commercial Metals Co. 2 7,700 411,873 - ---------------------------------------------------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., Cl. B 103,000 6,156,310 - ---------------------------------------------------------------------------------------------------------------------------- Nucor Corp. 75,500 7,911,645 - ---------------------------------------------------------------------------------------------------------------------------- Phelps Dodge Corp. 2 53,000 4,268,090
12 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- METALS & MINING CONTINUED Quanex Corp. 2 7,100 $ 473,073 - ---------------------------------------------------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 2 11,200 1,051,904 - ---------------------------------------------------------------------------------------------------------------------------- Southern Copper Corp. 13,900 1,174,272 - ---------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 8,200 465,186 - ---------------------------------------------------------------------------------------------------------------------------- United States Steel Corp. 2,000 121,360 - ---------------------------------------------------------------------------------------------------------------------------- Worthington Industries, Inc. 2 11,900 238,714 ---------------- 23,730,423 - ---------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.2% Louisiana-Pacific Corp. 2 11,900 323,680 - ---------------------------------------------------------------------------------------------------------------------------- MeadWestvaco Corp. 23,500 641,785 - ---------------------------------------------------------------------------------------------------------------------------- Weyerhaeuser Co. 2 21,700 1,571,731 ---------------- 2,537,196 - ---------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.9% - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.9% - ---------------------------------------------------------------------------------------------------------------------------- American Tower Corp. 1,2 72,200 2,189,104 - ---------------------------------------------------------------------------------------------------------------------------- AT&T, Inc. 298,078 8,060,029 - ---------------------------------------------------------------------------------------------------------------------------- BellSouth Corp. 218,100 7,557,165 - ---------------------------------------------------------------------------------------------------------------------------- CenturyTel, Inc. 21,400 837,168 - ---------------------------------------------------------------------------------------------------------------------------- Crown Castle International Corp. 1 22,200 629,370 - ---------------------------------------------------------------------------------------------------------------------------- Qwest Communications International, Inc. 1,2 826,100 5,617,480 - ---------------------------------------------------------------------------------------------------------------------------- Sprint Nextel Corp. 544,723 14,075,642 - ---------------------------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 413,656 14,089,123 ---------------- 53,055,081 - ---------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.0% Dobson Communications Corp., Cl. A 1,2 36,800 295,136 - ---------------------------------------------------------------------------------------------------------------------------- UTILITIES--1.1% - ---------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.1% AES Corp. (The) 1 30,300 516,918 - ---------------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 14,000 476,280 - ---------------------------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc. 46,200 2,527,602 - ---------------------------------------------------------------------------------------------------------------------------- Edison International, Inc. 98,600 4,060,348 - ---------------------------------------------------------------------------------------------------------------------------- Exelon Corp. 9,400 497,260 - ---------------------------------------------------------------------------------------------------------------------------- FirstEnergy Corp. 23,500 1,149,150 - ---------------------------------------------------------------------------------------------------------------------------- PG&E Corp. 149,900 5,831,110 - ---------------------------------------------------------------------------------------------------------------------------- Pinnacle West Capital Corp. 700 27,370 - ---------------------------------------------------------------------------------------------------------------------------- Progress Energy, Inc. 2 7,100 312,258 - ---------------------------------------------------------------------------------------------------------------------------- Progress Energy, Inc., Contingent Value Obligation 1,3 32,000 10,240 - ---------------------------------------------------------------------------------------------------------------------------- TXU Corp. 106,000 4,744,560 ---------------- 20,153,096 ---------------- Total Common Stocks (Cost $1,515,461,221) 1,833,979,675 - ---------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Corp., Dividend Equalization Preferred Shares 1 (Cost $0) 6,000 24
13 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Units Value - ---------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ---------------------------------------------------------------------------------------------------------------------------- Dime Bancorp, Inc. Wts., Exp. 1/2/10 1 31,900 $ 5,423 - ---------------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 4,837 3,023 ---------------- Total Rights, Warrants and Certificates (Cost $0) 8,446 Principal Amount - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.9% - ---------------------------------------------------------------------------------------------------------------------------- Undivided interest of 0.86% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $17,554,683 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $17,548,000) $ 17,548,000 17,548,000 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,533,009,221) 1,851,536,145 - ---------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--5.2% - ---------------------------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--0.6% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 4.88%, 4/25/06 4 4,000,000 4,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, 4.93%, 4/25/06 4 1,895,841 1,895,841 - ---------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 4.89%, 4/25/06 4 2,973,833 2,973,833 - ---------------------------------------------------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 4.91%, 4/25/06 4 1,873,726 1,873,726 - ---------------------------------------------------------------------------------------------------------------------------- Trust Money Market Securities, Series A-2, 4.82%, 4/17/06 4 1,000,000 1,000,000 ---------------- 11,743,400 - ---------------------------------------------------------------------------------------------------------------------------- BANK FLOATING RATE NOTE--0.3% Bank of America, 4.82%, 4/3/06 4 4,999,842 4,999,842 - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.2% Undivided interest of 2.22% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,407,917) with Bank of America NA, 4.895%, dated 3/31/06, to be repurchased at $22,173,114 on 4/3/06, collateralized by U.S. Agency Mortgages, 5.50%, 12/1/34, with a value of $1,020,000,001 4 22,164,073 22,164,073 - ---------------------------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.4% Bear Stearns, 4.995%, 4/3/06 4 3,500,000 3,500,000 - ---------------------------------------------------------------------------------------------------------------------------- CDC Financial Products, Inc., 4.975%, 4/3/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets, Inc., 4.945%, 4/3/06 4 1,000,000 1,000,000 ---------------- 7,500,000 - ---------------------------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--2.5% American Express Credit Corp., 4.76%, 4/17/06 4 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- American Honda Finance Corp., 4.60%, 4/18/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Bear Stearns, 4.87%, 4/3/06 4 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 4.87%, 4/3/06 4 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 4.87%, 4/3/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup Funding, Inc., 4.86%, 4/3/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Dorada Finance, Inc., 4.87%, 4/3/06 4 4,000,000 4,000,000 - ----------------------------------------------------------------------------------------------------------------------------
14 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.035%, 4/3/06 4 $ 4,000,000 $ 4,000,000 - ---------------------------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 4.65%, 4/6/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Landsbanki Islands HF, 4.83%, 4/17/06 4 4,000,000 4,000,000 - ---------------------------------------------------------------------------------------------------------------------------- LINKS Finance LLC, 4.87%, 4/3/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.83%, 4/28/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.87%, 4/3/06 4 2,500,000 2,500,000 - ---------------------------------------------------------------------------------------------------------------------------- Sigma Finance, Inc., 4.87%, 4/3/06 4 3,000,000 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Tango Finance Corp., 4.88%, 4/3/06 4 4,498,200 4,498,200 ---------------- 45,998,200 - ---------------------------------------------------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.2% Natexis Banques Populaires NY, 4.87%, 4/3/06 4 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Natexis Banques Populaires NY, 4.89%, 4/3/06 4 1,999,612 1,999,612 ---------------- 3,999,612 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $96,405,127) 96,405,127 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,629,414,348) 105.9% 1,947,941,272 - ---------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (5.9) (108,114,879) ------------------------------------ Net Assets 100.0% $ 1,839,826,393 ====================================
Footnotes to Statement of Investments 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 3. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2006 was $10,240, which represents less than 0.005% of the Fund's net assets. See accompanying Notes. 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2006 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 $ 1,647,114,973 ================== Gross unrealized appreciation $ 318,400,551 Gross unrealized depreciation (17,574,252) ------------------ Net unrealized appreciation $ 300,826,299 ================== 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 15 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 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, as 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 in the annual and semiannual reports. 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 in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports with the change in unrealized appreciation or depreciation. 16 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/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 in the annual and semiannual reports As of March 31, 2006, the Fund had no outstanding foreign currency contracts. ILLIQUID SECURITIES As of March 31, 2006, 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 U.S. 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 March 31, 2006, the Fund had on loan securities valued at $94,007,309. Collateral of $96,405,127 was received for the loans, of which $96,405,127 was received in cash and subsequently invested in approved instruments. 17 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--97.7% - ------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--17.2% - ------------------------------------------------------------------------------------------------------------------------ AUTO COMPONENTS--1.0% Aftermarket Technology Corp. 1 16,000 $ 361,760 - ------------------------------------------------------------------------------------------------------------------------ American Axle & Manufacturing Holdings, Inc. 2 1,600 27,408 - ------------------------------------------------------------------------------------------------------------------------ ArvinMeritor, Inc. 60,000 894,600 - ------------------------------------------------------------------------------------------------------------------------ Autoliv, Inc. 6,700 379,086 - ------------------------------------------------------------------------------------------------------------------------ Borg-Warner Automotive, Inc. 1,400 84,056 - ------------------------------------------------------------------------------------------------------------------------ Drew Industries, Inc. 1 600 21,330 - ------------------------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. (The) 1,2 18,400 266,432 - ------------------------------------------------------------------------------------------------------------------------ Keystone Automotive Industries, Inc. 1,2 2,700 113,967 - ------------------------------------------------------------------------------------------------------------------------ Lear Corp. 2 13,000 230,490 - ------------------------------------------------------------------------------------------------------------------------ LKQ Corp. 1,2 1,200 24,972 - ------------------------------------------------------------------------------------------------------------------------ Modine Manufacturing Co. 25,000 737,500 - ------------------------------------------------------------------------------------------------------------------------ Sauer-Danfoss, Inc. 9,300 213,435 - ------------------------------------------------------------------------------------------------------------------------ Shiloh Industries, Inc. 1 3,600 69,300 - ------------------------------------------------------------------------------------------------------------------------ Tenneco, Inc. 1,2 52,900 1,147,401 - ------------------------------------------------------------------------------------------------------------------------ TRW Automotive Holdings Corp. 1 10,600 246,980 ---------------- 4,818,717 - ------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--0.1% Fleetwood Enterprises, Inc. 1 14,800 165,316 - ------------------------------------------------------------------------------------------------------------------------ Monaco Coach Corp. 2 4,600 61,640 - ------------------------------------------------------------------------------------------------------------------------ Thor Industries, Inc. 4,200 224,112 - ------------------------------------------------------------------------------------------------------------------------ Winnebago Industries, Inc. 2 2,900 87,986 ---------------- 539,054 - ------------------------------------------------------------------------------------------------------------------------ DISTRIBUTORS--0.0% Audiovox Corp., Cl. A 1,2 900 10,746 - ------------------------------------------------------------------------------------------------------------------------ Jorgensen (Earle M.) Co. 1 9,300 140,895 ---------------- 151,641 - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES--1.0% Alderwoods Group, Inc. 1 13,600 243,440 - ------------------------------------------------------------------------------------------------------------------------ Bright Horizons Family Solutions, Inc. 1 5,000 193,650 - ------------------------------------------------------------------------------------------------------------------------ Career Education Corp. 1 14,600 550,858 - ------------------------------------------------------------------------------------------------------------------------ Corinthian Colleges, Inc. 1 6,500 93,600 - ------------------------------------------------------------------------------------------------------------------------ DeVry, Inc 1 5,400 122,958 - ------------------------------------------------------------------------------------------------------------------------ Escala Group, Inc. 1,2 2,100 54,999 - ------------------------------------------------------------------------------------------------------------------------ INVESTools, Inc. 1 1,800 14,760 - ------------------------------------------------------------------------------------------------------------------------ ITT Educational Services, Inc. 1 4,000 256,200 - ------------------------------------------------------------------------------------------------------------------------ Jackson Hewitt Tax Service, Inc. 40,700 1,285,306 - ------------------------------------------------------------------------------------------------------------------------ Pre-Paid Legal Services, Inc. 2 5,700 202,236 - ------------------------------------------------------------------------------------------------------------------------ Regis Corp. 3,100 106,888 - ------------------------------------------------------------------------------------------------------------------------ Service Corp. International 58,900 459,420 - ------------------------------------------------------------------------------------------------------------------------ ServiceMaster Co. (The) 12,500 164,000 - ------------------------------------------------------------------------------------------------------------------------ Sotheby's Holdings, Inc., Cl. A 1 6,000 174,240 - ------------------------------------------------------------------------------------------------------------------------ Steiner Leisure Ltd. 1 9,600 388,800
1 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES CONTINUED Stewart Enterprises, Inc. 2 28,200 $ 161,022 - ------------------------------------------------------------------------------------------------------------------------ Vertrue, Inc. 1,2 1,700 71,060 ---------------- 4,543,437 - ------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.6% Ambassadors Group, Inc. 8,700 220,980 - ------------------------------------------------------------------------------------------------------------------------ Ameristar Casinos, Inc. 19,300 497,747 - ------------------------------------------------------------------------------------------------------------------------ Aztar Corp. 1 19,900 835,601 - ------------------------------------------------------------------------------------------------------------------------ Bally Technologies, Inc. 1,2 3,300 56,067 - ------------------------------------------------------------------------------------------------------------------------ Bally Total Fitness Holding Corp. 1,2 3,600 33,732 - ------------------------------------------------------------------------------------------------------------------------ Bluegreen Corp. 1,2 19,700 260,434 - ------------------------------------------------------------------------------------------------------------------------ Bob Evans Farms, Inc. 14,214 422,298 - ------------------------------------------------------------------------------------------------------------------------ Brinker International, Inc. 10,800 456,300 - ------------------------------------------------------------------------------------------------------------------------ Buffalo Wild Wings, Inc. 1 700 29,106 - ------------------------------------------------------------------------------------------------------------------------ CBRL Group, Inc. 13,600 597,176 - ------------------------------------------------------------------------------------------------------------------------ Checkers Drive-In Restaurants, Inc. 1 1,700 25,211 - ------------------------------------------------------------------------------------------------------------------------ Choice Hotels International, Inc. 8,900 407,442 - ------------------------------------------------------------------------------------------------------------------------ CKE Restaurants, Inc. 2 54,500 948,300 - ------------------------------------------------------------------------------------------------------------------------ Ctrip.com International Ltd., ADR 3,800 314,260 - ------------------------------------------------------------------------------------------------------------------------ Darden Restaurants, Inc. 11,800 484,154 - ------------------------------------------------------------------------------------------------------------------------ Denny's Corp. 1 71,800 341,768 - ------------------------------------------------------------------------------------------------------------------------ Domino's Pizza, Inc. 39,900 1,139,145 - ------------------------------------------------------------------------------------------------------------------------ Dover Downs Gaming & Entertainment, Inc. 13,400 291,718 - ------------------------------------------------------------------------------------------------------------------------ IHOP Corp. 2 13,400 642,396 - ------------------------------------------------------------------------------------------------------------------------ Jack in the Box, Inc. 1 20,300 883,050 - ------------------------------------------------------------------------------------------------------------------------ Landry's Restaurants, Inc. 2 3,700 130,721 - ------------------------------------------------------------------------------------------------------------------------ Lone Star Steakhouse & Saloon, Inc. 2,400 68,208 - ------------------------------------------------------------------------------------------------------------------------ Luby's, Inc. 1,2 22,100 276,029 - ------------------------------------------------------------------------------------------------------------------------ McCormick & Schmick's Seafood Restaurants, Inc. 1 11,900 303,093 - ------------------------------------------------------------------------------------------------------------------------ Monarch Casino & Resort, Inc. 1,2 7,200 204,408 - ------------------------------------------------------------------------------------------------------------------------ Morton's Restaurant Group, Inc. 1 5,000 86,900 - ------------------------------------------------------------------------------------------------------------------------ MTR Gaming Group, Inc. 1 10,400 107,120 - ------------------------------------------------------------------------------------------------------------------------ Multimedia Games, Inc. 1,2 11,900 177,072 - ------------------------------------------------------------------------------------------------------------------------ Navigant International, Inc. 1,2 4,100 50,348 - ------------------------------------------------------------------------------------------------------------------------ O'Charley's, Inc. 1 3,300 60,918 - ------------------------------------------------------------------------------------------------------------------------ Papa John's International, Inc. 1 5,000 164,050 - ------------------------------------------------------------------------------------------------------------------------ Rare Hospitality International, Inc. 1 1,100 38,313 - ------------------------------------------------------------------------------------------------------------------------ Ruth's Chris Steak House, Inc. 1,2 3,000 71,430 - ------------------------------------------------------------------------------------------------------------------------ Six Flags, Inc. 1,2 72,000 732,960 - ------------------------------------------------------------------------------------------------------------------------ Sunterra Corp. 1,2 20,300 289,884 - ------------------------------------------------------------------------------------------------------------------------ Tim Hortons, Inc. 1,2 15,700 416,835 - ------------------------------------------------------------------------------------------------------------------------ Vail Resorts, Inc. 1,2 16,000 611,520 ---------------- 12,676,694 - ------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--1.6% American Greetings Corp., Cl. A 2 39,300 849,666
2 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES CONTINUED Blount International, Inc. 1 11,400 $ 183,654 - ------------------------------------------------------------------------------------------------------------------------ Brookfield Homes Corp. 2 45 2,334 - ------------------------------------------------------------------------------------------------------------------------ Champion Enterprises, Inc. 1 51,000 762,960 - ------------------------------------------------------------------------------------------------------------------------ CSS Industries, Inc. 2 1,050 34,377 - ------------------------------------------------------------------------------------------------------------------------ Ethan Allen Interiors, Inc. 22,500 945,450 - ------------------------------------------------------------------------------------------------------------------------ Furniture Brands International, Inc. 2 50,400 1,235,304 - ------------------------------------------------------------------------------------------------------------------------ Interface, Inc., Cl. A 1 30,900 426,729 - ------------------------------------------------------------------------------------------------------------------------ Kimball International, Inc., Cl. B 2 5,100 76,704 - ------------------------------------------------------------------------------------------------------------------------ La-Z-Boy, Inc. 2 45,700 776,900 - ------------------------------------------------------------------------------------------------------------------------ Leggett & Platt, Inc. 6,100 148,657 - ------------------------------------------------------------------------------------------------------------------------ Mestek, Inc. 1,2 400 5,032 - ------------------------------------------------------------------------------------------------------------------------ Movado Group, Inc. 2 3,400 78,472 - ------------------------------------------------------------------------------------------------------------------------ NVR, Inc. 1 200 147,790 - ------------------------------------------------------------------------------------------------------------------------ Palm Harbor Homes, Inc. 1,2 2,000 42,860 - ------------------------------------------------------------------------------------------------------------------------ Ryland Group, Inc. (The) 3,900 270,660 - ------------------------------------------------------------------------------------------------------------------------ Snap-On, Inc. 2 14,700 560,364 - ------------------------------------------------------------------------------------------------------------------------ Stanley Furniture Co., Inc. 11,400 333,450 - ------------------------------------------------------------------------------------------------------------------------ Stanley Works (The) 5,200 263,432 - ------------------------------------------------------------------------------------------------------------------------ Tupperware Brands Corp. 18,500 380,915 ---------------- 7,525,710 - ------------------------------------------------------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--0.3% Blue Nile, Inc. 1,2 9,700 341,343 - ------------------------------------------------------------------------------------------------------------------------ Insight Enterprises, Inc. 1 34,800 765,948 - ------------------------------------------------------------------------------------------------------------------------ PetMed Express, Inc. 1,2 9,200 163,484 - ------------------------------------------------------------------------------------------------------------------------ Priceline.com, Inc. 1 700 17,388 - ------------------------------------------------------------------------------------------------------------------------ Sportsman's Guide, Inc. 1 1,500 39,735 - ------------------------------------------------------------------------------------------------------------------------ Stamps.com, Inc. 1 2,000 70,520 - ------------------------------------------------------------------------------------------------------------------------ ValueVision Media, Inc., Cl. A 1 3,800 48,564 ---------------- 1,446,982 - ------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.5% Arctic Cat, Inc. 2 600 14,436 - ------------------------------------------------------------------------------------------------------------------------ Callaway Golf Co. 38,100 655,320 - ------------------------------------------------------------------------------------------------------------------------ Hasbro, Inc. 26,900 567,590 - ------------------------------------------------------------------------------------------------------------------------ JAKKS Pacific, Inc. 1,2 21,500 574,910 - ------------------------------------------------------------------------------------------------------------------------ RC2 Corp. 1,2 5,400 214,974 - ------------------------------------------------------------------------------------------------------------------------ Steinway Musical Instruments, Inc. 1 5,400 173,988 ---------------- 2,201,218 - ------------------------------------------------------------------------------------------------------------------------ MEDIA--1.3% Advo, Inc. 1,400 44,800 - ------------------------------------------------------------------------------------------------------------------------ Arbitron, Inc. 2,000 67,640 - ------------------------------------------------------------------------------------------------------------------------ Belo Corp., Cl. A 7,400 147,112 - ------------------------------------------------------------------------------------------------------------------------ Catalina Marketing Corp. 2 6,100 140,910 - ------------------------------------------------------------------------------------------------------------------------ Charter Communications, Inc., Cl. A 1 41,700 45,453 - ------------------------------------------------------------------------------------------------------------------------ Citadel Broadcasting Corp. 2 29,900 331,591
3 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED Cox Radio, Inc., Cl. A 1,2 20,000 $ 268,400 - ------------------------------------------------------------------------------------------------------------------------ Cumulus Media, Inc., Cl. A 1,2 23,300 262,358 - ------------------------------------------------------------------------------------------------------------------------ Emmis Communications Corp., Cl. A 1 23,500 376,000 - ------------------------------------------------------------------------------------------------------------------------ Entercom Communications Corp. 2 25,500 711,960 - ------------------------------------------------------------------------------------------------------------------------ Entravision Communications Corp. 1 900 8,244 - ------------------------------------------------------------------------------------------------------------------------ Harris Interactive, Inc. 1,2 1,200 6,744 - ------------------------------------------------------------------------------------------------------------------------ Interactive Data Corp. 900 21,150 - ------------------------------------------------------------------------------------------------------------------------ Journal Communications, Inc. 2 3,800 47,120 - ------------------------------------------------------------------------------------------------------------------------ Live Nation 1 1,600 31,744 - ------------------------------------------------------------------------------------------------------------------------ Media General, Inc., Cl. A 4,700 219,114 - ------------------------------------------------------------------------------------------------------------------------ Mediacom Communications Corp. 1,2 14,900 85,675 - ------------------------------------------------------------------------------------------------------------------------ Meredith Corp. 7,300 407,267 - ------------------------------------------------------------------------------------------------------------------------ Playboy Enterprises, Inc., Cl. B 1,2 14,800 210,160 - ------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp. 1 2,500 145,575 - ------------------------------------------------------------------------------------------------------------------------ Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 47,500 700,625 - ------------------------------------------------------------------------------------------------------------------------ Scholastic Corp. 1 14,400 385,344 - ------------------------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc., Cl. A 46,900 382,235 - ------------------------------------------------------------------------------------------------------------------------ TiVo, Inc. 1,2 58,700 424,401 - ------------------------------------------------------------------------------------------------------------------------ Westwood One, Inc. 23,500 259,440 - ------------------------------------------------------------------------------------------------------------------------ Wiley (John) & Sons, Inc., Cl. A 11,200 423,920 - ------------------------------------------------------------------------------------------------------------------------ World Wrestling Federation Entertainment, Inc. 2 17,200 290,680 ---------------- 6,445,662 - ------------------------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--0.9% 99 Cents Only Stores 2 33,400 452,904 - ------------------------------------------------------------------------------------------------------------------------ Big Lots, Inc. 1,2 54,000 753,840 - ------------------------------------------------------------------------------------------------------------------------ Bon-Ton Stores, Inc. 2 5,000 161,750 - ------------------------------------------------------------------------------------------------------------------------ Conn's, Inc. 1,2 6,800 232,288 - ------------------------------------------------------------------------------------------------------------------------ Dillard's, Inc., Cl. A 2 21,200 552,048 - ------------------------------------------------------------------------------------------------------------------------ Dollar Tree Stores, Inc. 1 22,400 619,808 - ------------------------------------------------------------------------------------------------------------------------ Fred's, Inc. 2 6,500 86,190 - ------------------------------------------------------------------------------------------------------------------------ Retail Ventures, Inc. 1,2 17,100 250,686 - ------------------------------------------------------------------------------------------------------------------------ Stage Stores, Inc. 2 29,650 882,088 - ------------------------------------------------------------------------------------------------------------------------ Stein Mart, Inc. 20,800 362,336 ---------------- 4,353,938 - ------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--6.2% Aeropostale, Inc. 1 13,800 416,208 - ------------------------------------------------------------------------------------------------------------------------ American Eagle Outfitters, Inc. 15,600 465,816 - ------------------------------------------------------------------------------------------------------------------------ AnnTaylor Stores Corp. 1 14,100 518,739 - ------------------------------------------------------------------------------------------------------------------------ Asbury Automotive Group, Inc. 1 9,100 179,452 - ------------------------------------------------------------------------------------------------------------------------ AutoNation, Inc. 1 13,500 290,925 - ------------------------------------------------------------------------------------------------------------------------ Barnes & Noble, Inc. 13,600 629,000 - ------------------------------------------------------------------------------------------------------------------------ bebe stores, inc. 2 11,312 208,367 - ------------------------------------------------------------------------------------------------------------------------ Blair Corp. 1,267 52,466 - ------------------------------------------------------------------------------------------------------------------------ Borders Group, Inc. 10,400 262,496
4 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL CONTINUED Buckle, Inc. (The) 2 9,100 $ 372,645 - ------------------------------------------------------------------------------------------------------------------------ Building Materials Holding Corp. 2 18,500 659,340 - ------------------------------------------------------------------------------------------------------------------------ Burlington Coat Factory Warehouse Corp. 2 10,200 463,590 - ------------------------------------------------------------------------------------------------------------------------ Cache, Inc. 1 1,900 34,846 - ------------------------------------------------------------------------------------------------------------------------ Casual Male Retail Group, Inc. 1,2 17,500 170,450 - ------------------------------------------------------------------------------------------------------------------------ Cato Corp., Cl. A 18,850 449,761 - ------------------------------------------------------------------------------------------------------------------------ Charlotte Russe Holding, Inc. 1 16,700 357,380 - ------------------------------------------------------------------------------------------------------------------------ Charming Shoppes, Inc. 1,2 100,600 1,495,922 - ------------------------------------------------------------------------------------------------------------------------ Children's Place Retail Stores, Inc. 1,2 17,400 1,007,460 - ------------------------------------------------------------------------------------------------------------------------ Christopher & Banks Corp. 2 20,400 473,484 - ------------------------------------------------------------------------------------------------------------------------ Circuit City Stores, Inc./Circuit City Group 26,200 641,376 - ------------------------------------------------------------------------------------------------------------------------ Citi Trends, Inc. 1,2 1,600 63,616 - ------------------------------------------------------------------------------------------------------------------------ Claire's Stores, Inc. 17,300 628,163 - ------------------------------------------------------------------------------------------------------------------------ CSK Auto Corp. 1 24,700 342,589 - ------------------------------------------------------------------------------------------------------------------------ Deb Shops, Inc. 2 500 14,850 - ------------------------------------------------------------------------------------------------------------------------ Dress Barn, Inc. (The) 1,2 6,800 326,060 - ------------------------------------------------------------------------------------------------------------------------ DSW, Inc., Cl. A 1,2 1,100 34,452 - ------------------------------------------------------------------------------------------------------------------------ Finish Line, Inc. (The), Cl. A 7,300 120,085 - ------------------------------------------------------------------------------------------------------------------------ Genesco, Inc. 1,2 24,900 968,361 - ------------------------------------------------------------------------------------------------------------------------ Group 1 Automotive, Inc. 2 15,900 755,886 - ------------------------------------------------------------------------------------------------------------------------ Guess?, Inc. 1,2 26,900 1,052,059 - ------------------------------------------------------------------------------------------------------------------------ Gymboree Corp. 1 27,100 705,684 - ------------------------------------------------------------------------------------------------------------------------ Hibbett Sporting Goods, Inc. 1,2 32,687 1,078,344 - ------------------------------------------------------------------------------------------------------------------------ Jos. A. Banks Clothiers, Inc. 1 2,300 110,285 - ------------------------------------------------------------------------------------------------------------------------ Lithia Motors, Inc., Cl. A 2 8,400 291,480 - ------------------------------------------------------------------------------------------------------------------------ Men's Wearhouse, Inc. (The) 36,750 1,320,795 - ------------------------------------------------------------------------------------------------------------------------ Midas, Inc. 1,2 5,800 126,846 - ------------------------------------------------------------------------------------------------------------------------ NetFlix.com, Inc. 1,2 38,400 1,113,216 - ------------------------------------------------------------------------------------------------------------------------ Pacific Sunwear of California, Inc. 1 16,075 356,222 - ------------------------------------------------------------------------------------------------------------------------ Pantry, Inc. (The) 1 20,900 1,303,951 - ------------------------------------------------------------------------------------------------------------------------ Payless ShoeSource, Inc. 1 52,500 1,201,725 - ------------------------------------------------------------------------------------------------------------------------ RadioShack Corp. 2 16,000 307,680 - ------------------------------------------------------------------------------------------------------------------------ Rent-A-Center, Inc. 1 11,100 284,049 - ------------------------------------------------------------------------------------------------------------------------ Rent-Way, Inc. 1,2 6,400 46,144 - ------------------------------------------------------------------------------------------------------------------------ Ross Stores, Inc. 14,300 417,417 - ------------------------------------------------------------------------------------------------------------------------ Select Comfort Corp. 1,2 25,400 1,004,570 - ------------------------------------------------------------------------------------------------------------------------ Shoe Carnival, Inc. 1 7,000 174,860 - ------------------------------------------------------------------------------------------------------------------------ Sonic Automotive, Inc. 29,900 830,024 - ------------------------------------------------------------------------------------------------------------------------ Sports Authority, Inc. (The) 1 28,700 1,059,030 - ------------------------------------------------------------------------------------------------------------------------ Syms Corp. 800 12,000 - ------------------------------------------------------------------------------------------------------------------------ Talbots, Inc. (The) 2 30,900 830,283 - ------------------------------------------------------------------------------------------------------------------------ Too, Inc. 1 38,600 1,325,910 - ------------------------------------------------------------------------------------------------------------------------ Tractor Supply Co. 1,2 2,900 192,386
5 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL CONTINUED Trans World Entertainment Corp. 1 8,300 $ 46,231 - ------------------------------------------------------------------------------------------------------------------------ Tuesday Morning Corp. 2 18,000 415,620 - ------------------------------------------------------------------------------------------------------------------------ United Auto Group, Inc. 2 27,400 1,178,200 - ------------------------------------------------------------------------------------------------------------------------ Wet Seal, Inc., Cl. A 1,2 35,500 236,075 - ------------------------------------------------------------------------------------------------------------------------ Wilsons The Leather Experts, Inc. 1,2 3,700 14,430 - ------------------------------------------------------------------------------------------------------------------------ Zale Corp. 1 19,400 543,782 - ------------------------------------------------------------------------------------------------------------------------ Zumiez, Inc. 1 500 30,550 ---------------- 30,013,633 - ------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--1.7% Brown Shoe Co., Inc. 9,300 488,064 - ------------------------------------------------------------------------------------------------------------------------ Cherokee, Inc. 2 4,600 185,242 - ------------------------------------------------------------------------------------------------------------------------ Columbia Sportswear Co. 1,2 9,900 527,967 - ------------------------------------------------------------------------------------------------------------------------ Deckers Outdoor Corp. 1,2 2,300 93,242 - ------------------------------------------------------------------------------------------------------------------------ Iconix Brand Group, Inc. 1 2,700 39,285 - ------------------------------------------------------------------------------------------------------------------------ Jones Apparel Group, Inc. 11,100 392,607 - ------------------------------------------------------------------------------------------------------------------------ K-Swiss, Inc., Cl. A 19,700 593,758 - ------------------------------------------------------------------------------------------------------------------------ Kellwood Co. 2 3,600 113,004 - ------------------------------------------------------------------------------------------------------------------------ Kenneth Cole Productions, Inc., Cl. A 2 6,000 166,200 - ------------------------------------------------------------------------------------------------------------------------ Liz Claiborne, Inc. 4,500 184,410 - ------------------------------------------------------------------------------------------------------------------------ Oxford Industries, Inc. 2 7,500 383,475 - ------------------------------------------------------------------------------------------------------------------------ Phillips/Van Heusen Corp. 24,400 932,324 - ------------------------------------------------------------------------------------------------------------------------ Russell Corp. 2,200 30,360 - ------------------------------------------------------------------------------------------------------------------------ Skechers U.S.A., Inc., Cl. A 1 32,100 800,253 - ------------------------------------------------------------------------------------------------------------------------ Steven Madden Ltd. 13,700 486,350 - ------------------------------------------------------------------------------------------------------------------------ Stride Rite Corp. 18,100 262,088 - ------------------------------------------------------------------------------------------------------------------------ Timberland Co., Cl. A 1 12,800 438,144 - ------------------------------------------------------------------------------------------------------------------------ Tommy Hilfiger Corp. 1 38,400 632,448 - ------------------------------------------------------------------------------------------------------------------------ UniFirst Corp. 2 1,900 63,118 - ------------------------------------------------------------------------------------------------------------------------ Warnaco Group, Inc. (The) 1 22,100 530,400 - ------------------------------------------------------------------------------------------------------------------------ Wolverine World Wide, Inc. 40,150 888,520 ---------------- 8,231,259 - ------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--2.7% - ------------------------------------------------------------------------------------------------------------------------ BEVERAGES--0.1% Boston Beer Co., Inc., Cl. A 1,2 5,800 150,858 - ------------------------------------------------------------------------------------------------------------------------ Hansen Natural Corp. 1,2 2,100 264,705 - ------------------------------------------------------------------------------------------------------------------------ National Beverage Corp. 500 5,785 - ------------------------------------------------------------------------------------------------------------------------ PepsiAmericas, Inc. 7,100 173,595 ---------------- 594,943 - ------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--1.0% Andersons, Inc. (The) 2 1,600 125,168 - ------------------------------------------------------------------------------------------------------------------------ Arden Group, Inc., Cl. A 2 1,200 111,516 - ------------------------------------------------------------------------------------------------------------------------ BJ's Wholesale Club, Inc. 1 8,900 280,439 - ------------------------------------------------------------------------------------------------------------------------ Casey's General Stores, Inc. 2 39,200 896,504 - ------------------------------------------------------------------------------------------------------------------------ Great Atlantic & Pacific Tea Co., Inc. (The) 1,2 12,700 443,611
6 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING CONTINUED Ingles Markets, Inc., Cl. A 2 1,300 $ 23,166 - ------------------------------------------------------------------------------------------------------------------------ Longs Drug Stores, Inc. 21,100 976,508 - ------------------------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc. 1 15,600 163,176 - ------------------------------------------------------------------------------------------------------------------------ Performance Food Group Co. 1,2 31,200 973,128 - ------------------------------------------------------------------------------------------------------------------------ Ruddick Corp. 6,000 145,860 - ------------------------------------------------------------------------------------------------------------------------ Spartan Stores, Inc. 5,900 75,225 - ------------------------------------------------------------------------------------------------------------------------ SUPERVALU, Inc. 20,500 631,810 - ------------------------------------------------------------------------------------------------------------------------ Weis Markets, Inc. 3,200 142,624 - ------------------------------------------------------------------------------------------------------------------------ Wild Oats Markets, Inc. 1 4,000 81,320 ---------------- 5,070,055 - ------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--0.9% Chiquita Brands International, Inc. 18,100 303,537 - ------------------------------------------------------------------------------------------------------------------------ Corn Products International, Inc. 2,600 76,882 - ------------------------------------------------------------------------------------------------------------------------ Darling International, Inc. 1,2 17,300 80,964 - ------------------------------------------------------------------------------------------------------------------------ Del Monte Foods Co. 54,100 641,626 - ------------------------------------------------------------------------------------------------------------------------ Delta & Pine Land Co. 2 5,900 177,944 - ------------------------------------------------------------------------------------------------------------------------ Flowers Foods, Inc. 2 37,000 1,098,900 - ------------------------------------------------------------------------------------------------------------------------ Gold Kist Holdings, Inc. 1 23,200 293,248 - ------------------------------------------------------------------------------------------------------------------------ Hain Celestial Group, Inc. 1,2 20,100 526,419 - ------------------------------------------------------------------------------------------------------------------------ Hormel Foods Corp. 500 16,900 - ------------------------------------------------------------------------------------------------------------------------ J&J Snack Foods Corp. 9,600 322,464 - ------------------------------------------------------------------------------------------------------------------------ Lance, Inc. 2 1,600 36,000 - ------------------------------------------------------------------------------------------------------------------------ MGP Ingredients, Inc. 500 8,100 - ------------------------------------------------------------------------------------------------------------------------ Pilgrim's Pride Corp., Cl. B 1,600 34,672 - ------------------------------------------------------------------------------------------------------------------------ Premium Standard Farms, Inc. 6,000 105,300 - ------------------------------------------------------------------------------------------------------------------------ Reddy Ice Holdings, Inc. 700 15,547 - ------------------------------------------------------------------------------------------------------------------------ Seaboard Corp. 2 300 478,200 ---------------- 4,216,703 - ------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.3% Chattem, Inc. 1,2 15,200 572,280 - ------------------------------------------------------------------------------------------------------------------------ Energizer Holdings, Inc. 1 8,600 455,800 - ------------------------------------------------------------------------------------------------------------------------ Playtex Products, Inc. 1 20,900 218,823 - ------------------------------------------------------------------------------------------------------------------------ Spectrum Brands, Inc. 1,2 2,600 56,472 - ------------------------------------------------------------------------------------------------------------------------ WD-40 Co. 2 400 12,340 ---------------- 1,315,715 - ------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.2% Elizabeth Arden, Inc. 1 2,500 58,300 - ------------------------------------------------------------------------------------------------------------------------ Inter Parfums, Inc. 2 2,200 43,846 - ------------------------------------------------------------------------------------------------------------------------ Mannatech, Inc. 2 3,900 67,782 - ------------------------------------------------------------------------------------------------------------------------ Nature's Sunshine Products, Inc. 7,400 92,500 - ------------------------------------------------------------------------------------------------------------------------ Parlux Fragrances, Inc. 1,2 11,400 367,650 - ------------------------------------------------------------------------------------------------------------------------ USANA Health Sciences, Inc. 1,2 2,700 112,644 ---------------- 742,722 - ------------------------------------------------------------------------------------------------------------------------ TOBACCO--0.2% Loews Corp./Carolina Group 12,300 581,421
7 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ TOBACCO CONTINUED Vector Group Ltd. 2 26,535 $ 505,757 ---------------- 1,087,178 - ------------------------------------------------------------------------------------------------------------------------ ENERGY--7.6% - ------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--3.0% CHC Helicopter Corp., Cl. A 1,400 35,484 - ------------------------------------------------------------------------------------------------------------------------ Cooper Cameron Corp. 1 3,900 171,912 - ------------------------------------------------------------------------------------------------------------------------ Dril-Quip, Inc. 1,2 2,500 177,125 - ------------------------------------------------------------------------------------------------------------------------ Ensign Energy Services, Inc. 13,600 522,875 - ------------------------------------------------------------------------------------------------------------------------ Global Industries Ltd. 1,2 36,200 524,538 - ------------------------------------------------------------------------------------------------------------------------ Grey Wolf, Inc. 1,2 152,700 1,136,088 - ------------------------------------------------------------------------------------------------------------------------ Gulfmark Offshore, Inc. 1 4,400 122,320 - ------------------------------------------------------------------------------------------------------------------------ Helmerich & Payne, Inc. 3,200 223,424 - ------------------------------------------------------------------------------------------------------------------------ Hercules Offshore, Inc. 1,2 5,100 173,451 - ------------------------------------------------------------------------------------------------------------------------ Hornbeck Offshore Services, Inc. 1 7,100 256,097 - ------------------------------------------------------------------------------------------------------------------------ Hydril Co. 1 5,600 436,520 - ------------------------------------------------------------------------------------------------------------------------ Lone Star Technologies, Inc. 1 24,200 1,340,922 - ------------------------------------------------------------------------------------------------------------------------ Lufkin Industries, Inc. 1,200 66,528 - ------------------------------------------------------------------------------------------------------------------------ Matrix Service Co. 1 2,700 30,996 - ------------------------------------------------------------------------------------------------------------------------ Maverick Tube Corp. 1,2 19,300 1,022,707 - ------------------------------------------------------------------------------------------------------------------------ NATCO Group, Inc., Cl. A 1 1,100 29,810 - ------------------------------------------------------------------------------------------------------------------------ NS Group, Inc. 1 25,800 1,187,574 - ------------------------------------------------------------------------------------------------------------------------ Oceaneering International, Inc. 1,2 8,600 492,780 - ------------------------------------------------------------------------------------------------------------------------ Oil States International, Inc. 1 9,700 357,445 - ------------------------------------------------------------------------------------------------------------------------ Parker Drilling Co. 1 63,800 591,426 - ------------------------------------------------------------------------------------------------------------------------ Prairie Schooner Petroleum Ltd. 1,3 1,200 20,396 - ------------------------------------------------------------------------------------------------------------------------ RPC, Inc. 2 4,600 105,110 - ------------------------------------------------------------------------------------------------------------------------ Superior Energy Services, Inc. 1 17,100 458,109 - ------------------------------------------------------------------------------------------------------------------------ Technicoil Corp. 1 7,100 17,874 - ------------------------------------------------------------------------------------------------------------------------ Technicoil Corp. 1 47,900 120,586 - ------------------------------------------------------------------------------------------------------------------------ Tetra Technologies, Inc. 1,2 20,500 964,320 - ------------------------------------------------------------------------------------------------------------------------ Tidewater, Inc. 9,100 502,593 - ------------------------------------------------------------------------------------------------------------------------ Trican Well Service Ltd. 1 11,600 528,921 - ------------------------------------------------------------------------------------------------------------------------ Trico Marine Services, Inc. 1 1,400 45,220 - ------------------------------------------------------------------------------------------------------------------------ Universal Compression Holdings, Inc. 1 19,700 998,199 - ------------------------------------------------------------------------------------------------------------------------ Veritas DGC, Inc. 1 31,200 1,416,168 - ------------------------------------------------------------------------------------------------------------------------ W-H Energy Services, Inc. 1 3,200 142,368 - ------------------------------------------------------------------------------------------------------------------------ Western Lakota Energy Sevices, Inc. 1 5,500 84,771 ---------------- 14,304,657 - ------------------------------------------------------------------------------------------------------------------------ OIL & GAS--4.6% Alberta Clipper Energy, Inc. 1 7,887 22,962 - ------------------------------------------------------------------------------------------------------------------------ Alon USA Energy, Inc. 2 3,300 81,246 - ------------------------------------------------------------------------------------------------------------------------ Atlas America, Inc. 1 7,502 358,671 - ------------------------------------------------------------------------------------------------------------------------ Atlas Energy Ltd. 1 92,200 394,742
8 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED ATP Oil & Gas Corp. 1,2 3,400 $ 149,294 - ------------------------------------------------------------------------------------------------------------------------ Basic Energy Services, Inc. 1 5,700 169,860 - ------------------------------------------------------------------------------------------------------------------------ Birchcliff Energy Ltd. 1 4,700 27,809 - ------------------------------------------------------------------------------------------------------------------------ Brigham Exploration Co. 1,2 11,300 98,988 - ------------------------------------------------------------------------------------------------------------------------ Callon Petroleum Co. 1,2 18,800 395,176 - ------------------------------------------------------------------------------------------------------------------------ Capital Energy Resources Ltd. 1 24,500 100,698 - ------------------------------------------------------------------------------------------------------------------------ Celtic Exploration Ltd. 1 7,400 80,409 - ------------------------------------------------------------------------------------------------------------------------ Chamaelo Exploration Ltd. 1 57,580 305,687 - ------------------------------------------------------------------------------------------------------------------------ Cimarex Energy Co. 2 8,000 346,080 - ------------------------------------------------------------------------------------------------------------------------ Clear Energy, Inc. 1 36,133 142,323 - ------------------------------------------------------------------------------------------------------------------------ Comstock Resources, Inc. 1,2 35,200 1,045,088 - ------------------------------------------------------------------------------------------------------------------------ Crew Energy, Inc. 1 7,666 106,668 - ------------------------------------------------------------------------------------------------------------------------ Cyries Energy, Inc. 1 15,840 180,936 - ------------------------------------------------------------------------------------------------------------------------ Delphi Energy Corp. 1 40,000 175,022 - ------------------------------------------------------------------------------------------------------------------------ Duvernay Oil Corp. 1 4,500 159,524 - ------------------------------------------------------------------------------------------------------------------------ Edge Petroleum Corp. 1 15,000 374,700 - ------------------------------------------------------------------------------------------------------------------------ Ember Resources, Inc. 1 5,887 31,506 - ------------------------------------------------------------------------------------------------------------------------ Ember Resources, Inc. 1 9,700 51,912 - ------------------------------------------------------------------------------------------------------------------------ Encore Acquisition Co. 1,2 7,900 244,900 - ------------------------------------------------------------------------------------------------------------------------ Energy Partners Ltd. 1 2,000 47,160 - ------------------------------------------------------------------------------------------------------------------------ EXCO Resources, Inc. 1 39,100 489,923 - ------------------------------------------------------------------------------------------------------------------------ Exploration Co. (The) of Delaware 1,2 1,700 19,108 - ------------------------------------------------------------------------------------------------------------------------ Find Energy Ltd. 1 4,200 36,539 - ------------------------------------------------------------------------------------------------------------------------ Find Energy Ltd. 1 28,100 244,463 - ------------------------------------------------------------------------------------------------------------------------ Forest Oil Corp. 1,2 15,200 565,136 - ------------------------------------------------------------------------------------------------------------------------ Foundation Coal Holdings, Inc. 12,700 522,478 - ------------------------------------------------------------------------------------------------------------------------ Frontier Oil Corp. 8,300 492,605 - ------------------------------------------------------------------------------------------------------------------------ Galleon Energy, Inc., Cl. A 1 6,900 200,882 - ------------------------------------------------------------------------------------------------------------------------ Galleon Energy, Inc., Subscription Receipts 1 7,500 218,350 - ------------------------------------------------------------------------------------------------------------------------ General Maritime Corp. 2 16,400 546,776 - ------------------------------------------------------------------------------------------------------------------------ Giant Industries, Inc. 1 15,100 1,050,054 - ------------------------------------------------------------------------------------------------------------------------ Harvest Natural Resources, Inc. 1 2,200 21,384 - ------------------------------------------------------------------------------------------------------------------------ Highpine Oil & Gas Ltd. 1 1,736 34,561 - ------------------------------------------------------------------------------------------------------------------------ Highpine Oil & Gas Ltd. 1 475 9,456 - ------------------------------------------------------------------------------------------------------------------------ Holly Corp. 7,700 570,724 - ------------------------------------------------------------------------------------------------------------------------ Houston Exploration Co. 1 12,100 637,670 - ------------------------------------------------------------------------------------------------------------------------ KCS Energy, Inc. 1,2 42,300 1,099,800 - ------------------------------------------------------------------------------------------------------------------------ Mahalo Energy Ltd. 1,3 19,500 91,501 - ------------------------------------------------------------------------------------------------------------------------ Mariner Energy, Inc. 1 5,179 106,221 - ------------------------------------------------------------------------------------------------------------------------ Maritrans, Inc. 2 7,200 175,896 - ------------------------------------------------------------------------------------------------------------------------ Meridian Resource Corp. (The) 1 26,100 105,705 - ------------------------------------------------------------------------------------------------------------------------ Midnight Oil Exploration Ltd. 1 45,050 151,986 - ------------------------------------------------------------------------------------------------------------------------ Mission Oil & Gas, Inc. 1 5,532 47,511
9 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED Mission Oil & Gas, Inc. 1,4 6,400 $ 54,966 - ------------------------------------------------------------------------------------------------------------------------ Newfield Exploration Co. 1 3,600 150,840 - ------------------------------------------------------------------------------------------------------------------------ OMI Corp. 2 40,100 722,602 - ------------------------------------------------------------------------------------------------------------------------ Open Range Energy Corp. 1 910 3,545 - ------------------------------------------------------------------------------------------------------------------------ Overseas Shipholding Group, Inc. 7,700 369,061 - ------------------------------------------------------------------------------------------------------------------------ Paramount Resources Ltd., Cl. A 1 25,200 898,728 - ------------------------------------------------------------------------------------------------------------------------ Petrohawk Energy Corp. 1,2 21,200 290,440 - ------------------------------------------------------------------------------------------------------------------------ PetroQuest Energy, Inc. 1,2 42,000 423,780 - ------------------------------------------------------------------------------------------------------------------------ Pogo Producing Co. 9,300 467,325 - ------------------------------------------------------------------------------------------------------------------------ ProEx Energy Ltd. 1 12,840 161,180 - ------------------------------------------------------------------------------------------------------------------------ ProspEx Resources Ltd. 1 33,020 115,924 - ------------------------------------------------------------------------------------------------------------------------ Real Resources, Inc. 1 4,800 94,533 - ------------------------------------------------------------------------------------------------------------------------ Redstar Oil & Gas, Inc. 1 35,955 73,274 - ------------------------------------------------------------------------------------------------------------------------ Remington Oil & Gas Corp. 1 27,800 1,201,516 - ------------------------------------------------------------------------------------------------------------------------ Resource America, Inc., Cl. A 2 2,500 49,800 - ------------------------------------------------------------------------------------------------------------------------ Sequoia Oil & Gas Trust 275 4,450 - ------------------------------------------------------------------------------------------------------------------------ Sequoia Oil & Gas Trust 3,600 58,261 - ------------------------------------------------------------------------------------------------------------------------ St. Mary Land & Exploration Co. 3,100 126,573 - ------------------------------------------------------------------------------------------------------------------------ Stone Energy Corp. 1,2 9,300 410,409 - ------------------------------------------------------------------------------------------------------------------------ Swift Energy Co. 1 27,300 1,022,658 - ------------------------------------------------------------------------------------------------------------------------ Tesoro Corp. 10,300 703,902 - ------------------------------------------------------------------------------------------------------------------------ Thunder Energy Trust 11,833 102,438 - ------------------------------------------------------------------------------------------------------------------------ TransMontaigne, Inc. 1 5,000 49,050 - ------------------------------------------------------------------------------------------------------------------------ Trilogy Energy Trust 3,000 49,964 - ------------------------------------------------------------------------------------------------------------------------ True Energy Trust 5,550 73,994 - ------------------------------------------------------------------------------------------------------------------------ Tusk Energy Corp. 1 26,300 88,278 - ------------------------------------------------------------------------------------------------------------------------ Tusk Energy Corp. 1,4 21,300 71,495 - ------------------------------------------------------------------------------------------------------------------------ USEC, Inc. 2 41,400 498,870 - ------------------------------------------------------------------------------------------------------------------------ VAALCO Energy, Inc. 1,2 6,000 40,200 - ------------------------------------------------------------------------------------------------------------------------ Vault Energy Trust 5,200 44,615 - ------------------------------------------------------------------------------------------------------------------------ Vero Energy, Inc. 1 2,482 13,070 - ------------------------------------------------------------------------------------------------------------------------ West Energy Ltd. 1 8,600 41,238 - ------------------------------------------------------------------------------------------------------------------------ Western Refining, Inc. 5,900 127,558 - ------------------------------------------------------------------------------------------------------------------------ Whiting Petroleum Corp. 1,2 22,600 926,374 - ------------------------------------------------------------------------------------------------------------------------ Williams (Clayton) Energy, Inc. 1 900 36,828 - ------------------------------------------------------------------------------------------------------------------------ Zenas Energy Corp. 1 17,437 69,727 ---------------- 22,167,556 - ------------------------------------------------------------------------------------------------------------------------ FINANCIALS--13.0% - ------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--0.3% Calamos Asset Management, Inc., Cl. A 1,500 56,100 - ------------------------------------------------------------------------------------------------------------------------ GAMCO Investors, Inc., Cl. A 2 2,900 115,855 - ------------------------------------------------------------------------------------------------------------------------ Greenhill & Co., Inc. 2 1,900 125,609 - ------------------------------------------------------------------------------------------------------------------------ Knight Capital Group, Inc., Cl. A 1,2 71,100 990,423 - ------------------------------------------------------------------------------------------------------------------------ Stifel Financial Corp. 1,2 2,200 96,074
10 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS CONTINUED SWS Group, Inc. 2 10,200 $ 266,730 ---------------- 1,650,791 - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--2.7% Anchor BanCorp Wisconsin, Inc. 2 2,400 72,744 - ------------------------------------------------------------------------------------------------------------------------ Astoria Financial Corp. 18,650 577,404 - ------------------------------------------------------------------------------------------------------------------------ BancorpSouth, Inc. 2 1,500 36,015 - ------------------------------------------------------------------------------------------------------------------------ Bank of Hawaii Corp. 3,600 191,916 - ------------------------------------------------------------------------------------------------------------------------ BankUnited Financial Corp., Cl. A 13,400 362,336 - ------------------------------------------------------------------------------------------------------------------------ Berkshire Hills Bancorp, Inc. 2 500 17,470 - ------------------------------------------------------------------------------------------------------------------------ Capital Corp. of the West 2 720 26,438 - ------------------------------------------------------------------------------------------------------------------------ Capitol Bancorp Ltd. 2 2,000 93,500 - ------------------------------------------------------------------------------------------------------------------------ Center Financial Corp. 2 300 7,269 - ------------------------------------------------------------------------------------------------------------------------ Central Pacific Financial Corp. 2 1,500 55,080 - ------------------------------------------------------------------------------------------------------------------------ Chittenden Corp. 2 9,200 266,524 - ------------------------------------------------------------------------------------------------------------------------ Citizens First Bancorp, Inc. 2,400 67,824 - ------------------------------------------------------------------------------------------------------------------------ City Holding Co. 7,700 283,283 - ------------------------------------------------------------------------------------------------------------------------ Columbia Banking System, Inc. 6,790 227,193 - ------------------------------------------------------------------------------------------------------------------------ Commerce Bancshares, Inc. 2 5,460 282,118 - ------------------------------------------------------------------------------------------------------------------------ Community Bank System, Inc. 2 18,600 415,338 - ------------------------------------------------------------------------------------------------------------------------ Community Trust Bancorp, Inc. 2,215 75,089 - ------------------------------------------------------------------------------------------------------------------------ Corus Bankshares, Inc. 2 13,500 802,440 - ------------------------------------------------------------------------------------------------------------------------ Downey Financial Corp. 2 7,400 498,020 - ------------------------------------------------------------------------------------------------------------------------ First BanCorp 2 10,200 126,072 - ------------------------------------------------------------------------------------------------------------------------ First Citizens BancShares, Inc., Cl. A 2 1,200 231,600 - ------------------------------------------------------------------------------------------------------------------------ First Commonwealth Financial Corp. 2 21,300 312,258 - ------------------------------------------------------------------------------------------------------------------------ First Defiance Financial Corp. 2 1,400 36,876 - ------------------------------------------------------------------------------------------------------------------------ First Financial Holdings, Inc. 2 2,000 63,400 - ------------------------------------------------------------------------------------------------------------------------ First Indiana Corp. 2 3,550 99,045 - ------------------------------------------------------------------------------------------------------------------------ First Midwest Bancorp, Inc. 2 3,600 131,652 - ------------------------------------------------------------------------------------------------------------------------ First Place Financial Corp. 2 7,500 186,000 - ------------------------------------------------------------------------------------------------------------------------ First Republic Bank 1,100 41,602 - ------------------------------------------------------------------------------------------------------------------------ First Security Group, Inc. 2 30,500 337,025 - ------------------------------------------------------------------------------------------------------------------------ First South Bancorp, Inc. 2 400 15,148 - ------------------------------------------------------------------------------------------------------------------------ First State Bancorp 2 1,400 37,184 - ------------------------------------------------------------------------------------------------------------------------ FirstFed Financial Corp. 1,2 13,700 819,397 - ------------------------------------------------------------------------------------------------------------------------ Greater Bay Bancorp 24,900 690,726 - ------------------------------------------------------------------------------------------------------------------------ Greene County Bancshares, Inc. 2 2,200 64,262 - ------------------------------------------------------------------------------------------------------------------------ Hancock Holding Co. 2 800 37,216 - ------------------------------------------------------------------------------------------------------------------------ Harbor Florida Bancshares, Inc. 2 3,400 128,758 - ------------------------------------------------------------------------------------------------------------------------ Horizon Financial Corp. 200 5,112 - ------------------------------------------------------------------------------------------------------------------------ Independent Bank Corp. 8,750 248,938 - ------------------------------------------------------------------------------------------------------------------------ Indymac Mortgage Holdings, Inc. 4,800 196,464 - ------------------------------------------------------------------------------------------------------------------------ ITLA Capital Corp. 2 900 43,398 - ------------------------------------------------------------------------------------------------------------------------ MAF Bancorp, Inc. 2 9,100 398,307
11 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS CONTINUED MainSource Financial Group, Inc. 2 2,783 $ 52,599 - ------------------------------------------------------------------------------------------------------------------------ NASB Financial, Inc. 2 600 20,556 - ------------------------------------------------------------------------------------------------------------------------ National Bankshares, Inc. 400 20,020 - ------------------------------------------------------------------------------------------------------------------------ National Penn Bancshares, Inc. 1,000 21,280 - ------------------------------------------------------------------------------------------------------------------------ Pacific Capital Bancorp 2 14,210 480,866 - ------------------------------------------------------------------------------------------------------------------------ PFF Bancorp, Inc. 2 10,510 354,292 - ------------------------------------------------------------------------------------------------------------------------ Placer Sierra Bancshares 300 8,565 - ------------------------------------------------------------------------------------------------------------------------ Provident Bankshares Corp. 17,251 628,799 - ------------------------------------------------------------------------------------------------------------------------ Provident Financial Holdings, Inc. 600 19,560 - ------------------------------------------------------------------------------------------------------------------------ Provident Financial Services, Inc. 11,200 202,720 - ------------------------------------------------------------------------------------------------------------------------ Republic Bancorp, Inc. 2 682 8,211 - ------------------------------------------------------------------------------------------------------------------------ Republic Bancorp, Inc., Cl. A 2 4,134 84,003 - ------------------------------------------------------------------------------------------------------------------------ Southwest Bancorp, Inc. 200 4,448 - ------------------------------------------------------------------------------------------------------------------------ State Bancorp, Inc. 794 12,140 - ------------------------------------------------------------------------------------------------------------------------ Sterling Bancshares, Inc. 2,800 50,540 - ------------------------------------------------------------------------------------------------------------------------ Sterling Financial Corp., Western US 11,075 321,175 - ------------------------------------------------------------------------------------------------------------------------ Susquehanna Bancshares, Inc. 2 3,600 92,772 - ------------------------------------------------------------------------------------------------------------------------ SVB Financial Group 1,2 5,000 265,250 - ------------------------------------------------------------------------------------------------------------------------ Taylor Capital Group, Inc. 1,800 70,542 - ------------------------------------------------------------------------------------------------------------------------ TCF Financial Corp. 12,900 332,175 - ------------------------------------------------------------------------------------------------------------------------ Texas Regional Bancshares, Inc., Cl. A 2,420 71,366 - ------------------------------------------------------------------------------------------------------------------------ TierOne Corp. 2 9,700 329,315 - ------------------------------------------------------------------------------------------------------------------------ Umpqua Holdings Corp. 2 1,100 31,350 - ------------------------------------------------------------------------------------------------------------------------ Union Bankshares Corp. 2 1,200 54,852 - ------------------------------------------------------------------------------------------------------------------------ United Bankshares, Inc. 2 500 19,135 - ------------------------------------------------------------------------------------------------------------------------ Virginia Commerce Bancorp, Inc. 1,2 400 14,380 - ------------------------------------------------------------------------------------------------------------------------ W. Holding Co., Inc. 2 11,200 88,144 - ------------------------------------------------------------------------------------------------------------------------ Webster Financial Corp. 1,700 82,382 - ------------------------------------------------------------------------------------------------------------------------ Wilmington Trust Corp. 5,500 238,425 - ------------------------------------------------------------------------------------------------------------------------ Wilshire Bancorp, Inc. 2 1,400 26,026 - ------------------------------------------------------------------------------------------------------------------------ WSFS Financial Corp. 5,400 339,282 ---------------- 12,953,611 - ------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--0.1% ASTA Funding, Inc. 2 12,200 405,772 - ------------------------------------------------------------------------------------------------------------------------ EZCORP, Inc., Cl. A 1 2,300 67,896 - ------------------------------------------------------------------------------------------------------------------------ Nelnet, Inc., Cl. A 1 5,000 208,250 ---------------- 681,918 - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--2.1% Ace Cash Express, Inc. 1,2 1,800 44,802 - ------------------------------------------------------------------------------------------------------------------------ Advanta Corp., Cl. B 2 20,500 755,835 - ------------------------------------------------------------------------------------------------------------------------ AmeriCredit Corp. 1 21,200 651,476 - ------------------------------------------------------------------------------------------------------------------------ Apollo Investment Corp. 8,000 142,480 - ------------------------------------------------------------------------------------------------------------------------ Asset Acceptance Capital Corp. 1 14,000 272,580 - ------------------------------------------------------------------------------------------------------------------------ Cash America International, Inc. 2 4,800 144,096 - ------------------------------------------------------------------------------------------------------------------------ Clayton Holdings, Inc. 1 1,000 21,080
12 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES CONTINUED CompuCredit Corp. 1 3,600 $ 132,516 - ------------------------------------------------------------------------------------------------------------------------ Eaton Vance Corp. 2 3,600 98,568 - ------------------------------------------------------------------------------------------------------------------------ Encore Capital Group, Inc. 1,2 12,000 177,000 - ------------------------------------------------------------------------------------------------------------------------ Federated Investors, Inc., Cl. B 8,300 324,115 - ------------------------------------------------------------------------------------------------------------------------ Financial Federal Corp. 2 2,500 73,250 - ------------------------------------------------------------------------------------------------------------------------ First Cash Financial Services, Inc. 1 1,000 19,990 - ------------------------------------------------------------------------------------------------------------------------ Investment Technology Group, Inc. 1 4,900 244,020 - ------------------------------------------------------------------------------------------------------------------------ iShares Russell 2000 Index Fund 2 35,000 2,660,000 - ------------------------------------------------------------------------------------------------------------------------ Janus Capital Group, Inc. 30,500 706,685 - ------------------------------------------------------------------------------------------------------------------------ Jefferies Group, Inc. 6,200 362,700 - ------------------------------------------------------------------------------------------------------------------------ LaBranche & Co., Inc. 1,2 46,800 739,908 - ------------------------------------------------------------------------------------------------------------------------ Lazard Ltd., Cl. A 2 3,400 150,450 - ------------------------------------------------------------------------------------------------------------------------ Medallion Financial Corp. 4,100 55,555 - ------------------------------------------------------------------------------------------------------------------------ Piper Jaffray Cos., Inc. 1,2 15,200 836,000 - ------------------------------------------------------------------------------------------------------------------------ Portfolio Recovery Associates, Inc. 1,2 7,500 351,225 - ------------------------------------------------------------------------------------------------------------------------ Raymond James Financial, Inc. 16,050 474,438 - ------------------------------------------------------------------------------------------------------------------------ Sanders Morris Harris Group, Inc. 2 2,500 40,100 - ------------------------------------------------------------------------------------------------------------------------ SEI Investments Co. 3,800 154,014 - ------------------------------------------------------------------------------------------------------------------------ Student Loan Corp. (The) 2 1,300 302,900 - ------------------------------------------------------------------------------------------------------------------------ Thomas Weisel Partners Group, Inc. 1 5,100 111,690 - ------------------------------------------------------------------------------------------------------------------------ World Acceptance Corp. 1 1,300 35,620 ---------------- 10,083,093 - ------------------------------------------------------------------------------------------------------------------------ INSURANCE--5.2% Affirmative Insurance Holdings, Inc. 4,400 58,124 - ------------------------------------------------------------------------------------------------------------------------ Alfa Corp. 2 4,800 82,272 - ------------------------------------------------------------------------------------------------------------------------ Alleghany Corp. 2 612 177,174 - ------------------------------------------------------------------------------------------------------------------------ American Equity Investment Life Holding Co. 2 34,800 499,032 - ------------------------------------------------------------------------------------------------------------------------ American Physicians Capital, Inc. 1 8,100 388,800 - ------------------------------------------------------------------------------------------------------------------------ AmerUs Group Co. 15,100 909,624 - ------------------------------------------------------------------------------------------------------------------------ Arch Capital Group Ltd. 1 12,000 692,880 - ------------------------------------------------------------------------------------------------------------------------ Argonaut Group, Inc. 1 29,100 1,034,505 - ------------------------------------------------------------------------------------------------------------------------ Assurant, Inc. 5,100 251,175 - ------------------------------------------------------------------------------------------------------------------------ Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 200 5,310 - ------------------------------------------------------------------------------------------------------------------------ Berkley (W.R.) Corp. 5,500 319,330 - ------------------------------------------------------------------------------------------------------------------------ Bristol West Holdings, Inc. 2 20,300 390,775 - ------------------------------------------------------------------------------------------------------------------------ Clark, Inc. 2,700 31,887 - ------------------------------------------------------------------------------------------------------------------------ CNA Surety Corp. 1 6,200 103,726 - ------------------------------------------------------------------------------------------------------------------------ Commerce Group, Inc. (The) 3,500 184,940 - ------------------------------------------------------------------------------------------------------------------------ Conseco, Inc. 1 11,400 282,948 - ------------------------------------------------------------------------------------------------------------------------ Delphi Financial Group, Inc., Cl. A 21,100 1,089,393 - ------------------------------------------------------------------------------------------------------------------------ Direct General Corp. 2 18,300 311,283 - ------------------------------------------------------------------------------------------------------------------------ Donegal Group, Inc., Cl. A 2 7,101 185,265 - ------------------------------------------------------------------------------------------------------------------------ Erie Indemnity Co., Cl. A 900 47,376 - ------------------------------------------------------------------------------------------------------------------------ FBL Financial Group, Inc., Cl. A 600 20,670 - ------------------------------------------------------------------------------------------------------------------------ Fidelity National Financial, Inc. 779 27,678
13 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ INSURANCE CONTINUED Fidelity National Title Group, Inc., Cl. A 2 2,036 $ 46,360 - ------------------------------------------------------------------------------------------------------------------------ FPIC Insurance Group, Inc. 1,2 10,100 381,780 - ------------------------------------------------------------------------------------------------------------------------ Great American Financial Resources, Inc. 2 3,000 59,190 - ------------------------------------------------------------------------------------------------------------------------ Hanover Insurance Group, Inc. 4,200 220,164 - ------------------------------------------------------------------------------------------------------------------------ Harleysville Group, Inc. 1,800 53,442 - ------------------------------------------------------------------------------------------------------------------------ HCC Insurance Holdings, Inc. 3,600 125,280 - ------------------------------------------------------------------------------------------------------------------------ Hilb, Rogal & Hamilton Co. 2 7,600 313,272 - ------------------------------------------------------------------------------------------------------------------------ Horace Mann Educators Corp. 40,100 753,880 - ------------------------------------------------------------------------------------------------------------------------ Independence Holding Co. 2 640 14,758 - ------------------------------------------------------------------------------------------------------------------------ Infinity Property & Casualty Corp. 27,300 1,139,502 - ------------------------------------------------------------------------------------------------------------------------ James River Group, Inc. 1 1,400 37,688 - ------------------------------------------------------------------------------------------------------------------------ LandAmerica Financial Group, Inc. 2 15,200 1,031,320 - ------------------------------------------------------------------------------------------------------------------------ Mercury General Corp. 2 900 49,410 - ------------------------------------------------------------------------------------------------------------------------ National Financial Partners Corp. 17,000 960,840 - ------------------------------------------------------------------------------------------------------------------------ National Western Life Insurance Co., Cl. A 500 116,145 - ------------------------------------------------------------------------------------------------------------------------ Navigators Group, Inc. (The) 1,2 7,700 381,920 - ------------------------------------------------------------------------------------------------------------------------ Odyssey Re Holdings Corp. 2 15,700 340,690 - ------------------------------------------------------------------------------------------------------------------------ Ohio Casualty Corp. 41,700 1,321,890 - ------------------------------------------------------------------------------------------------------------------------ Old Republic International Corp. 22,150 483,313 - ------------------------------------------------------------------------------------------------------------------------ Phoenix Cos., Inc. (The) 84,100 1,370,830 - ------------------------------------------------------------------------------------------------------------------------ Presidential Life Corp. 2 3,700 94,017 - ------------------------------------------------------------------------------------------------------------------------ ProAssurance Corp. 1 8,900 462,800 - ------------------------------------------------------------------------------------------------------------------------ ProCentury Corp. 10,400 141,856 - ------------------------------------------------------------------------------------------------------------------------ Protective Life Corp. 8,700 432,738 - ------------------------------------------------------------------------------------------------------------------------ Reinsurance Group of America, Inc. 1,800 85,122 - ------------------------------------------------------------------------------------------------------------------------ Republic Cos. Group, Inc. 29,000 503,440 - ------------------------------------------------------------------------------------------------------------------------ RLI Corp. 15,600 893,880 - ------------------------------------------------------------------------------------------------------------------------ Safety Insurance Group, Inc. 2 9,400 429,204 - ------------------------------------------------------------------------------------------------------------------------ Seabright Insurance Holdings, Inc. 1 1,100 19,162 - ------------------------------------------------------------------------------------------------------------------------ Selective Insurance Group, Inc. 2 22,800 1,208,400 - ------------------------------------------------------------------------------------------------------------------------ StanCorp Financial Group, Inc. 13,500 730,485 - ------------------------------------------------------------------------------------------------------------------------ State Auto Financial Corp. 13,800 465,198 - ------------------------------------------------------------------------------------------------------------------------ Stewart Information Services Corp. 2 16,300 767,404 - ------------------------------------------------------------------------------------------------------------------------ Tower Group, Inc. 3,400 78,540 - ------------------------------------------------------------------------------------------------------------------------ Transatlantic Holdings, Inc. 400 23,380 - ------------------------------------------------------------------------------------------------------------------------ UICI 14,300 528,957 - ------------------------------------------------------------------------------------------------------------------------ United America Indemnity Ltd., Cl. A 1 1,306 29,907 - ------------------------------------------------------------------------------------------------------------------------ United Fire & Casualty Co. 2 9,300 305,970 - ------------------------------------------------------------------------------------------------------------------------ Unitrin, Inc. 9,100 423,241 - ------------------------------------------------------------------------------------------------------------------------ Universal American Financial Corp. 1,2 7,300 112,420 - ------------------------------------------------------------------------------------------------------------------------ Zenith National Insurance Corp. 21,800 1,049,234 ---------------- 25,081,196 - ------------------------------------------------------------------------------------------------------------------------ REAL ESTATE--1.9% Acadia Realty Trust 1,100 25,905 - ------------------------------------------------------------------------------------------------------------------------ Agree Realty Corp. 2 4,600 147,660 - ------------------------------------------------------------------------------------------------------------------------ Alexandria Real Estate Equities, Inc. 1,400 133,462
14 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ REAL ESTATE CONTINUED AMB Property Corp. 1,100 $ 59,697 - ------------------------------------------------------------------------------------------------------------------------ Arden Realty, Inc. 2,500 112,825 - ------------------------------------------------------------------------------------------------------------------------ Associated Estates Realty Corp. 2 2,500 28,125 - ------------------------------------------------------------------------------------------------------------------------ Brandywine Realty Trust 6,414 203,709 - ------------------------------------------------------------------------------------------------------------------------ Camden Property Trust 900 64,845 - ------------------------------------------------------------------------------------------------------------------------ CarrAmerica Realty Corp. 2,500 111,525 - ------------------------------------------------------------------------------------------------------------------------ CB Richard Ellis Group, Inc., Cl. A 1 2,800 225,960 - ------------------------------------------------------------------------------------------------------------------------ CBL & Associates Properties, Inc. 8,800 373,560 - ------------------------------------------------------------------------------------------------------------------------ CentraCore Properties Trust 2 1,600 40,080 - ------------------------------------------------------------------------------------------------------------------------ Colonial Properties Trust 2 5,754 288,448 - ------------------------------------------------------------------------------------------------------------------------ Commercial Net Lease Realty, Inc. 2 5,000 116,500 - ------------------------------------------------------------------------------------------------------------------------ Consolidated-Tomoka Land Co. 400 24,852 - ------------------------------------------------------------------------------------------------------------------------ Corporate Office Properties Trust 4,000 182,960 - ------------------------------------------------------------------------------------------------------------------------ Crescent Real Estate Equities, Inc. 3,600 75,852 - ------------------------------------------------------------------------------------------------------------------------ EastGroup Properties, Inc. 3,300 156,552 - ------------------------------------------------------------------------------------------------------------------------ Entertainment Properties Trust 700 29,386 - ------------------------------------------------------------------------------------------------------------------------ Equity Inns, Inc. 2 18,100 293,220 - ------------------------------------------------------------------------------------------------------------------------ Equity One, Inc. 6,600 162,096 - ------------------------------------------------------------------------------------------------------------------------ Federal Realty Investment Trust 1,700 127,840 - ------------------------------------------------------------------------------------------------------------------------ First Industrial Realty Trust, Inc. 2 4,500 192,105 - ------------------------------------------------------------------------------------------------------------------------ Friedman, Billings, Ramsey Group, Inc., Cl. A 2 2,300 21,574 - ------------------------------------------------------------------------------------------------------------------------ Glenborough Realty Trust, Inc. 2 800 17,400 - ------------------------------------------------------------------------------------------------------------------------ Glimcher Realty Trust 2 4,300 122,120 - ------------------------------------------------------------------------------------------------------------------------ Gramercy Capital Corp. 500 12,465 - ------------------------------------------------------------------------------------------------------------------------ Health Care REIT, Inc. 2 4,000 152,400 - ------------------------------------------------------------------------------------------------------------------------ Healthcare Realty Trust, Inc. 2 4,000 149,520 - ------------------------------------------------------------------------------------------------------------------------ Heritage Property Investment Trust 2 4,600 182,114 - ------------------------------------------------------------------------------------------------------------------------ Highwoods Properties, Inc. 4,300 145,039 - ------------------------------------------------------------------------------------------------------------------------ Hospitality Properties Trust 6,300 275,121 - ------------------------------------------------------------------------------------------------------------------------ HRPT Properties Trust 5,400 63,396 - ------------------------------------------------------------------------------------------------------------------------ Inland Real Estate Corp. 1,000 16,310 - ------------------------------------------------------------------------------------------------------------------------ Innkeepers USA Trust 5,700 96,615 - ------------------------------------------------------------------------------------------------------------------------ Jones Lang LaSalle, Inc. 1,800 137,772 - ------------------------------------------------------------------------------------------------------------------------ Kilroy Realty Corp. 2,800 216,328 - ------------------------------------------------------------------------------------------------------------------------ Lexington Corporate Properties Trust 7,500 156,375 - ------------------------------------------------------------------------------------------------------------------------ Longview Fibre Co. 18,800 485,792 - ------------------------------------------------------------------------------------------------------------------------ LTC Properties, Inc. 2 2,400 55,824 - ------------------------------------------------------------------------------------------------------------------------ Macerich Co. (The) 600 44,370 - ------------------------------------------------------------------------------------------------------------------------ Mack-Cali Realty Corp. 3,200 153,600 - ------------------------------------------------------------------------------------------------------------------------ Maguire Properties, Inc. 2,800 102,200 - ------------------------------------------------------------------------------------------------------------------------ Mid-America Apartment Communities, Inc. 2 3,900 213,525 - ------------------------------------------------------------------------------------------------------------------------ Nationwide Health Properties, Inc. 7,400 159,100 - ------------------------------------------------------------------------------------------------------------------------ Omega Healthcare Investors, Inc. 2 1,100 15,422 - ------------------------------------------------------------------------------------------------------------------------ Pan Pacific Retail Properties, Inc. 2,600 184,340 - ------------------------------------------------------------------------------------------------------------------------ Parkway Properties, Inc. 600 26,208 - ------------------------------------------------------------------------------------------------------------------------ Pennsylvania Real Estate Investment Trust 2 4,900 215,600 - ------------------------------------------------------------------------------------------------------------------------ Post Properties, Inc. 1,600 71,200
15 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ REAL ESTATE CONTINUED PS Business Parks, Inc. 2,300 $ 128,616 - ------------------------------------------------------------------------------------------------------------------------ RAIT Investment Trust 2 800 22,592 - ------------------------------------------------------------------------------------------------------------------------ Ramco-Gershenson Properties Trust 2,100 63,567 - ------------------------------------------------------------------------------------------------------------------------ Realty Income Corp. 2 2,000 48,420 - ------------------------------------------------------------------------------------------------------------------------ Redwood Trust, Inc. 2 800 34,656 - ------------------------------------------------------------------------------------------------------------------------ Regency Centers Corp. 800 53,752 - ------------------------------------------------------------------------------------------------------------------------ Senior Housing Properties Trust 12,200 220,820 - ------------------------------------------------------------------------------------------------------------------------ Simon Property Group, Inc. 158 13,294 - ------------------------------------------------------------------------------------------------------------------------ SL Green Realty Corp. 1,500 152,250 - ------------------------------------------------------------------------------------------------------------------------ Sovran Self Storage, Inc. 2 1,800 99,360 - ------------------------------------------------------------------------------------------------------------------------ Spirit Finance Corp. 12,400 151,280 - ------------------------------------------------------------------------------------------------------------------------ Stratus Properties, Inc. 1 1,900 46,550 - ------------------------------------------------------------------------------------------------------------------------ Sunstone Hotel Investors, Inc. 2,100 60,837 - ------------------------------------------------------------------------------------------------------------------------ Tanger Factory Outlet Centers, Inc. 2 8,400 289,044 - ------------------------------------------------------------------------------------------------------------------------ Town & Country Trust 900 36,531 - ------------------------------------------------------------------------------------------------------------------------ Trammell Crow Co. 1 12,200 435,052 - ------------------------------------------------------------------------------------------------------------------------ Trizec Properties, Inc. 2,000 51,460 - ------------------------------------------------------------------------------------------------------------------------ U-Store-It Trust 4,300 86,645 - ------------------------------------------------------------------------------------------------------------------------ United Capital Corp. 1 200 4,976 - ------------------------------------------------------------------------------------------------------------------------ United Dominion Realty Trust, Inc. 2,400 68,496 - ------------------------------------------------------------------------------------------------------------------------ Ventas, Inc. 4,300 142,674 - ------------------------------------------------------------------------------------------------------------------------ Weingarten Realty Investors 4,600 187,450 ---------------- 9,067,216 - ------------------------------------------------------------------------------------------------------------------------ THRIFTS & MORTGAGE FINANCE--0.7% Accredited Home Lenders Holding Co. 1,2 18,900 967,302 - ------------------------------------------------------------------------------------------------------------------------ Bank Mutual Corp. 2 6,936 82,122 - ------------------------------------------------------------------------------------------------------------------------ Commercial Capital Bancorp, Inc. 18,200 255,892 - ------------------------------------------------------------------------------------------------------------------------ Federal Agricultural Mortgage Corp., Non-Vtg. 2 5,300 155,926 - ------------------------------------------------------------------------------------------------------------------------ Franklin Bank Corp. 1,2 300 5,769 - ------------------------------------------------------------------------------------------------------------------------ Fremont General Corp. 2 17,500 377,300 - ------------------------------------------------------------------------------------------------------------------------ KBNT Bancorp, Inc. 4,000 65,400 - ------------------------------------------------------------------------------------------------------------------------ NewAlliance Bancshares, Inc. 2 3,000 43,290 - ------------------------------------------------------------------------------------------------------------------------ Ocwen Financial Corp. 1,2 3,900 39,858 - ------------------------------------------------------------------------------------------------------------------------ PMI Group, Inc. (The) 14,000 642,880 - ------------------------------------------------------------------------------------------------------------------------ Radian Group, Inc. 11,700 704,925 ---------------- 3,340,664 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--8.2% - ------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--1.7% Abgenix, Inc. 1 43,600 981,000 - ------------------------------------------------------------------------------------------------------------------------ Acadia Pharmaceuticals, Inc. 1,2 2,500 39,950 - ------------------------------------------------------------------------------------------------------------------------ Albany Molecular Research, Inc. 1,2 25,300 257,048 - ------------------------------------------------------------------------------------------------------------------------ Alkermes, Inc. 1,2 66,000 1,455,300 - ------------------------------------------------------------------------------------------------------------------------ Alnylam Pharmaceuticals, Inc. 1,2 4,700 82,673 - ------------------------------------------------------------------------------------------------------------------------ Amylin Pharmaceuticals, Inc. 1,2 2,500 122,375 - ------------------------------------------------------------------------------------------------------------------------ Anadys Pharmaceuticals, Inc. 1 4,600 74,106
16 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY CONTINUED Applera Corp./Applied Biosystems Group 25,700 $ 697,498 - ------------------------------------------------------------------------------------------------------------------------ Arena Pharmaceuticals, Inc. 1,2 12,600 228,186 - ------------------------------------------------------------------------------------------------------------------------ ArQule, Inc. 1,2 8,600 49,364 - ------------------------------------------------------------------------------------------------------------------------ Array BioPharma, Inc. 1,2 10,900 99,626 - ------------------------------------------------------------------------------------------------------------------------ BioMarin Pharmaceutical, Inc. 1,2 16,800 225,456 - ------------------------------------------------------------------------------------------------------------------------ Cubist Pharmaceuticals, Inc. 1,2 27,200 624,784 - ------------------------------------------------------------------------------------------------------------------------ CuraGen Corp. 1,2 1,700 8,517 - ------------------------------------------------------------------------------------------------------------------------ deCODE genetics, Inc. 1,2 30,300 262,701 - ------------------------------------------------------------------------------------------------------------------------ Digene Corp. 1 3,800 148,580 - ------------------------------------------------------------------------------------------------------------------------ Durect Corp. 1,2 26,600 169,176 - ------------------------------------------------------------------------------------------------------------------------ Kendle International, Inc. 1,2 8,100 273,780 - ------------------------------------------------------------------------------------------------------------------------ Ligand Pharmaceuticals, Inc., Cl. B 1,2 2,800 35,980 - ------------------------------------------------------------------------------------------------------------------------ Medarex, Inc. 1,2 16,700 220,774 - ------------------------------------------------------------------------------------------------------------------------ Myriad Genetics, Inc. 1,2 5,100 133,059 - ------------------------------------------------------------------------------------------------------------------------ NeoPharm, Inc. 1,2 11,500 96,140 - ------------------------------------------------------------------------------------------------------------------------ PDL BioPharma, Inc. 1 3,400 111,520 - ------------------------------------------------------------------------------------------------------------------------ Pharmion Corp. 1,2 11,800 212,636 - ------------------------------------------------------------------------------------------------------------------------ Progenics Pharmaceuticals, Inc. 1,2 6,200 164,238 - ------------------------------------------------------------------------------------------------------------------------ Regeneron Pharmaceuticals, Inc. 1,2 19,100 317,633 - ------------------------------------------------------------------------------------------------------------------------ Renovis, Inc. 1,2 11,300 240,916 - ------------------------------------------------------------------------------------------------------------------------ Techne Corp. 1 11,200 673,568 - ------------------------------------------------------------------------------------------------------------------------ Third Wave Technologies, Inc. 1,2 13,200 41,316 - ------------------------------------------------------------------------------------------------------------------------ ViroPharma, Inc. 1,2 1,300 16,510 ---------------- 8,064,410 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--2.1% Analogic Corp. 700 46,340 - ------------------------------------------------------------------------------------------------------------------------ Anika Therapeutics, Inc. 1,2 4,100 50,102 - ------------------------------------------------------------------------------------------------------------------------ Aspect Medical Systems, Inc. 1,2 6,800 186,592 - ------------------------------------------------------------------------------------------------------------------------ Bio-Rad Laboratories, Inc., Cl. A 1 7,100 442,685 - ------------------------------------------------------------------------------------------------------------------------ Candela Corp. 1,2 13,900 300,240 - ------------------------------------------------------------------------------------------------------------------------ Cutera, Inc. 1 10,100 273,912 - ------------------------------------------------------------------------------------------------------------------------ Cynosure, Inc., Cl. A 1 1,800 33,300 - ------------------------------------------------------------------------------------------------------------------------ Dade Behring Holdings, Inc. 8,700 310,677 - ------------------------------------------------------------------------------------------------------------------------ Datascope Corp. 2 1,400 55,384 - ------------------------------------------------------------------------------------------------------------------------ Dentsply International, Inc. 4,600 267,490 - ------------------------------------------------------------------------------------------------------------------------ DJ Orthopedics, Inc. 1,2 18,600 739,536 - ------------------------------------------------------------------------------------------------------------------------ Edwards Lifesciences Corp. 1 2,600 113,100 - ------------------------------------------------------------------------------------------------------------------------ Greatbatch, Inc. 1 2,300 50,393 - ------------------------------------------------------------------------------------------------------------------------ Haemonetics Corp. 1 4,300 218,311 - ------------------------------------------------------------------------------------------------------------------------ Hillenbrand Industries, Inc. 3,600 197,964 - ------------------------------------------------------------------------------------------------------------------------ Hologic, Inc. 1 12,900 714,015 - ------------------------------------------------------------------------------------------------------------------------ Hospira, Inc. 1 700 27,622 - ------------------------------------------------------------------------------------------------------------------------ Idexx Laboratories, Inc. 1,2 6,800 587,248
17 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Immucor, Inc. 1 2,100 $ 60,249 - ------------------------------------------------------------------------------------------------------------------------ Integra LifeSciences Holdings Corp. 1,2 11,400 467,172 - ------------------------------------------------------------------------------------------------------------------------ Kinetic Concepts, Inc. 1 3,500 144,095 - ------------------------------------------------------------------------------------------------------------------------ LifeCell Corp. 1,2 5,000 112,750 - ------------------------------------------------------------------------------------------------------------------------ Medical Action Industries, Inc. 1 500 11,995 - ------------------------------------------------------------------------------------------------------------------------ Mentor Corp. 2 13,000 589,030 - ------------------------------------------------------------------------------------------------------------------------ Meridian Bioscience, Inc. 2 7,600 205,048 - ------------------------------------------------------------------------------------------------------------------------ Millipore Corp. 1 6,400 467,584 - ------------------------------------------------------------------------------------------------------------------------ Molecular Devices Corp. 1,2 4,200 139,272 - ------------------------------------------------------------------------------------------------------------------------ Natus Medical, Inc. 1 4,600 94,300 - ------------------------------------------------------------------------------------------------------------------------ Neurometrix, Inc. 1 1,100 42,834 - ------------------------------------------------------------------------------------------------------------------------ OraSure Technologies, Inc. 1,2 20,100 207,030 - ------------------------------------------------------------------------------------------------------------------------ PerkinElmer, Inc. 22,700 532,769 - ------------------------------------------------------------------------------------------------------------------------ Steris Corp. 7,700 190,036 - ------------------------------------------------------------------------------------------------------------------------ Thermo Electron Corp. 1 9,600 356,064 - ------------------------------------------------------------------------------------------------------------------------ Thoratec Corp. 1,2 30,800 593,516 - ------------------------------------------------------------------------------------------------------------------------ Varian, Inc. 1 19,700 811,246 - ------------------------------------------------------------------------------------------------------------------------ Vital Images, Inc. 1,2 1,400 47,712 - ------------------------------------------------------------------------------------------------------------------------ Vital Signs, Inc. 2 1,500 82,395 - ------------------------------------------------------------------------------------------------------------------------ Waters Corp. 1 8,200 353,830 - ------------------------------------------------------------------------------------------------------------------------ West Pharmaceutical Services, Inc. 2 1,100 38,192 - ------------------------------------------------------------------------------------------------------------------------ Zoll Medical Corp. 1 400 10,536 ---------------- 10,172,566 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--3.1% Air Methods Corp. 1,2 1,300 38,402 - ------------------------------------------------------------------------------------------------------------------------ Allscripts Healthcare Solutions, Inc. 1 16,600 303,946 - ------------------------------------------------------------------------------------------------------------------------ AMICAS, Inc. 1 18,800 88,736 - ------------------------------------------------------------------------------------------------------------------------ AMN Healthcare Services, Inc. 1,2 19,300 361,296 - ------------------------------------------------------------------------------------------------------------------------ Brookdale Senior Living, Inc. 2 400 15,100 - ------------------------------------------------------------------------------------------------------------------------ Cerner Corp. 1,2 1,800 85,410 - ------------------------------------------------------------------------------------------------------------------------ Chemed Corp. 2 11,400 676,476 - ------------------------------------------------------------------------------------------------------------------------ Computer Programs & Systems, Inc. 2 7,100 355,000 - ------------------------------------------------------------------------------------------------------------------------ Cross Country Healthcare, Inc. 1,2 8,000 154,880 - ------------------------------------------------------------------------------------------------------------------------ Genesis HealthCare Corp. 1 13,100 575,614 - ------------------------------------------------------------------------------------------------------------------------ Health Net, Inc. 1 10,500 533,610 - ------------------------------------------------------------------------------------------------------------------------ Healthspring, Inc. 1 8,700 161,907 - ------------------------------------------------------------------------------------------------------------------------ Healthways, Inc. 1 20,900 1,064,646 - ------------------------------------------------------------------------------------------------------------------------ Humana, Inc. 1 7,700 405,405 - ------------------------------------------------------------------------------------------------------------------------ LCA-Vision, Inc. 2 10,800 541,188 - ------------------------------------------------------------------------------------------------------------------------ LHC Group, Inc. 1 3,000 48,000 - ------------------------------------------------------------------------------------------------------------------------ Magellan Health Services, Inc. 1 26,700 1,080,549 - ------------------------------------------------------------------------------------------------------------------------ Manor Care, Inc. 12,100 536,635 - ------------------------------------------------------------------------------------------------------------------------ Matria Healthcare, Inc. 1,2 10,300 390,988
18 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED MedCath Corp. 1,2 9,900 $ 189,288 - ------------------------------------------------------------------------------------------------------------------------ Molina Healthcare, Inc. 1,2 1,300 43,511 - ------------------------------------------------------------------------------------------------------------------------ National HealthCare Corp. 2 1,700 68,136 - ------------------------------------------------------------------------------------------------------------------------ Nighthawk Radiology Holdings, Inc. 1 2,800 66,892 - ------------------------------------------------------------------------------------------------------------------------ NovaMed Eyecare, Inc. 1 2,300 16,330 - ------------------------------------------------------------------------------------------------------------------------ Odyssey Healthcare, Inc. 1,2 21,400 368,294 - ------------------------------------------------------------------------------------------------------------------------ Owens & Minor, Inc. 2 12,400 406,348 - ------------------------------------------------------------------------------------------------------------------------ Parexel International Corp. 1 1,500 39,660 - ------------------------------------------------------------------------------------------------------------------------ Pediatrix Medical Group, Inc. 1 14,700 1,508,808 - ------------------------------------------------------------------------------------------------------------------------ Per-Se Technologies, Inc. 1,2 32,300 861,118 - ------------------------------------------------------------------------------------------------------------------------ Phase Forward, Inc. 1,2 6,500 72,410 - ------------------------------------------------------------------------------------------------------------------------ PSS World Medical, Inc. 1 10,500 202,545 - ------------------------------------------------------------------------------------------------------------------------ Res-Care, Inc. 1,2 8,000 147,040 - ------------------------------------------------------------------------------------------------------------------------ Rural/Metro Corp. 1,2 8,600 67,768 - ------------------------------------------------------------------------------------------------------------------------ Schein (Henry), Inc. 1 7,700 368,522 - ------------------------------------------------------------------------------------------------------------------------ Sierra Health Services, Inc. 1 17,500 712,250 - ------------------------------------------------------------------------------------------------------------------------ Sunrise Senior Living, Inc. 1 11,800 459,846 - ------------------------------------------------------------------------------------------------------------------------ Trizetto Group, Inc. 1 35,000 615,650 - ------------------------------------------------------------------------------------------------------------------------ U.S. Physical Therapy, Inc. 1 7,100 121,481 - ------------------------------------------------------------------------------------------------------------------------ United Surgical Partners International, Inc. 1 5,350 189,444 - ------------------------------------------------------------------------------------------------------------------------ Universal Health Services, Inc., Cl. B 2,400 121,896 - ------------------------------------------------------------------------------------------------------------------------ WebMD Health Corp., Cl. A 1,2 1,000 41,640 - ------------------------------------------------------------------------------------------------------------------------ WellCare Health Plans, Inc. 1,2 24,100 1,095,104 ---------------- 15,201,769 - ------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--1.3% Allergan, Inc. 678 73,563 - ------------------------------------------------------------------------------------------------------------------------ Alpharma, Inc., Cl. A 44,900 1,204,218 - ------------------------------------------------------------------------------------------------------------------------ Andrx Corp. 1 49,900 1,184,626 - ------------------------------------------------------------------------------------------------------------------------ Angiotech Pharmaceuticals, Inc. 1,2 9,800 145,040 - ------------------------------------------------------------------------------------------------------------------------ CNS, Inc. 2 12,900 277,866 - ------------------------------------------------------------------------------------------------------------------------ DepoMed, Inc. 1,2 15,600 101,868 - ------------------------------------------------------------------------------------------------------------------------ Endo Pharmaceuticals Holdings, Inc. 1,2 18,800 616,828 - ------------------------------------------------------------------------------------------------------------------------ Hi-Tech Pharmacal Co., Inc. 1,2 6,100 172,020 - ------------------------------------------------------------------------------------------------------------------------ Indevus Pharmaceuticals, Inc. 1,2 3,200 19,840 - ------------------------------------------------------------------------------------------------------------------------ Isis Pharmaceuticals, Inc. 1 9,100 81,991 - ------------------------------------------------------------------------------------------------------------------------ King Pharmaceuticals, Inc. 1 38,700 667,575 - ------------------------------------------------------------------------------------------------------------------------ Kos Pharmaceuticals, Inc. 1 6,600 315,282 - ------------------------------------------------------------------------------------------------------------------------ Matrixx Initiatives, Inc. 1 1,100 25,630 - ------------------------------------------------------------------------------------------------------------------------ Medicis Pharmaceutical Corp., Cl. A 2 11,700 381,420 - ------------------------------------------------------------------------------------------------------------------------ Mylan Laboratories, Inc. 19,700 460,980 - ------------------------------------------------------------------------------------------------------------------------ Nektar Therapeutics 1,2 4,800 97,824 - ------------------------------------------------------------------------------------------------------------------------ New River Pharmaceuticals, Inc. 1 1,500 49,815 - ------------------------------------------------------------------------------------------------------------------------ Pain Therapeutics, Inc. 1,2 10,600 115,222
19 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS CONTINUED Salix Pharmaceuticals Ltd. 1 2,200 $ 36,322 - ------------------------------------------------------------------------------------------------------------------------ Santarus, Inc. 1,2 5,400 40,338 - ------------------------------------------------------------------------------------------------------------------------ Watson Pharmaceuticals, Inc. 1 8,100 232,794 ---------------- 6,301,062 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--16.6% - ------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--1.3% AAR Corp. 1 19,100 543,968 - ------------------------------------------------------------------------------------------------------------------------ Alliant Techsystems, Inc. 1 5,200 401,284 - ------------------------------------------------------------------------------------------------------------------------ Armor Holdings, Inc. 1,2 13,300 775,257 - ------------------------------------------------------------------------------------------------------------------------ Astronics Corp., Cl. B 1 650 8,385 - ------------------------------------------------------------------------------------------------------------------------ Aviall, Inc. 1,2 1,900 72,352 - ------------------------------------------------------------------------------------------------------------------------ BE Aerospace, Inc. 1 40,300 1,012,336 - ------------------------------------------------------------------------------------------------------------------------ Cubic Corp. 2 800 19,152 - ------------------------------------------------------------------------------------------------------------------------ DHB Industries, Inc. 1 2,600 12,428 - ------------------------------------------------------------------------------------------------------------------------ DRS Technologies, Inc. 19,200 1,053,504 - ------------------------------------------------------------------------------------------------------------------------ ESCO Technologies, Inc. 1,2 3,400 172,210 - ------------------------------------------------------------------------------------------------------------------------ K&F Industries Holdings, Inc. 1 1,500 24,900 - ------------------------------------------------------------------------------------------------------------------------ Kaman Corp., Cl. A 2 11,800 296,888 - ------------------------------------------------------------------------------------------------------------------------ Ladish Co., Inc. 1,2 2,000 57,940 - ------------------------------------------------------------------------------------------------------------------------ NCI, Inc., Cl. A 1 13,500 189,000 - ------------------------------------------------------------------------------------------------------------------------ Orbital Sciences Corp. 1,2 20,900 330,638 - ------------------------------------------------------------------------------------------------------------------------ Precision Castparts Corp. 4,000 237,600 - ------------------------------------------------------------------------------------------------------------------------ Sequa Corp., Cl. A 1 600 58,680 - ------------------------------------------------------------------------------------------------------------------------ Teledyne Technologies, Inc. 1 16,000 569,600 - ------------------------------------------------------------------------------------------------------------------------ Triumph Group, Inc. 1,2 5,800 256,708 ---------------- 6,092,830 - ------------------------------------------------------------------------------------------------------------------------ AIR FREIGHT & LOGISTICS--0.5% ABX Air, Inc. 1 25,800 175,698 - ------------------------------------------------------------------------------------------------------------------------ Dynamex, Inc. 1 100 1,932 - ------------------------------------------------------------------------------------------------------------------------ EGL, Inc. 1 17,300 778,500 - ------------------------------------------------------------------------------------------------------------------------ Forward Air Corp. 2 15,750 587,318 - ------------------------------------------------------------------------------------------------------------------------ Hub Group, Inc., Cl. A 1 20,600 938,948 ---------------- 2,482,396 - ------------------------------------------------------------------------------------------------------------------------ AIRLINES--1.2% AirTran Holdings, Inc. 1,2 16,200 293,382 - ------------------------------------------------------------------------------------------------------------------------ Alaska Air Group, Inc. 1,2 28,000 992,600 - ------------------------------------------------------------------------------------------------------------------------ AMR Corp. 1 39,200 1,060,360 - ------------------------------------------------------------------------------------------------------------------------ Continental Airlines, Inc., Cl. B 1,2 62,100 1,670,490 - ------------------------------------------------------------------------------------------------------------------------ ExpressJet Holdings, Inc. 1 28,800 214,272 - ------------------------------------------------------------------------------------------------------------------------ Frontier Airlines, Inc. 1,2 11,300 87,010 - ------------------------------------------------------------------------------------------------------------------------ Mesa Air Group, Inc. 1,2 44,500 509,080 - ------------------------------------------------------------------------------------------------------------------------ Republic Airways Holdings, Inc. 1,2 4,600 68,126 - ------------------------------------------------------------------------------------------------------------------------ SkyWest, Inc. 22,200 649,794
20 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ AIRLINES CONTINUED World Air Holdings, Inc. 1 6,900 $ 67,758 ---------------- 5,612,872 - ------------------------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--1.2% Ameron International Corp. 600 43,938 - ------------------------------------------------------------------------------------------------------------------------ Apogee Enterprises, Inc. 2 8,400 141,792 - ------------------------------------------------------------------------------------------------------------------------ Builders FirstSource, Inc. 1,2 38,400 872,064 - ------------------------------------------------------------------------------------------------------------------------ Crane Co. 14,900 611,049 - ------------------------------------------------------------------------------------------------------------------------ Jacuzzi Brands, Inc. 1 5,500 54,065 - ------------------------------------------------------------------------------------------------------------------------ Lennox International, Inc. 15,800 471,788 - ------------------------------------------------------------------------------------------------------------------------ NCI Building Systems, Inc. 1,2 11,600 693,332 - ------------------------------------------------------------------------------------------------------------------------ PW Eagle, Inc. 2 7,800 216,840 - ------------------------------------------------------------------------------------------------------------------------ Universal Forest Products, Inc. 2 14,100 895,209 - ------------------------------------------------------------------------------------------------------------------------ USG Corp. 1,2 14,800 1,405,408 - ------------------------------------------------------------------------------------------------------------------------ Watsco, Inc. 2 7,100 504,455 ---------------- 5,909,940 - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--3.2% Adesa, Inc. 2,200 58,828 - ------------------------------------------------------------------------------------------------------------------------ Administaff, Inc. 25,700 1,397,052 - ------------------------------------------------------------------------------------------------------------------------ Allied Waste Industries, Inc. 1,2 21,400 261,936 - ------------------------------------------------------------------------------------------------------------------------ Banta Corp. 13,200 686,136 - ------------------------------------------------------------------------------------------------------------------------ Bowne & Co., Inc. 2 2,700 45,009 - ------------------------------------------------------------------------------------------------------------------------ Brady Corp., Cl. A 2 1,700 63,682 - ------------------------------------------------------------------------------------------------------------------------ CBIZ, Inc. 1 4,800 38,400 - ------------------------------------------------------------------------------------------------------------------------ Central Parking Corp. 2 5,200 83,200 - ------------------------------------------------------------------------------------------------------------------------ Cenveo, Inc. 1,2 14,100 233,778 - ------------------------------------------------------------------------------------------------------------------------ Clean Harbors, Inc. 1,2 13,800 409,446 - ------------------------------------------------------------------------------------------------------------------------ Coinstar, Inc. 1 200 5,182 - ------------------------------------------------------------------------------------------------------------------------ CompX International, Inc. 600 9,690 - ------------------------------------------------------------------------------------------------------------------------ Consolidated Graphics, Inc. 1,2 3,500 182,420 - ------------------------------------------------------------------------------------------------------------------------ Corporate Executive Board Co. 4,500 454,050 - ------------------------------------------------------------------------------------------------------------------------ Deluxe Corp. 1,400 36,638 - ------------------------------------------------------------------------------------------------------------------------ DiamondCluster International, Inc. 1,2 9,300 99,510 - ------------------------------------------------------------------------------------------------------------------------ Dun & Bradstreet Corp. 1 8,800 674,784 - ------------------------------------------------------------------------------------------------------------------------ Ennis, Inc. 2 3,100 60,450 - ------------------------------------------------------------------------------------------------------------------------ Equifax, Inc. 2,200 81,928 - ------------------------------------------------------------------------------------------------------------------------ Exponent, Inc. 1 6,200 196,230 - ------------------------------------------------------------------------------------------------------------------------ Geo Group, Inc. (The) 1 2,400 80,016 - ------------------------------------------------------------------------------------------------------------------------ Harland (John H.) Co. 2,600 102,180 - ------------------------------------------------------------------------------------------------------------------------ Healthcare Services Group, Inc. 2 8,674 185,277 - ------------------------------------------------------------------------------------------------------------------------ Heidrick & Struggles International, Inc. 1,2 2,100 76,188 - ------------------------------------------------------------------------------------------------------------------------ HNI Corp. 9,900 584,100 - ------------------------------------------------------------------------------------------------------------------------ IHS, Inc., Cl. A 1 3,300 90,255 - ------------------------------------------------------------------------------------------------------------------------ Ikon Office Solutions, Inc. 41,700 594,225 - ------------------------------------------------------------------------------------------------------------------------ Kforce, Inc. 1,2 5,300 67,575 - ------------------------------------------------------------------------------------------------------------------------ Knoll, Inc. 10,600 225,992
21 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES CONTINUED Korn-Ferry International 1,2 24,200 $ 493,438 - ------------------------------------------------------------------------------------------------------------------------ Labor Ready, Inc. 1 32,200 771,190 - ------------------------------------------------------------------------------------------------------------------------ M&F Worldwide Corp. 1 2,700 38,556 - ------------------------------------------------------------------------------------------------------------------------ Manpower, Inc. 12,300 703,314 - ------------------------------------------------------------------------------------------------------------------------ McGrath Rentcorp 2 2,500 75,150 - ------------------------------------------------------------------------------------------------------------------------ Miller (Herman), Inc. 12,700 411,607 - ------------------------------------------------------------------------------------------------------------------------ On Assignment, Inc. 1 12,100 132,858 - ------------------------------------------------------------------------------------------------------------------------ PHH Corp. 1 43,700 1,166,790 - ------------------------------------------------------------------------------------------------------------------------ Pico Holdings, Inc. 1,2 2,100 69,069 - ------------------------------------------------------------------------------------------------------------------------ Republic Services, Inc. 3,100 131,781 - ------------------------------------------------------------------------------------------------------------------------ Resources Connection, Inc. 1,2 4,900 122,059 - ------------------------------------------------------------------------------------------------------------------------ Robert Half International, Inc. 2,400 92,664 - ------------------------------------------------------------------------------------------------------------------------ Rollins, Inc. 1,600 32,384 - ------------------------------------------------------------------------------------------------------------------------ Sirva, Inc. 1,2 28,900 246,517 - ------------------------------------------------------------------------------------------------------------------------ SITEL Corp. 1 2,600 10,920 - ------------------------------------------------------------------------------------------------------------------------ Sourcecorp, Inc. 1 9,100 219,401 - ------------------------------------------------------------------------------------------------------------------------ Spherion Corp. 1,2 43,200 449,280 - ------------------------------------------------------------------------------------------------------------------------ Standard Register Co. (The) 2 9,800 151,900 - ------------------------------------------------------------------------------------------------------------------------ Steelcase, Inc., Cl. A 2,300 41,400 - ------------------------------------------------------------------------------------------------------------------------ Team, Inc. 1 500 16,630 - ------------------------------------------------------------------------------------------------------------------------ TeleTech Holdings, Inc. 1 56,300 625,493 - ------------------------------------------------------------------------------------------------------------------------ Tetra Tech, Inc. 1 40,400 771,236 - ------------------------------------------------------------------------------------------------------------------------ United Stationers, Inc. 1 18,200 966,420 - ------------------------------------------------------------------------------------------------------------------------ Viad Corp. 2 8,700 298,236 - ------------------------------------------------------------------------------------------------------------------------ Volt Information Sciences, Inc. 1,2 2,900 88,624 - ------------------------------------------------------------------------------------------------------------------------ West Corp. 1 2,700 120,582 ---------------- 15,331,656 - ------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION & ENGINEERING--1.3% Baker (Michael) Corp. 1,2 6,100 172,813 - ------------------------------------------------------------------------------------------------------------------------ Comfort Systems USA, Inc. 23,800 321,300 - ------------------------------------------------------------------------------------------------------------------------ EMCOR Group, Inc. 1 22,400 1,112,384 - ------------------------------------------------------------------------------------------------------------------------ Foster Wheeler Ltd. 1 4,900 231,819 - ------------------------------------------------------------------------------------------------------------------------ Granite Construction, Inc. 18,900 920,052 - ------------------------------------------------------------------------------------------------------------------------ Insituform Technologies, Inc., Cl. A 1,2 7,800 207,480 - ------------------------------------------------------------------------------------------------------------------------ Perini Corp. 1 1,800 54,666 - ------------------------------------------------------------------------------------------------------------------------ Quanta Services, Inc. 1,2 80,900 1,296,018 - ------------------------------------------------------------------------------------------------------------------------ URS Corp. 1 23,700 953,925 - ------------------------------------------------------------------------------------------------------------------------ Washington Group International, Inc. 2,000 114,780 - ------------------------------------------------------------------------------------------------------------------------ Williams Scotsman International, Inc. 1 28,900 723,945 ---------------- 6,109,182 - ------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--1.4% Acuity Brands, Inc. 34,100 1,364,000 - ------------------------------------------------------------------------------------------------------------------------ AMETEK, Inc. 400 17,984 - ------------------------------------------------------------------------------------------------------------------------ Artesyn Technologies, Inc. 1 8,800 96,360
22 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT CONTINUED Baldor Electric Co. 4,400 $ 149,028 - ------------------------------------------------------------------------------------------------------------------------ C&D Technologies, Inc. 2 3,200 29,568 - ------------------------------------------------------------------------------------------------------------------------ Franklin Electric Co., Inc. 2 700 38,255 - ------------------------------------------------------------------------------------------------------------------------ General Cable Corp. 1 44,000 1,334,520 - ------------------------------------------------------------------------------------------------------------------------ Genlyte Group, Inc. (The) 1,2 11,500 783,610 - ------------------------------------------------------------------------------------------------------------------------ LaBarge, Inc. 1,2 7,200 107,640 - ------------------------------------------------------------------------------------------------------------------------ Lamson & Sessions Co. (The) 1,2 3,200 89,056 - ------------------------------------------------------------------------------------------------------------------------ LSI Industries, Inc. 12,100 206,184 - ------------------------------------------------------------------------------------------------------------------------ Power-One, Inc. 1,2 24,600 177,120 - ------------------------------------------------------------------------------------------------------------------------ Preformed Line Products Co. 2 700 23,744 - ------------------------------------------------------------------------------------------------------------------------ Roper Industries, Inc. 9,800 476,574 - ------------------------------------------------------------------------------------------------------------------------ Smith (A.O.) Corp. 2 13,800 728,640 - ------------------------------------------------------------------------------------------------------------------------ Thomas & Betts Corp. 1 8,400 431,592 - ------------------------------------------------------------------------------------------------------------------------ Vicor Corp. 2 10,600 209,138 - ------------------------------------------------------------------------------------------------------------------------ Woodward Governor Co. 2 21,300 708,225 ---------------- 6,971,238 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.1% Raven Industries, Inc. 600 23,466 - ------------------------------------------------------------------------------------------------------------------------ Teleflex, Inc. 8,100 580,203 - ------------------------------------------------------------------------------------------------------------------------ United Industrial Corp. 2 900 54,837 ---------------- 658,506 - ------------------------------------------------------------------------------------------------------------------------ MACHINERY--3.8% Accuride Corp. 1 3,700 42,550 - ------------------------------------------------------------------------------------------------------------------------ AGCO Corp. 1,2 51,100 1,059,814 - ------------------------------------------------------------------------------------------------------------------------ Albany International Corp., Cl. A 30,100 1,146,509 - ------------------------------------------------------------------------------------------------------------------------ American Railcar Industries, Inc. 11,000 385,770 - ------------------------------------------------------------------------------------------------------------------------ American Science & Engineering, Inc. 1,2 2,400 224,160 - ------------------------------------------------------------------------------------------------------------------------ Astec Industries, Inc. 1 19,100 685,690 - ------------------------------------------------------------------------------------------------------------------------ Badger Meter, Inc. 2 200 11,396 - ------------------------------------------------------------------------------------------------------------------------ Barnes Group, Inc. 2 9,500 384,750 - ------------------------------------------------------------------------------------------------------------------------ Cascade Corp. 2 3,800 200,830 - ------------------------------------------------------------------------------------------------------------------------ Ceradyne, Inc. 1,2 11,600 578,840 - ------------------------------------------------------------------------------------------------------------------------ CIRCOR International, Inc. 2 3,800 110,960 - ------------------------------------------------------------------------------------------------------------------------ Clarcor, Inc. 3,500 124,600 - ------------------------------------------------------------------------------------------------------------------------ Columbus McKinnon Corp. 1 12,100 325,853 - ------------------------------------------------------------------------------------------------------------------------ Commercial Vehicle Group, Inc. 1,2 2,100 40,341 - ------------------------------------------------------------------------------------------------------------------------ Cummins, Inc. 3,900 409,890 - ------------------------------------------------------------------------------------------------------------------------ Dynamic Materials Corp. 2 2,400 85,536 - ------------------------------------------------------------------------------------------------------------------------ Encore Wire Corp. 1,2 15,300 518,364 - ------------------------------------------------------------------------------------------------------------------------ Esterline Technologies Corp. 1 18,200 778,050 - ------------------------------------------------------------------------------------------------------------------------ Federal Signal Corp. 2,800 51,800 - ------------------------------------------------------------------------------------------------------------------------ Flow International Corp. 1 2,500 32,925 - ------------------------------------------------------------------------------------------------------------------------ Flowserve Corp. 1 29,500 1,721,030 - ------------------------------------------------------------------------------------------------------------------------ Freightcar America, Inc. 2 5,200 330,720
23 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ MACHINERY CONTINUED JLG Industries, Inc. 2 22,200 $ 683,538 - ------------------------------------------------------------------------------------------------------------------------ Kaydon Corp. 2 15,700 633,652 - ------------------------------------------------------------------------------------------------------------------------ Lincoln Electric Holdings, Inc. 6,400 345,536 - ------------------------------------------------------------------------------------------------------------------------ Lindsay Manufacturing Co. 2 500 13,545 - ------------------------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The) 10,500 957,075 - ------------------------------------------------------------------------------------------------------------------------ Miller Industries, Inc. 1 5,100 130,050 - ------------------------------------------------------------------------------------------------------------------------ Mueller Industries, Inc. 13,200 471,108 - ------------------------------------------------------------------------------------------------------------------------ NACCO Industries, Inc., Cl. A 5,700 877,572 - ------------------------------------------------------------------------------------------------------------------------ Navistar International Corp. 1 3,500 96,530 - ------------------------------------------------------------------------------------------------------------------------ Nordson Corp. 14,000 698,040 - ------------------------------------------------------------------------------------------------------------------------ Oshkosh Truck Corp. 1,500 93,360 - ------------------------------------------------------------------------------------------------------------------------ RBC Bearings, Inc. 1,2 800 16,400 - ------------------------------------------------------------------------------------------------------------------------ Regal-Beloit Corp. 2 2,600 109,902 - ------------------------------------------------------------------------------------------------------------------------ SPX Corp. 11,900 635,698 - ------------------------------------------------------------------------------------------------------------------------ Stewart & Stevenson Services, Inc. 11,500 419,520 - ------------------------------------------------------------------------------------------------------------------------ Sun Hydraulics Corp. 2 4,700 100,486 - ------------------------------------------------------------------------------------------------------------------------ Tennant Co. 2 4,200 219,744 - ------------------------------------------------------------------------------------------------------------------------ Terex Corp. 1 10,000 792,400 - ------------------------------------------------------------------------------------------------------------------------ Titan International, Inc. 2 10,600 182,956 - ------------------------------------------------------------------------------------------------------------------------ Toro Co. (The) 2 11,400 544,350 - ------------------------------------------------------------------------------------------------------------------------ Valmont Industries, Inc. 4,900 205,996 - ------------------------------------------------------------------------------------------------------------------------ Wabtec Corp. 24,900 811,740 ---------------- 18,289,576 - ------------------------------------------------------------------------------------------------------------------------ MARINE--0.2% American Commercial Lines, Inc. 1,2 5,200 245,440 - ------------------------------------------------------------------------------------------------------------------------ Horizon Lines, Inc., Cl. A 12,800 165,888 - ------------------------------------------------------------------------------------------------------------------------ Kirby Corp. 1 5,400 367,794 ---------------- 779,122 - ------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL--1.3% Amerco, Inc. 1,2 6,500 643,305 - ------------------------------------------------------------------------------------------------------------------------ Arkansas Best Corp. 2 26,500 1,036,680 - ------------------------------------------------------------------------------------------------------------------------ Celadon Group, Inc. 1 14,800 323,972 - ------------------------------------------------------------------------------------------------------------------------ Heartland Express, Inc. 2 7,500 163,425 - ------------------------------------------------------------------------------------------------------------------------ Laidlaw International, Inc. 17,200 467,840 - ------------------------------------------------------------------------------------------------------------------------ Landstar System, Inc. 15,300 675,036 - ------------------------------------------------------------------------------------------------------------------------ Mullen Group Income Fund 3,000 82,202 - ------------------------------------------------------------------------------------------------------------------------ Pacer International, Inc. 39,800 1,300,664 - ------------------------------------------------------------------------------------------------------------------------ Ryder Systems, Inc. 4,900 219,422 - ------------------------------------------------------------------------------------------------------------------------ SCS Transportation, Inc. 1 10,100 294,011 - ------------------------------------------------------------------------------------------------------------------------ Swift Transportation Co., Inc. 1,2 39,700 862,681 - ------------------------------------------------------------------------------------------------------------------------ U.S. Xpress Enterprises, Inc., Cl. A 1 1,100 21,417 - ------------------------------------------------------------------------------------------------------------------------ Universal Truckload Services, Inc. 1 4,000 100,200 - ------------------------------------------------------------------------------------------------------------------------ USA Truck, Inc. 1 8,000 196,960 ---------------- 6,387,815
24 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--1.1% Applied Industrial Technologies, Inc. 27,750 $ 1,237,650 - ------------------------------------------------------------------------------------------------------------------------ BlueLinx Holdings, Inc. 5,900 94,400 - ------------------------------------------------------------------------------------------------------------------------ GATX Corp. 8,600 355,094 - ------------------------------------------------------------------------------------------------------------------------ H&E Equipment Services, Inc. 1 7,100 206,752 - ------------------------------------------------------------------------------------------------------------------------ Interline Brands, Inc. 1 700 17,661 - ------------------------------------------------------------------------------------------------------------------------ MSC Industrial Direct Co., Inc., Cl. A 7,300 394,346 - ------------------------------------------------------------------------------------------------------------------------ Rush Enterprises, Inc., Cl. A 1,2 1,400 24,612 - ------------------------------------------------------------------------------------------------------------------------ UAP Holding Corp. 43,000 924,500 - ------------------------------------------------------------------------------------------------------------------------ United Rentals, Inc. 1,2 44,700 1,542,150 - ------------------------------------------------------------------------------------------------------------------------ WESCO International, Inc. 1,2 6,500 442,065 ---------------- 5,239,230 - ------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.0% Macquarie Infrastructure Co. Trust 900 29,250 - ------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--23.8% - ------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--3.4% ADTRAN, Inc. 18,700 489,566 - ------------------------------------------------------------------------------------------------------------------------ Anaren Microwave, Inc. 1 9,900 192,753 - ------------------------------------------------------------------------------------------------------------------------ Andrew Corp. 1 31,300 384,364 - ------------------------------------------------------------------------------------------------------------------------ Arris Group, Inc. 1 38,400 528,384 - ------------------------------------------------------------------------------------------------------------------------ Avaya, Inc. 1 24,900 281,370 - ------------------------------------------------------------------------------------------------------------------------ Avocent Corp. 1 31,900 1,012,506 - ------------------------------------------------------------------------------------------------------------------------ Black Box Corp. 7,000 336,350 - ------------------------------------------------------------------------------------------------------------------------ Brocade Communications Systems, Inc. 1 252,900 1,689,372 - ------------------------------------------------------------------------------------------------------------------------ Ciena Corp. 1 243,400 1,268,114 - ------------------------------------------------------------------------------------------------------------------------ CommScope, Inc. 1 49,900 1,424,645 - ------------------------------------------------------------------------------------------------------------------------ Digi International, Inc. 1,2 10,000 116,700 - ------------------------------------------------------------------------------------------------------------------------ Ditech Communications Corp. 1,2 13,700 143,165 - ------------------------------------------------------------------------------------------------------------------------ Echelon Corp. 1,2 200 1,888 - ------------------------------------------------------------------------------------------------------------------------ Emulex Corp. 1 62,200 1,062,998 - ------------------------------------------------------------------------------------------------------------------------ Extreme Networks, Inc. 1 65,700 329,814 - ------------------------------------------------------------------------------------------------------------------------ Foundry Networks, Inc. 1 39,500 717,320 - ------------------------------------------------------------------------------------------------------------------------ Harmonic, Inc. 1 7,100 45,227 - ------------------------------------------------------------------------------------------------------------------------ Inter-Tel, Inc. 900 19,296 - ------------------------------------------------------------------------------------------------------------------------ InterDigital Communications Corp. 1 3,300 80,916 - ------------------------------------------------------------------------------------------------------------------------ MasTec, Inc. 1,2 30,800 436,436 - ------------------------------------------------------------------------------------------------------------------------ Netgear, Inc. 1,2 17,500 332,675 - ------------------------------------------------------------------------------------------------------------------------ Oplink Communications, Inc. 1,2 1,400 24,276 - ------------------------------------------------------------------------------------------------------------------------ Packeteer, Inc. 1,2 38,900 451,240 - ------------------------------------------------------------------------------------------------------------------------ Performance Technologies, Inc. 1,2 10,100 75,750 - ------------------------------------------------------------------------------------------------------------------------ Polycom, Inc. 1 74,100 1,606,488 - ------------------------------------------------------------------------------------------------------------------------ Powerwave Technologies, Inc. 1 13,500 182,115 - ------------------------------------------------------------------------------------------------------------------------ QLogic Corp. 1 24,900 481,815 - ------------------------------------------------------------------------------------------------------------------------ Redback Networks, Inc. 1,2 45,400 984,726 - ------------------------------------------------------------------------------------------------------------------------ Stratex Networks, Inc. 1,2 13,300 81,795
25 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT CONTINUED Superior Essex, Inc. 1 9,500 $ 241,680 - ------------------------------------------------------------------------------------------------------------------------ Sycamore Networks, Inc. 1 84,200 395,740 - ------------------------------------------------------------------------------------------------------------------------ Symmetricom, Inc. 1,2 9,500 81,225 - ------------------------------------------------------------------------------------------------------------------------ Tekelec, Inc. 1,2 15,700 217,131 - ------------------------------------------------------------------------------------------------------------------------ Tellabs, Inc. 1 23,300 370,470 - ------------------------------------------------------------------------------------------------------------------------ ViaSat, Inc. 1 10,500 300,825 ---------------- 16,389,135 - ------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--1.4% Advanced Digital Information Corp. 1 41,800 367,004 - ------------------------------------------------------------------------------------------------------------------------ Dot Hill Systems Corp. 1,2 9,400 66,740 - ------------------------------------------------------------------------------------------------------------------------ Electronics for Imaging, Inc. 1,2 10,300 288,091 - ------------------------------------------------------------------------------------------------------------------------ Imation Corp. 26,700 1,145,697 - ------------------------------------------------------------------------------------------------------------------------ Intergraph Corp. 1 22,200 924,852 - ------------------------------------------------------------------------------------------------------------------------ Intermec, Inc. 1,2 22,100 674,271 - ------------------------------------------------------------------------------------------------------------------------ M-Systems Flash Disk Pioneers Ltd. 1,2 5,400 139,644 - ------------------------------------------------------------------------------------------------------------------------ Maxtor Corp. 1 65,600 627,136 - ------------------------------------------------------------------------------------------------------------------------ NCR Corp. 1 4,300 179,697 - ------------------------------------------------------------------------------------------------------------------------ Palm, Inc. 1,2 55,500 1,285,380 - ------------------------------------------------------------------------------------------------------------------------ SimpleTech, Inc. 1 1,400 5,264 - ------------------------------------------------------------------------------------------------------------------------ Synaptics, Inc. 1,2 2,600 57,174 - ------------------------------------------------------------------------------------------------------------------------ Western Digital Corp. 1 53,000 1,029,790 ---------------- 6,790,740 - ------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--3.5% Aeroflex, Inc. 1 11,800 162,014 - ------------------------------------------------------------------------------------------------------------------------ Agilysys, Inc. 21,600 325,296 - ------------------------------------------------------------------------------------------------------------------------ Anixter International, Inc. 2 9,100 434,798 - ------------------------------------------------------------------------------------------------------------------------ Arrow Electronics, Inc. 1 18,100 584,087 - ------------------------------------------------------------------------------------------------------------------------ Avnet, Inc. 1 9,400 238,572 - ------------------------------------------------------------------------------------------------------------------------ AVX Corp. 2 16,900 299,130 - ------------------------------------------------------------------------------------------------------------------------ Belden CDT, Inc. 2 30,500 830,515 - ------------------------------------------------------------------------------------------------------------------------ Bell Microproducts, Inc. 1,2 10,800 66,528 - ------------------------------------------------------------------------------------------------------------------------ Brightpoint, Inc. 1,2 42,075 1,306,850 - ------------------------------------------------------------------------------------------------------------------------ CalAmp Corp. 1,2 8,800 103,312 - ------------------------------------------------------------------------------------------------------------------------ CDW Corp. 2 3,500 205,975 - ------------------------------------------------------------------------------------------------------------------------ Checkpoint Systems, Inc. 1 14,200 381,696 - ------------------------------------------------------------------------------------------------------------------------ Coherent, Inc. 1 27,000 947,970 - ------------------------------------------------------------------------------------------------------------------------ CTS Corp. 2 2,900 38,802 - ------------------------------------------------------------------------------------------------------------------------ Electro Scientific Industries, Inc. 1,2 27,400 606,362 - ------------------------------------------------------------------------------------------------------------------------ Fargo Electronics, Inc. 1 8,400 142,044 - ------------------------------------------------------------------------------------------------------------------------ Hypercom Corp. 1,2 20,700 192,510 - ------------------------------------------------------------------------------------------------------------------------ Itron, Inc. 1 10,900 652,365 - ------------------------------------------------------------------------------------------------------------------------ Keithley Instruments, Inc. 2 5,100 78,336 - ------------------------------------------------------------------------------------------------------------------------ Kemet Corp. 1 4,500 42,615
26 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Komag, Inc. 1,2 29,400 $ 1,399,440 - ------------------------------------------------------------------------------------------------------------------------ Mettler-Toledo International, Inc. 1 8,900 537,026 - ------------------------------------------------------------------------------------------------------------------------ MTS Systems Corp. 9,800 409,934 - ------------------------------------------------------------------------------------------------------------------------ Multi-Fineline Electronix, Inc. 1,2 4,600 269,054 - ------------------------------------------------------------------------------------------------------------------------ National Instruments Corp. 8,400 274,008 - ------------------------------------------------------------------------------------------------------------------------ Newport Corp. 1,2 11,900 224,434 - ------------------------------------------------------------------------------------------------------------------------ Park Electrochemical Corp. 2 16,100 474,950 - ------------------------------------------------------------------------------------------------------------------------ PC Connection, Inc. 1 3,800 21,888 - ------------------------------------------------------------------------------------------------------------------------ Photon Dynamics, Inc. 1,2 1,300 24,375 - ------------------------------------------------------------------------------------------------------------------------ Planar Systems, Inc. 1,2 1,000 16,920 - ------------------------------------------------------------------------------------------------------------------------ Plexus Corp. 1 45,600 1,713,192 - ------------------------------------------------------------------------------------------------------------------------ RadiSys Corp. 1,2 16,900 335,465 - ------------------------------------------------------------------------------------------------------------------------ Rofin-Sinar Technologies, Inc. 1,2 12,000 649,560 - ------------------------------------------------------------------------------------------------------------------------ Rogers Corp. 1,2 2,600 141,648 - ------------------------------------------------------------------------------------------------------------------------ Sanmina-SCI Corp. 1 108,400 444,440 - ------------------------------------------------------------------------------------------------------------------------ ScanSource, Inc. 1,2 3,000 181,230 - ------------------------------------------------------------------------------------------------------------------------ Solectron Corp. 1 138,400 553,600 - ------------------------------------------------------------------------------------------------------------------------ Staktek Holdings, Inc. 1 900 5,580 - ------------------------------------------------------------------------------------------------------------------------ SYNNEX Corp. 1 1,500 27,840 - ------------------------------------------------------------------------------------------------------------------------ Tech Data Corp. 1 15,000 553,650 - ------------------------------------------------------------------------------------------------------------------------ Technitrol, Inc. 5,000 119,900 - ------------------------------------------------------------------------------------------------------------------------ Tektronix, Inc. 11,000 392,810 - ------------------------------------------------------------------------------------------------------------------------ Zygo Corp. 1 21,100 344,352 ---------------- 16,755,073 - ------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--3.1% 24/7 Real Media, Inc. 1,2 27,800 290,788 - ------------------------------------------------------------------------------------------------------------------------ Ariba, Inc. 1,2 13,100 128,118 - ------------------------------------------------------------------------------------------------------------------------ Art Technology Group, Inc. 1 9,500 30,495 - ------------------------------------------------------------------------------------------------------------------------ AsiaInfo Holdings, Inc. 1,2 10,000 50,000 - ------------------------------------------------------------------------------------------------------------------------ Bankrate, Inc. 1 4,400 191,664 - ------------------------------------------------------------------------------------------------------------------------ Blackboard, Inc. 1 3,000 85,230 - ------------------------------------------------------------------------------------------------------------------------ Chordiant Software, Inc. 1 3,000 10,470 - ------------------------------------------------------------------------------------------------------------------------ Covansys Corp. 1 5,800 99,702 - ------------------------------------------------------------------------------------------------------------------------ CyberSource Corp. 1 12,400 138,384 - ------------------------------------------------------------------------------------------------------------------------ Digital Insight Corp. 1 30,700 1,117,480 - ------------------------------------------------------------------------------------------------------------------------ Digital River, Inc. 1,2 31,600 1,378,076 - ------------------------------------------------------------------------------------------------------------------------ Digitas, Inc. 1 22,500 324,000 - ------------------------------------------------------------------------------------------------------------------------ EarthLink, Inc. 1 117,600 1,123,080 - ------------------------------------------------------------------------------------------------------------------------ eCollege.com, Inc. 1 800 15,072 - ------------------------------------------------------------------------------------------------------------------------ HomeStore.com, Inc. 1,2 89,700 588,432 - ------------------------------------------------------------------------------------------------------------------------ InfoSpace, Inc. 1,2 40,200 1,123,590 - ------------------------------------------------------------------------------------------------------------------------ Internet Security Systems, Inc. 1,2 47,000 1,127,060 - ------------------------------------------------------------------------------------------------------------------------ Interwoven, Inc. 1 1,300 11,687
27 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES CONTINUED iPass, Inc. 1 20,400 $ 163,404 - ------------------------------------------------------------------------------------------------------------------------ j2 Global Communications, Inc. 1,2 9,900 465,300 - ------------------------------------------------------------------------------------------------------------------------ Keynote Systems, Inc. 1,2 1,800 20,592 - ------------------------------------------------------------------------------------------------------------------------ Knot, Inc. (The) 1 700 12,670 - ------------------------------------------------------------------------------------------------------------------------ MicroStrategy, Inc., Cl. A 1 13,500 1,421,415 - ------------------------------------------------------------------------------------------------------------------------ Online Resources & Communications Corp. 1,2 9,000 117,000 - ------------------------------------------------------------------------------------------------------------------------ Open Text Corp. 1,2 9,200 151,156 - ------------------------------------------------------------------------------------------------------------------------ Openwave Systems, Inc. 1,2 35,700 770,406 - ------------------------------------------------------------------------------------------------------------------------ RealNetworks, Inc. 1 55,100 454,575 - ------------------------------------------------------------------------------------------------------------------------ Secure Computing Corp. 1 22,900 264,266 - ------------------------------------------------------------------------------------------------------------------------ SonicWALL, Inc. 1,2 61,500 436,035 - ------------------------------------------------------------------------------------------------------------------------ Stellent, Inc. 1,900 22,534 - ------------------------------------------------------------------------------------------------------------------------ United Online, Inc. 2 76,800 987,648 - ------------------------------------------------------------------------------------------------------------------------ ValueClick, Inc. 1 4 68 - ------------------------------------------------------------------------------------------------------------------------ Vignette Corp. 1 25,900 382,025 - ------------------------------------------------------------------------------------------------------------------------ webMethods, Inc. 1 49,100 413,422 - ------------------------------------------------------------------------------------------------------------------------ Websense, Inc. 1,2 40,600 1,119,748 ---------------- 15,035,592 - ------------------------------------------------------------------------------------------------------------------------ IT SERVICES--2.8% Acxiom Corp. 13,300 343,672 - ------------------------------------------------------------------------------------------------------------------------ Anteon International Corp. 1 300 16,368 - ------------------------------------------------------------------------------------------------------------------------ Aquantive, Inc. 1 9,100 214,214 - ------------------------------------------------------------------------------------------------------------------------ BearingPoint, Inc. 1,2 39,900 338,751 - ------------------------------------------------------------------------------------------------------------------------ BISYS Group, Inc. (The) 1 51,900 699,612 - ------------------------------------------------------------------------------------------------------------------------ CACI International, Inc., Cl. A 1 11,700 769,275 - ------------------------------------------------------------------------------------------------------------------------ Ceridian Corp. 1 24,000 610,800 - ------------------------------------------------------------------------------------------------------------------------ CheckFree Corp. 1 11,400 575,700 - ------------------------------------------------------------------------------------------------------------------------ CIBER, Inc. 1 19,900 126,962 - ------------------------------------------------------------------------------------------------------------------------ Convergys Corp. 1 6,000 109,260 - ------------------------------------------------------------------------------------------------------------------------ CSG Systems International, Inc. 1 51,000 1,186,260 - ------------------------------------------------------------------------------------------------------------------------ Forrester Research, Inc. 1 9,000 200,880 - ------------------------------------------------------------------------------------------------------------------------ Gevity HR, Inc. 2 5,400 132,084 - ------------------------------------------------------------------------------------------------------------------------ Global Payments, Inc. 11,500 609,615 - ------------------------------------------------------------------------------------------------------------------------ Hewitt Associates, Inc. 1 3,700 110,038 - ------------------------------------------------------------------------------------------------------------------------ infoUSA, Inc. 25,100 325,798 - ------------------------------------------------------------------------------------------------------------------------ Integral Systems, Inc. 2 300 8,097 - ------------------------------------------------------------------------------------------------------------------------ Intrado, Inc. 1 17,700 459,846 - ------------------------------------------------------------------------------------------------------------------------ Keane, Inc. 1,2 11,800 185,850 - ------------------------------------------------------------------------------------------------------------------------ Lawson Software, Inc. 1,2 98,100 752,427 - ------------------------------------------------------------------------------------------------------------------------ Lightbridge, Inc. 1 3,700 41,070 - ------------------------------------------------------------------------------------------------------------------------ Manhattan Associates, Inc. 1,2 15,800 347,600 - ------------------------------------------------------------------------------------------------------------------------ ManTech International Corp. 1 7,600 252,472 - ------------------------------------------------------------------------------------------------------------------------ Maximus, Inc. 22,400 805,952
30 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ IT SERVICES CONTINUED MoneyGram International, Inc. 19,100 $ 586,752 - ------------------------------------------------------------------------------------------------------------------------ MPS Group, Inc. 1 88,600 1,355,580 - ------------------------------------------------------------------------------------------------------------------------ Perot Systems Corp., Cl. A 1,2 43,100 670,636 - ------------------------------------------------------------------------------------------------------------------------ Sabre Holdings Corp. 18,900 444,717 - ------------------------------------------------------------------------------------------------------------------------ SI International, Inc. 1 900 31,635 - ------------------------------------------------------------------------------------------------------------------------ Startek, Inc. 2 5,500 129,580 - ------------------------------------------------------------------------------------------------------------------------ Sykes Enterprises, Inc. 1 28,500 404,130 - ------------------------------------------------------------------------------------------------------------------------ TNS, Inc. 1 4,700 99,546 - ------------------------------------------------------------------------------------------------------------------------ Total System Services, Inc. 2 3,500 69,720 - ------------------------------------------------------------------------------------------------------------------------ Tyler Technologies, Inc. 1 1,400 15,400 - ------------------------------------------------------------------------------------------------------------------------ Unisys Corp. 1 15,600 107,484 - ------------------------------------------------------------------------------------------------------------------------ VeriFone Holdings, Inc. 1,2 4,700 142,363 ---------------- 13,280,146 - ------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.1% ADE Corp. 1 18,300 560,346 - ------------------------------------------------------------------------------------------------------------------------ Advanced Energy Industries, Inc. 1,2 31,100 439,443 - ------------------------------------------------------------------------------------------------------------------------ Amkor Technology, Inc. 1,2 37,800 326,592 - ------------------------------------------------------------------------------------------------------------------------ ANADIGICS, Inc. 1 18,200 143,780 - ------------------------------------------------------------------------------------------------------------------------ Applied Micro Circuits Corp. 1 122,200 497,354 - ------------------------------------------------------------------------------------------------------------------------ Asyst Technologies, Inc. 1 27,900 290,439 - ------------------------------------------------------------------------------------------------------------------------ Atmel Corp. 1 51,700 244,024 - ------------------------------------------------------------------------------------------------------------------------ Axcelis Technologies, Inc. 1 31,800 186,348 - ------------------------------------------------------------------------------------------------------------------------ Brooks Automation, Inc. 1,2 21,754 309,777 - ------------------------------------------------------------------------------------------------------------------------ Cirrus Logic, Inc. 1 74,700 633,456 - ------------------------------------------------------------------------------------------------------------------------ Cohu, Inc. 2 14,900 316,178 - ------------------------------------------------------------------------------------------------------------------------ Conexant Systems, Inc. 1 232,700 802,815 - ------------------------------------------------------------------------------------------------------------------------ Cymer, Inc. 1 34,900 1,585,856 - ------------------------------------------------------------------------------------------------------------------------ Diodes, Inc. 1 12,424 515,596 - ------------------------------------------------------------------------------------------------------------------------ EMCORE Corp. 1,2 12,800 130,816 - ------------------------------------------------------------------------------------------------------------------------ Entegris, Inc. 1 15,375 163,590 - ------------------------------------------------------------------------------------------------------------------------ Exar Corp. 1,2 13,800 197,064 - ------------------------------------------------------------------------------------------------------------------------ Fairchild Semiconductor International, Inc., Cl. A 1 6,900 131,583 - ------------------------------------------------------------------------------------------------------------------------ FEI Co. 1,2 1,700 33,745 - ------------------------------------------------------------------------------------------------------------------------ Genesis Microchip, Inc. 1,2 13,500 230,040 - ------------------------------------------------------------------------------------------------------------------------ Hittite Microwave Corp. 1 1,800 60,678 - ------------------------------------------------------------------------------------------------------------------------ Ikanos Communications, Inc. 1,2 9,000 177,390 - ------------------------------------------------------------------------------------------------------------------------ Intersil Corp., Cl. A 24,600 711,432 - ------------------------------------------------------------------------------------------------------------------------ Intevac, Inc. 1,2 5,900 169,802 - ------------------------------------------------------------------------------------------------------------------------ IXYS Corp. 1,2 9,300 85,746 - ------------------------------------------------------------------------------------------------------------------------ Kopin Corp. 1,2 64,500 323,145 - ------------------------------------------------------------------------------------------------------------------------ Kulicke & Soffa Industries, Inc. 1,2 36,400 347,256 - ------------------------------------------------------------------------------------------------------------------------ Lam Research Corp. 1 14,600 627,800 - ------------------------------------------------------------------------------------------------------------------------ LSI Logic Corp. 1 63,700 736,372
29 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED LTX Corp. 1 45,000 $ 243,000 - ------------------------------------------------------------------------------------------------------------------------ Mattson Technology, Inc. 1 32,200 386,400 - ------------------------------------------------------------------------------------------------------------------------ Micrel, Inc. 1,2 83,800 1,241,916 - ------------------------------------------------------------------------------------------------------------------------ Microsemi Corp. 1 33,000 960,630 - ------------------------------------------------------------------------------------------------------------------------ Microtune, Inc. 1,2 800 4,176 - ------------------------------------------------------------------------------------------------------------------------ Mindspeed Technologies, Inc. 1,2 9,300 37,014 - ------------------------------------------------------------------------------------------------------------------------ MIPS Technologies, Inc., Cl. A 1 11,400 85,044 - ------------------------------------------------------------------------------------------------------------------------ MKS Instruments, Inc. 1 14,500 339,735 - ------------------------------------------------------------------------------------------------------------------------ Netlogic Microsystems, Inc. 1,2 13,900 572,819 - ------------------------------------------------------------------------------------------------------------------------ Novellus Systems, Inc. 1 20,200 484,800 - ------------------------------------------------------------------------------------------------------------------------ NVIDIA Corp. 1 13,500 773,010 - ------------------------------------------------------------------------------------------------------------------------ OmniVision Technologies, Inc. 1,2 50,200 1,516,040 - ------------------------------------------------------------------------------------------------------------------------ ON Semiconductor Corp. 1,2 151,300 1,098,438 - ------------------------------------------------------------------------------------------------------------------------ PDF Solutions, Inc. 1,2 15,000 283,800 - ------------------------------------------------------------------------------------------------------------------------ Photronics, Inc. 1,2 37,600 705,376 - ------------------------------------------------------------------------------------------------------------------------ PortalPlayer, Inc. 1,2 6,500 144,495 - ------------------------------------------------------------------------------------------------------------------------ Power Integrations, Inc. 1,2 3,900 96,642 - ------------------------------------------------------------------------------------------------------------------------ Silicon Image, Inc. 1 57,600 593,856 - ------------------------------------------------------------------------------------------------------------------------ Silicon Laboratories, Inc. 1 20,100 1,104,495 - ------------------------------------------------------------------------------------------------------------------------ Skyworks Solutions, Inc. 1,2 16,900 114,751 - ------------------------------------------------------------------------------------------------------------------------ Supertex, Inc. 1,2 5,400 203,148 - ------------------------------------------------------------------------------------------------------------------------ TriQuint Semiconductor, Inc. 1 97,600 480,192 - ------------------------------------------------------------------------------------------------------------------------ Ultra Clean Holdings, Inc. 1 600 4,500 - ------------------------------------------------------------------------------------------------------------------------ Varian Semiconductor Equipment Associates, Inc. 1 29,550 829,764 - ------------------------------------------------------------------------------------------------------------------------ Veeco Instruments, Inc. 1,2 11,600 270,860 - ------------------------------------------------------------------------------------------------------------------------ Zoran Corp. 1 54,100 1,183,708 ---------------- 24,737,072 - ------------------------------------------------------------------------------------------------------------------------ SOFTWARE--4.5% Actuate Corp. 1 5,100 21,675 - ------------------------------------------------------------------------------------------------------------------------ Advent Software, Inc. 1 10,200 289,884 - ------------------------------------------------------------------------------------------------------------------------ Altiris, Inc. 1,2 12,300 270,723 - ------------------------------------------------------------------------------------------------------------------------ Ansoft Corp. 1 10,300 429,407 - ------------------------------------------------------------------------------------------------------------------------ Ansys, Inc. 1,2 14,998 812,142 - ------------------------------------------------------------------------------------------------------------------------ Aspen Technology, Inc. 1,2 44,200 559,130 - ------------------------------------------------------------------------------------------------------------------------ BEA Systems, Inc. 1 59,500 781,235 - ------------------------------------------------------------------------------------------------------------------------ Blackbaud, Inc. 43,989 932,127 - ------------------------------------------------------------------------------------------------------------------------ BMC Software, Inc. 1 30,200 654,132 - ------------------------------------------------------------------------------------------------------------------------ Cadence Design Systems, Inc. 1 37,200 687,828 - ------------------------------------------------------------------------------------------------------------------------ Catapult Communications Corp. 1,2 8,400 111,720 - ------------------------------------------------------------------------------------------------------------------------ Citrix Systems, Inc. 1 11,500 435,850 - ------------------------------------------------------------------------------------------------------------------------ Compuware Corp. 1 57,800 452,574 - ------------------------------------------------------------------------------------------------------------------------ Concur Technologies, Inc. 1,2 10,200 189,006
30 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ SOFTWARE CONTINUED Entrust Technologies, Inc. 1 20,200 $ 90,900 - ------------------------------------------------------------------------------------------------------------------------ Epicor Software Corp. 1 8,400 112,812 - ------------------------------------------------------------------------------------------------------------------------ EPIQ Systems, Inc. 1,2 7,000 133,000 - ------------------------------------------------------------------------------------------------------------------------ ePlus, inc. 1 1,200 17,076 - ------------------------------------------------------------------------------------------------------------------------ Fair Isaac Corp. 15,500 614,110 - ------------------------------------------------------------------------------------------------------------------------ FalconStor Software, Inc. 1,2 1,500 14,175 - ------------------------------------------------------------------------------------------------------------------------ FileNet Corp. 1,2 37,700 1,018,654 - ------------------------------------------------------------------------------------------------------------------------ Henry (Jack) & Associates, Inc. 10,400 237,848 - ------------------------------------------------------------------------------------------------------------------------ Hyperion Solutions Corp. 1 17,600 573,760 - ------------------------------------------------------------------------------------------------------------------------ i2 Technoloogies, Inc. 1,2 2,700 46,440 - ------------------------------------------------------------------------------------------------------------------------ Informatica Corp. 1 70,600 1,097,830 - ------------------------------------------------------------------------------------------------------------------------ InterVideo, Inc. 1,2 1,700 18,462 - ------------------------------------------------------------------------------------------------------------------------ InterVoice-Brite, Inc. 1,2 23,800 204,918 - ------------------------------------------------------------------------------------------------------------------------ JDA Software Group, Inc. 1 23,900 345,116 - ------------------------------------------------------------------------------------------------------------------------ Macrovision Corp. 1 18,100 400,915 - ------------------------------------------------------------------------------------------------------------------------ Magma Design Automation, Inc. 1,2 17,500 151,375 - ------------------------------------------------------------------------------------------------------------------------ MapInfo Corp. 1,2 6,800 95,336 - ------------------------------------------------------------------------------------------------------------------------ McAfee, Inc. 1 9,800 238,434 - ------------------------------------------------------------------------------------------------------------------------ Mentor Graphics Corp. 1,2 16,200 179,010 - ------------------------------------------------------------------------------------------------------------------------ MICROS Systems, Inc. 1 7,100 327,097 - ------------------------------------------------------------------------------------------------------------------------ MRO Software, Inc. 1,2 20,100 320,796 - ------------------------------------------------------------------------------------------------------------------------ MSC.Software Corp. 1 11,000 219,450 - ------------------------------------------------------------------------------------------------------------------------ Net 1 UEPS Technologies, Inc. 1 2,100 59,430 - ------------------------------------------------------------------------------------------------------------------------ NetIQ Corp. 1,2 12,400 138,260 - ------------------------------------------------------------------------------------------------------------------------ Novell, Inc. 1 47,100 361,728 - ------------------------------------------------------------------------------------------------------------------------ Parametric Technology Corp. 1 54,200 885,086 - ------------------------------------------------------------------------------------------------------------------------ Progress Software Corp. 1,2 7,400 215,266 - ------------------------------------------------------------------------------------------------------------------------ Quest Software, Inc. 1,2 16,300 272,210 - ------------------------------------------------------------------------------------------------------------------------ Radiant Systems, Inc. 1 13,700 185,224 - ------------------------------------------------------------------------------------------------------------------------ Red Hat, Inc. 1 23,200 649,136 - ------------------------------------------------------------------------------------------------------------------------ Reynolds & Reynolds Co., Cl. A 21,600 613,440 - ------------------------------------------------------------------------------------------------------------------------ RSA Security, Inc. 1,2 46,300 830,622 - ------------------------------------------------------------------------------------------------------------------------ Sonic Solutions, Inc. 1 300 5,433 - ------------------------------------------------------------------------------------------------------------------------ SPSS, Inc. 1 10,900 345,094 - ------------------------------------------------------------------------------------------------------------------------ SSA Global Technologies, Inc. 1,2 1,300 20,839 - ------------------------------------------------------------------------------------------------------------------------ Sybase, Inc. 1 23,900 504,768 - ------------------------------------------------------------------------------------------------------------------------ Synopsys, Inc. 1 37,700 842,595 - ------------------------------------------------------------------------------------------------------------------------ THQ, Inc. 1 6,950 179,936 - ------------------------------------------------------------------------------------------------------------------------ TIBCO Software, Inc. 1 68,400 571,824 - ------------------------------------------------------------------------------------------------------------------------ Transaction Systems Architects, Inc., Cl. A 1 37,500 1,170,375 - ------------------------------------------------------------------------------------------------------------------------ Ulticom, Inc. 1,2 100 1,075 - ------------------------------------------------------------------------------------------------------------------------ Ultimate Software Group, Inc. (The) 1,2 4,900 126,665 - ------------------------------------------------------------------------------------------------------------------------ Verint Systems, Inc. 1 5,800 205,146
31 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ SOFTWARE CONTINUED Wind River Systems, Inc. 1 31,100 $ 387,195 - ------------------------------------------------------------------------------------------------------------------------ Witness Systems, Inc. 1,2 1,500 38,100 ---------------- 21,694,394 - ------------------------------------------------------------------------------------------------------------------------ MATERIALS--6.4% - ------------------------------------------------------------------------------------------------------------------------ CHEMICALS--1.6% Agrium, Inc. 22,000 555,720 - ------------------------------------------------------------------------------------------------------------------------ Airgas, Inc. 7,300 285,357 - ------------------------------------------------------------------------------------------------------------------------ Albemarle Corp. 2,500 113,375 - ------------------------------------------------------------------------------------------------------------------------ Ashland, Inc. 5,300 376,724 - ------------------------------------------------------------------------------------------------------------------------ CF Industries Holdings, Inc. 2 21,000 356,790 - ------------------------------------------------------------------------------------------------------------------------ Compass Minerals International, Inc. 6,300 157,437 - ------------------------------------------------------------------------------------------------------------------------ Engelhard Corp. 2,400 95,064 - ------------------------------------------------------------------------------------------------------------------------ Ferro Corp. 5,000 100,000 - ------------------------------------------------------------------------------------------------------------------------ FMC Corp. 12,200 756,156 - ------------------------------------------------------------------------------------------------------------------------ Fuller (H.B.) Co. 24,200 1,242,428 - ------------------------------------------------------------------------------------------------------------------------ Headwaters, Inc. 1,2 800 31,832 - ------------------------------------------------------------------------------------------------------------------------ Lubrizol Corp. (The) 5,500 235,675 - ------------------------------------------------------------------------------------------------------------------------ NewMarket Corp. 3,300 157,047 - ------------------------------------------------------------------------------------------------------------------------ Olin Corp. 14,800 317,756 - ------------------------------------------------------------------------------------------------------------------------ Omnova Solutions, Inc. 1 1,400 8,568 - ------------------------------------------------------------------------------------------------------------------------ Pioneer Cos., Inc. 1,2 12,000 366,000 - ------------------------------------------------------------------------------------------------------------------------ PolyOne Corp. 1 53,200 495,824 - ------------------------------------------------------------------------------------------------------------------------ Rockwood Holdings, Inc. 1 2,300 52,946 - ------------------------------------------------------------------------------------------------------------------------ Schulman (A.), Inc. 2 9,800 242,550 - ------------------------------------------------------------------------------------------------------------------------ Scotts Miracle-Gro Co. (The), Cl. A 10,300 471,328 - ------------------------------------------------------------------------------------------------------------------------ Spartech Corp. 6,400 153,600 - ------------------------------------------------------------------------------------------------------------------------ Stepan Co. 2 1,900 56,145 - ------------------------------------------------------------------------------------------------------------------------ Tronox, Inc., Cl. A 2 26,500 449,440 - ------------------------------------------------------------------------------------------------------------------------ Valspar Corp. (The) 6,200 172,794 - ------------------------------------------------------------------------------------------------------------------------ W.R. Grace & Co. 1,2 15,400 204,820 - ------------------------------------------------------------------------------------------------------------------------ Westlake Chemical Corp. 8,400 290,220 ---------------- 7,745,596 - ------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.3% AMCOL International Corp. 2 1,400 40,320 - ------------------------------------------------------------------------------------------------------------------------ Eagle Materials, Inc. 2 2,600 165,776 - ------------------------------------------------------------------------------------------------------------------------ Eagle Materials, Inc., Cl. B 300 19,137 - ------------------------------------------------------------------------------------------------------------------------ Martin Marietta Materials, Inc. 2,100 224,763 - ------------------------------------------------------------------------------------------------------------------------ Texas Industries, Inc. 14,900 901,301 - ------------------------------------------------------------------------------------------------------------------------ U.S. Concrete, Inc. 1,2 15,900 229,914 ---------------- 1,581,211 - ------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING--0.9% AptarGroup, Inc. 4,000 221,000 - ------------------------------------------------------------------------------------------------------------------------ Caraustar Industries, Inc. 1,2 11,800 121,422 - ------------------------------------------------------------------------------------------------------------------------ Crown Holdings, Inc. 1 6,600 117,084 - ------------------------------------------------------------------------------------------------------------------------ Greif, Inc., Cl. A 2 9,600 656,832 - ------------------------------------------------------------------------------------------------------------------------ Myers Industries, Inc. 2 13,800 220,662
32 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING CONTINUED Owens-Illinois, Inc. 1 7,900 $ 137,223 - ------------------------------------------------------------------------------------------------------------------------ Packaging Corp. of America 3,000 67,320 - ------------------------------------------------------------------------------------------------------------------------ Pactiv Corp. 1 8,300 203,682 - ------------------------------------------------------------------------------------------------------------------------ Rock-Tenn Co., Cl. A 2 11,200 167,888 - ------------------------------------------------------------------------------------------------------------------------ Sealed Air Corp. 11,500 665,505 - ------------------------------------------------------------------------------------------------------------------------ Silgan Holdings, Inc. 27,600 1,108,692 - ------------------------------------------------------------------------------------------------------------------------ Sonoco Products Co. 7,100 240,477 - ------------------------------------------------------------------------------------------------------------------------ Temple-Inland, Inc. 5,800 258,390 ---------------- 4,186,177 - ------------------------------------------------------------------------------------------------------------------------ METALS & MINING--3.3% AK Steel Holding Corp. 1 112,700 1,690,500 - ------------------------------------------------------------------------------------------------------------------------ Aleris International, Inc. 1,2 15,500 745,085 - ------------------------------------------------------------------------------------------------------------------------ Allegheny Technologies, Inc. 2,700 165,186 - ------------------------------------------------------------------------------------------------------------------------ Amerigo Resources Ltd. 66,000 152,588 - ------------------------------------------------------------------------------------------------------------------------ Brush Engineered Materials, Inc. 1,2 4,100 80,975 - ------------------------------------------------------------------------------------------------------------------------ Carpenter Technology Corp. 18,200 1,720,264 - ------------------------------------------------------------------------------------------------------------------------ Castle (A.M.) & Co. 2 6,200 182,900 - ------------------------------------------------------------------------------------------------------------------------ Century Aluminum Co. 1,2 28,100 1,192,845 - ------------------------------------------------------------------------------------------------------------------------ Chaparral Steel Co. 1 6,000 389,520 - ------------------------------------------------------------------------------------------------------------------------ Commercial Metals Co. 16,200 866,538 - ------------------------------------------------------------------------------------------------------------------------ Dynatec Corp. 1 73,900 92,387 - ------------------------------------------------------------------------------------------------------------------------ FNX Mining Co., Inc. 1 3,100 34,508 - ------------------------------------------------------------------------------------------------------------------------ Gibraltar Industries, Inc. 4,200 123,732 - ------------------------------------------------------------------------------------------------------------------------ Goldcorp, Inc. 1,925 56,323 - ------------------------------------------------------------------------------------------------------------------------ HudBay Minerals, Inc. 1 26,100 218,347 - ------------------------------------------------------------------------------------------------------------------------ Inmet Mining Corp. 8,800 262,075 - ------------------------------------------------------------------------------------------------------------------------ LionOre Mining International Ltd. 1 24,300 108,199 - ------------------------------------------------------------------------------------------------------------------------ Meridian Gold, Inc. 1 900 26,587 - ------------------------------------------------------------------------------------------------------------------------ Metal Management, Inc. 14,800 468,420 - ------------------------------------------------------------------------------------------------------------------------ Olympic Steel, Inc. 2 7,000 211,260 - ------------------------------------------------------------------------------------------------------------------------ Oregon Steel Mills, Inc. 1,2 4,100 209,797 - ------------------------------------------------------------------------------------------------------------------------ Quanex Corp. 2 21,550 1,435,877 - ------------------------------------------------------------------------------------------------------------------------ Reliance Steel & Aluminum Co. 20,500 1,925,360 - ------------------------------------------------------------------------------------------------------------------------ RTI International Metals, Inc. 1 3,100 170,035 - ------------------------------------------------------------------------------------------------------------------------ Ryerson, Inc. 17,600 470,976 - ------------------------------------------------------------------------------------------------------------------------ Steel Dynamics, Inc. 2 30,500 1,730,265 - ------------------------------------------------------------------------------------------------------------------------ Steel Technologies, Inc. 4,500 109,350 - ------------------------------------------------------------------------------------------------------------------------ Stillwater Mining Co. 1,2 25,000 411,500 - ------------------------------------------------------------------------------------------------------------------------ United States Steel Corp. 2 4,400 266,992 - ------------------------------------------------------------------------------------------------------------------------ Worthington Industries, Inc. 2 27,000 541,620 ---------------- 16,060,011 - ------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--0.3% Bowater, Inc. 13,500 399,330 - ------------------------------------------------------------------------------------------------------------------------ Buckeye Technologies, Inc. 1,2 9,200 83,260 - ------------------------------------------------------------------------------------------------------------------------ Glatfelter 2,800 51,324
33 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS CONTINUED Louisiana-Pacific Corp. 21,000 $ 571,200 - ------------------------------------------------------------------------------------------------------------------------ MeadWestvaco Corp. 13,900 379,609 - ------------------------------------------------------------------------------------------------------------------------ Neenah Paper, Inc. 2 2,500 81,875 ---------------- 1,566,598 - ------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--1.5% - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--0.8% Alaska Communications Systems Group, Inc. 2 23,300 282,629 - ------------------------------------------------------------------------------------------------------------------------ Broadwing Corp. 1,2 31,500 464,310 - ------------------------------------------------------------------------------------------------------------------------ CenturyTel, Inc. 15,600 610,272 - ------------------------------------------------------------------------------------------------------------------------ Citizens Communications Co. 49,400 655,538 - ------------------------------------------------------------------------------------------------------------------------ Commonwealth Telephone Enterprises, Inc. 6,700 230,815 - ------------------------------------------------------------------------------------------------------------------------ CT Communications, Inc. 3,000 40,770 - ------------------------------------------------------------------------------------------------------------------------ FairPoint Communications, Inc. 16,100 222,502 - ------------------------------------------------------------------------------------------------------------------------ General Communication, Inc., Cl. A 1,2 2,900 35,061 - ------------------------------------------------------------------------------------------------------------------------ Golden Telecom, Inc. 2,900 87,145 - ------------------------------------------------------------------------------------------------------------------------ Iowa Telecommunications Services, Inc. 7,700 146,916 - ------------------------------------------------------------------------------------------------------------------------ North Pittsburgh Systems, Inc. 2 5,500 128,370 - ------------------------------------------------------------------------------------------------------------------------ Talk America Holdings, Inc. 1,2 12,000 102,360 - ------------------------------------------------------------------------------------------------------------------------ Time Warner Telecom, Inc., Cl. A 1,2 35,600 639,020 - ------------------------------------------------------------------------------------------------------------------------ Valor Communications Group, Inc. 2 500 6,580 ---------------- 3,652,288 - ------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--0.7% Centennial Communications Corp. 17,400 127,542 - ------------------------------------------------------------------------------------------------------------------------ Cincinnati Bell, Inc. 1 111,600 504,432 - ------------------------------------------------------------------------------------------------------------------------ Dobson Communications Corp., Cl. A 1,2 133,800 1,073,076 - ------------------------------------------------------------------------------------------------------------------------ Linktone Ltd., ADR 1,2 2,400 15,720 - ------------------------------------------------------------------------------------------------------------------------ SBA Communications Corp. 1 35,000 819,350 - ------------------------------------------------------------------------------------------------------------------------ Syniverse Holdings, Inc. 1,2 8,000 126,400 - ------------------------------------------------------------------------------------------------------------------------ UbiquiTel, Inc. 1 79,200 799,920 - ------------------------------------------------------------------------------------------------------------------------ USA Mobility, Inc. 2 500 14,240 - ------------------------------------------------------------------------------------------------------------------------ Wireless Facilities, Inc. 1,2 400 1,608 ---------------- 3,482,288 - ------------------------------------------------------------------------------------------------------------------------ UTILITIES--0.7% - ------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.3% ALLETE, Inc. 2 3,200 149,120 - ------------------------------------------------------------------------------------------------------------------------ Black Hills Corp. 100 3,400 - ------------------------------------------------------------------------------------------------------------------------ Canadian Hydro Developers, Inc. 1 14,000 69,410 - ------------------------------------------------------------------------------------------------------------------------ CenterPoint Energy, Inc. 2 6,700 79,931 - ------------------------------------------------------------------------------------------------------------------------ CH Energy Group, Inc. 2 7,500 360,000 - ------------------------------------------------------------------------------------------------------------------------ Cleco Corp. 2 7,800 174,174 - ------------------------------------------------------------------------------------------------------------------------ DPL, Inc. 2,800 75,600 - ------------------------------------------------------------------------------------------------------------------------ Green Mountain Power Corp. 2 600 17,334 - ------------------------------------------------------------------------------------------------------------------------ OGE Energy Corp. 2,800 81,200 - ------------------------------------------------------------------------------------------------------------------------ Ormat Technologies, Inc. 2 6,000 228,600 - ------------------------------------------------------------------------------------------------------------------------ Pepco Holdings, Inc. 5,900 134,461
34 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES CONTINUED UIL Holdings Corp. 500 $ 26,175 ---------------- 1,399,405 - ------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.2% Atmos Energy Corp. 2,800 73,724 - ------------------------------------------------------------------------------------------------------------------------ Laclede Group, Inc. (The) 2 1,800 61,956 - ------------------------------------------------------------------------------------------------------------------------ New Jersey Resources Corp. 2 2,500 113,125 - ------------------------------------------------------------------------------------------------------------------------ Nicor, Inc. 1,600 63,296 - ------------------------------------------------------------------------------------------------------------------------ ONEOK, Inc. 10,500 338,625 - ------------------------------------------------------------------------------------------------------------------------ Peoples Energy Corp. 2 600 21,384 - ------------------------------------------------------------------------------------------------------------------------ Southwest Gas Corp. 4,700 131,365 - ------------------------------------------------------------------------------------------------------------------------ UGI Corp. 14,600 307,622 ---------------- 1,111,097 - ------------------------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.2% Avista Corp. 2 25,500 526,575 - ------------------------------------------------------------------------------------------------------------------------ Energy East Corp. 7,800 189,540 - ------------------------------------------------------------------------------------------------------------------------ Sierra Pacific Resources 1 11,300 156,053 ---------------- 872,168 ---------------- Total Common Stocks (Cost $378,874,869) 471,278,374 - ------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.0% - ------------------------------------------------------------------------------------------------------------------------ Simon Property Group, Inc., 6% Cv., Non-Vtg. (Cost $3,213) 60 4,138 Principal Amount - ------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--2.3% Undivided interest of 0.55% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $11,260,287 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $11,256,000) $ 11,256,000 11,256,000 - ------------------------------------------------------------------------------------------------------------------------ Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $390,134,082) 482,538,512 - ------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--21.7% - ------------------------------------------------------------------------------------------------------------------------ ASSET BACKED FLOATING NOTE--4.3% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 4.88%, 4/25/06 5 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 4.928%, 4/25/06 5 3,791,681 3,791,681 - ------------------------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 4.89%, 4/25/06 5 2,973,833 2,973,833 - ------------------------------------------------------------------------------------------------------------------------ GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 4.908%, 4/25/06 5 1,873,726 1,873,726 - ------------------------------------------------------------------------------------------------------------------------ Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 4.89%, 4/25/06 5 2,924,075 2,924,075 - ------------------------------------------------------------------------------------------------------------------------ Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 4.908%, 4/25/06 5 1,818,624 1,818,624
35 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Whitehawk CDO Funding Corp., 4.98%, 6/15/06 5 $ 2,250,000 $ 2,250,000 ---------------- 20,631,939 - ------------------------------------------------------------------------------------------------------------------------ BANK FLOATING RATE NOTE--0.8% Bank of America, 4.82%, 4/3/06 5 3,999,874 3,999,874 - ------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--5.5% Undivided interest of 2.66% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,407,917) with Bank of America NA, 4.895%, dated 3/31/06, to be repurchased at $26,564,212 on 4/3/06, collateralized by U.S. Agency Mortgages, 5.50%, 12/1/34, with a value of $1,020,000,001 5 26,553,380 26,553,380 - ------------------------------------------------------------------------------------------------------------------------ MASTER FLOATING NOTE--0.7% Bear Stearns, 4.995%, 4/3/06 5 250,000 250,000 - ------------------------------------------------------------------------------------------------------------------------ CDC Financial Products, Inc., 4.975%, 4/3/06 5 3,000,000 3,000,000 ---------------- 3,250,000 - ------------------------------------------------------------------------------------------------------------------------ MEDIUM-TERM FLOATING NOTE--8.8% American Express Credit Corp., 4.76%, 4/17/06 5 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------ Bear Stearns, 4.87%, 4/3/06 5 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------ Beta Finance, Inc., 4.87%, 4/3/06 5 2,999,133 2,999,133 - ------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 4.87%, 4/3/06 5 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 4.87%, 4/3/06 5 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------ Citigroup Funding, Inc., 4.86%, 4/3/06 5 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------ Dorada Finance, Inc., 4.87%, 4/3/06 5 3,500,000 3,500,000 - ------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc., 5.035%, 4/3/06 5 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------ HSBC Finance Corp., 4.65%, 4/6/06 5 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------ K2 (USA) LLC, 4.89%, 4/3/06 5 2,998,500 2,998,500 - ------------------------------------------------------------------------------------------------------------------------ LINKS Finance LLC, 4.87%, 4/3/06 5 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------ MBIA Global Funding LLC, 4.83%, 4/28/06 5 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.87%, 4/3/06 5 2,500,000 2,500,000 - ------------------------------------------------------------------------------------------------------------------------- Sigma Finance, Inc., 4.87%, 4/3/06 5 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------- Tango Finance Corp., 4.88%, 4/3/06 5 3,498,600 3,498,600 ----------------- 42,496,233 - ------------------------------------------------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.6% Natexis Banques Populaires NY, 4.87%, 4/3/06 5 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------- Natexis Banques Populaires NY, 4.89%, 4/3/06 5 1,999,612 1,999,612 - ------------------------------------------------------------------------------------------------------------------------- Nordea Bank New York, 4.82%, 4/3/06 5 3,699,538 3,699,538 ----------------- 7,699,150 ----------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $104,630,576) 104,630,576 - ------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $494,764,658) 121.7% $ 587,169,088 - ------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (21.7) (104,500,389) ------------------------------------- Net Assets 100.0% $ 482,668,699 =====================================
Footnotes to Statement of Investments 1. Non-income producing security. 36 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 2. Partial or fully-loaned security. See accompanying Notes. 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 $111,897 or 0.02% of the Fund's net assets as of March 31, 2006. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2006 was $126,461, which represents 0.03% of the Fund's net assets, of which $126,461 is considered restricted. See accompanying Notes. 5. 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2006 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 $495,159,664 ============= Gross unrealized appreciation $ 96,063,493 Gross unrealized depreciation (4,054,069) ------------- Net unrealized appreciation $ 92,009,424 ============= 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, as 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 37 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 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 in the annual and semiannual reports. 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. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2006, 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 MARCH 31, 2006 APPRECIATION - ---------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1/18/05 $ 34,507 $ 54,966 $ 20,459 Tusk Energy Corp. 11/15/04 38,148 71,495 33,347 --------------------------------------------------- $ 72,655 $ 126,461 $ 53,806 ===================================================
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 U.S. 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 March 31, 2006, the Fund had on loan securities valued at $102,884,572. Collateral of $104,648,291 was received for the loans, of which $104,630,576 was received in cash and subsequently invested in approved instruments. 38 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT--15.8% - ---------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc, New York, 4.94%, 6/29/06 $ 2,000,000 $ 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Canadian Imperial Bank of Commerce NY, 4.69%, 4/24/06 2,500,000 2,500,000 - ---------------------------------------------------------------------------------------------------------------------------- Citibank NA: 4.615%, 4/27/06 2,000,000 2,000,000 4.71%, 5/16/06 2,000,000 2,000,000 4.885%, 6/21/06 1,500,000 1,500,000 - ---------------------------------------------------------------------------------------------------------------------------- Fortis Bank SA/NV, New York, 4.69%, 4/20/06 5,000,000 5,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Skandinaviska Enskilda Banken, New York, 4.59%, 10/3/06 1 2,000,000 1,999,798 - ---------------------------------------------------------------------------------------------------------------------------- Societe Generale North America, 4.78%, 5/17/06 1,000,000 1,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Svenska Handelsbanken NY, 4.82%, 5/25/06 1,000,000 1,000,000 - ---------------------------------------------------------------------------------------------------------------------------- UBS Finance (Delaware) LLC, 4.67%, 4/21/06 1,500,000 1,500,000 - ---------------------------------------------------------------------------------------------------------------------------- Washington Mutual Bank FA, 4.76%, 5/12/06 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo Bank NA: 4.77%, 4/27/06 2,000,000 2,000,000 4.78%, 5/5/06 1,500,000 1,500,000 ---------------- Total Certificates of Deposit (Cost $25,999,798) 25,999,798 - ---------------------------------------------------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS--23.5% - ---------------------------------------------------------------------------------------------------------------------------- AB SPINTAB, 4.59%, 5/3/06 1,000,000 995,920 - ---------------------------------------------------------------------------------------------------------------------------- Bank of America Corp., 4.71%, 5/11/06 4,000,000 4,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Danske Corp., 4.61%, 4/6/06 2 2,600,000 2,598,375 - ---------------------------------------------------------------------------------------------------------------------------- DnB NOR Bank ASA: 4.55%, 4/5/06 2,000,000 1,999,013 4.64%, 4/28/06 1,400,000 1,395,128 - ---------------------------------------------------------------------------------------------------------------------------- Governor & Co. of the Bank of Ireland: 4.565%, 4/25/06 2 1,500,000 1,495,440 4.78%, 6/9/06 2 2,000,000 1,981,715 - ---------------------------------------------------------------------------------------------------------------------------- HBOS Treasury Services, 4.65%, 5/9/06 3,900,000 3,880,910 - ---------------------------------------------------------------------------------------------------------------------------- LaSalle Bank Midwest NA, 4.64%, 5/1/06 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- National City Credit Corp.: 4.575%, 4/7/06 2,000,000 1,998,475 4.63%, 4/17/06 2,500,000 2,494,856 - ---------------------------------------------------------------------------------------------------------------------------- Nordea North America, Inc., 4.63%, 5/8/06 2,900,000 2,886,200 - ---------------------------------------------------------------------------------------------------------------------------- Scotiabanc, Inc., 4.89%, 6/30/06 2 2,500,000 2,469,469 - ---------------------------------------------------------------------------------------------------------------------------- Societe Generale North America, 4.73%, 4/4/06 3,000,000 2,998,818 - ---------------------------------------------------------------------------------------------------------------------------- UBS Finance (Delaware) LLC, 4.59%, 4/6/06 2,500,000 2,498,408 - ---------------------------------------------------------------------------------------------------------------------------- Westpac Banking Corp.: 4.455%, 4/10/06 2 1,000,000 998,886 4.705%, 5/24/06 2 2,200,000 2,184,761 ---------------- Total Direct Bank Obligations (Cost $38,876,374) 38,876,374 - ---------------------------------------------------------------------------------------------------------------------------- SHORT-TERM NOTES--60.7% - ---------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--21.5% Cable Beach LP, 4.56%, 4/13/06 2 3,000,000 2,995,440 - ---------------------------------------------------------------------------------------------------------------------------- Chesham Finance LLC: 4.695%, 5/5/06 1,500,000 1,493,349 4.76%, 5/12/06 1,000,000 994,579 - ---------------------------------------------------------------------------------------------------------------------------- Crown Point Capital Co., 4.81%, 6/9/06 2 2,000,000 1,981,562 - ---------------------------------------------------------------------------------------------------------------------------- Fairway Finance Corp.: 4.685%, 5/18/06 2 2,000,000 1,987,767 4.73%, 4/3/06 2 1,503,000 1,502,605
1 Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- FCAR Owner Trust II, 4.69%, 5/15/06 $ 3,000,000 $ 2,982,803 - ---------------------------------------------------------------------------------------------------------------------------- Gemini Securitization Corp.: 4.77%, 6/5/06 2 1,000,000 991,388 4.87%, 6/23/06 2 2,000,000 1,977,544 - ---------------------------------------------------------------------------------------------------------------------------- GOVCO, Inc., 4.58%, 4/28/06 2 2,000,000 1,993,130 - ---------------------------------------------------------------------------------------------------------------------------- Legacy Capital Co. LLC, 4.86%, 6/22/06 2,000,000 1,977,860 - ---------------------------------------------------------------------------------------------------------------------------- Lexington Parker Capital Co. LLC, 4.65%, 5/10/06 2 2,900,000 2,885,391 - ---------------------------------------------------------------------------------------------------------------------------- Ormond Quay Funding LLC: 4.82%, 4/18/06 2 2,500,000 2,494,310 4.82%, 4/24/06 2,3 2,000,000 1,993,867 - ---------------------------------------------------------------------------------------------------------------------------- Perry Global Funding LLC, Series A, 4.59%, 4/12/06 2 4,000,000 3,994,390 - ---------------------------------------------------------------------------------------------------------------------------- Victory Receivables Corp.: 4.76%, 4/19/06 2 1,000,000 997,620 4.78%, 5/2/06 2 2,234,000 2,224,997 --------------- 35,468,602 - ---------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.2% Ande Chevrolet Olds, Inc., 4.97%, 4/1/06 1 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--7.6% Banc of America Securities LLC, 4.83%, 4/3/06 1 5,000,000 5,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc., 4.61%, 5/8/06 1,500,000 1,492,893 - ---------------------------------------------------------------------------------------------------------------------------- First Clearing LLC, 4.93%, 12/6/06 1 1,000,000 1,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Lehman Brothers, Inc., 5%, 4/3/06 1 5,000,000 5,000,000 --------------- 12,492,893 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL FINANCE--2.1% Countrywide Financial Corp., 4.80%, 4/26/06 3,400,000 3,388,667 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--5.9% General Electric Capital Corp., 4.47%, 4/12/06 2,500,000 2,496,585 - ---------------------------------------------------------------------------------------------------------------------------- General Electric Capital Services: 4.44%, 4/6/06 2,100,000 2,098,705 4.65%, 5/15/06 1,200,000 1,193,180 - ---------------------------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 4.52%, 4/21/06 2,000,000 1,994,978 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Funding LLC, 4.58%, 5/4/06 4 2,000,000 1,991,613 --------------- 9,775,061 - ---------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.4% Alta Mira LLC, Series 2004, 4.93%, 4/1/06 1 2,250,000 2,250,000 - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE--6.6% ING America Insurance Holdings, Inc.: 4.765%, 6/6/06 1,000,000 991,264 4.77%, 6/5/06 500,000 495,694 - ---------------------------------------------------------------------------------------------------------------------------- Jackson National Life Global Funding, Series 2004-6, 4.79%, 4/18/06 1,4 2,500,000 2,500,000 - ---------------------------------------------------------------------------------------------------------------------------- Metropolitan Life Global Funding I, Series 2003-5, 4.81%, 4/18/06 1,4 4,000,000 4,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 4.66%, 4/1/06 1,4 3,000,000 3,000,000 ---------------- 10,986,958
2 Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- LEASING & FACTORING--1.2% Toyota Motor Credit Corp., 4.68%, 4/28/06 $ 2,000,000 $ 1,992,980 - ---------------------------------------------------------------------------------------------------------------------------- MUNICIPAL--0.4% Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts., 5.13%, 4/3/06 1 710,000 710,000 - ---------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--1.8% Sanofi-Aventis, 4.82%, 5/24/06 2 3,000,000 2,978,712 - ---------------------------------------------------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL--11.0% Cooperative Assn. of Tractor Dealers, Inc., Series B: 4.50%, 4/10/06 1,015,000 1,013,858 4.80%, 4/7/06 1,500,000 1,498,800 - ---------------------------------------------------------------------------------------------------------------------------- K2 (USA) LLC, 4.69%, 5/22/06 3,500,000 3,476,770 - ---------------------------------------------------------------------------------------------------------------------------- LINKS Finance LLC: 4.61%, 4/25/06 1,900,000 1,894,161 4.68%, 5/18/06 2,000,000 1,987,780 - ---------------------------------------------------------------------------------------------------------------------------- Parkland (USA) LLC, 4.70%, 12/12/06 1,3 2,000,000 1,999,860 - ---------------------------------------------------------------------------------------------------------------------------- RACERS Trust, Series 2004-6-MM, 4.79%, 4/24/06 1 1,000,000 1,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Sigma Finance, Inc., 4.76%, 6/5/06 1,900,000 1,883,668 - ---------------------------------------------------------------------------------------------------------------------------- Union Hamilton Special Purpose Funding LLC, 4.96%, 9/28/06 1,3 2,000,000 2,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Wind Master Trust Nts., 4.581%, 4/25/06 1,4 1,500,000 1,500,000 ---------------- 18,254,897 ---------------- Total Short-Term Notes (Cost $100,298,770) 100,298,770 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $165,174,942) 100.0% 165,174,942 - ---------------------------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities -- 77,541 --------------------------------------- Net Assets 100.0% $ 165,252,483 =======================================
Footnotes to Statement of Investments Short-term notes and direct bank obligations 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 $42,727,369, or 25.86% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 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 $5,993,727 or 3.63% of the Fund's net assets as of March 31, 2006. 4. Illiquid security. The aggregate value of illiquid securities as of March 31, 2006 was $12,991,613, which represents 7.86% of the Fund's net assets. See accompanying Notes. 3 Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / 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 March 31, 2006, 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 Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES--1.4% - ------------------------------------------------------------------------------------------------------ Ace Securities Corp., Home Equity Loan Pass-Through Certificates, Series 2002-HE7, Cl. A2B, 4.998%, 11/25/35 1 $ 420,000 $ 420,259 - ------------------------------------------------------------------------------------------------------ Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 4.836%, 4/20/08 1 200,000 200,141 - ------------------------------------------------------------------------------------------------------ BMW Vehicle Owner Trust, Automobile Loan Certificates, Series 2005-A, Cl. A2, 3.66%, 12/26/07 953,455 950,848 - ------------------------------------------------------------------------------------------------------ Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts.: Series 2004-2, Cl. A3, 3.58%, 1/15/09 740,000 724,713 Series 2005-1, Cl. A2B, 3.73%, 7/16/07 140,001 139,886 - ------------------------------------------------------------------------------------------------------ Capital One Prime Auto Receivables Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.24%, 11/15/07 970,000 968,125 - ------------------------------------------------------------------------------------------------------ Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-D, Cl. AF1, 2.98%, 4/25/20 11,839 11,804 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 74,975 74,586 Series 2005-C, Cl. AF1, 4.196%, 6/25/35 274,346 272,457 Series 2005-D, Cl. AF1, 5.04%, 10/25/35 1,067,605 1,061,765 - ------------------------------------------------------------------------------------------------------ Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A2, 3.72%, 12/15/07 594,445 591,815 - ------------------------------------------------------------------------------------------------------ CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 54,990 54,943 - ------------------------------------------------------------------------------------------------------ Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 2 500,000 511,351 - ------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates: Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 1 347,391 345,369 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 300,000 298,444 Series 2005-17, Cl. 1AF1, 5.018%, 5/25/36 1 614,761 615,122 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 200,000 198,895 - ------------------------------------------------------------------------------------------------------ DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2004-C, Cl. A2, 2.62%, 6/8/07 107,269 107,215 Series 2005-A, Cl. A2, 3.17%, 9/8/07 286,474 285,949 Series 2005-B, Cl. A2, 3.75%, 12/8/07 345,180 344,456 - ------------------------------------------------------------------------------------------------------ Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 3,4 1,820,063 22,751 - ------------------------------------------------------------------------------------------------------ Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 1 343,629 342,447 - ------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Asset-Backed Certificates, Home Equity Receivables, Series 2005-FF10, Cl. A3, 5.028%, 11/25/35 1 1,170,000 1,170,721 - ------------------------------------------------------------------------------------------------------ Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2005-A, Cl. A3, 3.48%, 11/17/08 550,000 543,630 Series 2005-B, Cl. A2, 3.78%, 9/15/07 294,507 293,983 - ------------------------------------------------------------------------------------------------------ GS Auto Loan Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.32%, 5/15/08 1,748,971 1,744,398 - ------------------------------------------------------------------------------------------------------ Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2005-1, Cl. A2, 3.21%, 5/21/07 105,968 105,790 Series 2005-3, Cl. A2, 3.73%, 10/18/07 549,701 547,715
1 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.036%, 1/20/35 1 $ 530,580 $ 531,062 - ------------------------------------------------------------------------------------------------------ Lehman XS Trust, Home Equity Mtg. Pass-Through Certificates: Series 2005-2, Cl. 2A1B, 3.63%, 8/25/35 1 660,530 659,345 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 531,165 529,283 Series 2005-10, Cl. 2-A3B, 5.55%, 12/25/06 536,687 531,677 - ------------------------------------------------------------------------------------------------------ NC Finance Trust, CMO, Home Equity Pass-Through Certificates, Series 1999-I, Cl. ECFD, 1.079%, 1/25/29 4 66,744 15,351 - ------------------------------------------------------------------------------------------------------ Nissan Auto Receivables Owner Trust, Automobile Receivable Nts.: Series 2003-B, Cl. A3, 1.51%, 8/15/07 5,203 5,198 Series 2005-C, Cl. A2, 3.99%, 1/15/08 1,160,000 1,155,488 - ------------------------------------------------------------------------------------------------------ Onyx Acceptance Owner Trust, Automobile Receivable Obligations, Series 2005-B, Cl. A2, 4.03%, 4/15/08 525,565 524,238 - ------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. AF2, 3.735%, 11/10/34 1 200,000 197,830 Series 2005-1, Cl. AF2, 3.914%, 5/25/35 1 150,000 147,857 Series 2005-2, Cl. AF2, 4.415%, 4/25/35 1 240,000 237,109 Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 320,000 318,115 - ------------------------------------------------------------------------------------------------------ Residential Asset Mortgage Products, Inc., Home Equity Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI3, 4.45%, 7/25/28 670,000 666,022 - ------------------------------------------------------------------------------------------------------ Structured Asset Securities Corp., CMO Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 620,711 617,014 - ------------------------------------------------------------------------------------------------------ Structured Asset Securities Corp., Home Equity Obligations, Series 2003-25XS, Cl. A4, 4.51%, 8/25/33 155,689 154,684 - ------------------------------------------------------------------------------------------------------ Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities, Series 2005-A, Cl. A2, 3.52%, 4/20/07 451,600 450,510 - ------------------------------------------------------------------------------------------------------ Wells Fargo Home Equity Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 1 186,845 185,730 - ------------------------------------------------------------------------------------------------------ WFS Financial Owner Trust, Automobile Receivable Obligations, Series 2002-2, Cl. A4, 4.50%, 2/20/10 123,564 123,690 - ------------------------------------------------------------------------------------------------------ Whole Auto Loan Trust, Automobile Loan Receivable Certificates: Series 2003-1, Cl. A3B, 1.99%, 5/15/07 40,865 40,759 Series 2004-1, Cl. A2A, 2.59%, 5/15/07 114,060 113,838 -------------- Total Asset- Backed Securities (Cost $22,077,214) 20,154,378 - ------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS--12.8% - ------------------------------------------------------------------------------------------------------ Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2004-6, Cl. A3, 4.512%, 12/10/42 560,000 534,534 Series 2005-2, Cl. A4, 4.783%, 7/10/43 1 820,000 792,046 Series 2005-3, Cl. A2, 4.501%, 7/10/43 690,000 666,291 - ------------------------------------------------------------------------------------------------------ Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 561,928 553,819 - ------------------------------------------------------------------------------------------------------ Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 439,824 444,360 Series 2005-E, Cl. 2A2, 4.978%, 6/25/35 1 108,915 108,786 - ------------------------------------------------------------------------------------------------------ Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 280,000 272,430
2 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust, Inc., CMO, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 $ 260,000 $ 260,000 - ------------------------------------------------------------------------------------------------------ Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2005-CD1, Cl. A4, 5.226%, 7/15/44 1 930,000 912,212 - ------------------------------------------------------------------------------------------------------ Countrywide Alternative Loan Trust, CMO: Series 2004-J9, Cl. 1A1, 4.998%, 10/25/34 1 79,598 79,658 Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,358,540 1,375,522 - ------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates, Series 2005-10, Cl. AF1, 4.978%, 2/25/36 1 1,142,919 1,143,824 - ------------------------------------------------------------------------------------------------------ Credit Suisse Mortgage Capital Certificates, Commercial Mtg. Obligations, Series 2006-C1, Cl. A4, 5.609%, 12/12/15 960,000 958,362 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19 962,597 920,431 4.50%, 7/1/19 5 806,374 770,526 5%, 9/1/33 4,074,138 3,888,030 6%, 5/1/18-10/1/29 4,336,964 4,366,622 6.50%, 3/1/18-11/1/22 5 4,214,632 4,328,349 6.50%, 4/1/18-6/1/35 4,452,029 4,546,926 7%, 3/1/31-10/1/31 738,542 761,290 11%, 11/1/14 31,279 33,056 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Gtd. Multiclass Mtg. Participation Certificates: Series 2453, Cl. BD, 6%, 5/15/17 444,168 449,732 Series 3105, Cl. BD, 5.50%, 1/15/26 1,500,000 1,480,804 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1674, Cl. Z, 6.75%, 2/15/24 1,862,622 1,920,085 Series 2055, Cl. ZM, 6.50%, 5/15/28 239,062 242,810 Series 2080, Cl. Z, 6.50%, 8/15/28 151,677 153,683 Series 2106, Cl. FG, 5.199%, 12/15/28 1 3,375,343 3,405,710 Series 2116, Cl. ZA, 6%, 1/15/29 1,268,611 1,279,516 Series 2326, Cl. ZP, 6.50%, 6/15/31 255,338 259,991 Series 2368, Cl. PR, 6.50%, 10/15/31 973,217 992,329 Series 2387, Cl. PD, 6%, 4/15/30 147,936 148,273 Series 2456, Cl. BD, 6%, 3/15/30 39,616 39,600 Series 2500, Cl. FD, 5.249%, 3/15/32 1 79,023 79,476 Series 2526, Cl. FE, 5.149%, 6/15/29 1 108,337 108,585 Series 2551, Cl. FD, 5.149%, 1/15/33 1 84,775 85,672 Series 2583, Cl. KA, 5.50%, 3/15/22 365,653 365,308 Series 2691, Cl. MG, 4.50%, 10/15/33 640,000 563,516 Series 2939, Cl. PE, 5%, 2/15/35 1,585,000 1,466,561 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 68,511 68,348 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO, Gtd. Multiclass Mtg. Participation Certificates, Series 2191, Cl. MF, 5.353%, 12/17/27 1 248,701 249,240 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2173, Cl. Z, 6.50%, 7/15/29 1,080,805 1,104,599 Series 2195, Cl. LH, 6.50%, 10/15/29 1,480,324 1,505,134 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. B, 11.795%, 7/1/26 6 286,964 64,100
3 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Series 192, Cl. IO, 15.074%, 2/1/28 6 $ 73,694 $ 15,889 Series 200, Cl. IO, 13.392%, 1/1/29 6 87,014 20,342 Series 205, Cl. IO, 9.762%, 9/1/29 6 391,456 93,308 Series 208, Cl. IO, (17.616)%, 6/1/30 6 439,734 94,619 Series 2003-118, Cl. S, 15.59%, 12/25/33 6 1,721,895 202,090 Series 2074, Cl. S, 3.737%, 7/17/28 6 96,770 8,976 Series 2079, Cl. S, 3.741%, 7/17/28 6 154,744 14,395 Series 2177, Cl. S, 9.972%, 8/15/29 6 4,688,205 384,730 Series 2526, Cl. SE, 6.941%, 6/15/29 6 202,543 12,294 Series 2920, Cl. S, 5.764%, 1/15/35 6 1,792,272 80,817 Series 3000, Cl. SE, 8.388%, 7/15/25 6 1,876,197 61,845 - ------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn.: 5%, 2/1/18-6/1/18 2,464,247 2,409,285 5%, 11/1/33-5/1/36 5 22,188,363 21,131,989 5.50%, 3/1/33-1/1/34 17,477,602 17,099,764 5.50%, 4/1/21-5/25/36 5 17,733,000 17,363,207 6%, 7/1/16-1/1/33 11,825,720 11,916,106 6.50%, 5/1/29-10/1/30 235,371 241,387 6.50%, 5/1/36 5 6,795,000 6,924,526 7%, 11/1/17-3/1/36 9,890,881 10,204,509 7%, 4/1/36 5 2,688,000 2,768,640 7.50%, 2/1/27-3/1/33 4,743,889 4,962,763 8.50%, 7/1/32 15,913 17,151 - ------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 2001-50, Cl. NE, 6%, 8/25/30 85,803 86,265 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 718,942 735,193 Trust 2001-70, Cl. LR, 6%, 9/25/30 110,962 111,375 Trust 2001-72, Cl. NH, 6%, 4/25/30 60,122 60,201 Trust 2001-74, Cl. PD, 6%, 5/25/30 24,442 24,420 Trust 2002-9, Cl. PR, 6%, 3/25/17 1,724,821 1,744,597 Trust 2002-12, Cl. PG, 6%, 3/25/17 1,339,624 1,354,996 Trust 2002-77, Cl. WF, 5.176%, 12/18/32 1 128,497 129,575 Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 1,265,000 1,225,889 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 890,000 862,086 Trust 2003-116, Cl. FA, 5.218%, 11/25/33 1 234,683 235,817 Trust 2004-38, Cl. FT, 5.248%, 10/25/33 1 1,897,743 1,902,619 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 607,120 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 532,876 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 438,426 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 520,000 497,080 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,082,486 - ------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 2002-28, Cl. SA, 4.165%, 4/25/32 6 105,610 8,477 Trust 2002-38, Cl. SO, 1.596%, 4/25/32 6 551,076 31,146 Trust 2002-48, Cl. S, 3.988%, 7/25/32 6 168,662 14,967 Trust 2002-52, Cl. SL, 4.229%, 9/25/32 6 106,121 10,536 Trust 2002-56, Cl. SN, 5.223%, 7/25/32 6 231,762 21,010
4 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Trust 2002-77, Cl. IS, 5.079%, 12/18/32 6 $ 938,871 $ 88,296 - ------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 214, Cl. 2, 16.346%, 3/1/23 6 1,194,199 280,556 Trust 221, Cl. 2, 12.04%, 5/1/23 6 129,967 30,207 Trust 240, Cl. 2, 20.491%, 9/1/23 6 235,021 54,957 Trust 254, Cl. 2, 3.198%, 1/1/24 6 1,959,969 479,527 Trust 301, Cl. 2, 7.612%, 4/1/29 6 523,313 118,078 Trust 313, Cl. 2, (14.72)%, 6/1/31 6 568,656 143,267 Trust 319, Cl. 2, 10.539%, 2/1/32 6 171,024 43,705 Trust 321, Cl. 2, 10.305%, 4/1/32 6 763,748 194,306 Trust 324, Cl. 2, 4.2%, 7/1/32 6 1,325,512 322,504 Trust 329, Cl. 2, 9.983%, 1/1/33 6 3,899,558 962,942 Trust 333, Cl. 2, 10.99%, 4/1/33 6 4,218,694 1,048,296 Trust 338, Cl. 2, 9.731%, 7/1/33 6 4,185,248 1,036,445 Trust 346, Cl. 2, 11.334%, 12/1/33 6 1,945,457 477,107 Trust 350, Cl. 2, 11.856%, 3/1/34 6 2,135,612 523,465 Trust 2001-61, Cl. SH, 15.478%, 11/18/31 6 930,082 83,195 Trust 2001-63, Cl. SD, 7.519%, 12/18/31 6 206,558 18,084 Trust 2001-68, Cl. SC, 6.371%, 11/25/31 6 146,288 13,029 Trust 2001-81, Cl. S, 4.90%, 1/25/32 6 181,595 15,448 Trust 2002-9, Cl. MS, 3.95%, 3/25/32 6 224,191 20,178 Trust 2002-77, Cl. SH, 8.631%, 12/18/32 6 230,985 19,476 Trust 2003-4, Cl. S, 15.29%, 2/25/33 6 454,360 48,118 Trust 2005-40, Cl. SA, 5.093%, 5/25/35 6 5,147,006 240,457 Trust 2005-40, Cl. SB, 9.647%, 5/25/35 6 1,174,131 53,614 Trust 2005-71, Cl. SA, 12.685%, 8/25/25 6 1,201,116 61,015 - ------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 333, Cl. 1, 4.628%, 4/1/33 7 2,202,215 1,614,204 - ------------------------------------------------------------------------------------------------------ Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-C, Cl. A2, 4.24%, 3/15/08 924,214 920,984 - ------------------------------------------------------------------------------------------------------ GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 390,000 379,976 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 430,000 422,097 Series 2005-CA, Cl. A3, 4.578%, 6/10/48 220,000 210,991 - ------------------------------------------------------------------------------------------------------ GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 173,019 175,613 Series 1998-C1, Cl. F, 7.07%, 5/15/30 1 1,567,000 1,610,391 Series 2004-C3, Cl. A4, 4.547%, 12/10/41 360,000 344,242 - ------------------------------------------------------------------------------------------------------ Government National Mortgage Assn.: 5.125%, 11/20/25 1 12,905 13,013 7%, 3/15/28-7/15/28 635,468 662,850 7.50%, 2/15/27 78,150 82,146 8%, 11/15/25-5/15/26 125,358 134,385 - ------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1999-32, Cl. ZB, 8%, 9/16/29 1,695,919 1,812,533
5 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-6, Cl. SA, 3.611%, 3/16/28 6 $ 189,122 $ 14,464 Series 1998-19, Cl. SB, 2.747%, 7/16/28 6 306,973 25,924 Series 2001-21, Cl. SB, (0.218)%, 1/16/27 6 1,479,300 86,177 - ------------------------------------------------------------------------------------------------------ Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 500,000 482,854 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 550,000 544,393 - ------------------------------------------------------------------------------------------------------ JP Morgan Mortgage Trust, CMO Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.741%, 2/25/32 1 2,614,292 2,622,214 - ------------------------------------------------------------------------------------------------------ JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 160,000 155,046 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 670,000 653,389 Series 2006-CB14, Cl. A4, 5.481%, 12/12/44 1,020,000 1,012,543 Series 2006-LDP6, Cl. A4, 5.475%, 4/15/43 1,220,000 1,206,922 - ------------------------------------------------------------------------------------------------------ LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 520,000 510,548 - ------------------------------------------------------------------------------------------------------ Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-6, Cl. 10A1, 6%, 7/25/34 701,674 697,641 Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 753,362 747,767 - ------------------------------------------------------------------------------------------------------ Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates: Series 1996-C1, Cl. F, 7.059%, 2/15/28 1,2 12,994 12,968 Series 1997-XL1, Cl. G, 7.695%, 10/3/30 390,000 315,370 - ------------------------------------------------------------------------------------------------------ Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 556,000 598,531 - ------------------------------------------------------------------------------------------------------ Salomon Brothers Mortgage Securities VII, Inc., Commercial Mtg. Pass-Through Certificates, Series 1996-C1, Cl. F, 7.878%, 1/20/28 1,4 240,692 96,277 - ------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C17, Cl. A2, 4.782%, 3/15/42 820,000 802,330 Series 2005-C20, Cl. A5, 5.087%, 7/15/42 1 520,000 508,669 - ------------------------------------------------------------------------------------------------------ Washington Mutual Mortgage Securities Corp., CMO Pass-Through Certificates: Series 2005-AR5, Cl. A1, 4.678%, 5/25/35 1 515,733 514,831 Series 2005-AR8, Cl. 2AB1, 5.068%, 7/25/45 1 734,564 735,136 - ------------------------------------------------------------------------------------------------------ Wells Fargo Mortgage-Backed Securities Trust, CMO, Series 2004-DD, Cl. 2A1, 5.518%, 1/25/35 1 321,142 319,477 -------------- Total Mortgage-Backed Obligations (Cost $182,368,102) 179,919,103 - ------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--11.1% - ------------------------------------------------------------------------------------------------------ Fannie Mae Unsec. Nts., 3.58%, 1/31/07 8 3,482,000 3,339,134 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Bank Unsec. Bonds: 3.50%, 11/15/07 425,000 414,719 Series S906, 3.50%, 8/15/06 1,715,000 1,705,809 - ------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp. Unsec. Nts.: 2.75%, 8/15/06 280,000 277,748 3.625%, 9/15/06 2,059,000 2,046,072 4.125%, 7/12/10 9 2,066,000 1,987,781
6 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ 4.875%, 2/17/09 9 $ 1,000,000 $ 995,274 5.125%, 4/18/11 2,240,000 2,238,961 5.50%, 9/15/11 9 3,350,000 3,405,925 - ------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn. Unsec. Nts.: 3.01%, 6/2/06 1,219,000 1,215,026 3.25%, 7/31/06 9 1,335,000 1,327,599 4%, 2/28/07 965,000 955,531 4.25%, 7/15/07 9 2,198,000 2,174,991 4.75%, 12/15/10 2,245,000 2,209,031 6%, 5/15/11 9,10 12,690,000 13,170,405 6.625%, 9/15/09 10 2,625,000 2,748,178 7.25%, 1/15/10 2,552,000 2,736,619 7.25%, 5/15/30 9 710,000 894,339 - ------------------------------------------------------------------------------------------------------ Freddie Mac, Unsec. Reference Nts., 6%, 6/15/11 4,100,000 4,260,798 - ------------------------------------------------------------------------------------------------------ Resolution Funding Corp. STRIPS, 5.16%, 1/15/21 8,9 5,667,000 2,630,321 - ------------------------------------------------------------------------------------------------------ Tennessee Valley Authority Bonds: 4.65%, 6/15/35 455,000 408,983 5.88%, 4/1/36 670,000 720,113 Series A, 6.79%, 5/23/12 8,412,000 9,110,162 - ------------------------------------------------------------------------------------------------------ U.S. Treasury Bills: 4.375%, 5/11/06 9 43,235,000 43,025,780 4.44%, 5/18/06 31,185,000 31,002,589 - ------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds: 5.50%, 8/15/28 9 900,000 953,789 6.875%, 8/15/25 9 2,000,000 2,442,032 7.25%, 5/15/16 9,11,12 4,454,000 5,268,944 8.875%, 8/15/17 9,10 1,419,000 1,895,141 9.25%, 2/15/16 9 208,000 277,875 STRIPS, 4.20%, 2/15/11 8,9 900,000 714,819 STRIPS, 4.81%, 2/15/16 8 4,491,000 2,766,811 - ------------------------------------------------------------------------------------------------------ U.S. Treasury Nts.: 4.875%, 2/15/12 9 2,000,000 2,003,752 6.50%, 2/15/10 9 3,900,000 4,127,148 -------------- Total U.S. Government Obligations (Cost $157,059,719) 155,452,199 - ------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT OBLIGATIONS--21.7% - ------------------------------------------------------------------------------------------------------ ARGENTINA--1.1% Argentina (Republic of) Bonds: 1.20%, 12/31/38 1 [EUR] 1,390,000 637,997 2%, 9/30/14 4 [ARP] 1,802,000 604,200 4.889%, 8/3/12 1 11,769,625 10,947,164 - ------------------------------------------------------------------------------------------------------ Argentina (Republic of) Discount Bonds: 7.82%, 12/31/33 [EUR] 1,192,311 1,392,893 8.28%, 12/31/33 1,181,593 1,163,869 - ------------------------------------------------------------------------------------------------------ Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 3,4 [ARP] 26,628 11,285 - ------------------------------------------------------------------------------------------------------ Central Bank of Argentina Bonds, 2%, 2/4/18 4 [ARP] 2,351,040 1,152,153 -------------- 15,909,561
7 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ AUSTRALIA--0.9% Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 16,655,000 $ 12,105,172 - ------------------------------------------------------------------------------------------------------ AUSTRIA--2.2% Austria (Republic of) Nts., 3.80%, 10/20/13 2 [EUR] 25,075,000 30,518,886 - ------------------------------------------------------------------------------------------------------ BELGIUM--0.5% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 [EUR] 5,090,000 7,163,923 - ------------------------------------------------------------------------------------------------------ BRAZIL--1.0% Brazil (Federal Republic of) Bonds: 7.125%, 1/20/37 1,050,000 1,031,625 8%, 1/15/18 4,655,000 5,055,330 8.25%, 1/20/34 1,050,000 1,159,725 8.75%, 2/4/25 3,680,000 4,222,800 8.875%, 10/14/19 2,650,000 3,067,375 Series 15 yr., 5.25%, 4/15/09 1 10,295 10,301 - ------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 130,000 140,660 -------------- 14,687,816 - ------------------------------------------------------------------------------------------------------ BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 740,000 868,575 8.25%, 1/15/15 2 710,000 833,363 -------------- 1,701,938 - ------------------------------------------------------------------------------------------------------ COLOMBIA--1.6% Colombia (Republic of) Bonds: 10.375%, 1/28/33 660,000 922,350 10.75%, 1/15/13 1,390,000 1,734,025 12%, 10/22/15 [COP] 18,130,000,000 9,980,596 - ------------------------------------------------------------------------------------------------------ Colombia (Republic of) Nts.: 8.25%, 12/22/14 933,000 1,054,290 11.75%, 3/1/10 [COP] 2,617,240,000 1,319,097 - ------------------------------------------------------------------------------------------------------ Colombia (Republic of) Unsec. Bonds, 8.125%, 5/21/24 6,640,000 7,470,000 -------------- 22,480,358 - ------------------------------------------------------------------------------------------------------ DOMINICAN REPUBLIC--0.1% Dominican Republic Unsec. Unsub. Bonds, Series REG S, 9.04%, 1/23/18 435,010 473,726 - ------------------------------------------------------------------------------------------------------ Dominican Republic Unsec. Unsub. Nts., 9.50%, 9/27/11 2 857,903 926,535 -------------- 1,400,261 - ------------------------------------------------------------------------------------------------------ EL SALVADOR--0.0% El Salvador (Republic of) Bonds, 7.625%, 9/21/34 2 590,000 644,575 - ------------------------------------------------------------------------------------------------------ FRANCE--0.7% France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 4/25/55 [EUR] 2,150,000 2,616,956 - ------------------------------------------------------------------------------------------------------ France (Government of) Treasury Bills, 2.54%, 6/1/06 8 [EUR] 6,030,000 7,276,827 -------------- 9,893,783 - ------------------------------------------------------------------------------------------------------ GERMANY--0.1% Germany (Republic of) Bonds, Series 99, 4%, 7/4/09 [EUR] 935,000 1,152,179
8 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ GREECE--0.2% Greece (Republic of) Bonds, 5.25%, 5/18/12 [EUR] 2,245,000 $ 2,930,746 - ------------------------------------------------------------------------------------------------------ GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 2 250,000 298,750 10.25%, 11/8/11 95,000 113,525 -------------- 412,275 - ------------------------------------------------------------------------------------------------------ INDONESIA--0.2% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 2 120,000 119,100 7.25%, 4/20/15 2 200,000 204,500 - ------------------------------------------------------------------------------------------------------ Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 2 2,370,000 2,633,663 -------------- 2,957,263 - ------------------------------------------------------------------------------------------------------ ISRAEL--0.3% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 21,493,000 4,844,615 - ------------------------------------------------------------------------------------------------------ ITALY--0.5% Italy (Republic of) Treasury Bonds, Buoni del Tesoro Poliennali, 4.25%, 2/1/19 [EUR] 5,840,000 7,193,311 - ------------------------------------------------------------------------------------------------------ JAPAN--2.3% Japan (Government of) Bonds: 2 yr., Series 237, 0.20%, 10/15/07 [JPY] 3,102,000,000 26,221,256 20 yr., Series 81, 2%, 9/20/25 [JPY] 681,000,000 5,753,611 -------------- 31,974,867 - ------------------------------------------------------------------------------------------------------ MALAYSIA--0.2% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 [MYR] 7,980,000 2,350,819 - ------------------------------------------------------------------------------------------------------ Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 [MYR] 3,490,000 968,892 -------------- 3,319,711 - ------------------------------------------------------------------------------------------------------ MEXICO--1.9% United Mexican States Bonds: 5.625%, 1/15/17 4 795,000 777,510 7.50%, 4/8/33 863,000 964,403 Series B1, 8.99%, 4/12/06 8 [MXN] 7,940,000 726,014 Series M10, 10.50%, 7/14/11 1 [MXN] 55,490,000 5,887,945 Series MI10, 8%, 12/19/13 [MXN] 16,100,000 1,452,022 Series MI10, 9.50%, 12/18/14 1 [MXN] 20,590,800 2,021,661 Series M20, 8%, 12/7/23 1 [MXN] 20,056,000 1,742,776 Series M20, 10%, 12/5/24 1 [MXN] 62,445,000 6,460,698 - ------------------------------------------------------------------------------------------------------ United Mexican States Nts.: 7.50%, 1/14/12 1,132,000 1,225,390 8.375%, 1/14/11 4,290,000 4,764,045 - ------------------------------------------------------------------------------------------------------ United Mexican States Unsec. Unsub. Nts., Series 6 BR, 6.75%, 6/6/06 [JPY] 135,000,000 1,159,601 -------------- 27,182,065 - ------------------------------------------------------------------------------------------------------ NIGERIA--0.1% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 960,000 960,000
9 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 $ 184,239 $ 166,616 -------------- 1,126,616 - ------------------------------------------------------------------------------------------------------ PANAMA--0.5% Panama (Republic of) Bonds: 6.70%, 1/26/36 5,790,000 5,807,370 9.375%, 4/1/29 655,000 833,488 -------------- 6,640,858 - ------------------------------------------------------------------------------------------------------ PERU--1.3% Peru (Republic of) Bonds: 7.35%, 7/21/25 510,000 503,625 7.84%, 8/12/20 [PEN] 31,210,000 8,904,404 8.375%, 5/3/16 290,000 316,100 9.91%, 5/5/15 [PEN] 6,840,000 2,278,342 Series 2, 9%, 1/31/12 [PEN] 1,340,000 426,135 Series 7, 8.60%, 8/12/17 [PEN] 3,450,000 1,063,578 Series 8-1, 12.25%, 8/10/11 [PEN] 1,427,000 515,952 - ------------------------------------------------------------------------------------------------------ Peru (Republic of) Past Due Interest Bonds, Series 20 yr., 5%, 3/7/17 1 1,375,390 1,313,497 - ------------------------------------------------------------------------------------------------------ Peru (Republic of) Sr. Nts., 4.53%, 2/28/16 8 649,097 335,174 - ------------------------------------------------------------------------------------------------------ Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 1,850,000 2,072,000 -------------- 17,728,807 - ------------------------------------------------------------------------------------------------------ PHILIPPINES--0.1% Philippines (Republic of) Bonds, 8.375%, 2/15/11 438,000 475,809 - ------------------------------------------------------------------------------------------------------ Philippines (Republic of) Nts., 8.25%, 1/15/14 441,000 480,139 -------------- 955,948 - ------------------------------------------------------------------------------------------------------ POLAND--0.3% Poland (Republic of) Bonds: Series DS1013, 5%, 10/24/13 [PLZ] 11,340,000 3,480,288 Series WS0922, 5.75%, 9/23/22 [PLZ] 1,000,000 332,993 - ------------------------------------------------------------------------------------------------------ Poland (Republic of) Nts., Series 0K0807, 4.24%, 8/12/07 8 [PLZ] 1,200,000 350,994 -------------- 4,164,275 - ------------------------------------------------------------------------------------------------------ RUSSIA--0.2% Aries Vermoegensverwaltungs GmbH Unsub. Nts.: Series B, 7.75%, 10/25/09 2 [EUR] 700,000 949,247 Series C, 9.60%, 10/25/14 810,000 1,012,593 - ------------------------------------------------------------------------------------------------------ Russian Federation Unsec. Unsub. Nts., 12.75%, 6/24/28 100,000 178,750 - ------------------------------------------------------------------------------------------------------ Russian Federation Unsub. Nts., 5%, 3/31/30 1 350,000 383,688 -------------- 2,524,278 - ------------------------------------------------------------------------------------------------------ SOUTH AFRICA--0.8% South Africa (Republic of) Bonds: Series 153, 13%, 8/31/10 [ZAR] 13,100,000 2,573,171 Series R157, 13.50%, 9/15/15 [ZAR] 16,855,000 3,827,915 Series R186, 10.50%, 12/21/26 [ZAR] 17,528,000 3,827,258 Series R203, 8.25%, 9/15/17 [ZAR] 3,000,000 513,844 Series R204, 8%, 12/21/18 [ZAR] 3,175,000 536,197 -------------- 11,278,385
10 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ SPAIN--0.4% Spain (Kingdom of) Bonds, Bonos y Obligacion del Estado, 6%, 1/31/29 [EUR] $ 1,570,000 $ 2,456,952 - ------------------------------------------------------------------------------------------------------ Spain (Kingdom of) Treasury Bills, 6/23/06 [EUR] 2,690,000 3,240,743 -------------- 5,697,695 - ------------------------------------------------------------------------------------------------------ TURKEY--0.7% Turkey (Republic of) Bonds, 6.875%, 3/17/36 805,000 780,850 - ------------------------------------------------------------------------------------------------------ Turkey (Republic of) Nts., 7.25%, 3/15/15 8,500,000 8,893,125 -------------- 9,673,975 - ------------------------------------------------------------------------------------------------------ UNITED KINGDOM--2.2% United Kingdom Treasury Bonds, 6%, 12/7/28 [GBP] 6,830,000 15,004,949 - ------------------------------------------------------------------------------------------------------ United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 8,920,000 15,298,380 -------------- 30,303,329 - ------------------------------------------------------------------------------------------------------ URUGUAY--0.3% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 1,120,000 1,125,600 - ------------------------------------------------------------------------------------------------------ Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 3,060,000 3,213,000 -------------- 4,338,600 - ------------------------------------------------------------------------------------------------------ VENEZUELA--0.9% Venezuela (Republic of) Bonds: 9.25%, 9/15/27 7,715,000 9,821,195 13.625%, 8/15/18 500,000 770,000 - ------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Nts., 7%, 3/16/15 [EUR] 1,097,000 1,454,371 -------------- 12,045,566 -------------- Total Foreign Government Obligations (Cost $301,399,974) 304,951,637 - ------------------------------------------------------------------------------------------------------ LOAN PARTICIPATIONS--0.0% - ------------------------------------------------------------------------------------------------------ Algeria (Republic of) Loan Participation Nts., 5.813%, 3/4/10 1,4 (Cost $288,911) 310,667 309,502 - ------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--28.5% - ------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--9.1% - ------------------------------------------------------------------------------------------------------ AUTO COMPONENTS--0.4% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 200,000 190,000 - ------------------------------------------------------------------------------------------------------ Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 3 60,000 41,700 - ------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,125,000 1,105,313 9% Sr. Unsec. Nts., 7/1/15 1,045,000 1,065,900 - ------------------------------------------------------------------------------------------------------ Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 1,200,000 1,092,000 - ------------------------------------------------------------------------------------------------------ Tenneco Automotive, Inc.: 8.625% Sr. Unsec. Sub. Nts., 11/15/14 900,000 904,500 10.25% Sr. Sec. Nts., Series B, 7/15/13 150,000 167,250 - ------------------------------------------------------------------------------------------------------ United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 200,000 194,000 - ------------------------------------------------------------------------------------------------------ Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 625,000 484,375 8.25% Sr. Unsec. Nts., 8/1/10 1,200,000 996,000 -------------- 6,241,038
11 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ AUTOMOBILES--0.8% Ford Motor Co., 7.45% Bonds, 7/16/31 $ 800,000 $ 598,000 - ------------------------------------------------------------------------------------------------------ Ford Motor Credit Co.: 5.625% Nts., 10/1/08 1,700,000 1,555,514 5.80% Sr. Unsec. Nts., 1/12/09 300,000 274,147 7.25% Nts., 10/25/11 400,000 364,895 7.375% Nts., 10/28/09 2,900,000 2,728,462 - ------------------------------------------------------------------------------------------------------ General Motors Acceptance Corp.: 6.875% Nts., 9/15/11 900,000 839,796 7.25% Nts., 3/2/11 400,000 379,439 8% Bonds, 11/1/31 2,750,000 2,605,834 - ------------------------------------------------------------------------------------------------------ General Motors Corp., 8.375% Sr. Unsec. Debs., 7/15/33 400,000 295,000 - ------------------------------------------------------------------------------------------------------ Hertz Corp.: 8.875% Sr. Nts., 1/1/14 2 1,160,000 1,209,300 10.50% Sr. Sub. Nts., 1/1/16 2 435,000 474,150 -------------- 11,324,537 - ------------------------------------------------------------------------------------------------------ DISTRIBUTORS--0.0% SGS International, Inc., 12% Sr. Sub. Nts., 12/15/13 2 580,000 598,850 - ------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES--0.1% Alderwoods Group, Inc., 7.75% Sr. Nts., 9/15/12 650,000 671,125 - ------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.3% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 4 500,000 492,500 - ------------------------------------------------------------------------------------------------------ Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 850,000 902,275 - ------------------------------------------------------------------------------------------------------ Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 500,000 536,250 - ------------------------------------------------------------------------------------------------------ CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 2 1,040,000 1,040,000 - ------------------------------------------------------------------------------------------------------ Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 1,047,000 1,078,410 - ------------------------------------------------------------------------------------------------------ French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 2,5 660,000 660,000 - ------------------------------------------------------------------------------------------------------ Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 900,000 942,750 - ------------------------------------------------------------------------------------------------------ Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 2 835,000 864,225 - ------------------------------------------------------------------------------------------------------ Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 625,000 636,719 - ------------------------------------------------------------------------------------------------------ Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 2,100,000 2,084,250 9% Sr. Sub. Nts., 3/15/12 500,000 533,125 - ------------------------------------------------------------------------------------------------------ Kerzner International Ltd., 6.75% Sr. Unsec. Sub. Nts., 10/1/15 340,000 359,550 - ------------------------------------------------------------------------------------------------------ Mandalay Resort Group, 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 650,000 687,375 - ------------------------------------------------------------------------------------------------------ MGM Mirage, Inc.: 6.75% Sr. Nts., 4/1/13 2,5 650,000 650,000 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,300,000 2,438,000 9.75% Sr. Unsec. Sub. Nts., 6/1/07 350,000 366,188 - ------------------------------------------------------------------------------------------------------ Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 225,000 223,031 6.375% Sr. Sub. Nts., 7/15/09 250,000 250,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 515,000 514,356 8% Sr. Sub. Nts., 4/1/12 1,000,000 1,052,500 - ------------------------------------------------------------------------------------------------------ NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 300,000 312,000 - ------------------------------------------------------------------------------------------------------ Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 200,000 213,500 9.375% Sr. Unsec. Sub. Nts., 2/15/07 800,000 827,000 - ------------------------------------------------------------------------------------------------------ Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 230,000 231,150 6.875% Sr. Sub. Nts., 12/1/11 500,000 511,250
12 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE CONTINUED Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 $ 1,800,000 $ 1,894,500 - ------------------------------------------------------------------------------------------------------ Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 2,3 250,000 - - ------------------------------------------------------------------------------------------------------ Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 874,000 875,093 9.625% Sr. Nts., 6/1/14 169,000 171,113 9.75% Sr. Nts., 4/15/13 600,000 607,500 - ------------------------------------------------------------------------------------------------------ Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 835,000 912,238 - ------------------------------------------------------------------------------------------------------ Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 2,203,000 2,189,231 6.875% Sr. Unsec. Sub. Nts., 3/1/16 235,000 237,350 - ------------------------------------------------------------------------------------------------------ Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 3,100,000 3,030,250 - ------------------------------------------------------------------------------------------------------ Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 500,000 553,750 - ------------------------------------------------------------------------------------------------------ Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,091,750 - ------------------------------------------------------------------------------------------------------ Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 2,274,000 2,219,993 12/1/14 -------------- 32,189,172 - ------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--0.3% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 400,000 417,500 - ------------------------------------------------------------------------------------------------------ D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 400,000 450,708 - ------------------------------------------------------------------------------------------------------ K. Hovnanian Enterprises, Inc., 7.75% Sr. Unsec. Sub. Nts., 5/15/13 300,000 295,500 - ------------------------------------------------------------------------------------------------------ KB Home: 8.625% Sr. Sub. Nts., 12/15/08 250,000 264,936 9.50% Sr. Unsec. Sub. Nts., 2/15/11 400,000 420,500 - ------------------------------------------------------------------------------------------------------ Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 450,000 472,500 - ------------------------------------------------------------------------------------------------------ Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 200,000 205,750 - ------------------------------------------------------------------------------------------------------ WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 300,000 306,750 - ------------------------------------------------------------------------------------------------------ William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 900,000 911,250 -------------- 3,745,394 - ------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.1% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 225,000 227,250 - ------------------------------------------------------------------------------------------------------ Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 4 350,000 385,875 - ------------------------------------------------------------------------------------------------------ Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 2 785,000 788,925 -------------- 1,402,050 - ------------------------------------------------------------------------------------------------------ MEDIA--4.1% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 3 350,000 204,750 10.25% Sr. Unsec. Sub. Nts., 6/15/11 3 200,000 127,000 10.875% Sr. Unsec. Nts., 10/1/10 3 400,000 238,000 - ------------------------------------------------------------------------------------------------------ Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 1,100,000 1,111,000 - ------------------------------------------------------------------------------------------------------ AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 650,000 583,375 9.50% Sr. Unsec. Sub. Nts., 2/1/11 360,000 351,900 - ------------------------------------------------------------------------------------------------------ American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 150,000 129,000 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 700,000 637,000 - ------------------------------------------------------------------------------------------------------ Block Communications, Inc., 8.25% Sr. Nts., 12/15/15 2 405,000 398,925 - ------------------------------------------------------------------------------------------------------ Carmike Cinemas, Inc., 7.50% Sr. Sub. Nts., 2/15/14 500,000 461,250 - ------------------------------------------------------------------------------------------------------ Charter Communications Holdings I LLC, 0%/11.75% Sr. Unsec. Unsub. Nts., 5/15/14 14 565,000 296,625 - ------------------------------------------------------------------------------------------------------ Charter Communications Holdings II LLC, 10.25% Sr. Unsec. Nts., 9/15/10 700,000 691,250
13 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ MEDIA CONTINUED Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., 10.25% Sr. Nts., 9/15/10 2 $ 1,190,000 $ 1,172,150 - ------------------------------------------------------------------------------------------------------ Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 2 4,503,000 4,514,258 - ------------------------------------------------------------------------------------------------------ Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 900,000 960,750 - ------------------------------------------------------------------------------------------------------ Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 14 1,100,000 847,000 - ------------------------------------------------------------------------------------------------------ CSC Holdings, Inc.: 7.625% Sr. Unsec. Debs., 7/15/18 300,000 298,125 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,106,000 1,117,060 - ------------------------------------------------------------------------------------------------------ Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 200,000 214,500 - ------------------------------------------------------------------------------------------------------ Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 300,000 318,750 9.875% Sr. Sub. Nts., 8/15/13 586,000 651,193 - ------------------------------------------------------------------------------------------------------ Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 14 300,000 255,000 0%/9% Unsec. Disc. Nts., 11/15/13 14 400,000 340,000 8% Unsec. Nts., 11/15/13 4,775,000 4,942,125 - ------------------------------------------------------------------------------------------------------ Dow Jones CDX, 8.625% High Yield Index Pass-Through Certificates, Series 6-T1, 6/29/11 2,5 10,350,000 10,311,188 - ------------------------------------------------------------------------------------------------------ EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 927,000 900,349 7.125% Sr. Nts., 2/1/16 2 1,400,000 1,384,250 - ------------------------------------------------------------------------------------------------------ Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 1,000,000 970,000 - ------------------------------------------------------------------------------------------------------ Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 359,000 335,665 - ------------------------------------------------------------------------------------------------------ Lamar Media Corp., 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,760,000 1,760,000 - ------------------------------------------------------------------------------------------------------ Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 550,000 519,750 - ------------------------------------------------------------------------------------------------------ LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 4 200,000 217,000 - ------------------------------------------------------------------------------------------------------ Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 14 800,000 524,000 - ------------------------------------------------------------------------------------------------------ Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50% Sr. Nts., 10/15/15 280,000 270,200 - ------------------------------------------------------------------------------------------------------ Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 969,000 964,155 - ------------------------------------------------------------------------------------------------------ MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 800,000 726,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 700,000 654,500 - ------------------------------------------------------------------------------------------------------ Paxson Communications Corp., 10.777% Sr. Sec. Nts., 1/15/13 1,2 760,000 756,200 - ------------------------------------------------------------------------------------------------------ PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 900,000 828,000 8.875% Sr. Unsec. Nts., 5/15/11 319,000 312,620 - ------------------------------------------------------------------------------------------------------ Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 2 315,000 308,790 - ------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., 1/15/13 2 1,030,000 968,200 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 2 1,865,000 1,753,100 6.875% Sr. Nts., 1/15/13 1,300,000 1,222,000 8.875% Sr. Nts., Series A-3, 1/15/16 2 2,340,000 2,445,300 - ------------------------------------------------------------------------------------------------------ R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 2 400,000 445,500 - ------------------------------------------------------------------------------------------------------ Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 633,000 - ------------------------------------------------------------------------------------------------------ Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 2 900,000 963,000 - ------------------------------------------------------------------------------------------------------ Shaw Communications, Inc., 8.54% Debs., 9/30/27 [CAD] 340,000 304,488
14 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ MEDIA CONTINUED Sinclair Broadcast Group, Inc.: 8% Sr. Unsec. Sub. Nts., 3/15/12 $ 3,075,000 $ 3,151,875 8.75% Sr. Sub. Nts., 12/15/11 300,000 316,875 - ------------------------------------------------------------------------------------------------------ Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 700,000 721,000 10.875% Sr. Unsec. Nts., Series B, 6/15/09 1,100,000 1,086,250 - ------------------------------------------------------------------------------------------------------ WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 14 1,757,000 1,302,376 -------------- 57,916,617 - ------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--0.4% Bon-Ton Stores, Inc. (The), 10.25% Sr. Nts., 3/15/14 2 1,980,000 1,914,660 - ------------------------------------------------------------------------------------------------------ Neiman Marcus Group, Inc.: 9% Sr. Nts., 10/15/15 2 2,220,000 2,358,750 10.375% Sr. Sub. Nts., 10/15/15 2 660,000 704,550 -------------- 4,977,960 - ------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--0.2% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 300,000 307,875 - ------------------------------------------------------------------------------------------------------ Atlantic Broadband Finance LLC, 9.375% Sr. Unsec. Sub. Nts., 1/15/14 250,000 238,125 - ------------------------------------------------------------------------------------------------------ Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 1,308,000 1,265,490 - ------------------------------------------------------------------------------------------------------ Linens 'N Things, Inc., 10.366% Sr. Sec. Nts., 1/15/14 1,2 880,000 886,600 - ------------------------------------------------------------------------------------------------------ Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 4 200,000 215,500 - ------------------------------------------------------------------------------------------------------ Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 550,000 552,750 -------------- 3,466,340 - ------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--0.4% Invista, Inc., 9.25% Sr. Nts., 5/1/12 2 1,067,000 1,147,025 - ------------------------------------------------------------------------------------------------------ Levi Strauss & Co.: 9.28% Sr. Unsec. Unsub. Nts., 4/1/12 1 1,540,000 1,601,600 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 859,000 908,393 - ------------------------------------------------------------------------------------------------------ Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 4 250,000 258,750 - ------------------------------------------------------------------------------------------------------ Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 610,000 596,275 - ------------------------------------------------------------------------------------------------------ Russell Corp., 9.25% Sr. Nts., 5/1/10 700,000 729,750 -------------- 5,241,793 - ------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--0.8% - ------------------------------------------------------------------------------------------------------ BEVERAGES--0.0% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 300,000 316,125 - ------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--0.2% Jean Coutu Group (PJC), Inc. (The), 8.50% Sr. Sub. Nts., 8/1/14 1,600,000 1,476,000 - ------------------------------------------------------------------------------------------------------ Real Time Data Co., 11% Disc. Nts., 5/31/09 3,4 142,981 - - ------------------------------------------------------------------------------------------------------ Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 450,000 461,813 9.50% Sr. Sec. Nts., 2/15/11 700,000 742,000 -------------- 2,679,813 - ------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--0.4% American Seafoods Group LLC, 10.125% Sr. Sub. Nts., 4/15/10 200,000 210,126 - ------------------------------------------------------------------------------------------------------ Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 180,000 176,400 8.625% Sr. Sub. Nts., 12/15/12 400,000 424,500 - ------------------------------------------------------------------------------------------------------ Doane Pet Care Co.: 10.625% Sr. Unsec. Sub. Nts., 11/15/15 610,000 649,650
15 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ FOOD PRODUCTS CONTINUED 10.75% Sr. Nts., 3/1/10 $ 1,110,000 $ 1,207,125 - ------------------------------------------------------------------------------------------------------ Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 306,000 309,060 8.875% Sr. Unsec. Nts., 3/15/11 71,000 70,645 - ------------------------------------------------------------------------------------------------------ Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 800,000 786,000 - ------------------------------------------------------------------------------------------------------ Smithfield Foods, Inc., 7.625% Sr. Unsec. Sub. Nts., 2/15/08 400,000 410,000 - ------------------------------------------------------------------------------------------------------ United Biscuits Finance plc, 10.75% Sr. Sub. Nts., 4/15/11 4 [GBP] 400,000 733,621 -------------- 4,977,127 - ------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.1% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 350,000 346,063 - ------------------------------------------------------------------------------------------------------ Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 500,000 531,250 9.375% Sr. Unsec. Sub. Nts., 6/1/11 740,000 777,000 - ------------------------------------------------------------------------------------------------------ Spectrum Brands, Inc., 7.375% Sr. Unsec. Sub. Nts., 2/1/15 60,000 52,500 -------------- 1,706,813 - ------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.1% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,175,000 1,210,250 - ------------------------------------------------------------------------------------------------------ ENERGY--3.5% - ------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--0.2% Dresser, Inc., 9.375% Sr. Sub. Nts., 4/15/11 300,000 315,000 - ------------------------------------------------------------------------------------------------------ Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 800,000 843,000 - ------------------------------------------------------------------------------------------------------ Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 227,078 - ------------------------------------------------------------------------------------------------------ Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 200,000 210,750 - ------------------------------------------------------------------------------------------------------ RathGibson, Inc., 11.25% Sr. Nts., 2/15/14 2 300,000 315,000 - ------------------------------------------------------------------------------------------------------ Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 400,000 408,000 -------------- 2,318,828 - ------------------------------------------------------------------------------------------------------ OIL & GAS--3.3% Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 700,000 698,250 - ------------------------------------------------------------------------------------------------------ Atlas Pipeline Partners LP, 8.125% Sr. Nts., 12/15/15 2 290,000 303,775 - ------------------------------------------------------------------------------------------------------ Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 250,000 247,188 6.875% Sr. Unsec. Nts., 1/15/16 1,822,000 1,844,775 - ------------------------------------------------------------------------------------------------------ Clayton Williams Energy, Inc., 7.75% Sr. Unsec. Nts., 8/1/13 175,000 165,375 - ------------------------------------------------------------------------------------------------------ Compton Petroleum Finance Corp.: 7.625% Sr. Nts., 12/1/13 785,000 788,925 7.625% Sr. Nts., 12/1/13 2,5 525,000 527,625 - ------------------------------------------------------------------------------------------------------ Copano Energy LLC, 8.125% Sr. Nts., 3/1/16 2 180,000 187,200 - ------------------------------------------------------------------------------------------------------ El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 2,784,000 2,912,760 - ------------------------------------------------------------------------------------------------------ El Paso Energy Corp., 7.625% Nts., 7/15/11 200,000 207,000 - ------------------------------------------------------------------------------------------------------ El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 1,319,000 1,373,409 - ------------------------------------------------------------------------------------------------------ Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 300,000 311,250 - ------------------------------------------------------------------------------------------------------ Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 550,000 561,000 - ------------------------------------------------------------------------------------------------------ Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 700,000 701,750 - ------------------------------------------------------------------------------------------------------ Gazprom International SA, 7.201% Sr. Unsec. Bonds, 2/1/20 9,074,000 9,496,894 - ------------------------------------------------------------------------------------------------------ Inergy LP/Inergy Finance Corp., 8.25% Sr. Nts., 3/1/16 2 880,000 906,400 - ------------------------------------------------------------------------------------------------------ Massey Energy Co.: 6.625% Sr. Nts., 11/15/10 200,000 204,500 6.875% Sr. Nts., 12/15/13 2 285,000 280,725
16 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED National Gas Co., 6.05% Nts., 1/15/36 2 $ 1,510,000 $ 1,454,061 - ------------------------------------------------------------------------------------------------------ Newfield Exploration Co.: 6.625% Sr. Unsec. Sub. Nts., 9/1/14 600,000 604,500 8.375% Sr. Sub. Nts., 8/15/12 500,000 537,500 - ------------------------------------------------------------------------------------------------------ Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 100,000 98,000 - ------------------------------------------------------------------------------------------------------ Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 700,000 714,000 - ------------------------------------------------------------------------------------------------------ Pemex Project Funding Master Trust: 7.375% Unsec. Unsub. Nts., 12/15/14 740,000 791,800 8.50% Unsub. Nts., 2/15/08 420,000 440,685 9.125% Unsec. Unsub. Nts., 10/13/10 610,000 687,775 - ------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 2 3,892,851 3,807,886 - ------------------------------------------------------------------------------------------------------ Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 300,000 309,750 - ------------------------------------------------------------------------------------------------------ Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 835,000 925,844 - ------------------------------------------------------------------------------------------------------ Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 640,000 635,200 - ------------------------------------------------------------------------------------------------------ Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 230,000 227,700 7.375% Sr. Sub. Nts., 7/15/13 200,000 208,000 - ------------------------------------------------------------------------------------------------------ Southern Natural Gas Co.: 7.35% Nts., 2/15/31 500,000 516,816 8% Sr. Unsub. Nts., 3/1/32 300,000 330,521 - ------------------------------------------------------------------------------------------------------ Stone Energy Corp., 6.75% Sr. Unsec. Sub. Nts., 12/15/14 1,020,000 958,800 - ------------------------------------------------------------------------------------------------------ Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 2 525,000 548,625 - ------------------------------------------------------------------------------------------------------ Tengizchevroil LLP, 6.124% Nts., 11/15/14 2 2,123,000 2,123,000 - ------------------------------------------------------------------------------------------------------ Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 1,567,000 1,677,253 - ------------------------------------------------------------------------------------------------------ Tesoro Corp.: 6.25% Sr. Nts., 11/1/12 2 405,000 399,938 6.625% Sr. Nts., 11/1/15 2 905,000 900,475 - ------------------------------------------------------------------------------------------------------ Titan Petrochemicals Group Ltd., 8.50% Sr. Unsec. Nts., 3/18/12 2 846,000 799,470 - ------------------------------------------------------------------------------------------------------ Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 1,500,000 1,501,875 - ------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 500,000 516,875 7.625% Nts., 7/15/19 928,000 992,960 8.75% Unsec. Nts., 3/15/32 1,619,000 1,902,325 -------------- 46,330,435 - ------------------------------------------------------------------------------------------------------ FINANCIALS--3.3% - ------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--0.2% Berry Plastics Corp., 10.75% Sr. Sub. Nts., 7/15/12 1,250,000 1,381,250 - ------------------------------------------------------------------------------------------------------ E*TRADE Financial Corp.: 7.375% Sr. Unsec. Nts., 9/15/13 1,146,000 1,174,650 8% Sr. Nts., 6/15/11 410,000 427,938 -------------- 2,983,838 - ------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--1.0% Banco BMG SA, 9.15% Nts., 1/15/16 4 2,980,000 3,050,775 - ------------------------------------------------------------------------------------------------------ Bank Plus Corp., 12% Sr. Nts., 7/18/07 4 7,000 7,525 - ------------------------------------------------------------------------------------------------------ Bankunited Capital Trust, 10.25% Capital Securities, 12/31/26 4 100,000 108,250 - ------------------------------------------------------------------------------------------------------ HSBC Bank plc: 9.75% Sr. Unsec. Nts., 7/8/09 8 1,960,000 1,495,774
17 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS CONTINUED 11.60% Sr. Unsec. Nts., 1/12/10 8 $ 2,510,000 $ 1,660,917 12.28% Sr. Unsec. Nts., 3/9/09 8 1,960,000 1,394,579 - ------------------------------------------------------------------------------------------------------ Inter-American Development Bank: 6.26% Nts., 12/8/09 1 [BRR] 920,000 394,550 8.81% Nts., 1/25/12 1 [COP] 1,060,285,718 501,585 - ------------------------------------------------------------------------------------------------------ Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 3,4 90,000 -- - ------------------------------------------------------------------------------------------------------ UBS Luxembourg SA, 6.23% Sub. Nts., 2/11/15 1 2,500,000 2,502,263 - ------------------------------------------------------------------------------------------------------ VTB Capital SA, 6.25% Sr. Nts., 6/30/35 2 1,870,000 1,862,988 - ------------------------------------------------------------------------------------------------------ Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 500,000 563,750 -------------- 13,542,956 - ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--1.8% Affinia Group, Inc., 9% Sr. Unsec. Sub. Nts., 11/30/14 200,000 173,000 - ------------------------------------------------------------------------------------------------------ Argentine Beverages Financial Trust, 7.375% Bonds, 3/22/12 2 490,000 487,550 - ------------------------------------------------------------------------------------------------------ Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 4 1,460,000 1,460,000 - ------------------------------------------------------------------------------------------------------ Cloverie plc, 9.18% Sec. Nts., Series 2005-93, 12/20/10 1,4 1,100,000 1,101,375 - ------------------------------------------------------------------------------------------------------ Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp.: 0%/10.50% Sr. Unsec. Disc. Nts., Series B, 10/1/14 14 570,000 444,600 9.625% Sr. Sub. Nts., 6/15/14 813,000 904,463 - ------------------------------------------------------------------------------------------------------ Dow Jones CDX: 8.25% High Yield Index Pass-Through Certificates, Series 4-T1, 6/29/10 2 15,710,120 15,965,409 8.75% High Yield Index Pass-Through Certificates, Series 5-T1, 12/29/10 2 63,500 65,643 - ------------------------------------------------------------------------------------------------------ European Investment Bank, 1.90% Sr. Unsec. Nts., 1/26/26 [JPY] 245,000,000 2,022,863 - ------------------------------------------------------------------------------------------------------ JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 330,000 311,850 - ------------------------------------------------------------------------------------------------------ Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 2 1,510,000 1,506,225 - ------------------------------------------------------------------------------------------------------ Redwood Capital VII Ltd., 9.90% Nts., 1/9/08 1 500,000 494,830 - ------------------------------------------------------------------------------------------------------ Tiers-BSP (Bangko Sentral ng Pilipinas), 0%/8.60% Collateralized Trust, 6/15/97 4,14 2,695,000 909,563 - ------------------------------------------------------------------------------------------------------ Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 130,000 131,625 9.43% Sr. Unsec. Nts., 5/1/10 1 130,000 132,600 -------------- 26,111,596 - ------------------------------------------------------------------------------------------------------ REAL ESTATE--0.3% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 500,000 515,000 - ------------------------------------------------------------------------------------------------------ Felcor Lodging LP, 9% Sr. Nts., 6/1/11 925,000 1,017,500 - ------------------------------------------------------------------------------------------------------ HMH Properties, Inc., 7.875% Sr. Nts., Series B, 8/1/08 89,000 90,113 - ------------------------------------------------------------------------------------------------------ Host Marriott LP, 6.375% Sr. Nts., Series O, 3/15/15 530,000 524,038 - ------------------------------------------------------------------------------------------------------ MeriStar Hospitality Corp., 9.125% Sr. Unsec. Nts., 1/15/11 946,000 1,099,725 - ------------------------------------------------------------------------------------------------------ Trustreet Properties, Inc., 7.50% Sr. Unsec. Nts., 4/1/15 595,000 599,463 -------------- 3,845,839 - ------------------------------------------------------------------------------------------------------ HEALTH CARE--1.5% - ------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--0.0% Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 2 325,000 329,875 - ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--0.1% Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 650,000 643,500 - ------------------------------------------------------------------------------------------------------ Sybron Dental Specialties, Inc., 8.125% Sr. Sub. Nts., 6/15/12 4 300,000 318,000
18 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 $ 300,000 $ 312,750 -------------- 1,274,250 - ------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--1.4% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 4 300,000 318,000 - ------------------------------------------------------------------------------------------------------ Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 400,000 389,500 - ------------------------------------------------------------------------------------------------------ DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 465,000 466,163 7.25% Sr. Unsec. Sub. Nts., 3/15/15 2,375,000 2,398,750 - ------------------------------------------------------------------------------------------------------ Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 300,000 310,500 9.50% Sr. Unsec. Sub. Nts., 7/1/10 300,000 318,375 - ------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 900,000 924,750 - ------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust III, 7.375% Nts., 2/1/08 [DEM] 25,000 16,304 - ------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust IV, 7.875% Trust Preferred Nts., 6/15/11 600,000 639,000 - ------------------------------------------------------------------------------------------------------ Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 200,000 212,500 - ------------------------------------------------------------------------------------------------------ HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 2,919,000 2,863,665 6.375% Nts., 1/15/15 1,871,000 1,830,353 8.75% Sr. Nts., 9/1/10 200,000 217,933 - ------------------------------------------------------------------------------------------------------ Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 600,000 456,000 - ------------------------------------------------------------------------------------------------------ Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 230,000 230,000 6.875% Sr. Sub. Nts., 12/15/15 285,000 285,713 - ------------------------------------------------------------------------------------------------------ Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 220,000 224,950 - ------------------------------------------------------------------------------------------------------ Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,350,000 1,225,125 - ------------------------------------------------------------------------------------------------------ Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 1,482,000 1,344,915 7.375% Nts., 2/1/13 19,000 17,433 9.875% Sr. Nts., 7/1/14 1,682,000 1,711,435 - ------------------------------------------------------------------------------------------------------ Triad Hospitals, Inc., 7% Sr. Sub. Nts., 11/15/13 730,000 722,700 - ------------------------------------------------------------------------------------------------------ US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 300,000 312,000 10.75% Sr. Unsec. Sub. Nts., 8/15/14 300,000 329,250 - ------------------------------------------------------------------------------------------------------ Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 14 2,000,000 1,470,000 -------------- 19,235,314 - ------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--0.0% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 350,000 348,250 - ------------------------------------------------------------------------------------------------------ INDUSTRIALS--2.0% - ------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--0.4% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 635,000 644,525 - ------------------------------------------------------------------------------------------------------ BE Aerospace, Inc.: 8.50% Sr. Unsec. Nts., 10/1/10 200,000 213,500 8.875% Sr. Unsec. Sub. Nts., 5/1/11 219,000 228,855 - ------------------------------------------------------------------------------------------------------ DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 970,000 970,000 7.625% Sr. Sub. Nts., 2/1/18 205,000 212,175 - ------------------------------------------------------------------------------------------------------ L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 583,000 558,223 6.125% Sr. Unsec. Sub. Nts., 1/15/14 400,000 391,000 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 515,000 509,850
19 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE CONTINUED 7.625% Sr. Sub. Nts., 6/15/12 $ 500,000 $ 518,750 - ------------------------------------------------------------------------------------------------------ TD Funding Corp., 8.375% Sr. Sub. Nts., 7/15/11 500,000 525,000 - ------------------------------------------------------------------------------------------------------ TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 223,000 242,234 11% Sr. Sub. Nts., 2/15/13 194,000 217,765 -------------- 5,231,877 - ------------------------------------------------------------------------------------------------------ AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 3,4 735,000 33,075 - ------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--0.2% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 200,000 208,500 - ------------------------------------------------------------------------------------------------------ Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 770,000 764,225 - ------------------------------------------------------------------------------------------------------ Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 711,000 766,103 - ------------------------------------------------------------------------------------------------------ Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 1,250,000 1,278,125 -------------- 3,016,953 - ------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--0.4% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 180,000 184,500 7.375% Sr. Sec. Nts., Series B, 4/15/14 700,000 696,500 8.875% Sr. Nts., Series B, 4/1/08 1,900,000 2,004,500 9.25% Sr. Sec. Debs., Series B, 9/1/12 434,000 470,348 - ------------------------------------------------------------------------------------------------------ Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,500,000 1,473,750 - ------------------------------------------------------------------------------------------------------ Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 460,000 454,825 7.50% Sr. Nts., 5/1/11 200,000 207,000 - ------------------------------------------------------------------------------------------------------ Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 400,000 432,500 -------------- 5,923,923 - ------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--0.1% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 325,000 336,375 - ------------------------------------------------------------------------------------------------------ Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 200,000 168,000 - ------------------------------------------------------------------------------------------------------ Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 4 [BRR] 1,115,000 575,791 - ------------------------------------------------------------------------------------------------------ General Cable Corp., 9.50% Sr. Nts., 11/15/10 200,000 217,000 - ------------------------------------------------------------------------------------------------------ UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 300,000 321,750 -------------- 1,618,916 - ------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.0% Covalence Specialty Materials Corp., 10.25% Sr. Sub. Nts., 3/1/16 2 180,000 189,900 - ------------------------------------------------------------------------------------------------------ Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 120,000 112,800 -------------- 302,700 - ------------------------------------------------------------------------------------------------------ MACHINERY--0.2% Case New Holland, Inc., 7.125% Sr. Nts., 3/1/14 2 500,000 496,250 - ------------------------------------------------------------------------------------------------------ Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 2 300,000 292,500 - ------------------------------------------------------------------------------------------------------ Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 380,000 399,950 - ------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The), 10.50% Sr. Sub. Nts., 8/1/12 325,000 361,563 - ------------------------------------------------------------------------------------------------------ Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 700,000 644,000 - ------------------------------------------------------------------------------------------------------ NMHG Holding Co., 10% Sr. Nts., 5/15/09 300,000 315,000 - ------------------------------------------------------------------------------------------------------ Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 300,000 301,500 -------------- 2,810,763 - ------------------------------------------------------------------------------------------------------ MARINE--0.4% Grupo TMM SA, 10.50% Sr. Sec. Nts., 8/1/07 15 4,538,862 4,522,944
20 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ MARINE CONTINUED Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 2,3 $ 43,000 $ 49,289 - ------------------------------------------------------------------------------------------------------ WPO Shipholding Co. LLC, 12% Sr. Sec. Nts., 7/15/05 3,4 250,000 -- -------------- 4,572,233 - ------------------------------------------------------------------------------------------------------ ROAD & RAIL--0.1% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 408,000 - ------------------------------------------------------------------------------------------------------ Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 141,750 7.50% Sr. Unsec. Nts., 11/1/13 387,000 384,098 9.625% Sr. Nts., 12/1/12 750,000 821,250 -------------- 1,755,098 - ------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--0.2% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 3,000,000 2,902,500 - ------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.0% Horizon Lines LLC, 9% Nts., 11/1/12 236,000 250,750 - ------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--1.0% - ------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--0.2% Loral Skynet Corp., 14% Sr. Sec. Nts., 11/21/15 15 116,000 140,360 - ------------------------------------------------------------------------------------------------------ Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 3,260,000 2,958,450 - ------------------------------------------------------------------------------------------------------ Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 3 675,000 10,125 -------------- 3,108,935 - ------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.0% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 200,000 208,750 - ------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 2,021,000 1,990,685 - ------------------------------------------------------------------------------------------------------ Sanmina-SCI Corp.: 6.75% Unsec. Sub. Nts., 3/1/13 380,000 363,850 8.125% Sr. Sub. Nts., 3/1/16 745,000 756,175 - ------------------------------------------------------------------------------------------------------ Solectron Corp., 8% Sr. Sub. Nts., 3/15/16 2 425,000 428,188 -------------- 3,538,898 - ------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 3,4 [EUR] 338,620 -- - ------------------------------------------------------------------------------------------------------ NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 3,4 200,173 -- - ------------------------------------------------------------------------------------------------------ PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 3,4 [EUR] 100,000 -- -------------- -- - ------------------------------------------------------------------------------------------------------ IT SERVICES--0.3% DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 4 665,000 694,925 - ------------------------------------------------------------------------------------------------------ Iron Mountain, Inc., 7.75% Sr. Sub. Nts., 1/15/15 400,000 405,000 - ------------------------------------------------------------------------------------------------------ SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 2 2,535,000 2,693,438 10.25% Sr. Sub. Nts., 8/15/15 2 535,000 565,763 -------------- 4,359,126 - ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.2% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 1,458,000 1,532,723
21 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Amkor Technology, Inc.: 7.75% Sr. Nts., 5/15/13 $ 1,050,000 $ 971,250 9.25% Sr. Unsec. Sub. Nts., 2/15/08 887,000 909,175 -------------- 3,413,148 - ------------------------------------------------------------------------------------------------------ MATERIALS--3.4% - ------------------------------------------------------------------------------------------------------ CHEMICALS--0.7% Crompton Corp., 9.875% Sr. Nts., 8/1/12 350,000 395,500 - ------------------------------------------------------------------------------------------------------ Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 550,000 572,000 10.125% Sr. Unsec. Nts., 9/1/08 19,000 20,283 10.625% Sr. Unsec. Nts., 5/1/11 600,000 652,500 - ------------------------------------------------------------------------------------------------------ Huntsman Corp./ICI Chemical Co. plc, 10.125% Sr. Unsec. Sub. Nts., 7/1/09 853,000 878,590 - ------------------------------------------------------------------------------------------------------ Huntsman International LLC, 7.875% Sr. Sub. Nts., 1/1/15 1,2 1,510,000 1,532,650 - ------------------------------------------------------------------------------------------------------ Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 1 198,000 228,690 11.625% Sr. Unsec. Nts., 10/15/10 13,000 14,788 - ------------------------------------------------------------------------------------------------------ IMC Global, Inc., 10.875% Sr. Unsec. Nts., 8/1/13 19,000 21,850 - ------------------------------------------------------------------------------------------------------ Ineos Group Holdings plc, 8.50% Nts., 2/15/16 2 1,790,000 1,709,450 - ------------------------------------------------------------------------------------------------------ Innophos, Inc., 8.875% Sr. Unsec. Sub. Nts., 8/15/14 550,000 574,750 - ------------------------------------------------------------------------------------------------------ KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 14 350,000 255,500 - ------------------------------------------------------------------------------------------------------ Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 11,000 11,495 9.625% Sr. Sec. Nts., Series A, 5/1/07 200,000 207,500 10.50% Sr. Sec. Nts., 6/1/13 600,000 667,500 - ------------------------------------------------------------------------------------------------------ Millennium America, Inc., 9.25% Sr. Unsec. Sub. Nts., 6/15/08 100,000 102,125 - ------------------------------------------------------------------------------------------------------ Resolution Performance Products LLC: 8% Sr. Sec. Nts., 12/15/09 4 250,000 258,750 13.50% Sr. Unsec. Sub. Nts., 11/15/10 100,000 107,375 - ------------------------------------------------------------------------------------------------------ Rockwood Specialties Group, Inc., 7.50% Sr. Sub. Nts., 11/15/14 200,000 202,000 - ------------------------------------------------------------------------------------------------------ Tronox Worldwide LLC/Tronox Finance Corp., 9.50% Sr. Nts., 12/1/12 2 555,000 585,525 -------------- 8,998,821 - ------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.0% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 14 725,000 532,875 - ------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING--1.2% Ball Corp., 6.625% Sr. Nts., 3/15/18 1,035,000 1,032,413 - ------------------------------------------------------------------------------------------------------ Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 2 1,435,000 1,495,988 - ------------------------------------------------------------------------------------------------------ Graham Packaging Co., Inc.: 8.50% Sr. Unsec. Nts., 10/15/12 200,000 203,000 9.875% Sr. Unsec. Sub. Nts., 10/15/14 1,500,000 1,526,250 - ------------------------------------------------------------------------------------------------------ Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 800,000 796,000 9.50% Sr. Sub. Nts., 8/15/13 750,000 705,000 - ------------------------------------------------------------------------------------------------------ Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 300,000 283,500 8.25% Sr. Unsec. Nts., 10/1/12 950,000 936,938 - ------------------------------------------------------------------------------------------------------ MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 400,000 425,000 - ------------------------------------------------------------------------------------------------------ Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 450,000 471,375 8.25% Sr. Unsec. Nts., 5/15/13 1,719,000 1,804,950
22 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING CONTINUED 8.75% Sr. Sec. Nts., 11/15/12 $ 928,000 $ 997,600 8.875% Sr. Sec. Nts., 2/15/09 200,000 209,250 - ------------------------------------------------------------------------------------------------------ Pliant Corp., 11.625% Sr. Sec. Nts., 6/15/09 3 360,178 405,200 - ------------------------------------------------------------------------------------------------------ Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 1,975,000 1,866,375 - ------------------------------------------------------------------------------------------------------ Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 650,000 643,500 9.25% Sr. Unsec. Nts., 2/1/08 1,200,000 1,255,500 9.75% Sr. Unsec. Nts., 2/1/11 600,000 619,500 - ------------------------------------------------------------------------------------------------------ Stone Container Finance Co. of Canada II, 7.375% Sr. Unsec. Nts., 7/15/14 300,000 280,500 - ------------------------------------------------------------------------------------------------------ Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 2 125,000 139,063 - ------------------------------------------------------------------------------------------------------ TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 1,300,000 1,196,000 -------------- 17,292,902 - ------------------------------------------------------------------------------------------------------ METALS & MINING--1.2% AK Steel Corp.: 7.75% Sr. Unsec. Nts., 6/15/12 1,019,000 1,035,559 7.875% Sr. Unsec. Nts., 2/15/09 100,000 101,000 - ------------------------------------------------------------------------------------------------------ Alrosa Finance SA: 8.875% Nts., 11/17/14 2 6,880,000 7,860,400 8.875% Nts., 11/17/14 915,000 1,045,388 - ------------------------------------------------------------------------------------------------------ Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 600,000 627,000 - ------------------------------------------------------------------------------------------------------ Gibraltar Industries, Inc., 8% Sr. Sub. Nts., 12/1/15 4 635,000 642,938 - ------------------------------------------------------------------------------------------------------ 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 3,4 71,000 -- - ------------------------------------------------------------------------------------------------------ Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 585,000 662,720 - ------------------------------------------------------------------------------------------------------ Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 500,000 542,500 - ------------------------------------------------------------------------------------------------------ Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 3 500,000 262,500 - ------------------------------------------------------------------------------------------------------ Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 204,000 224,400 - ------------------------------------------------------------------------------------------------------ Novelis, Inc., 7.75% Sr. Nts., 2/15/15 1,2 1,575,000 1,519,875 - ------------------------------------------------------------------------------------------------------ Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 4 400,000 426,000 - ------------------------------------------------------------------------------------------------------ Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 200,000 209,750 - ------------------------------------------------------------------------------------------------------ United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 336,000 364,560 10.75% Sr. Nts., 8/1/08 519,000 573,495 -------------- 16,430,335 - ------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--0.3% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15 1,000,000 980,000 - ------------------------------------------------------------------------------------------------------ Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 600,000 606,000 - ------------------------------------------------------------------------------------------------------ Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 300,000 303,000 - ------------------------------------------------------------------------------------------------------ Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 100,000 101,250 - ------------------------------------------------------------------------------------------------------ Catalyst Paper Corp., 8.625% Sr. Unsec. Nts., Series D, 6/15/11 500,000 505,000 - ------------------------------------------------------------------------------------------------------ Domtar, Inc., 7.125% Nts., 8/15/15 500,000 445,000 - ------------------------------------------------------------------------------------------------------ Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 3 600,000 390,000 - ------------------------------------------------------------------------------------------------------ JSG Holding plc, 11.50% Sr. Nts., 10/1/15 2,15 [EUR] 150,934 186,569 - ------------------------------------------------------------------------------------------------------ Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 315,000 281,925 - ------------------------------------------------------------------------------------------------------ Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 700,000 665,000 -------------- 4,463,744
23 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--2.3% - ------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--0.9% American Tower Corp., 7.125% Sr. Unsec. Nts., 10/15/12 $ 250,000 $ 261,250 - ------------------------------------------------------------------------------------------------------ Intelsat Subsidiary Holding Co. Ltd., 8.998% Sr. Nts., 1/15/15 1,7 1,000,000 1,037,500 - ------------------------------------------------------------------------------------------------------ PanAmSat Corp., 9% Sr. Unsec. Nts., 8/15/14 1,350,000 1,427,625 - ------------------------------------------------------------------------------------------------------ PanAmSat Holding Corp., 0%/10.375% Sr. Unsec. Disc. Nts., 11/1/14 14 225,000 163,125 - ------------------------------------------------------------------------------------------------------ Qwest Capital Funding, Inc.: 7.25% Unsec. Unsub. Nts., 2/15/11 2,100,000 2,139,375 7.90% Unsec. Nts., 8/15/10 1,719,000 1,796,355 - ------------------------------------------------------------------------------------------------------ Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 1 300,000 309,000 - ------------------------------------------------------------------------------------------------------ Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 1 1,800,000 2,020,500 - ------------------------------------------------------------------------------------------------------ Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 4 [PEN] 3,290,100 958,634 - ------------------------------------------------------------------------------------------------------ Teligent, Inc., 11.50% Sr. Nts., 12/1/07 3,4 500,000 -- - ------------------------------------------------------------------------------------------------------ Time Warner Telecom Holdings, Inc., 9.25% Sr. Unsec. Unsub. Nts., 2/15/14 1,400,000 1,508,500 - ------------------------------------------------------------------------------------------------------ Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 450,000 475,313 - ------------------------------------------------------------------------------------------------------ Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 225,000 236,813 - ------------------------------------------------------------------------------------------------------ Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 3,4 250,000 -- -------------- 12,333,990 - ------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--1.4% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 700,000 757,750 11% Sr. Unsec. Nts., 7/31/10 19,000 21,233 12.50% Sr. Unsec. Nts., 2/1/11 4 50,000 54,250 - ------------------------------------------------------------------------------------------------------ American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 1,120,000 1,220,800 - ------------------------------------------------------------------------------------------------------ American Tower Corp., 7.50% Sr. Nts., 5/1/12 400,000 421,000 - ------------------------------------------------------------------------------------------------------ AT&T Corp.: 9.05% Sr. Unsec. Nts., 11/15/11 1 592,000 640,696 9.75% Sr. Nts., 11/15/31 1 1,300,000 1,556,939 - ------------------------------------------------------------------------------------------------------ CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 3,4 400,000 -- - ------------------------------------------------------------------------------------------------------ Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 2,014,000 2,210,365 - ------------------------------------------------------------------------------------------------------ Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 280,000 297,500 - ------------------------------------------------------------------------------------------------------ Dobson Communications Corp.: 8.85% Sr. Unsec. Nts., 10/15/12 1 145,000 144,638 8.875% Sr. Nts., 10/1/13 859,000 867,590 - ------------------------------------------------------------------------------------------------------ IWO Holdings, Inc., 8.35% Sr. Sec. Nts., 1/15/12 1 110,000 115,088 - ------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,378,000 3,545,228 - ------------------------------------------------------------------------------------------------------ Nextel Partners, Inc., 8.125% Sr. Nts., 7/1/11 500,000 531,250 - ------------------------------------------------------------------------------------------------------ Rogers Wireless, Inc.: 7.50% Sec. Nts., 3/15/15 882,000 950,355 8% Sr. Sub. Nts., 12/15/12 800,000 853,000 - ------------------------------------------------------------------------------------------------------ Rural Cellular Corp.: 9.75% Sr. Sub. Nts., 1/15/10 2,419,000 2,467,380 9.875% Sr. Nts., 2/1/10 1,400,000 1,501,500 - ------------------------------------------------------------------------------------------------------ SBA Communications Corp., 8.50% Sr. Unsec. Nts., Cl. A, 12/1/12 552,000 615,480
24 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES CONTINUED SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 14 $ 708,000 $ 679,680 - ------------------------------------------------------------------------------------------------------ Triton PCS, Inc., 8.50% Sr. Unsec. Nts., 6/1/13 284,000 271,220 - ------------------------------------------------------------------------------------------------------ UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 600,000 658,500 - ------------------------------------------------------------------------------------------------------ US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 4 250,000 281,563 -------------- 20,663,005 - ------------------------------------------------------------------------------------------------------ UTILITIES--1.6% - ------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.9% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 2 2,000,000 2,170,000 - ------------------------------------------------------------------------------------------------------ CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 19,000 19,641 7.75% Sr. Nts., 8/1/10 200,000 210,500 8.50% Sr. Nts., 4/15/11 250,000 271,250 - ------------------------------------------------------------------------------------------------------ FPL Energy National Wind Power LLC: 5.608% Nts., 3/10/24 2 256,603 247,144 6.125% Nts., 3/25/19 2 150,704 146,814 - ------------------------------------------------------------------------------------------------------ Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 1,910,000 2,077,125 - ------------------------------------------------------------------------------------------------------ Mirant Americas Generation LLC: Escrow Shares, 5/1/06 4 200,000 -- 8.30% Sr. Unsec. Nts., 5/1/11 2,200,000 2,288,000 - ------------------------------------------------------------------------------------------------------ MSW Energy Holdings LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 350,000 362,250 - ------------------------------------------------------------------------------------------------------ MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 200,000 213,000 - ------------------------------------------------------------------------------------------------------ National Power Corp., 9.625% Unsec. Bonds, 5/15/28 2,270,000 2,526,764 - ------------------------------------------------------------------------------------------------------ Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 469,000 471,931 9.50% Sr. Sec. Nts., 7/15/13 290,000 291,813 - ------------------------------------------------------------------------------------------------------ Sierra Pacific Resources, 6.75% Sr. Nts., 8/15/17 2 1,777,000 1,792,549 -------------- 13,088,781 - ------------------------------------------------------------------------------------------------------ ENERGY TRADERS--0.4% Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16 2,5 660,000 660,000 - ------------------------------------------------------------------------------------------------------ Mirant Americas Generation LLC: 8.50% Sr. Unsec. Nts., 10/1/21 500,000 511,250 9.125% Sr. Unsec. Nts., 5/1/31 500,000 535,000 - ------------------------------------------------------------------------------------------------------ NRG Energy, Inc.: 7.25% Sr. Nts., 2/1/14 180,000 183,375 7.375% Sr. Nts., 2/1/16 3,315,000 3,393,731 -------------- 5,283,356 - ------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.0% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 150,000 151,588 - ------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.3% AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 420,015 459,916 - ------------------------------------------------------------------------------------------------------ Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 121,000 117,370 8.75% Sr. Nts., 2/15/12 292,000 306,600 10.125% Sr. Sec. Nts., 7/15/13 2 1,400,000 1,605,730 - ------------------------------------------------------------------------------------------------------ Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 771,107 821,947
25 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER CONTINUED NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 $ 90,000 $ 89,097 -------------- 3,400,660 -------------- Total Corporate Bonds and Notes (Cost $398,577,289) 400,608,244 Shares - ------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.2% - ------------------------------------------------------------------------------------------------------ AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 4,16 4,253 -- - ------------------------------------------------------------------------------------------------------ Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 2 608 111,188 - ------------------------------------------------------------------------------------------------------ e.spire Communications, Inc., 12.75% Jr. Redeemable, Non-Vtg. 4,16 216 22 - ------------------------------------------------------------------------------------------------------ Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 4,16 5,000 -- - ------------------------------------------------------------------------------------------------------ ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 4,16 151 -- - ------------------------------------------------------------------------------------------------------ Loral Skynet Corp., 12% Cum., Series A, Non-Vtg. 2,16 959 192,280 - ------------------------------------------------------------------------------------------------------ Paxson Communications Corp., 14.25% Cum. Jr. Exchangeable, Non-Vtg. 4,15 116 1,008,850 - ------------------------------------------------------------------------------------------------------ Pennsylvania Real Estate Investment Trust, 11% 2,000 112,900 - ------------------------------------------------------------------------------------------------------ PTV, Inc., 10% Cum., Series A, Non-Vtg. 4,16 7 13 - ------------------------------------------------------------------------------------------------------ Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 4,16 228 278,160 - ------------------------------------------------------------------------------------------------------ Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 4 4,600 672,750 -------------- Total Preferred Stocks (Cost $2,635,478) 2,376,163 - ------------------------------------------------------------------------------------------------------ COMMON STOCKS--2.4% - ------------------------------------------------------------------------------------------------------ Advanced Micro Devices, Inc. 16 6,500 215,540 - ------------------------------------------------------------------------------------------------------ Aggreko plc 51,400 282,420 - ------------------------------------------------------------------------------------------------------ Allegheny Technologies, Inc. 4,900 299,782 - ------------------------------------------------------------------------------------------------------ Alstom 16 3,130 261,259 - ------------------------------------------------------------------------------------------------------ Amada Co. Ltd. 28,000 305,455 - ------------------------------------------------------------------------------------------------------ American Tower Corp. 16 11,276 341,888 - ------------------------------------------------------------------------------------------------------ Anadarko Petroleum Corp. 2,700 272,727 - ------------------------------------------------------------------------------------------------------ Anglo American plc 7,180 278,324 - ------------------------------------------------------------------------------------------------------ Aon Corp. 6,700 278,117 - ------------------------------------------------------------------------------------------------------ Arcelor 7,330 288,961 - ------------------------------------------------------------------------------------------------------ Archer-Daniels-Midland Co. 8,400 282,660 - ------------------------------------------------------------------------------------------------------ Ashland, Inc. 4,100 291,428 - ------------------------------------------------------------------------------------------------------ ATA Holdings Corp. 4,16 1,721 17,210 - ------------------------------------------------------------------------------------------------------ Avaya, Inc. 16 24,000 271,200 - ------------------------------------------------------------------------------------------------------ BAA plc 19,100 275,099 - ------------------------------------------------------------------------------------------------------ Barratt Developments plc 14,790 272,123 - ------------------------------------------------------------------------------------------------------ Bear Stearns Cos., Inc. (The) 2,000 277,400 - ------------------------------------------------------------------------------------------------------ Beverly Hills Bancorp, Inc. 6,273 66,494 - ------------------------------------------------------------------------------------------------------ BNP Paribas SA 2,900 269,378 - ------------------------------------------------------------------------------------------------------ British American Tobacco plc 11,060 267,867 - ------------------------------------------------------------------------------------------------------ Broadcom Corp., Cl. A 16 5,550 239,538 - ------------------------------------------------------------------------------------------------------ Burlington Northern Santa Fe Corp. 3,400 283,322
26 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ Burlington Resources, Inc. 3,000 $ 275,730 - ------------------------------------------------------------------------------------------------------ CA, Inc. 10,000 272,100 - ------------------------------------------------------------------------------------------------------ Caterpillar, Inc. 3,600 258,516 - ------------------------------------------------------------------------------------------------------ Cebridge Connections Holding LLC 4,16 529 -- - ------------------------------------------------------------------------------------------------------ Centex Corp. 4,000 247,960 - ------------------------------------------------------------------------------------------------------ Charles River Laboratories International, Inc. 16 2,660 130,393 - ------------------------------------------------------------------------------------------------------ Chesapeake Energy Corp. 91 2,858 - ------------------------------------------------------------------------------------------------------ Chubb Corp. 2,800 267,232 - ------------------------------------------------------------------------------------------------------ CIT Group, Inc. 5,000 267,600 - ------------------------------------------------------------------------------------------------------ Citigroup, Inc. 55 2,598 - ------------------------------------------------------------------------------------------------------ CNP Assurances SA 2,800 282,314 - ------------------------------------------------------------------------------------------------------ ConocoPhillips 4,300 271,545 - ------------------------------------------------------------------------------------------------------ Countrywide Financial Corp. 7,700 282,590 - ------------------------------------------------------------------------------------------------------ Covad Communications Group, Inc. 16 16,528 31,899 - ------------------------------------------------------------------------------------------------------ Cummins, Inc. 2,500 262,750 - ------------------------------------------------------------------------------------------------------ D.R. Horton, Inc. 8,400 279,048 - ------------------------------------------------------------------------------------------------------ DaimlerChrysler AG 4,824 277,159 - ------------------------------------------------------------------------------------------------------ De La Rue plc 27,410 265,733 - ------------------------------------------------------------------------------------------------------ Deutsche Telekom AG 16,954 285,998 - ------------------------------------------------------------------------------------------------------ Dobson Communications Corp., Cl. A 16 24,300 194,886 - ------------------------------------------------------------------------------------------------------ Duke Energy Corp. 9,700 282,755 - ------------------------------------------------------------------------------------------------------ E*TRADE Financial Corp. 16 10,500 283,290 - ------------------------------------------------------------------------------------------------------ E.ON AG 2,417 266,105 - ------------------------------------------------------------------------------------------------------ Eastman Chemical Co. 5,300 271,254 - ------------------------------------------------------------------------------------------------------ El Paso Corp. 25,800 310,890 - ------------------------------------------------------------------------------------------------------ Energy Select Sector SPDR Fund 20,800 1,130,064 - ------------------------------------------------------------------------------------------------------ Etablissements Economiques du Casino Guichard-Perrachon SA 4,330 302,772 - ------------------------------------------------------------------------------------------------------ Express Scripts, Inc. 16 3,100 272,490 - ------------------------------------------------------------------------------------------------------ Financial Select Sector SPDR Fund 34,500 1,122,975 - ------------------------------------------------------------------------------------------------------ Ford Motor Co. 35,100 279,396 - ------------------------------------------------------------------------------------------------------ Freeport-McMoRan Copper & Gold, Inc., Cl. B 5,000 298,850 - ------------------------------------------------------------------------------------------------------ Gecina SA 2,140 283,974 - ------------------------------------------------------------------------------------------------------ GKN plc 44,770 258,631 - ------------------------------------------------------------------------------------------------------ Globix Corp. 16 6,880 18,989 - ------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The) 1,900 298,224 - ------------------------------------------------------------------------------------------------------ Hammerson plc 13,120 282,655 - ------------------------------------------------------------------------------------------------------ Hartford Financial Services Group, Inc. (The) 3,300 265,815 - ------------------------------------------------------------------------------------------------------ Hochtief AG 4,996 283,227 - ------------------------------------------------------------------------------------------------------ Horizon Natural Resources Co. 4,16 6,667 -- - ------------------------------------------------------------------------------------------------------ Huntsman Corp. 4,16 5,871 107,645 - ------------------------------------------------------------------------------------------------------ ICO Global Communication Holdings Ltd. 16 6,016 33,990 - ------------------------------------------------------------------------------------------------------ iPCS, Inc. 16 8,733 410,451 - ------------------------------------------------------------------------------------------------------ Jefferson-Pilot Corp. 4,600 257,324 - ------------------------------------------------------------------------------------------------------ JFE Holdings, Inc. 7,200 290,569 - ------------------------------------------------------------------------------------------------------ Kawasaki Kisen Kaisha Ltd. 43,000 253,908 - ------------------------------------------------------------------------------------------------------ KB Home 4,000 259,920 - ------------------------------------------------------------------------------------------------------ Kobe Steel Ltd. 69,000 262,048 - ------------------------------------------------------------------------------------------------------ Komatsu Ltd. 15,000 286,109 - ------------------------------------------------------------------------------------------------------ Kubota Corp. 27,000 291,334
27 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ Land Securities Group plc 8,170 $ 273,672 - ------------------------------------------------------------------------------------------------------ Leap Wireless International, Inc. 16 1,714 74,713 - ------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc. 1,900 274,607 - ------------------------------------------------------------------------------------------------------ Lennar Corp., Cl. A 4,600 277,748 - ------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series A 3,368 68,943 - ------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series C 16 3,368 66,518 - ------------------------------------------------------------------------------------------------------ Lincoln National Corp. 4,800 262,032 - ------------------------------------------------------------------------------------------------------ Lloyds TSB Group plc 27,590 263,883 - ------------------------------------------------------------------------------------------------------ Loral Space & Communications Ltd. 16 7,271 208,314 - ------------------------------------------------------------------------------------------------------ Louisiana-Pacific Corp. 9,600 261,120 - ------------------------------------------------------------------------------------------------------ MAN AG 4,246 295,354 - ------------------------------------------------------------------------------------------------------ Man Group plc 6,660 285,229 - ------------------------------------------------------------------------------------------------------ Marathon Oil Corp. 3,691 281,143 - ------------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc. 3,500 275,660 - ------------------------------------------------------------------------------------------------------ Mirant Corp. 16 1,134 28,350 - ------------------------------------------------------------------------------------------------------ Nippon Building Fund, Inc. 28 259,303 - ------------------------------------------------------------------------------------------------------ Nippon Kayaku Co. Ltd. 32,000 283,297 - ------------------------------------------------------------------------------------------------------ Nippon Steel Corp. 67,175 260,253 - ------------------------------------------------------------------------------------------------------ Norfolk Southern Corp. 5,200 281,164 - ------------------------------------------------------------------------------------------------------ Novell, Inc. 16 28,300 217,344 - ------------------------------------------------------------------------------------------------------ NTL, Inc. 16 28,755 837,058 - ------------------------------------------------------------------------------------------------------ Nucor Corp. 3,000 314,370 - ------------------------------------------------------------------------------------------------------ NVIDIA Corp. 16 5,500 314,930 - ------------------------------------------------------------------------------------------------------ Occidental Petroleum Corp. 2,900 268,685 - ------------------------------------------------------------------------------------------------------ Oracle Corp., Japan 5,800 290,246 - ------------------------------------------------------------------------------------------------------ Orbital Sciences Corp. 16 745 11,786 - ------------------------------------------------------------------------------------------------------ PagesJaunes Groupe SA 10,010 281,189 - ------------------------------------------------------------------------------------------------------ Persimmon plc 10,940 252,416 - ------------------------------------------------------------------------------------------------------ Phelps Dodge Corp. 3,800 306,014 - ------------------------------------------------------------------------------------------------------ PNC Financial Services Group, Inc. 3,800 255,778 - ------------------------------------------------------------------------------------------------------ Prandium, Inc. 4,16 24,165 242 - ------------------------------------------------------------------------------------------------------ Premier Holdings Ltd. 4,16 18,514 -- - ------------------------------------------------------------------------------------------------------ Prudential Financial, Inc. 3,600 272,916 - ------------------------------------------------------------------------------------------------------ Reynolds American, Inc. 2,500 263,750 - ------------------------------------------------------------------------------------------------------ RWE AG, Non-Vtg., Preference 3,406 266,642 - ------------------------------------------------------------------------------------------------------ Schroders plc 13,280 274,335 - ------------------------------------------------------------------------------------------------------ Showa Shell Sekiyu K.K. 23,100 262,206 - ------------------------------------------------------------------------------------------------------ Societe Generale, Cl. A 1,890 284,240 - ------------------------------------------------------------------------------------------------------ Star Gas Partners LP 16 187 522 - ------------------------------------------------------------------------------------------------------ Sterling Chemicals, Inc. 16 720 7,380 - ------------------------------------------------------------------------------------------------------ Suedzucker AG 10,150 263,104 - ------------------------------------------------------------------------------------------------------ Suez SA 7,310 288,084 - ------------------------------------------------------------------------------------------------------ Sumitomo Metal Industries 60,000 257,434 - ------------------------------------------------------------------------------------------------------ Takefuji Corp. 4,120 259,381 - ------------------------------------------------------------------------------------------------------ Taylor Woodrow plc 16 36,790 258,234 - ------------------------------------------------------------------------------------------------------ Tellabs, Inc. 16 18,200 289,380 - ------------------------------------------------------------------------------------------------------ ThyssenKrupp AG 10,594 305,683 - ------------------------------------------------------------------------------------------------------ TonenGeneral Sekiyu K.K. 27,000 274,817 - ------------------------------------------------------------------------------------------------------ TUI AG 13,568 266,204
28 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ TVMAX Holdings, Inc. 16 1,000 $ 1,000 - ------------------------------------------------------------------------------------------------------ TXU Corp. 5,100 228,276 - ------------------------------------------------------------------------------------------------------ Ube Industries Ltd. 91,000 268,284 - ------------------------------------------------------------------------------------------------------ Unibail 1,630 294,324 - ------------------------------------------------------------------------------------------------------ United States Steel Corp. 4,700 285,196 - ------------------------------------------------------------------------------------------------------ United Utilities plc 22,370 267,980 - ------------------------------------------------------------------------------------------------------ Utilities Select Sector SPDR Fund 34,700 1,071,189 - ------------------------------------------------------------------------------------------------------ Valero Energy Corp. 4,800 286,944 - ------------------------------------------------------------------------------------------------------ Verizon Communications, Inc. 935 31,846 - ------------------------------------------------------------------------------------------------------ Viatel Holding (Bermuda) Ltd. 16 2,251 11 - ------------------------------------------------------------------------------------------------------ Volkswagen AG, Preference 5,206 284,280 - ------------------------------------------------------------------------------------------------------ Washington Mutual, Inc. 6,400 272,768 - ------------------------------------------------------------------------------------------------------ Western Forest Products, Inc. 16 38,252 72,059 - ------------------------------------------------------------------------------------------------------ WRC Media Corp. 4,16 1,082 11 - ------------------------------------------------------------------------------------------------------ XO Holdings, Inc. 16 1,477 5,834 -------------- Total Common Stocks (Cost $30,029,246) 33,858,430 Units - ------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------ ASAT Finance LLC Wts., Exp. 11/1/06 16 250 -- - ------------------------------------------------------------------------------------------------------ COLO.com, Inc. Wts., Exp. 3/15/10 4,16 400 -- - ------------------------------------------------------------------------------------------------------ Concentric Network Corp. Wts., Exp. 12/15/07 4,16 100 -- - ------------------------------------------------------------------------------------------------------ HF Holdings, Inc. Wts., Exp. 9/27/09 4,16 530 -- - ------------------------------------------------------------------------------------------------------ ICO Global Communication Holdings Ltd. Wts.: Exp. 5/16/06 4,16 1,509 8 Exp. 5/16/06 4,16 2 -- - ------------------------------------------------------------------------------------------------------ Imperial Credit Industries, Inc. Wts., Exp. 1/31/08 4,16 2,135 -- - ------------------------------------------------------------------------------------------------------ iPCS, Inc. Wts., Exp. 6/15/10 4,16 300 -- - ------------------------------------------------------------------------------------------------------ Long Distance International, Inc. Wts., Exp. 4/13/08 2,16 200 -- - ------------------------------------------------------------------------------------------------------ Ntelos, Inc. Wts., Exp. 8/15/10 4,16 450 -- - ------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc. Wts., Exp. 9/19/10 16 5,710 1,770 - ------------------------------------------------------------------------------------------------------ PLD Telekom, Inc. Wts., Exp. 6/1/06 4,16 300 3 - ------------------------------------------------------------------------------------------------------ Sterling Chemicals, Inc. Wts., Exp. 12/19/08 4,16 1,174 -- - ------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 4,16 2,300 78,200 - ------------------------------------------------------------------------------------------------------ Verado Holdings, Inc., Cl. B Wts., Exp. 4/15/08 16 175 122 - ------------------------------------------------------------------------------------------------------ XO Communications, Inc.: Series A Wts., Exp. 1/16/10 16 2,962 1,333 Series B Wts., Exp. 1/16/10 16 2,222 689 Series C Wts., Exp. 1/16/10 16 2,222 556 -------------- Total Rights, Warrants and Certificates (Cost $32,675) 82,681
29 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ STRUCTURED NOTES--13.8% - ------------------------------------------------------------------------------------------------------ Aiolos Ltd. Catastrophe Linked Nts., 7.188%, 4/8/09 1,4 [EUR] 800,000 $ 967,546 - ------------------------------------------------------------------------------------------------------ Aon Capital Markets/Helix 04 Ltd. Catastrophe Linked Nts., 10.379%, 6/30/09 1 600,000 595,728 - ------------------------------------------------------------------------------------------------------ Arbor I Ltd. Catastrophe Linked Nts., 20.41%, 6/15/06 1,4 100,000 100,315 - ------------------------------------------------------------------------------------------------------ Atlantic & Western Re Ltd. Catastrophe Linked Nts., Series B, 14.72%, 11/15/10 1 1,050,000 1,022,333 - ------------------------------------------------------------------------------------------------------ Barclays Capital, Russia (Government of) Credit Linked Nts., 5.16%, 8/18/08 8 [RUR] 270,000,000 8,464,726 - ------------------------------------------------------------------------------------------------------ Cascadia Ltd., 7.985% Nts., 6/13/08 1,2 500,000 502,260 - ------------------------------------------------------------------------------------------------------ Champlain Ltd. Catastrophe Linked Nts., Series A, 17.296%, 1/7/09 1 940,000 938,073 - ------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Credit Linked Nts., 4%, 5/22/08 [ARP] 840,000 727,559 Argentina (Republic of) Unsec. Credit Linked Nts., 4%, 4/16/10 17 [ARP] 3,424,688 2,221,587 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 2,927,000 1,211,824 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 4,619,000 1,912,339 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.81%, 1/5/10 8 [BRR] 2,480,096 681,098 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.43%, 1/2/09 8 [BRR] 2,231,957 706,573 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.73%, 1/3/08 8 [BRR] 1,948,615 708,984 Colombia (Republic of) Credit Linked Bonds, 11%, 7/24/20 [COP] 1,060,000,000 594,351 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 552,359,546 361,222 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 3/15/07 (linked to Colombian Treasury Bills) [COP] 3,860,150,000 2,084,870 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,800,000,000 1,177,133 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,200,000,000 784,755 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,034,000,000 676,197 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 927,000,000 606,223 Dominican Republic Credit Linked Bonds, 14.40%, 9/5/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 79,000,000 2,296,145 Dominican Republic Credit Linked Nts., 14.11%, 7/10/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 23,200,000 689,828 Dominican Republic Credit Linked Nts., 15.64%, 5/2/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 19,490,000 595,630 Dominican Republic Credit Linked Nts., 16.50%, 3/12/07 (linked to Dominican Republic Treasury Bills) [DOP] 26,500,000 705,530 Dominican Republic Credit Linked Nts., 17%, 3/12/07 [DOP] 21,900,000 686,261 Dominican Republic Credit Linked Nts., 17.01%, 11/6/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 59,600,000 1,685,595 Dominican Republic Unsec. Credit Linked Nts., 14.67%, 5/15/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 16,070,000 488,478 Dominican Republic Unsec. Credit Linked Nts., 16.18%, 4/24/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 6,560,000 201,042 Egypt (The Arab Republic of) Credit Linked Nts., 7.91%, 8/1/06 (linked to Egyptian Treasury Bills) 8 [EGP] 5,990,000 1,012,344 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.21%, 9/19/06 (linked to Egyptian Treasury Bills) 8 [EGP] 5,000,000 835,302 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 2/16/08 (linked to Egyptian Treasury Bills) [EGP] 4,450,000 782,058
30 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 8/17/06 (linked to Egyptian Treasury Bills) [EGP] 6,000,000 $ 1,010,735 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 [NGN] 347,000,000 2,752,713 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 5 [NGN] 265,000,000 2,096,871 Russian Federation Credit Linked Nts., 5.315%, 1/20/11 10,000,000 10,134,900 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 880,000 195,561 Zambia (Republic of) Credit Linked Nts., 11%, 2/21/07 (linked to Zambian Treasury Bills) [ZMK] 3,160,000,000 866,188 Zambia (Republic of) Credit Linked Nts., Series II, 11%, 2/21/07 (linked to Zambian Treasury Bills) [ZMK] 1,290,000,000 353,602 - ------------------------------------------------------------------------------------------------------ Credit Suisse First Boston Corp. (Cayman), Turkey (Republic of) Credit Linked Nts., Series EMG 7, 15%, 2/10/10 [TRY] 3,014,000 2,434,514 - ------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International: EESRRU Total Return Linked Nts., 8.25%, 6/22/10 [RUR] 93,500,000 3,472,612 OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 28,065,000 1,043,242 South African Rand Interest Bearing Linked Nts., Series FBi 43, 4.465%, 5/23/22 1 825,000 811,223 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 2,195,000 490,815 - ------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch): Turkey (Republic of) Credit Linked Nts., 20%, 10/18/07 352,000 412,868 Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 1,190,000 1,537,849 Turkey (Republic of) Credit Linked Nts., Series EMG 19, 16.90%, 7/5/06 8 [TRY] 1,440,000 1,036,896 Turkey (Republic of) Credit Linked Nts., Series EMG 4, 17.20%, 7/6/06 8 [TRY] 1,909,191 1,374,745 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 5,650,000 1,263,374 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 661,000 147,804 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 [UAH] 4,170,000 932,437 - ------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 10.10%, 12/21/11 [ARP] 2,990,000 2,362,888 Brazil Real Credit Linked Nts., 13.88%, 3/3/10 8 [BRR] 4,580,760 1,478,163 Brazil Real Credit Linked Nts., 6%, 8/18/10 [BRR] 2,065,000 1,342,648 Campania Total Return Linked Nts., 3.207%, 7/30/10 1 [EUR] 5,200,000 6,345,137 Campania Total Return Linked Nts., 3.207%, 7/30/10 1 [EUR] 5,050,000 6,098,457 Egypt (The Arab Republic of) Credit Linked Nts., 10.132%, 5/23/06 (linked to Egyptian Treasury Bills) [EGP] 4,035,000 692,075 Egypt (The Arab Republic of) Total Return Linked Nts., 8.78%, 12/12/06 (linked to Egyptian Treasury Bills) 8 [EGP] 8,170,000 1,339,610 European Investment Bank, Russian Federation Credit Linked Nts., 5.50%, 1/19/10 8 705,000 590,614 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/24/09 [KZT] 258,990,000 2,026,942 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 720,616 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 873,600 1,001,932 Moscow (City of) Credit Linked Nts., 10%, 4/2/10 [RUR] 17,056,500 689,246 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/27/09 [NGN] 67,900,000 556,340 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/30/09 [NGN] 91,000,000 796,738 OAO Gazprom I Credit Nts., 8.36%, 10/20/07 790,000 860,612 OAO Gazprom II Credit Nts., 8.11%, 4/20/07 790,000 845,659
31 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Peru (Republic of) Credit Linked Nts., 6.211%, 2/20/11 1 $ 875,000 $ 849,565 Romania (The State of) Credit Linked Nts., 11.49%, 12/7/06 [RON] 788,640 288,005 Russian Federation Credit Linked Nts., 0%, 12/2/09 8 [RUR] 19,221,000 740,943 Turkey (Republic of) Credit Linked Nts., Series II, 15%, 2/10/10 [TRY] 2,515,000 2,029,958 Turkish Lira Credit Linked Nts., 20%, 10/19/07 [TRY] 1,240,000 1,092,196 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 885,000 889,868 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 885,000 889,868 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 885,000 889,868 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 885,000 889,868 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 885,000 889,868 Ukraine (Republic of) Credit Linked Nts., 11.70%, 5/31/06 [UAH] 1,727,000 346,709 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 269,000 59,811 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 955,000 212,341 Ukraine (Republic of) Credit Linked Nts., 5.592%, 5/16/07 [UAH] 2,390,000 464,742 Ukraine (Republic of) Credit Linked Nts., Series A, 5.592%, 5/16/07 [UAH] 2,390,000 464,742 Videocon International Ltd. Credit Linked Nts., 7.21%, 12/29/09 1,630,000 1,625,273 Volga Investments Ltd. Credit Linked Nts., Series III, 6.01%, 4/2/08 10,000,000 10,040,000 - ------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The)/Residential Reinsurance Ltd. Catastrophe Linked Nts., Series B, 13.27%, 6/6/08 1,4 800,000 752,000 - ------------------------------------------------------------------------------------------------------ ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 4 [UAH] 4,689,000 1,032,946 - ------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: Argentina (Republic of) Credit Linked Nts., 10.06%, 12/19/11 4 [ARP] 4,355,000 3,544,493 Brazil (Federal Republic of) Credit Linked Nts., 12.08%, 1/2/15 8 [BRR] 3,693,700 544,679 Brazil (Federal Republic of) Credit Linked Nts., 15.33%, 1/2/15 8 [BRR] 10,948,600 1,614,499 Brazil (Federal Republic of) Credit Linked Nts., 2.68%, 6/1/13 8 [BRR] 5,490,000 977,778 Brazil (Federal Republic of) Credit Linked Nts., 2.73%, 11/30/12 8 [ARP] 4,550,000 1,034,557 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 4 [BRR] 5,855,000 3,411,307 Brazil (Federal Republic of) Credit Linked Nts., Series II, 13.55%, 1/2/15 8 [BRR] 8,035,000 1,184,854 Brazil (Federal Republic of) Credit Linked Nts., Series III, 12.18%, 1/2/15 8 [BRR] 8,500,000 1,253,424 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 8 [COP] 20,100,000,000 3,635,083 Colombia (Republic of) Credit Linked Bonds, 13.50%, 8/3/20 [COP] 11,160,000,000 1,486,336 Peru (Republic of) Credit Linked Nts., 8.12%, 9/2/15 8 [PEN] 3,470,000 421,293 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 1,120,000 1,068,816 - ------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2005-1, 7.651%, 6/15/15 4,13 8,536,585 8,802,329 - ------------------------------------------------------------------------------------------------------ Lehman Brothers International: Romania (The State of) Total Return Linked Nts., 7.90%, 2/9/10 (linked to Romanian Treasury Bills) [RON] 821,400 314,177 Turkey (Republic of) Total Return Linked Nts., 15%, 2/11/10 (linked to Turkish Treasury Bills) [TRY] 1,635,000 1,327,822 Turkey (Republic of) Total Return Linked Nts., 20%, 10/17/07 (linked to Turkish Treasury Bills) 410,938 528,507 - ------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: Romania (The State of) Total Return Linked Nts., 6.50%, 3/10/10 (linked to Romanian Treasury Bills) [RON] 2,228,300 800,966
32 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ Romania (The State of) Total Return Linked Nts., 6.75%, 3/11/08 (linked to Romanian Treasury Bills) [RON] 2,600,000 $ 942,511 Romania (The State of) Total Return Linked Nts., 7.25%, 4/18/10 (linked to Romanian Treasury Bills) [RON] 213,000 78,365 Romania (The State of) Total Return Linked Nts., 7.50%, 3/6/07 (linked to Romanian Treasury Bills) [RON] 354,000 131,025 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 199,000 73,539 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 512,000 189,206 Romania (The State of) Total Return Linked Nts., 7.90%, 2/12/08 (linked to Romanian Treasury Bills) [RON] 1,885,100 707,907 Turkey (Republic of) Total Return Linked Nts., 15%, 2/11/10 [TRY] 4,490,000 3,671,481 - ------------------------------------------------------------------------------------------------------ Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc, Total Return Linked Nts.: Series A, 8.375%, 6/30/12 [RUR] 38,020,000 1,389,429 Series B, 11%, 6/30/12 [RUR] 28,520,000 1,056,151 - ------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Sr. Sub. Linked Nts., 15.45%, 1/2/14 4 [BRR] 3,400,000 1,713,921 Philippines (Republic of) Credit Linked Nts., 8.619%, 9/20/15 1,230,000 1,322,004 Philippines (Republic of) Credit Linked Nts., 9.78%, 9/20/15 10,300,000 11,541,150 Philippines (Republic of) Credit Linked Nts., 7.97%, 6/20/16 1,2 1,360,000 1,364,896 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 2,000,000 1,980,600 Venezuela (Republic of) 10 yr. Credit Linked Nts., 7.85%, 11/20/15 1,885,000 2,072,181 Venezuela (Republic of) Credit Linked Nts., 6.49%, 5/20/10 1,480,000 1,526,916 Venezuela (Republic of) Credit Linked Nts., 7.382%, 5/20/10 1,900,000 2,109,380 - ------------------------------------------------------------------------------------------------------ Parametric RE Ltd. Catastrophe Linked Nts., 8.88%, 11/19/07 1,2 300,000 305,232 - ------------------------------------------------------------------------------------------------------ Swiss Re Capital Markets Corp./Foundation RE Ltd. Catastrophe Linked Nts., 8.85%, 11/24/08 1,2 500,000 494,815 - ------------------------------------------------------------------------------------------------------ Swiss Re Capital Markets Corp./Oak Capital Ltd. Catastrophe Linked Nts., 9.66%, 6/15/07 1,4 250,000 250,163 - ------------------------------------------------------------------------------------------------------ Swiss Re Capital Markets Corp./Pioneer 2002 Ltd. Sec. Catastrophe Linked Nts.: Series 2002, Cl. A-A, 10.91%, 6/15/06 1,2 250,000 252,065 Series 2002-1, Cl. E-A, 9.16%, 6/15/06 1 500,000 500,575 Series 2003-II, Cl. A-A, 10.91%, 6/15/06 1,4 500,000 503,550 - ------------------------------------------------------------------------------------------------------ Swiss Re Capital Markets Corp./Redwood Capital V Catastrophe Linked Nts., 8.70%, 1/9/07 1,2 1,250,000 1,226,388 - ------------------------------------------------------------------------------------------------------ Swiss Re Capital Markets Corp./Redwood Capital VI Catastrophe Linked Nts., 8.60%, 1/9/07 1,2 250,000 243,970 - ------------------------------------------------------------------------------------------------------ UBS AG: Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 4,792,700 1,170,204 OAO Gazprom III Credit Nts., 7.81%, 7/5/06 1,980,000 2,029,453 Ukraine (Republic of) Credit Linked Nts., 8.40%, 2/10/16 1,740,000 1,769,576 -------------- Total Structured Notes (Cost $187,561,193) 194,156,679 Strike Date Price Contracts - ------------------------------------------------------------------------------------------------------ OPTIONS PURCHASED--0.1% - ------------------------------------------------------------------------------------------------------ Brazilian Real Put 4,16 6/7/06 2.35BRR 13,870,000 60,189 - ------------------------------------------------------------------------------------------------------ Brazilian Real Put 16 6/8/06 2.36BRR 13,950,000 44,260
33 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - --------------------------------------------------------------------------------
Strike Date Price Contracts Value - ------------------------------------------------------------------------------------------------------ Japanese Yen Put 4,16 9/21/06 119JPY 6,757,000,000 $ 584,818 Mexican Nuevo Peso Call 16 10/12/06 11.40MXN 12,312,000 15,617 Mexican Nuevo Peso Put 16 10/12/06 11.40MXN 12,312,000 48,498 -------------- Total Options Purchased (Cost $799,468) 753,382 Principal Amount - ------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--12.3% 18 - ------------------------------------------------------------------------------------------------------ Undivided interest of 8.39% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $172,159,539 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $172,094,000) $ 172,094,000 172,094,000 - ------------------------------------------------------------------------------------------------------ Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,454,923,269) 1,464,782,041 - ------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--1.2% - ------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--1.2% Undivided interest of 1.76% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,407,917) with Bank of America NA, 4.895%, dated 3/31/06, to be repurchased at $17,595,152 on 4/3/06, collateralized by U.S. Agency Mortgages, 5.50%, 12/1/34, with a value of $1,020,000,001 19 (Cost $17,587,978) 17,587,978 17,587,978 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,472,511,247) 105.5% 1,482,370,019 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (5.5) (77,819,247) ---------------------------------- Net Assets 100.0% $1,404,550,802 ==================================
Footnotes to Statements 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 KZT Kazakhstan Tenge MXN Mexican Nuevo Peso MYR Malaysian Ringgit NGN Nigeria Naira PEN Peruvian New Sol PLZ Polish Zloty RON New Romanian Leu 34 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia ZAR South African Rand ZMK Zambian Kwacha 1. Represents the current interest rate for a variable or increasing rate security. 2. 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 $140,202,883 or 9.98% of the Fund's net assets as of March 31, 2006. 3. Issue is in default. Non-income producing. See accompanying Notes. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2006 was $40,373,193, which represents 2.87% of the Fund's net assets, of which $107,887 is considered restricted. In addition, the Fund has restricted currency of $159,285, which represents 0.01% of the Fund's net assets. See accompanying Notes. 5. When-issued security or forward commitment to be delivered and settled after March 31, 2006. See accompanying Notes. 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 $7,642,378 or 0.54% of the Fund's net assets as of March 31, 2006. 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 $1,614,204 or 0.11% of the Fund's net assets as of March 31, 2006. 8. Zero coupon bond reflects effective yield on the date of purchase. 9. Partial or fully-loaned security. See accompanying Notes. 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 $4,208,093. See accompanying Notes. 11. A sufficient amount of securities has been designated to cover outstanding written put options, as follows:
CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO PUT DATE PRICE RECEIVED VALUE - ----------------------------------------------------------------------------------------------------- Japanese Yen 6,757,000,000 9/21/06 $ 124.000 $ 141,679 $ 152,573
12. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 13. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 14. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 15. Interest or dividend is paid-in-kind. 16. Non-income producing security. 17. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 18. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. 19. 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2006 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 $1,472,831,724 Federal tax cost of other investments (139,581,437) --------------- Total federal tax cost $1,333,250,287 =============== Gross unrealized appreciation $ 36,562,556 Gross unrealized depreciation (29,214,425) --------------- Net unrealized appreciation $ 7,348,131 =============== 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 35 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 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, as 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 Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured note is sold or matures. As of March 31, 2006, the market value of these securities comprised 13.8% of the Fund's net assets and resulted in unrealized cumulative gains of $6,661,129. SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2006, the Fund had purchased $92,031,558 of securities issued on a when-issued basis or forward commitment and sold $24,020,445 of securities issued on a when-issued basis or forward commitment. In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2006, securities with an aggregate market value of $1,795,675, representing 0.13% of the Fund's net assets, were in default. 36 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/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 in the annual and semiannual reports. 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 in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports 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 in the annual and semiannual reports. As of March 31, 2006, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) MARCH 31, 2006 APPRECIATION DEPRECIATION - -------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso (ARP) 5/3/06 17,000ARP $ 5,513,443 $ -- $ 667 Brazilian Real (BRR) 4/28/06-2/21/07 72,330BRR 30,419,435 2,966,225 98,103 British Pound Sterling (GBP) 9/5/06 750GBP 1,306,195 -- 223
37 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- Canadian Dollar (CAD) 4/28/06 13,060CAD 11,191,798 -- 233,165 Chilean Peso (CLP) 4/6/06-4/28/06 1,620,000CLP 3,072,456 8,652 31,212 Indian Rupee (INR) 4/7/06 240,000INR 5,390,648 -- 11,716 Japanese Yen (JPY) 4/5/06-6/15/06 4,786,000JPY 40,891,566 -- 535,769 Mexican Nuevo Peso (MXN) 4/17/06-4/25/06 87,240MXN 8,004,714 63,861 108,063 Norwegian Krone (NOK) 6/14/06 76,170NOK 11,678,818 250,632 -- South Korean Won (KRW) 5/2/06-6/5/06 6,733,000KRW 6,937,843 1,009 6,778 Swedish Krone (SEK) 5/15/06 90,260SEK 11,629,535 9,359 111,275 Swiss Franc (CHF) 6/9/06 2,950CHF 2,279,969 10,902 -- Thailand Baht (THB) 4/17/06 158,000THB 4,064,012 59,044 -- Turkish Lira (TRY) 4/17/06-2/1/08 23,164TRY 16,401,942 1,039,797 68,537 -------------------------- 4,409,481 1,205,508 -------------------------- CONTRACTS TO SELL Brazilian Real (BRR) 4/3/06 3,903BRR 1,802,014 -- 45,660 British Pound Sterling (GBP) 6/15/06-8/7/06 10,500GBP 18,264,323 35,485 91,743 Canadian Dollar (CAD) 8/17/06 355CAD 305,195 2,538 -- Chinese Renminbi (Yuan) (CNY) 4/17/06 43,000CNY 5,371,450 -- 3,831 Czech Koruna (CZK) 5/3/06 130,000CZK 5,548,743 -- 44,023 Euro (EUR) 5/3/06-9/6/06 26,890EUR 32,785,417 60,977 106,663 Japanese Yen (JPY) 4/17/06-9/5/06 2,776,000JPY 23,878,531 253,725 5,453 Peruvian New Sol (PEN) 5/4/06 8,370PEN 2,479,841 -- 4,243 Swiss Franc (CHF) 4/18/06 7,100CHF 5,456,229 39,914 -- Taiwan Dollar (TWD) 4/17/06 170,000TWD 5,247,319 17,958 -- South African Rand (ZAR) 4/11/06-4/12/06 26,820ZAR 4,346,848 31,362 -- -------------------------- 441,959 301,616 -------------------------- Total unrealized appreciation and depreciation $ 4,851,440 $ 1,507,124 ==========================
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. 38 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 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 in the annual and semiannual reports. 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 in the annual and semiannual reports 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 in the annual and semiannual reports as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2006 (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE DAX Index 6/16/06 13 $ 2,363,712 24,916 FTSE 100 Index 6/16/06 19 1,970,742 (5,451) Hang Seng Stock Index 4/27/06 13 1,324,520 (4,530) Japan (Government of) Bonds, 10 yr. 6/9/06 33 37,418,692 (375,911) Japan (Government of) Mini Bonds, 10 yr. 6/8/06 23 2,604,061 (28,138) MSCI Taiwan Index 4/27/06 48 1,341,120 16,410 NASDAQ 100 Index E-Mini 6/16/06 133 4,575,200 31,748 Nikkei 225 Index 6/8/06 3 433,815 33,663 Standard & Poor's ASX 200 Index 6/15/06 15 1,379,632 52,809 Standard & Poor's/MIB Index, 10 yr. 6/16/06 6 1,356,977 (25,736) U.S. Long Bonds 6/21/06 282 30,782,063 (949,734) U.S. Treasury Nts., 2 yr. 6/30/06 111 22,628,391 (46,433) U.S. Treasury Nts., 10 yr. 6/21/06 157 16,703,328 (166,394) United Kingdom Long Gilt 6/28/06 4 775,926 (3,981) ----------- (1,446,762) ----------- CONTRACTS TO SELL CAC-40 10 Index 4/21/06 69 4,363,193 (64,936) DAX Index 6/16/06 24 4,363,775 (46,584) Euro-Bundesobligation, 10 yr. 6/8/06 25 3,549,832 41,099 FTSE 100 Index 6/16/06 46 4,771,270 9,329 Nikkei 225 Index 6/8/06 35 5,061,172 (404,610) Standard & Poor's 500 E-Mini 6/16/06 403 26,261,495 (275,578) Standard & Poor's/Toronto Stock Exchange 60 Index 6/15/06 12 1,408,743 (20,801) U.S. Long Bonds 6/21/06 213 23,250,281 502,414 U.S. Treasury Nts., 2 yr. 6/30/06 238 48,518,531 83,884
39 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- U.S. Treasury Nts., 5 yr. 6/30/06 1,023 106,839,563 810,508 U.S. Treasury Nts., 10 yr. 6/21/06 377 40,109,266 111,528 ----------- 746,253 ----------- $ (700,509) ===========
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 in the annual and semiannual reports. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended March 31, 2006 was as follows: PUT OPTIONS ------------------------------- NUMBER OF AMOUNT OF CONTRACTS PREMIUMS - --------------------------------------------------------------------- Options outstanding as of December 31, 2005 -- $ -- Options written 6,757,000,000 141,679 ------------------------------- Options outstanding as of March 31, 2006 6,757,000,000 $ 141,679 =============================== CREDIT DEFAULT 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 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. The Fund also records an increase or decrease to unrealized gain (loss) in an amount equal to the daily valuation. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund is obligated to deliver that 40 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- 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 default swaps as of March 31, 2006 is as follows:
NOTIONAL ANNUAL AMOUNT INTEREST RECEIVED BY THE RATE PAID UNREALIZED FUND UPON BY THE APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION CREDIT EVENT FUND (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Limited London, UK: Mexican Government Bond $ 2,380,000 0.648% $ (1,194) Republic of Hungary 4.50% Bond 2,300,000 0.400 34,811 - -------------------------------------------------------------------------------------------------------------------------- Deutsche Bank: Colombian Government Bond 4,800,000 1.320 7,936 Philippine Government Bond 2,000,000 3.690 (100,477) - -------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase New York, NY: Kingdom of Jordan 6% Step-up Bond 250,000 2.000 (1,822) Russian Federation 2.50% Step-up Bond 730,000 2.400 (82,826) - -------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: General Motors 7.125% Bond 700,000 5.450 3,640 General Motors 7.125% Bond 1,300,000 4.400 11,700 - -------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Indonesian Government Bond 1,600,000 1.680 (1,782) Mexican Government Bond 4,290,000 0.648 3,691 Philippine Government Bond 3,345,000 2.980 (52,296) Republic of Colombia 10.375% Bond 1,080,000 3.700 (129,420) Ukrainian Government Bond 1,165,000 1.770 (5,345) Ukrainian Government Bond 346,000 1.650 (2,043) - -------------------------------------------------------------------------------------------------------------------------- UBS AG, London Branch: Federal Republic of Brazil 12.25% Bond 900,000 4.500 (116,967) Ukrainian Government Bond 1,600,000 1.840 (2,106) ----------- $ (434,500) ===========
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. The Fund also records an increase or decrease to unrealized gain (loss) in an amount equal to the daily valuation. 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. 41 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- Information regarding such credit default swaps as of March 31, 2006 is as follows:
NOTIONAL AMOUNT ANNUAL PAID BY THE FUND INTEREST RATE UNREALIZED UPON CREDIT RECEIVED BY APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION EVENT THE FUND (DEPRECIATION) - ----------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Limited London, UK Russian Government Bond $2,380,000 0.648% $ 10,759 - ----------------------------------------------------------------------------------------------------------------- Deutsche Bank: Peruvian Government Bond 4,800,000 1.820 (64,250) Ukrainian Government Bond 1,600,000 1.880 (8,462) - ----------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: General Motors 7.125% Bond 700,000 9.800 (24,255) General Motors 7.125% Bond 1,300,000 5.550 (193,375) - ----------------------------------------------------------------------------------------------------------------- UBS AG, London Branch Indonesian Government Bond 1,600,000 1.670 (3,518) ---------- $(283,101) ==========
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 nonspeculative 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) on the notional amount of the Swap in an amount equal to the daily change in such valuation. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss). Interest rate swaps are subject to credit risk (if the counterparty fails to meet its obligations) and interest rate risk. The Fund could be obligated to pay more under its swap agreements than it receives under them, as a result of interest rate changes. As of March 31, 2006, the Fund had entered into the following interest rate swap agreements:
RATE RATE PAID BY RECEIVED BY UNREALIZED SWAP NOTIONAL THE FUND AT THE FUND AT FLOATING TERMINATION APPRECIATION COUNTERPARTY AMOUNT MARCH 31, 2006 MARCH 31, 2006 RATE INDEX DATES (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: 1,350,000,000 KRW 4.260% 4.900% KWCDC 2/13/11 $ (3,275) 2,026,000,000 KRW 4.160 4.990 KWCDC 2/1/11 4,577 Six-Month 1,260,000 PLZ 4.140 5.520 WIBO 3/24/10 12,073 Six-Month 2,016,000 PLZ 4.130 5.550 WIBO 3/24/10 19,957 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International 28-Day 9,530,000 MXN 7.570 10.000 MXN TIIE 7/9/15 36,806 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (Nassau Branch)
42 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- Six-Month 3,640,000 PLZ 4.600 4.480 WIBO 7/1/10 14,796 - --------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: 1,716,000,000 KRW 4.260 4.86 KWCDC 3/2/11 (8,302) Six-Month 930,000 (3.660) 5.380 LIBOR 6/23/15 93,274 - --------------------------------------------------------------------------------------------------------------- Deutsche Bank AG, 5 yr.: 90-Day 55,240,000 TWD 2.585 1.530 CPTW 8/19/09 (36,932) 74,350,000 INR 4.880 6.060 IRS 1/15/09 78,358 - --------------------------------------------------------------------------------------------------------------- Deutsche Bank AG, 10 yr. Three- Month BBA 10,000,000 4.740 5.320 LIBOR 5/12/14 112,047 - --------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: 15,887,992 BRR 14.400 17.180 BZDI 1/2/08 243,759 1,682,090 BRR 21.880 17.772 BZDI 1/2/07 7,065 2,744,000 BRR 18.190 18.160 BZDI 1/2/08 72,886 4,710,000 MXN 7.695 10.000 MXN TIIE 6/24/15 19,855 9,160,000 MXN 8.065 10.220 MXN TIIE 1/30/15 50,767 7,875,000 MXN 7.650 10.430 MXN TIIE 5/29/15 53,097 7,875,000 MXN 7.635 10.300 MXN TIIE 6/1/15 46,928 7,990,000 MXN 7.625 10.290 MXN TIIE 6/14/15 46,969 - --------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): 3,307,000 BRR 16.210 18.000 BZDI 1/2/07 22,827 1,314,230 BRR 22.040 17.170 BZDI 1/2/08 16,668 1,606,280 BRR 22.040 17.170 BZDI 1/2/08 20,372 9,100,000 MXN 7.850 10.700 MXN TIIE 5/8/15 75,225 6,090,000 MXN 8.650 9.410 MXN TIIE 8/31/20 (3,352) 12,220,000 MXN 8.075 9.500 MXN TIIE 8/28/25 (2,668) 18,300,000 MXN 7.743 9.510 MXN TIIE 8/26/25 (4,506) 11,510,000 MXN 7.743 9.740 MXN TIIE 1/5/10 39,171 37,300,000 MXN 7.650 8.700 MXN TIIE 2/5/16 (143,671) 23,010,000 MXN 7.570 9.840 MXN TIIE 12/31/09 85,834 4,100,000 MXN 7.670 10.850 MXN TIIE 3/5/15 37,557 - --------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: Six-Month 245,400,000 HUF 6.280 7.000 LIBOR flat 7/14/08 37,511 28-Day 14,620,000 MXN 7.743 10.880 MXN TIIE 11/16/14 130,106 9,700,000 MXN 7.735 9.760 MXN TIIE 8/17/15 23,639 Three- Month 100,000,000 4.820 4.430 LIBOR 9/1/10 (3,435,452)
43 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- Three- Month BBA 1,820,000 4.660 4.940 LIBOR 4/30/14 (26,547) - ----------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank, 10 yr.: Three- Month BBA 35,000,000 4.710 4.985 LIBOR 5/6/14 (411,246) - ----------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: 28-Day 9,440,000 MXN 7.570 9.990 MXN TIIE 7/19/15 38,607 Six-Month 4,680,000 PLZ 4.600 4.530 WIBO 7/5/10 (11,881) - ----------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: 1,760,273 BRR 18.680 16.880 BZDI 1/2/08 15,266 3,540,000 BRR 13.260 17.590 BZDI 1/2/07 20,473 Six-Month BBA 178,000,000 JPY 1.522 0.079 LIBOR 10/5/13 42,934 Six-Month BBA 603,000,000 JPY 0.079 0.670 LIBOR 10/5/08 (53,094) Three- Month 4,940,000 ZAR 7.100 8.140 JIBA 5/18/10 19,023 - ----------------------------------------------------------------------------------------------------------- UBS AG: Six-Month 67,760,000 NOK 4.220 3.345 LIBOR 2/6/12 103,197 ------------- $ (2,499,302) =============
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies: BRR Brazilian Real HUF Hungarian Forint INR Indian Rupee JPY Japanese Yen KRW South Korean Won MXN Mexican Nuevo Peso NOK Norwegian Krone 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 BZDI Brazil Cetip Interbank Deposit Rate 44 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- CPTW Bloomberg Taiwan Secondary Commercial Papers IRS India Swap Composites JIBA South Africa Johannesburg Interbank Agreed Rate KWCDC South Korean Won LIBOR London-Interbank Offered Rate MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate WIBO Poland Warsaw Interbank Offer Bid Rate 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 unrealized gain (loss) related to the valuation of such contracts, as well as the amount due to (owed by) the Fund at termination or settlement is combined and separately disclosed as an asset (liability). The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss). Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of March 31, 2006, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION UNREALIZED COUNTERPARTY SWAP DESCRIPTION AMOUNT DATES APPRECIATION - ---------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG Six-Month BBA LIBOR $ 1,620,000 5/13/15 $ 219,519 - ---------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): Six-Month BBA LIBOR 920,000 1/14/15 127,034 Six-Month BBA LIBOR 920,000 1/20/15 129,627 Received or paid monthly. If the sum of the Lehman Brothers CMBS Index Payer Payment Amount and the Floating Rate Payer Payment Amount is positive, the Counterparty will pay such amount to the Fund. If the sums are negative, then the Fund shall pay the absolute value of such amount to the Counterparty. 4,550,000 6/1/06 10,557 ------------- $ 486,737 ============= Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate CMBS Commercial Mortgage Backed Securities
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 in the annual and semiannual reports. 45 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2006/Unaudited - -------------------------------------------------------------------------------- Written swaption activity for the six months ended March 31, 2006 was as follows: CALL SWAPTIONS -------------------------------- NOTIONAL AMOUNT OF AMOUNT PREMIUMS - -------------------------------------------------------------------- Swaptions outstanding as of December 31, 2005 $ 9,000,000 $ 36,900 Swaptions closed or expired (9,000,000) (36,900) -------------------------------- Swaptions outstanding as of March 31, 2006 $ -- $ -- ================================ ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY As of March 31, 2006, 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:
UNREALIZED ACQUISITION VALUATION AS OF APPRECIATION SECURITY DATES COST MARCH 31, 2006 (DEPRECIATION) - --------------------------------------------------------------------------------- Huntsman Corp. 7/15/04 $ 39,675 $ 107,645 $ 67,970 Prandium, Inc. 3/19/99-9/25/02 284,000 242 (283,758) ---------------------------------------------- 323,675 107,887 (215,788) ---------------------------------------------- CURRENCY Argentine Peso 2/21/06-3/28/06 159,950 159,285 (664) ---------------------------------------------- $ 483,625 $ 267,172 $ (216,452) ==============================================
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 U.S. 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 March 31, 2006, the Fund had on loan securities valued at $78,752,741. Collateral of $80,410,306 was received for the loans, of which $17,587,978 was received in cash and subsequently invested in approved instruments. 46 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.5% - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--8.4% - ---------------------------------------------------------------------------------------------------------------------------- MEDIA--8.4% Comcast Corp., Cl. A Special, Non-Vtg. 1 2,400 $ 62,688 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series A 2,213 45,300 - ---------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 5,043 99,599 - ---------------------------------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. A 870 14,451 ---------------- 222,038 CONSUMER STAPLES--6.5% - ---------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.5% Diageo plc, Sponsored ADR 200 12,686 - ---------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.4% ConAgra Foods, Inc. 1,800 38,628 - ---------------------------------------------------------------------------------------------------------------------------- TOBACCO--4.6% Altria Group, Inc. 1,710 121,171 ENERGY--11.0% - ---------------------------------------------------------------------------------------------------------------------------- OIL & GAS--11.0% BP plc, ADR 1,515 104,444 - ---------------------------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 1,890 115,025 - ---------------------------------------------------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 535 70,476 ---------------- 289,945 FINANCIALS--30.7% - ---------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--5.2% UBS AG 1,260 138,562 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--10.1% Bank of America Corp. 888 40,440 - ---------------------------------------------------------------------------------------------------------------------------- Wachovia Corp. 1,885 105,654 - ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 1,895 121,034 ---------------- 267,128 - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--7.8% Bear Stearns Cos., Inc. (The) 200 27,740 - ---------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp. 645 51,935 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 2,650 125,160 ---------------- 204,835 - ---------------------------------------------------------------------------------------------------------------------------- INSURANCE--4.3% Everest Re Group Ltd. 170 15,873 - ---------------------------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 1,970 65,857 - ---------------------------------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 1,060 30,846 ---------------- 112,576 - ---------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--3.3% Countrywide Financial Corp. 1,090 40,003 - ---------------------------------------------------------------------------------------------------------------------------- Freddie Mac 780 47,580 ---------------- 87,583 HEALTH CARE--6.1% - ---------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--6.1% Pfizer, Inc. 3,520 87,718 - ---------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis SA, ADR 1,520 72,124 ---------------- 159,842
1 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value INDUSTRIALS--9.2% - ---------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--7.0% Honeywell International, Inc. 755 $ 32,291 - ---------------------------------------------------------------------------------------------------------------------------- Raytheon Co. 110 5,042 - ---------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 2,530 146,664 ---------------- 183,997 - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--2.2% Cendant Corp. 3,370 58,470 INFORMATION TECHNOLOGY--14.4% - ---------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.2% Hutchinson Technology, Inc. 1 1,000 30,170 - ---------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.7% ATI Technologies, Inc. 1 1,120 19,242 - ---------------------------------------------------------------------------------------------------------------------------- SOFTWARE--12.5% Compuware Corp. 1 6,600 51,678 - ---------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 3,550 96,596 - ---------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 1 4,730 36,326 - ---------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 3,760 84,036 - ---------------------------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 3,290 61,391 ---------------- 330,027 MATERIALS--3.8% - ---------------------------------------------------------------------------------------------------------------------------- CHEMICALS--2.8% Dow Chemical Co. (The) 600 24,360 - ---------------------------------------------------------------------------------------------------------------------------- Praxair, Inc. 910 50,187 ---------------- 74,547 - ---------------------------------------------------------------------------------------------------------------------------- METALS & MINING--1.0% Phelps Dodge Corp. 330 26,575 TELECOMMUNICATION SERVICES--1.9% - ---------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.9% IDT Corp., Cl. B 1 1,980 21,919 - ---------------------------------------------------------------------------------------------------------------------------- Sprint Nextel Corp. 1,080 27,907 ---------------- 49,826 UTILITIES--6.5% - ---------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--5.6% AES Corp. (The) 1 3,790 64,657 - ---------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp. 1 1,990 25,771 - ---------------------------------------------------------------------------------------------------------------------------- PG&E Corp. 830 32,287 - ---------------------------------------------------------------------------------------------------------------------------- Reliant Energy, Inc. 1 2,290 24,228 ---------------- 146,943 - ---------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.9% Sempra Energy 520 24,159 ---------------- Total Common Stocks (Cost $2,212,417) 2,598,950
2 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ---------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.3% - ---------------------------------------------------------------------------------------------------------------------------- Undivided interest of 0.002% in joint repurchase agreement (Principal Amount/Value $2,051,676,000, with a maturity value of $2,052,457,347) with UBS Warburg LLC, 4.57%, dated 3/31/06, to be repurchased at $36,014 on 4/3/06, collateralized by Federal National Mortgage Assn., 5%--6%, 3/1/34--3/1/36, with a value of $2,098,378,320 (Cost $36,000) $ 36,000 $ 36,000 - ---------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $2,248,417) 99.8% 2,634,950 - ---------------------------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 0.2 4,344 --------------------------------------- Net Assets 100.0% $ 2,639,294 =======================================
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 March 31, 2006 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 $ 2,248,417 ================== Gross unrealized appreciation $ 408,110 Gross unrealized depreciation (21,577) ------------------ Net unrealized appreciation $ 386,533 ================== 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, as 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). 3 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2006 / 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 in the annual and semiannual reports. 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. 4 | 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 March 31, 2006, 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: May 15, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V.Murphy _____________________________ John V. Murphy Principal Executive Officer Date: May 15, 2006 By: /s/ Brian W. Wixted _____________________________ Brian W. Wixted Principal Financial Officer Date: May 15, 2006 EX-99.CERT 2 rq620_32019cert302.txt RQ620_32019CERT302 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: May 15, 2006 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: May 15, 2006 -----END PRIVACY-ENHANCED MESSAGE-----