-----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, TQ7RGkmrkw0MEKQ5YNbXZyaB3UkEqK8Z6aUjzwq25dTTh4M0alEZFxMf5EX5s5od hRg9FbSmzUtNkQBacCO0qA== 0000935069-06-003210.txt : 20061129 0000935069-06-003210.hdr.sgml : 20061129 20061129165017 ACCESSION NUMBER: 0000935069-06-003210 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061129 DATE AS OF CHANGE: 20061129 EFFECTIVENESS DATE: 20061129 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: 061245897 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 1: 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 C000028589 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 C000028605 Service 0000752737 S000010341 Oppenheimer Strategic Bond Fund/VA C000028606 Non-Service C000028607 Service N-Q 1 rq620_35590nq.txt RQ620_35590NQ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-4108 OPPENHEIMER VARIABLE ACCOUNT FUNDS (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) ROBERT G. ZACK, ESQ. OPPENHEIMERFUNDS, INC. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: DECEMBER Date of reporting period: 09/30/2006 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--54.1% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--6.9% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.5% Hilton Hotels Corp. 59,700 $ 1,662,645 - -------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc. 48,600 2,779,434 - -------------------------------------------------------------------------------- Wyndham Worldwide Corp. 1 120,220 3,362,553 --------------- 7,804,632 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.9% Liberty Media Holding Corp.-Interactive, Series A 1 250,550 5,106,209 - -------------------------------------------------------------------------------- MEDIA--4.5% Liberty Global, Inc., Series A 1 355,108 9,140,480 - -------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 360,130 9,024,858 - -------------------------------------------------------------------------------- Liberty Media Holding Corp.-Capital, Series A 1 73,470 6,139,888 --------------- 24,305,226 - -------------------------------------------------------------------------------- CONSUMER STAPLES--6.2% - -------------------------------------------------------------------------------- BEVERAGES--1.2% Constellation Brands, Inc., Cl. A 1 104,900 3,019,022 - -------------------------------------------------------------------------------- Diageo plc, Sponsored ADR 48,600 3,452,544 --------------- 6,471,566 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.9% Wal-Mart Stores, Inc. 94,200 4,645,944 - -------------------------------------------------------------------------------- FOOD PRODUCTS--0.3% ConAgra Foods, Inc. 71,900 1,760,112 - -------------------------------------------------------------------------------- TOBACCO--3.8% Altria Group, Inc. 2 194,700 14,904,285 - -------------------------------------------------------------------------------- Loews Corp./Carolina Group 99,700 5,522,383 --------------- 20,426,668 - -------------------------------------------------------------------------------- ENERGY--2.4% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.4% Halliburton Co. 2 62,000 1,763,900 - -------------------------------------------------------------------------------- OIL & GAS--2.0% BP plc, ADR 47,400 3,108,492 - -------------------------------------------------------------------------------- Exxon Mobil Corp. 49,100 3,294,610 - -------------------------------------------------------------------------------- Kinder Morgan, Inc. 15,800 1,656,630 - -------------------------------------------------------------------------------- Petroleo Brasileiro SA, Preference 73,000 1,361,091 - -------------------------------------------------------------------------------- Talisman Energy, Inc. 85,800 1,400,127 --------------- 10,820,950 - -------------------------------------------------------------------------------- FINANCIALS--9.9% - -------------------------------------------------------------------------------- CAPITAL MARKETS--2.1% UBS AG 184,934 11,062,468 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--1.4% Wachovia Corp. 136,415 7,611,957 - -------------------------------------------------------------------------------- CONSUMER FINANCE--1.7% Capital One Financial Corp. 114,800 9,030,168 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.7% Bank of America Corp. 165,368 8,858,764 - -------------------------------------------------------------------------------- INSURANCE--1.9% Everest Re Group Ltd. 45,400 4,427,862 1 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE CONTINUED - -------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 80,000 $ 2,800,800 - -------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 102,200 3,150,826 --------------- 10,379,488 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.6% Realogy Corp. 1 150,275 3,408,237 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.5% Countrywide Financial Corp. 14,600 511,584 - -------------------------------------------------------------------------------- Freddie Mac 34,000 2,255,220 --------------- 2,766,804 - -------------------------------------------------------------------------------- HEALTH CARE--6.5% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--2.3% Amgen, Inc. 1 42,900 3,068,637 - -------------------------------------------------------------------------------- Human Genome Sciences, Inc. 1,2 146,600 1,691,764 - -------------------------------------------------------------------------------- MedImmune, Inc. 1 138,000 4,030,980 - -------------------------------------------------------------------------------- Myogen, Inc. 1,2 40,300 1,413,724 - -------------------------------------------------------------------------------- Vanda Pharmaceuticals, Inc. 1,2 226,800 2,106,972 --------------- 12,312,077 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.0% Beckman Coulter, Inc. 55,500 3,194,580 - -------------------------------------------------------------------------------- Boston Scientific Corp. 1 147,900 2,187,441 --------------- 5,382,021 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.5% WellPoint, Inc. 1 38,700 2,981,835 - -------------------------------------------------------------------------------- PHARMACEUTICALS--2.7% Medicines Co. (The) 1,2 70,800 1,597,248 - -------------------------------------------------------------------------------- Pfizer, Inc. 258,200 7,322,552 - -------------------------------------------------------------------------------- Sanofi-Aventis SA, ADR 2 120,600 5,363,082 --------------- 14,282,882 - -------------------------------------------------------------------------------- INDUSTRIALS--5.3% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.5% Empresa Brasileira de Aeronautica SA, ADR 2 101,400 3,981,978 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 468,164 8,787,438 - -------------------------------------------------------------------------------- United Technologies Corp. 96,900 6,138,615 --------------- 18,908,031 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.6% Siemens AG, Sponsored ADR 99,800 8,692,580 - -------------------------------------------------------------------------------- ROAD & RAIL--0.2% Avis Budget Group, Inc. 60,110 1,099,412 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--12.4% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.0% Cisco Systems, Inc. 1,2 283,700 6,525,100 - -------------------------------------------------------------------------------- Juniper Networks, Inc. 1 168,300 2,908,224 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 2 34,300 1,246,805 --------------- 10,680,129 2 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.0% Hutchinson Technology, Inc. 1,2 89,700 $ 1,886,391 - -------------------------------------------------------------------------------- International Business Machines Corp. 41,300 3,384,122 --------------- 5,270,513 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.8% eBay, Inc. 1,2 128,900 3,655,604 - -------------------------------------------------------------------------------- Yahoo!, Inc. 1 27,000 682,560 --------------- 4,338,164 - -------------------------------------------------------------------------------- SOFTWARE--8.6% Compuware Corp. 1 572,300 4,458,217 - -------------------------------------------------------------------------------- Microsoft Corp. 628,700 17,182,371 - -------------------------------------------------------------------------------- Novell, Inc. 1,2 597,500 3,656,700 - -------------------------------------------------------------------------------- Synopsys, Inc. 1 286,300 5,645,836 - -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1,2 1,083,450 15,449,997 --------------- 46,393,121 - -------------------------------------------------------------------------------- MATERIALS--0.9% - -------------------------------------------------------------------------------- CHEMICALS--0.6% Praxair, Inc. 55,400 3,277,464 - -------------------------------------------------------------------------------- Sterling Chemicals, Inc. 1,3 21 275 --------------- 3,277,739 - -------------------------------------------------------------------------------- METALS & MINING--0.3% Companhia Vale do Rio Doce, Sponsored ADR 2 77,400 1,432,674 - -------------------------------------------------------------------------------- Kaiser Aluminum Corp. 1 1,456 64,559 --------------- 1,497,233 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.6% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.2% IDT Corp., Cl. B 1,2 438,600 6,324,612 - -------------------------------------------------------------------------------- WorldCom, Inc./WorldCom Group 1,3 375,000 -- - -------------------------------------------------------------------------------- XO Holdings, Inc. 1 85 415 --------------- 6,325,027 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.4% Sprint Nextel Corp. 2 129,600 2,222,640 - -------------------------------------------------------------------------------- UTILITIES--2.0% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.7% Reliant Energy, Inc. 1,2 297,500 3,662,225 - -------------------------------------------------------------------------------- ENERGY TRADERS--1.3% AES Corp. (The) 1 355,500 7,248,645 --------------- Total Common Stocks (Cost $239,663,919) 290,797,367 UNITS - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- HF Holdings, Inc. Wts., Exp. 9/27/09 1,3 2,593 -- - -------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 8,881 1,687 - -------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1 36 -- 3 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- UNITS VALUE - -------------------------------------------------------------------------------- XO Communications, Inc.: Series A Wts., Exp. 1/16/10 1 171 $ 154 Series B Wts., Exp. 1/16/10 1 128 77 Series C Wts., Exp. 1/16/10 1 128 49 --------------- Total Rights, Warrants and Certificates (Cost $38,932) 1,967 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--4.7% - -------------------------------------------------------------------------------- Ace Securities Corp., Home Equity Loan Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 5.51%, 11/25/35 4 $ 510,000 510,547 - -------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 5.39%, 4/20/08 4 370,000 370,283 - -------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.81%, 5/25/34 4 1,760,000 1,767,908 - -------------------------------------------------------------------------------- Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 5.43%, 5/26/36 4 670,000 670,419 - -------------------------------------------------------------------------------- BMW Vehicle Owner Trust 2005-A, Automobile Asset-Backed Securities, Series 2005-A, Cl. A2, 3.66%, 12/26/07 117,220 117,182 - -------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust 2004-2, Automobile Asset-Backed Securities, Series 2004-2, Cl. A3, 3.58%, 1/15/09 1,270,000 1,252,154 - -------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.24%, 11/15/07 291,926 291,944 - -------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2005-C, Asset-Backed Certificates, Series 2005-C, Cl. AF1, 4.196%, 6/25/35 82,850 82,598 - -------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2005-D, Asset-Backed Certificates: Series 2005-D, Cl. AF1, 5.04%, 10/25/35 392,812 391,183 Series 2005-D, Cl. AV2, 5.60%, 10/25/35 4 1,000,000 1,001,097 - -------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 5.43%, 5/16/36 4 850,000 850,532 - -------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A2, 3.72%, 12/15/07 219,727 219,543 - -------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 175,185 - -------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 4 829,038 821,701 - -------------------------------------------------------------------------------- Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 5 1,130,000 1,147,151 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 5.70% 2/25/33 4 18,836 18,856 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 4 360,000 359,442 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates: Series 2005-17, Cl. 1AF1, 5.53%, 5/25/36 4 535,394 536,043 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 4 240,000 239,563 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-7, Asset-Backed Certificates, Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 4 74,632 74,414 - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 5.54%, 11/25/35 4 1,480,000 1,481,575 4 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 5.414%, 7/25/36 4 $ 660,000 $ 660,413 - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF5, Mtg. Pass-Through Certificates, Series 2006-FF5, Cl. 2A1, 5.38%, 5/15/36 4 465,179 465,502 - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 5.434%, 7/7/36 4 330,000 330,206 - -------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A3, 3.48%, 11/17/08 690,597 685,522 - -------------------------------------------------------------------------------- GS Auto Loan Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.32%, 5/15/08 1,024,385 1,022,950 - -------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-3, Cl. A2, 3.73%, 10/18/07 3 243,646 243,411 - -------------------------------------------------------------------------------- Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.59%, 1/20/35 4 528,776 529,600 - -------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 4 711,874 709,914 - -------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 6.68%, 3/15/16 4 1,710,000 1,817,623 - -------------------------------------------------------------------------------- Morgan Stanley ABS Capital I, Mtg. Pass-Through Certificates, Series 2005-WMC6, Cl. A2B, 5.59%, 7/25/35 4 430,000 430,989 - -------------------------------------------------------------------------------- Onyx Acceptance Owner Trust, Automobile Receivable Obligations, Series 2005-B, Cl. A2, 4.03%, 4/15/08 75,064 75,073 - -------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 5.43%, 7/1/36 4 1,100,000 1,100,688 - -------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. AF2, 3.735%, 11/10/34 4 178,827 177,980 - -------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. AF2, 3.914%, 5/25/35 4 236,074 234,542 - -------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 4 420,000 416,169 - -------------------------------------------------------------------------------- RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32 4.45%, 7/25/28 708,933 702,971 - -------------------------------------------------------------------------------- RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 5.41%, 7/25/36 4 413,056 413,315 - -------------------------------------------------------------------------------- RASC, Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 5.428%, 9/25/36 4 800,000 799,851 - -------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1, 5.39%, 4/25/36 4 481,404 481,735 - -------------------------------------------------------------------------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 979,061 975,967 - -------------------------------------------------------------------------------- Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 5.424%, 7/25/36 4 660,000 660,413 --------------- Total Asset-Backed Securities (Cost $25,350,885) 25,314,154 - -------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--26.4% - -------------------------------------------------------------------------------- GOVERNMENT AGENCY--22.3% - -------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--22.2% Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19-7/1/19 2,202,154 2,125,315 5%, 12/1/32-8/1/33 3,387,934 3,270,741 5 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED 5%, 10/1/36 6 $ 574,000 $ 552,116 6.50%, 4/1/18-4/1/34 3,722,576 3,808,597 7%, 5/1/29-11/1/32 1,610,791 1,659,027 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Multiclass Mtg. Participation Certificates, Series 3153, Cl. FJ, 5.71%, 5/15/36 4 419,199 420,415 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2055, Cl. ZM, 6.50%, 5/15/28 419,639 428,340 Series 2075, Cl. D, 6.50%, 8/15/28 987,224 1,014,429 Series 2080, Cl. Z, 6.50%, 8/15/28 270,391 276,373 Series 2387, Cl. PD, 6%, 4/15/30 196,273 196,509 Series 2500, Cl. FD, 5.83%, 3/15/32 4 134,220 135,619 Series 2526, Cl. FE, 5.73%, 6/15/29 4 187,731 188,530 Series 2551, Cl. FD, 5.73%, 1/15/33 4 146,942 148,547 Series 2583, Cl. KA, 5.50%, 3/15/22 375,957 375,583 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 13.516%, 6/1/26 7 269,053 59,989 Series 183, Cl. IO, 10.585%, 4/1/27 7 415,869 90,362 Series 184, Cl. IO, 15.90%, 12/1/26 7 448,343 100,137 Series 192, Cl. IO, 14.167%, 2/1/28 7 121,655 25,935 Series 200, Cl. IO, 13.387%, 1/1/29 7 146,925 32,165 Series 2003-118, Cl. S, 10.01%, 12/25/33 7 2,037,119 224,077 Series 2005-87, Cl. SG, 10.772%, 10/25/35 7 3,228,704 186,959 Series 2130, Cl. SC, (1.276)%, 3/15/29 7 331,662 20,666 Series 2796, Cl. SD, 1.44%, 7/15/26 7 467,108 31,358 Series 2920, Cl. S, (0.432)%, 1/15/35 7 2,672,485 128,742 Series 3000, Cl. SE, (3.796)%, 7/15/25 7 2,603,808 99,562 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.437%, 6/1/26 8 118,408 97,227 - -------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 10/1/21 6 3,570,000 3,445,050 5%, 3/1/18-11/1/33 7,363,291 7,197,608 5%, 10/1/21-10/1/36 6 14,871,000 14,397,729 5.50%, 3/1/33-11/1/34 17,488,251 17,280,722 5.50%, 10/1/21-10/1/36 6 8,574,000 8,488,764 6%, 8/1/32-11/1/32 6,753,891 6,806,147 6%, 10/1/21 6 8,020,000 8,142,802 6.50%, 6/1/17-10/1/30 6,300,148 6,452,090 6.50%, 10/1/36 6 4,151,000 4,227,536 7%, 11/1/17-11/1/35 3,442,376 3,550,056 7.50%, 1/1/33 471,391 489,542 8.50%, 7/1/32 19,149 20,620 - -------------------------------------------------------------------------------- Federal National Mortgage Assn. Grantor Trust, CMO, Trust 2002-T1, Cl. A2, 7%, 11/25/31 893,722 921,022 - -------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-215, Cl. ZQ, 6.50%, 11/25/23 843,508 861,996 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 769,158 793,170 6 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2001-50, Cl. NE, 6%, 8/25/30 $ 104,299 $ 104,537 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 1,041,003 1,062,530 Trust 2001-70, Cl. LR, 6%, 9/25/30 158,095 158,390 Trust 2001-72, Cl. NH, 6%, 4/25/30 64,061 64,032 Trust 2001-74, Cl. PD, 6%, 5/25/30 27,000 26,944 Trust 2002-77, Cl. WF, 5.73%, 12/18/32 4 219,891 221,741 Trust 2002-9, Cl. PC, 6%, 3/25/17 924,198 938,271 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,052,000 1,043,158 Trust 2003-84, Cl. PW, 3%, 6/25/22 830,000 812,389 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,085,173 Trust 2006-24, Cl. DB, 5.50%, 4/25/26 1,000,000 1,001,358 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 1,660,000 1,665,683 Trust 2006-50, Cl. KS, 4.657%, 6/25/36 4 824,759 804,103 Trust 2006-50, Cl. SA, 4.657%, 6/25/36 4 253,088 244,917 Trust 2006-50, Cl. SK, 5.657%, 6/25/36 4 801,840 786,000 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 2,328,705 2,333,360 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 2,983,000 2,908,132 - -------------------------------------------------------------------------------- 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, 0.406%, 4/25/32 7 564,525 44,972 Trust 2002-51, Cl. S, 0.525%, 8/25/32 7 518,367 40,596 - -------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 9.085%, 11/25/31 7 1,180,237 110,230 Trust 2001-81, Cl. S, 2.649%, 1/25/32 7 263,268 19,838 Trust 2002-52, Cl. SD, (1.855)%, 9/25/32 7 614,211 49,847 Trust 2002-77, Cl. SH, 2.874%, 12/18/32 7 341,947 32,633 Trust 2002-84, Cl. SA, 10.473%, 12/25/32 7 1,019,387 101,855 Trust 2002-9, Cl. MS, 1.154%, 3/25/32 7 382,351 30,643 Trust 2003-33, Cl. SP, 13.034%, 5/25/33 7 1,103,214 129,132 Trust 2003-4, Cl. S, 9.921%, 2/25/33 7 654,521 74,393 Trust 2003-46, Cl. IH, 6.656%, 6/25/33 7 3,788,006 800,972 Trust 2004-54, Cl. DS, (4.509)%, 11/25/30 7 509,224 27,870 Trust 2005-19, Cl. SA, (2.745)%, 3/25/35 7 6,989,828 356,420 Trust 2005-40, Cl. SA, (2.773)%, 5/25/35 7 1,506,154 76,076 Trust 2005-6, Cl. SE, (2.036)%, 2/25/35 7 1,816,588 91,885 Trust 2005-71, Cl. SA, 3.309%, 8/25/25 7 1,656,362 94,664 Trust 2006-33, Cl. SP, 13.681%, 5/25/36 7 3,336,761 260,221 Trust 222, Cl. 2, 13.726%, 6/1/23 7 930,067 201,357 Trust 233, Cl. 2, 13.769%, 8/1/23 7 831,088 190,416 Trust 240, Cl. 2, 17.526%, 9/1/23 7 1,459,204 324,764 Trust 252, Cl. 2, 10.558%, 11/1/23 7 695,890 171,607 Trust 273, Cl. 2, 14.184%, 8/1/26 7 200,172 43,899 Trust 319, Cl. 2, 11.522%, 2/1/32 7 255,405 58,787 Trust 321, Cl. 2, 6.843%, 4/1/32 7 2,653,062 611,475 Trust 329, Cl. 2, 10.176%, 1/1/33 7 704,859 169,235 Trust 331, Cl. 9, 8.119%, 2/1/33 7 741,317 181,012 7 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 334, Cl. 17, 16.506%, 2/1/33 7 $ 421,606 $ 93,581 Trust 344, Cl. 2, 7.677%, 12/1/33 7 1,820,091 421,435 Trust 362, Cl. 13, 4.145%, 8/1/35 7 915,531 203,491 Trust 362, Cl. 12, 4.14%, 8/1/35 7 1,650,075 354,804 - -------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.639%, 9/25/23 8 308,751 250,007 --------------- 119,651,009 - -------------------------------------------------------------------------------- GNMA/GUARANTEED--0.1% - -------------------------------------------------------------------------------- Government National Mortgage Assn., 8%, 4/15/23 178,018 188,366 - -------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, (5.825)%, 1/16/27 7 548,030 35,511 Series 2002-15, Cl. SM, (9.288)%, 2/16/32 7 607,347 37,357 Series 2002-76, Cl. SY, (5.029)%, 12/16/26 7 1,277,979 89,266 Series 2004-11, Cl. SM, (8.553)%, 1/17/30 7 445,329 28,641 --------------- 379,141 - -------------------------------------------------------------------------------- NON-AGENCY--4.1% - -------------------------------------------------------------------------------- COMMERCIAL--3.8% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2005-3, Cl. A2, 4.501%, 7/10/43 1,050,000 1,027,386 - -------------------------------------------------------------------------------- Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 808,009 821,729 - -------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2005-E, Cl. 2A2, 4.975%, 6/25/35 4 92,687 92,575 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 657,637 663,186 - -------------------------------------------------------------------------------- ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 5.43%, 8/25/08 4 677,132 677,811 - -------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 260,000 259,709 - -------------------------------------------------------------------------------- Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, CMO, Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 1,336,341 1,335,193 - -------------------------------------------------------------------------------- Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, CMO, Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 430,036 431,473 - -------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 620,000 614,275 - -------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 229,560 231,286 - -------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 890,000 870,044 Series 2005-G G5, Cl. A2, 5.117%, 4/10/37 680,000 679,287 - -------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 260,000 255,057 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 890,000 877,939 - -------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 740,000 734,878 8 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- COMMERCIAL CONTINUED Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-9, Cl. A3, 4.70%, 8/25/34 4 $ 1,479,251 $ 1,469,998 Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,103,365 1,097,709 - -------------------------------------------------------------------------------- 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 1,056,132 - -------------------------------------------------------------------------------- RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 1,390,000 1,390,652 - -------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 530,665 529,640 - -------------------------------------------------------------------------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 1,594,170 1,593,096 - -------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,434,455 1,432,998 - -------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 1,450,000 1,434,142 - -------------------------------------------------------------------------------- WAMU Mortgage Pass-Through Certificates Series 2005-AR5 Trust, Series 2005-AR5, Cl. A1, 4.673%, 5/25/35 4 430,426 429,230 - -------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-DD Trust, CMO Mtg. Pass-Through Certificates, Series 2004-DD, Cl. 2A1, 4.509%, 1/25/35 4 100,641 100,326 --------------- 20,105,751 - -------------------------------------------------------------------------------- RESIDENTIAL--0.3% Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,637,529 1,654,928 --------------- 1,654,928 --------------- Total Mortgage-Backed Obligations (Cost $142,267,607) 141,790,829 - -------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--3.8% - -------------------------------------------------------------------------------- Federal Home Loan Bank Unsec. Bonds: 3.125%, 11/15/06 2,150,000 2,144,354 3.50%, 11/15/07 2 650,000 638,922 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 4.125%, 7/12/10 2 807,000 785,944 5.25%, 7/18/11 870,000 883,140 - -------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 4%, 2/28/07 1,470,000 1,462,365 4.25%, 7/15/07 2 2,015,000 2,000,456 6%, 5/15/11 9 2,500,000 2,614,265 7.25%, 1/15/10 800,000 856,866 - -------------------------------------------------------------------------------- U.S. Treasury Bonds: 4.50%, 2/15/36 2 1,740,000 1,667,818 5.375%, 2/15/31 2 193,000 208,515 8.875%, 8/15/17 2 687,000 928,363 - -------------------------------------------------------------------------------- U.S. Treasury Nts.: 4.375%, 1/31/08 2 565,000 561,822 4.625%, 8/31/11 2 2,769,000 2,772,896 4.875%, 8/15/16 2 235,000 239,516 5.125%, 6/30/11-5/15/16 2 2,765,000 2,833,625 --------------- Total U.S. Government Obligations (Cost $20,595,634) 20,598,867 9 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--15.2% - -------------------------------------------------------------------------------- ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 $ 400,000 $ 452,488 - -------------------------------------------------------------------------------- Ahold Finance USA, Inc., 6.25% Sr. Unsec. Unsub. Nts., 5/1/09 1,010,000 1,025,150 - -------------------------------------------------------------------------------- Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 2 880,000 859,859 - -------------------------------------------------------------------------------- AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 815,000 918,388 - -------------------------------------------------------------------------------- BAE Systems Holdings, Inc., 5.20% Nts., 8/15/15 5 1,120,000 1,073,480 - -------------------------------------------------------------------------------- Barclays Bank plc, 6.278% Perpetual Bonds 10 1,470,000 1,402,733 - -------------------------------------------------------------------------------- Beazer Homes USA, Inc., 6.875% Sr. Unsec. Nts., 7/15/15 2 595,000 541,450 - -------------------------------------------------------------------------------- British Sky Broadcasting Group plc, 8.20% Sr. Unsec. Nts., 7/15/09 665,000 712,890 - -------------------------------------------------------------------------------- Caesars Entertainment, Inc., 7.50% Sr. Unsec. Nts., 9/1/09 1,195,000 1,249,904 - -------------------------------------------------------------------------------- Cardinal Health, Inc., 5.80% Nts., 10/15/16 5 840,000 838,715 - -------------------------------------------------------------------------------- CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,080,000 1,142,709 - -------------------------------------------------------------------------------- Centex Corp., 4.875% Sr. Unsec. Nts., 8/15/08 660,000 652,921 - -------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 560,000 585,814 - -------------------------------------------------------------------------------- CIT Group, Inc., 5.40% Sr. Nts., 3/7/13 1,070,000 1,066,160 - -------------------------------------------------------------------------------- Citigroup, Inc., 6.125% Sub. Nts., 8/25/36 445,000 459,270 - -------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 710,000 712,858 - -------------------------------------------------------------------------------- Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 449,001 - -------------------------------------------------------------------------------- Comcast Corp., 6.45% Unsec. Nts., 3/15/37 1,280,000 1,284,876 - -------------------------------------------------------------------------------- Cox Communications, Inc., 4.625% Unsec. Nts., 1/15/10 1,630,000 1,586,702 - -------------------------------------------------------------------------------- D.R. Horton, Inc.: 5.375% Sr. Unsec. Nts., 6/15/12 2 690,000 659,747 6.125% Nts., 1/15/14 525,000 513,039 - -------------------------------------------------------------------------------- DaimlerChrysler North America Holding Corp., 7.30% Nts., 1/15/12 1,085,000 1,154,486 - -------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 655,000 770,535 - -------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 925,000 1,007,571 - -------------------------------------------------------------------------------- Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 131,000 126,410 - -------------------------------------------------------------------------------- EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 2 650,000 645,938 - -------------------------------------------------------------------------------- El Paso Corp.: 6.50% Sr. Unsec. Nts., 6/1/08 2 210,000 211,313 7.625% Sr. Unsec. Nts., 9/1/08 3 780,000 802,425 - -------------------------------------------------------------------------------- Enterprise Products Operating LP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 995,000 1,062,096 - -------------------------------------------------------------------------------- EOP Operating LP, 8.10% Unsec. Nts., 8/1/10 1,060,000 1,151,980 - -------------------------------------------------------------------------------- Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 760,000 775,418 - -------------------------------------------------------------------------------- FirstEnergy Corp., 7.375% Sr. Unsub. Nts., Series C, 11/15/31 955,000 1,107,514 - -------------------------------------------------------------------------------- Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 2,5 2,030,000 2,097,621 - -------------------------------------------------------------------------------- Gap, Inc. (The): 6.90% Nts., 9/15/07 685,000 691,945 9.393% Unsub. Nts., 12/15/08 4 141,000 152,133 - -------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 2 930,000 975,079 - -------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,420,000 1,415,506 - -------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 5,10 1,400,000 1,355,557 - -------------------------------------------------------------------------------- HCA, Inc., 8.75% Sr. Nts., 9/1/10 1,075,000 1,088,438 - -------------------------------------------------------------------------------- Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 785,000 849,763 - -------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 4 1,100,000 1,101,670 - -------------------------------------------------------------------------------- Hyatt Equities LLC, 6.875% Nts., 6/15/07 5 1,045,000 1,052,091 - -------------------------------------------------------------------------------- Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 5 610,000 605,085 10 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 4 $ 540,000 $ 557,550 - -------------------------------------------------------------------------------- iStar Financial, Inc., 5.15% Sr. Unsec. Nts., 3/1/12 1,225,000 1,196,510 - -------------------------------------------------------------------------------- JPMorgan Chase & Co., 5.15% Sub. Nts., 10/1/15 1,065,000 1,040,669 - -------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 2 925,000 851,000 - -------------------------------------------------------------------------------- KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 750,000 683,341 - -------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 975,000 1,060,874 - -------------------------------------------------------------------------------- Kroger Co. (The), 5.50% Unsec. Unsub. Nts., 2/1/13 2 1,110,000 1,095,631 - -------------------------------------------------------------------------------- Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 2 980,000 1,024,687 - -------------------------------------------------------------------------------- Liberty Media Corp.: 5.70% Sr. Unsec. Nts., 5/15/13 2 615,000 583,402 7.875% Sr. Nts., 7/15/09 290,000 305,055 - -------------------------------------------------------------------------------- Limited Brands, Inc., 6.125% Sr. Unsec. Nts., 12/1/12 2 1,090,000 1,104,637 - -------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc.: 5.875% Sr. Unsec. Bonds, 8/1/33 705,000 647,241 7.125% Sr. Unsec. Nts., 6/15/09 590,000 613,092 - -------------------------------------------------------------------------------- May Department Stores Co., 7.90% Unsec. Debs., 10/15/07 410,000 417,243 - -------------------------------------------------------------------------------- MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 840,000 811,766 - -------------------------------------------------------------------------------- MeadWestvaco Corp., 6.85% Unsec. Unsub. Nts., 4/1/12 2 1,030,000 1,077,048 - -------------------------------------------------------------------------------- MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 1,065,000 1,057,013 - -------------------------------------------------------------------------------- Mission Energy Holding Co., 13.50% Sr. Sec. Nts., 7/15/08 935,000 1,048,369 - -------------------------------------------------------------------------------- Morgan Stanley, 4.75% Sub. Nts., 4/1/14 1,120,000 1,066,746 - -------------------------------------------------------------------------------- NiSource Finance Corp., 7.875% Sr. Unsec. Nts., 11/15/10 1,450,000 1,565,520 - -------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 7.875% Unsec. Unsub. Nts., 2/1/09 1,535,000 1,610,983 - -------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 5 1,498,333 1,478,281 - -------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 5 349,770 329,468 - -------------------------------------------------------------------------------- Popular North America, Inc., 4.70% Nts., 6/30/09 1,360,000 1,334,442 - -------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 5 1,095,000 1,353,077 - -------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 1,110,000 1,396,130 - -------------------------------------------------------------------------------- PSEG Funding Trust I, 5.381% Nts., 11/16/07 610,000 609,223 - -------------------------------------------------------------------------------- Pulte Homes, Inc., 4.875% Nts., 7/15/09 1,075,000 1,056,598 - -------------------------------------------------------------------------------- Qwest Corp., 5.625% Unsec. Nts., 11/15/08 131,000 130,673 - -------------------------------------------------------------------------------- R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 543,326 - -------------------------------------------------------------------------------- Reed Elsevier Capital, Inc., 4.625% Nts., 6/15/12 480,000 459,173 - -------------------------------------------------------------------------------- Reynolds American, Inc., 6.50% Sr. Sec. Nts., 6/1/07 5 665,000 670,078 - -------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd., 7% Sr. Unsec. Unsub. Nts., 10/15/07 294,000 298,389 - -------------------------------------------------------------------------------- Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11 1,110,000 1,146,834 - -------------------------------------------------------------------------------- Telecom Italia Capital SA, 4% Unsec. Nts., 11/15/08 1,085,000 1,053,009 - -------------------------------------------------------------------------------- Telefonos de Mexico SA de CV, 4.50% Nts., 11/19/08 1,085,000 1,068,902 - -------------------------------------------------------------------------------- Telus Corp., 8% Nts., 6/1/11 475,000 524,107 - -------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 860,000 1,017,265 - -------------------------------------------------------------------------------- Tribune Co., 5.50% Nts., Series E, 10/6/08 595,000 591,078 - -------------------------------------------------------------------------------- TXU Energy Co., 6.125% Nts., 3/15/08 755,000 761,512 - -------------------------------------------------------------------------------- Tyson Foods, Inc., 7.25% Sr. Unsec. Nts., 10/1/06 1,225,000 1,225,000 - -------------------------------------------------------------------------------- United States Steel Corp., 10.75% Sr. Nts., 8/1/08 195,000 211,819 - -------------------------------------------------------------------------------- Univision Communications, Inc.: 3.50% Sr. Unsec. Nts., 10/15/07 670,000 651,860 3.875% Sr. Unsec. Nts., 10/15/08 315,000 299,502 - -------------------------------------------------------------------------------- Verizon Global Funding Corp., 7.25% Sr. Unsec. Unsub. Nts., 12/1/10 540,000 579,741 - -------------------------------------------------------------------------------- Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 1,175,000 1,174,058 - -------------------------------------------------------------------------------- Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 810,000 846,318 11 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- Williams Cos., Inc., Credit Linked Certificate Trust (The), 6.75% Nts., 4/15/09 5 $ 1,050,000 $ 1,060,500 - -------------------------------------------------------------------------------- Xerox Corp., 9.75% Sr. Unsec. Nts., 1/15/09 980,000 1,065,744 - -------------------------------------------------------------------------------- Yum! Brands, Inc., 7.70% Sr. Nts., 7/1/12 750,000 822,100 --------------- Total Non-Convertible Corporate Bonds and Notes (Cost $81,146,794) 81,565,312 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--3.2% - -------------------------------------------------------------------------------- Undivided interest of 1.17% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $17,244,541 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $17,237,000) 17,237,000 17,237,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $526,300,771) 577,305,496 - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--11.5% 11 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--11.5% Undivided interest of 0.92% in joint repurchase agreement (Principal Amount/Value $3,950,000,000, with a maturity value of $3,951,787,375) with Nomura Securities, 5.43%, dated 9/29/06, to be repurchased at $36,541,290 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-6/25/43, with a value of $4,029,000,000 36,524,763 36,524,763 - -------------------------------------------------------------------------------- Undivided interest of 10% in joint repurchase agreement (Principal Amount/Value $250,000,000, with a maturity value of $250,112,500) with Cantor Fitzgerald & Co., 5.40%, dated 9/29/06, to be repurchased at $25,011,250 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-6.50%, 8/1/12-9/1/36, with a value of $255,002,127 25,000,000 25,000,000 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $61,524,763) 61,524,763 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $587,825,534) 118.9% 638,830,259 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (18.9) (101,514,733) ------------------------------- NET ASSETS 100.0% $ 537,315,526 =============================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2006 was $1,046,111, which represents 0.19% of the Fund's net assets. See accompanying Notes. 4. Represents the current interest rate for a variable or increasing rate security. 5. 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 $13,061,104 or 2.43% of the Fund's net assets as of September 30, 2006. 6. When-issued security or forward commitment to be delivered and settled after September 30, 2006. See accompanying Notes. 7. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $6,558,837 or 1.22% of the Fund's net assets as of September 30, 2006. 8. 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 $347,234 or 0.06% of the Fund's net assets as of September 30, 2006. 12 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 9. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts. The aggregate market value of such securities is $1,359,418. See accompanying Notes. 10. 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. 11. The security/securities have 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 September 30, 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 $ 587,941,449 Federal tax cost of other investments (66,638,601) --------------- Total federal tax cost $ 521,302,848 =============== Gross unrealized appreciation $ 66,165,434 Gross unrealized depreciation (15,233,519) --------------- Net unrealized appreciation $ 50,931,915 =============== NOTES TO FINANCIAL STATEMENTS 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(R) 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 SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- commitment prior to settlement of the original purchase. As of September 30, 2006, the Fund had purchased $39,129,898 of securities issued on a when-issued basis or forward commitment. 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. INVESTMENTS WITH OFF BALANCE SHEET RISK The Fund enters into financial instrument transactions that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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 at 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. 14 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of September 30, 2006, the Fund had outstanding futures contracts as follows: UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2006 (DEPRECIATION) - ---------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 12/19/06 126 $ 14,163,188 $ 265,131 ---------- CONTRACTS TO SELL Euro-Bundesobligation, 10 yr. 12/7/06 62 9,284,944 (61,749) U.S. Treasury Nts., 2 yr. 12/29/06 305 62,372,500 (145,112) U.S. Treasury Nts., 5 yr. 12/29/06 64 6,753,000 (46,060) U.S. Treasury Nts., 10 yr. 12/19/06 22 2,377,375 2,243 --------- (250,678) --------- $ 14,453 =========
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 or put options are noted in the Statement of Investments where applicable. Contracts subject to call or put, 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 September 30, 2006 was as follows: CALL OPTIONS NUMBER OF AMOUNT OF CONTRACTS PREMIUMS 15 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- - ---------------------------------------------------------- Options outstanding as of December 31, 2005 539 $ 66,159 Options written 460 43,266 Options closed or expired (999) (109,425) -------------------------- Options outstanding as of September 30, 2006 -- $ -- ========================== CREDIT DEFAULT SWAP CONTRACTS Credit default swaps are designed to transfer the credit exposure of fixed income products between counterparties. The Fund may enter into credit default swaps, both directly ("unfunded swaps") and indirectly in the form of a swap embedded within a structured note ("funded swaps"), to protect against the risk that a security will default. Unfunded and funded credit default swaps may be on a single security, or a basket of securities. The Fund may take a short position (purchaser of credit protection) or a long position (seller of credit protection) in the credit default swap. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, pricing transparency when assessing the cost of a credit default swap, counterparty risk, and the need to fund the delivery obligation (either cash or defaulted bonds depending on whether the Fund is long or short the swap, respectively). The Fund would take a short position in a credit default swap (the "unfunded swap") against a long portfolio position to decrease exposure to specific high yield issuers. As a purchaser of credit protection under a swap contract, the Fund pays a periodic interest fee on the notional amount to the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund is obligated to deliver that security to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as realized gain and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of September 30, 2006 is as follows:
ANNUAL INTEREST NOTIONAL AMOUNT RATE PAID UNREALIZED RECEIVED BY THE FUND BY THE TERMINATION APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION UPON CREDIT EVENT FUND DATES (DEPRECIATION) - ---------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: CDX.NA.IG.7 $ 4,700,000 0.400% 12/20/11 $ (1,435) Weyerhaeuser Co. 1,070,000 0.580 9/20/11 (613) - ----------------------------------------------------------------------------------------------------------------------
Morgan Stanley Capital Services, Inc.: Arrow Electronics, Inc. 1,070,000 0.790 9/20/11 (10,131) Arrow Electronics, Inc. 530,000 0.770 9/20/11 (4,549) Belo Corp. 660,000 0.650 6/20/11 3,688 Belo Corp. 365,000 0.670 6/20/11 1,733 16 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Belo Corp. 735,000 0.675 6/20/11 3,334 Ford Motor Co. 525,000 5.300 12/20/08 (4,237) Ford Motor Co. 1,100,000 5.400 12/20/08 (11,396) General Motors Corp. 545,000 4.000 12/20/08 (1,532) General Motors Corp. 535,000 3.950 12/20/08 (924) --------------- $ (26,062) ===============
The Fund would take a long position in the credit default swap note (the "funded swap") to increase the exposure to specific high yield corporate issuers. As a seller of credit protection under a swap contract, the Fund receives a periodic interest fee on the notional amount from the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund receives that security from the counterparty in exchange for payment of the notional amount to the counterparty. The difference between the value of the security received and the notional amount paid is recorded as realized loss and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of September 30, 2006 is as follows:
ANNUAL INTEREST RATE NOTIONAL AMOUNT PAID RECEIVED UNREALIZED BY THE FUND UPON BY THE TERMINATION APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION CREDIT EVENT FUND DATES (DEPRECIATION) - ----------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Abitibi-Consolidated Co. of Canada $ 860,000 1.52% 9/20/07 $ 2,829 Allied Waste North America, Inc. 340,000 2.00 9/20/09 2,703 Allied Waste North America, Inc. 530,000 2.00 9/20/09 4,213 Bombardier, Inc. 265,000 0.90 9/20/07 25 Eastman Kodak Co. 735,000 1.00 12/20/08 62
General Motors Acceptance Corp. 200,000 2.30 6/20/07 1,650 General Motors Corp. 340,000 6.40 12/20/06 3,876 General Motors Corp. 200,000 6.40 12/20/06 2,267 - ---------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: ArvinMeritor, Inc. 295,000 1.05 9/20/07 (1,857) 17 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- ArvinMeritor, Inc. 240,000 1.10 9/20/07 (1,403) ArvinMeritor, Inc. 20,000 1.20 9/20/07 (103) Bombardier, Inc. 290,000 1.00 9/20/07 348 Bombardier, Inc. 295,000 1.05 9/20/07 576 Ford Motor Co. 525,000 7.05 12/20/16 7,488 Ford Motor Co. 1,100,000 7.15 12/20/16 21,495 General Motors Acceptance Corp. 730,000 3.15 6/20/07 12,241 General Motors Corp. 545,000 5.80 12/20/16 1,518 General Motors Corp. 535,000 5.75 12/20/16 12 Hyundai Motor Manufacturing Alabama LLC 465,000 0.40 6/20/07 430 J.C. Penney Corp., Inc. 1,070,000 0.61 6/20/13 (6,852) -------------- $ 51,518 ==============
TOTAL RETURN SWAP CONTRACTS A total return swap is an agreement under which a set of future cash flows is exchanged between two counterparties. One cash flow stream will typically be based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Payments under the swap are based on an agreed upon principal amount but since this principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur in the reference asset). As of September 30, 2006, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION UNREALIZED COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATES APPRECIATION - ---------------------------------------------------------------------------------------------------------------------- Lehman Brothers CMBS If negative, the Index Spread plus absolute value of the Total Return Amount Total Return Amount for value for a given Deutsche Bank AG $ 2,090,000 a given Index Period. Index Period. 12/1/06 $ 1,540 - ---------------------------------------------------------------------------------------------------------------------- If positive, receive If negative, the the Spread on the absolute value of the Lehman Brothers CMBS Lehman Brothers Lehman Brothers CMBS AAA 8.5+ Index Spread Special Financing, AAA 8.5+ Index Spread Return Amount, and Inc. 2,290,000 Return Amount. Carry Amount. 12/1/06 1,657 18 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED ------------- $ 3,197 =============
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of September 30, 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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2006, the Fund had on loan securities valued at $64,989,707, which are included in the Statement of Assets and Liabilities in the annual and semiannual reports as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $66,329,538 was received for the loans, of which $61,524,763 was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 19 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--97.9% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--18.2% - -------------------------------------------------------------------------------- AUTO COMPONENTS--1.1% Aftermarket Technology Corp. 1 20,600 $ 365,856 - -------------------------------------------------------------------------------- ArvinMeritor, Inc. 103,400 1,472,416 - -------------------------------------------------------------------------------- Autoliv, Inc. 14,400 793,584 - -------------------------------------------------------------------------------- Fuel Systems Solutions, Inc. 1 8,499 108,107 - -------------------------------------------------------------------------------- GenTek, Inc. 1,2 3,900 107,679 - -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1 33,900 491,550 - -------------------------------------------------------------------------------- Lear Corp. 2 18,600 385,020 - -------------------------------------------------------------------------------- Modine Manufacturing Co. 2 16,900 411,177 - -------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 2 15,900 381,282 - -------------------------------------------------------------------------------- Shiloh Industries, Inc. 1 5,900 79,532 - -------------------------------------------------------------------------------- Tenneco, Inc. 1 71,500 1,672,385 - -------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 5,000 120,350 - -------------------------------------------------------------------------------- Visteon Corp. 1 16,600 135,290 --------------- 6,524,228 - -------------------------------------------------------------------------------- AUTOMOBILES--0.1% Thor Industries, Inc. 2 8,500 349,945 - -------------------------------------------------------------------------------- Winnebago Industries, Inc. 2 14,800 464,424 --------------- 814,369 - -------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Keystone Automotive Industries, Inc. 1 900 34,218 - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.6% Alderwoods Group, Inc. 1 13,600 269,688 - -------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1,2 3,100 129,363 - -------------------------------------------------------------------------------- Career Education Corp. 1 11,800 265,500 - -------------------------------------------------------------------------------- Coinmach Service Corp., Cl. A 2 1,900 18,867 - -------------------------------------------------------------------------------- Corinthian Colleges, Inc. 1,2 58,700 634,547 - -------------------------------------------------------------------------------- CPI Corp. 1,400 67,956 - -------------------------------------------------------------------------------- DeVry, Inc 1,2 51,800 1,101,786 - -------------------------------------------------------------------------------- INVESTools, Inc. 1,2 26,700 283,821 - -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 10,500 696,150 - -------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 54,700 1,641,547 - -------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 2 900 35,703 - -------------------------------------------------------------------------------- Regis Corp. 23,100 828,135 - -------------------------------------------------------------------------------- Service Corp. International 26,500 247,510 - -------------------------------------------------------------------------------- Sotheby's 2 57,600 1,857,024 - -------------------------------------------------------------------------------- Steiner Leisure Ltd. 1 13,500 567,675 - -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 2 52,600 308,236 - -------------------------------------------------------------------------------- Strayer Education, Inc. 2 7,900 854,859 - -------------------------------------------------------------------------------- Vertrue, Inc. 1,2 4,600 180,872 --------------- 9,989,239 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--3.2% AFC Enterprises, Inc. 1,2 23,000 332,120 1 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Ambassadors Group, Inc. 2 16,700 $ 472,276 - -------------------------------------------------------------------------------- Aztar Corp. 1,2 19,300 1,023,093 - -------------------------------------------------------------------------------- Bally Technologies, Inc. 1 8,700 153,120 - -------------------------------------------------------------------------------- Benihana, Inc., Cl. A 1 600 17,400 - -------------------------------------------------------------------------------- Bob Evans Farms, Inc. 49,614 1,502,312 - -------------------------------------------------------------------------------- Brinker International, Inc. 9,300 372,837 - -------------------------------------------------------------------------------- Buffalo Wild Wings, Inc. 1 7,500 286,875 - -------------------------------------------------------------------------------- CBRL Group, Inc. 20,700 836,901 - -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 2,500 78,775 - -------------------------------------------------------------------------------- Choice Hotels International, Inc. 6,600 269,940 - -------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 60,600 1,013,232 - -------------------------------------------------------------------------------- Ctrip.com International Ltd., ADR 2 8,500 382,075 - -------------------------------------------------------------------------------- Darden Restaurants, Inc. 14,400 611,568 - -------------------------------------------------------------------------------- Denny's Corp. 1 36,700 125,147 - -------------------------------------------------------------------------------- Domino's Pizza, Inc. 51,500 1,320,975 - -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 2 22,900 278,235 - -------------------------------------------------------------------------------- Great Wolf Resorts, Inc. 1,2 4,200 50,232 - -------------------------------------------------------------------------------- IHOP Corp. 2 26,900 1,246,815 - -------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1,2 7,400 155,844 - -------------------------------------------------------------------------------- Jack in the Box, Inc. 1 45,400 2,368,972 - -------------------------------------------------------------------------------- Krispy Kreme Doughnuts, Inc. 1 3,300 26,730 - -------------------------------------------------------------------------------- Landry's Restaurants, Inc. 2 9,400 283,410 - -------------------------------------------------------------------------------- Life Time Fitness, Inc. 1,2 700 32,403 - -------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon, Inc. 2 600 16,662 - -------------------------------------------------------------------------------- Luby's, Inc. 1 19,700 194,439 - -------------------------------------------------------------------------------- Marcus Corp. (The) 4,400 101,068 - -------------------------------------------------------------------------------- McCormick & Schmick's Seafood Restaurants, Inc. 1,2 17,600 395,824 - -------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 10,600 205,534 - -------------------------------------------------------------------------------- MTR Gaming Group, Inc. 1 10,400 97,656 - -------------------------------------------------------------------------------- Multimedia Games, Inc. 1,2 13,600 123,488 - -------------------------------------------------------------------------------- O'Charley's, Inc. 1 8,800 166,936 - -------------------------------------------------------------------------------- Papa John's International, Inc. 1,2 35,600 1,285,516 - -------------------------------------------------------------------------------- Pinnacle Entertainment, Inc. 1 3,200 89,984 - -------------------------------------------------------------------------------- Rare Hospitality International, Inc. 1 25,600 782,336 - -------------------------------------------------------------------------------- Ruth's Chris Steak House, Inc. 1 2,100 39,522 - -------------------------------------------------------------------------------- Ryan's Restaurant Group, Inc. 1 9,700 153,939 - -------------------------------------------------------------------------------- Six Flags, Inc. 1 8,100 42,363 - -------------------------------------------------------------------------------- Sonic Corp. 1 4,400 99,484 - -------------------------------------------------------------------------------- Speedway Motorsports, Inc. 4,100 149,281 - -------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 38,400 1,536,768 - -------------------------------------------------------------------------------- WMS Industries, Inc. 1,2 21,200 619,252 --------------- 19,341,339 2 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.5% American Greetings Corp., Cl. A 2 51,900 $ 1,199,928 - -------------------------------------------------------------------------------- Avatar Holdings, Inc. 1 400 23,624 - -------------------------------------------------------------------------------- Blyth, Inc. 700 17,031 - -------------------------------------------------------------------------------- CSS Industries, Inc. 2 650 19,318 - -------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 2 49,300 1,708,738 - -------------------------------------------------------------------------------- Furniture Brands International, Inc. 2 69,600 1,325,184 - -------------------------------------------------------------------------------- Hooker Furniture Corp. 2 2,500 36,650 - -------------------------------------------------------------------------------- Interface, Inc., Cl. A 1 37,100 477,848 - -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 2 12,000 231,600 - -------------------------------------------------------------------------------- La-Z-Boy, Inc. 2 68,200 952,072 - -------------------------------------------------------------------------------- Leggett & Platt, Inc. 19,800 495,594 - -------------------------------------------------------------------------------- Lifetime Brands, Inc. 2 400 7,408 - -------------------------------------------------------------------------------- Meritage Homes Corp. 1 6,800 282,948 - -------------------------------------------------------------------------------- National Presto Industries, Inc. 2 800 44,216 - -------------------------------------------------------------------------------- Newell Rubbermaid, Inc. 16,400 464,448 - -------------------------------------------------------------------------------- Palm Harbor Homes, Inc. 1,2 600 8,976 - -------------------------------------------------------------------------------- Skyline Corp. 2 1,900 72,599 - -------------------------------------------------------------------------------- Snap-On, Inc. 19,500 868,725 - -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 2 12,900 274,899 - -------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 1,2 48,400 831,028 --------------- 9,342,834 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.1% Blair Corp. 267 6,889 - -------------------------------------------------------------------------------- Blue Nile, Inc. 1 1,300 47,255 - -------------------------------------------------------------------------------- FTD Group, Inc. 1,2 12,800 197,760 - -------------------------------------------------------------------------------- Priceline.com, Inc. 1,2 12,500 459,875 - -------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 12,200 232,532 - -------------------------------------------------------------------------------- ValueVision Media, Inc., Cl. A 1,2 3,300 38,247 --------------- 982,558 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.5% Hasbro, Inc. 29,400 668,850 - -------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 7,400 131,942 - -------------------------------------------------------------------------------- K2, Inc. 1 16,900 198,237 - -------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 53,000 1,279,420 - -------------------------------------------------------------------------------- Mattel, Inc. 20,500 403,850 - -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1,2 5,800 162,400 --------------- 2,844,699 - -------------------------------------------------------------------------------- MEDIA--0.9% 4Kids Entertainment, Inc. 1,2 500 8,250 - -------------------------------------------------------------------------------- Catalina Marketing Corp. 19,900 547,250 - -------------------------------------------------------------------------------- Charter Communications, Inc., Cl. A 1 65,800 100,016 - -------------------------------------------------------------------------------- Cox Radio, Inc., Cl. A 1,2 53,700 824,295 - -------------------------------------------------------------------------------- Cumulus Media, Inc., Cl. A 1,2 32,000 305,920 - -------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A 1 8,300 101,675 3 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- MEDIA CONTINUED Entravision Communications Corp. 1 20,100 $ 149,544 - -------------------------------------------------------------------------------- Harris Interactive, Inc. 1 3,500 21,350 - -------------------------------------------------------------------------------- Journal Register Co. 5,400 30,618 - -------------------------------------------------------------------------------- Knology, Inc. 1 13,200 130,944 - -------------------------------------------------------------------------------- Lee Enterprises, Inc. 2,100 53,004 - -------------------------------------------------------------------------------- Live Nation 1 8,200 167,444 - -------------------------------------------------------------------------------- LodgeNet Entertainment Corp. 1 7,500 141,600 - -------------------------------------------------------------------------------- Meredith Corp. 2,500 123,325 - -------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 2 54,400 705,024 - -------------------------------------------------------------------------------- Scholastic Corp. 1 6,200 193,130 - -------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 51,600 405,060 - -------------------------------------------------------------------------------- TiVo, Inc. 1 12,400 94,116 - -------------------------------------------------------------------------------- Tribune Co. 6,200 202,864 - -------------------------------------------------------------------------------- Warner Music Group Corp. 3,700 96,015 - -------------------------------------------------------------------------------- Westwood One, Inc. 5,800 41,064 - -------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 1,200 43,212 - -------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 2 51,600 847,788 --------------- 5,333,508 - -------------------------------------------------------------------------------- MULTILINE RETAIL--1.0% 99 Cents Only Stores 1 11,400 134,862 - -------------------------------------------------------------------------------- Big Lots, Inc. 1 99,700 1,975,057 - -------------------------------------------------------------------------------- Bon-Ton Stores, Inc. 2 6,000 178,440 - -------------------------------------------------------------------------------- Conn's, Inc. 1,2 5,900 123,133 - -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 21,800 713,514 - -------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 34,000 1,052,640 - -------------------------------------------------------------------------------- Family Dollar Stores, Inc. 25,400 742,696 - -------------------------------------------------------------------------------- Fred's, Inc. 2 5,700 71,934 - -------------------------------------------------------------------------------- Nordstrom, Inc. 17,300 731,790 - -------------------------------------------------------------------------------- Retail Ventures, Inc. 1 12,700 195,707 --------------- 5,919,773 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--6.2% Aeropostale, Inc. 1 34,200 999,666 - -------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 18,900 828,387 - -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 21,700 908,362 - -------------------------------------------------------------------------------- Asbury Automotive Group, Inc. 14,900 306,940 - -------------------------------------------------------------------------------- AutoNation, Inc. 1 12,034 251,511 - -------------------------------------------------------------------------------- AutoZone, Inc. 1 1,500 154,950 - -------------------------------------------------------------------------------- Barnes & Noble, Inc. 25,800 978,852 - -------------------------------------------------------------------------------- Books-A-Million, Inc. 2 6,800 121,380 - -------------------------------------------------------------------------------- Buckle, Inc. (The) 2 17,900 679,126 - -------------------------------------------------------------------------------- Cache, Inc. 1,2 10,800 193,212 - -------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1,2 33,200 455,836 - -------------------------------------------------------------------------------- Cato Corp., Cl. A 48,050 1,052,776 - -------------------------------------------------------------------------------- Charlotte Russe Holding, Inc. 1 16,000 440,640 4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED Charming Shoppes, Inc. 1,2 139,800 $ 1,996,344 - -------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1,2 12,100 774,763 - -------------------------------------------------------------------------------- Christopher & Banks Corp. 2 56,200 1,656,776 - -------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 29,100 730,701 - -------------------------------------------------------------------------------- CSK Auto Corp. 1,2 7,600 107,160 - -------------------------------------------------------------------------------- Deb Shops, Inc. 200 5,128 - -------------------------------------------------------------------------------- Dick's Sporting Goods, Inc. 1 6,000 273,120 - -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1,2 76,300 1,664,866 - -------------------------------------------------------------------------------- DSW, Inc., Cl. A 1,2 20,300 639,450 - -------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 5,600 70,672 - -------------------------------------------------------------------------------- Genesco, Inc. 1,2 13,600 468,792 - -------------------------------------------------------------------------------- Group 1 Automotive, Inc. 34,900 1,741,510 - -------------------------------------------------------------------------------- Guess?, Inc. 1,2 19,400 941,482 - -------------------------------------------------------------------------------- Gymboree Corp. 1,2 51,700 2,180,706 - -------------------------------------------------------------------------------- Haverty Furniture Cos., Inc. 2 15,200 242,440 - -------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1,2 8,887 232,662 - -------------------------------------------------------------------------------- Limited Brands, Inc. 13,800 365,562 - -------------------------------------------------------------------------------- Lithia Motors, Inc., Cl. A 2 6,500 160,680 - -------------------------------------------------------------------------------- Maidenform Brands, Inc. 1 2,300 44,390 - -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 46,450 1,728,405 - -------------------------------------------------------------------------------- Monro Muffler Brake, Inc. 2 2,000 68,020 - -------------------------------------------------------------------------------- OfficeMax, Inc. 20,600 839,244 - -------------------------------------------------------------------------------- Pantry, Inc. (The) 1 30,100 1,696,737 - -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 78,500 1,954,650 - -------------------------------------------------------------------------------- RadioShack Corp. 2 35,900 692,870 - -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 66,300 1,941,927 - -------------------------------------------------------------------------------- Select Comfort Corp. 1,2 61,100 1,336,868 - -------------------------------------------------------------------------------- Shoe Carnival, Inc. 1 13,500 340,470 - -------------------------------------------------------------------------------- Sonic Automotive, Inc. 2 26,000 600,340 - -------------------------------------------------------------------------------- Stage Stores, Inc. 36,450 1,069,443 - -------------------------------------------------------------------------------- Stein Mart, Inc. 2 4,600 69,966 - -------------------------------------------------------------------------------- Syms Corp. 1 3,200 65,152 - -------------------------------------------------------------------------------- Talbots, Inc. (The) 2 5,600 152,600 - -------------------------------------------------------------------------------- Tween Brands, Inc. 1,2 37,300 1,402,480 - -------------------------------------------------------------------------------- United Auto Group, Inc. 2 49,500 1,158,300 - -------------------------------------------------------------------------------- United Retail Group, Inc. 1,2 6,100 111,508 - -------------------------------------------------------------------------------- Wet Seal, Inc., Cl. A 1,2 76,600 470,324 - -------------------------------------------------------------------------------- Zale Corp. 1 2,800 77,672 - -------------------------------------------------------------------------------- Zumiez, Inc. 1,2 6,600 178,200 --------------- 37,624,018 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--2.0% Brown Shoe Co., Inc. 48,050 1,722,112 - -------------------------------------------------------------------------------- Cherokee, Inc. 6,200 226,982 - -------------------------------------------------------------------------------- Columbia Sportswear Co. 1,2 15,000 837,450 5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS CONTINUED Deckers Outdoor Corp. 1,2 9,400 $ 444,808 - -------------------------------------------------------------------------------- Jones Apparel Group, Inc. 19,200 622,848 - -------------------------------------------------------------------------------- Kellwood Co. 2 35,300 1,017,699 - -------------------------------------------------------------------------------- Liz Claiborne, Inc. 18,700 738,837 - -------------------------------------------------------------------------------- Movado Group, Inc. 2 6,500 165,230 - -------------------------------------------------------------------------------- Perry Ellis International, Inc. 1 4,000 123,520 - -------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 24,700 1,031,719 - -------------------------------------------------------------------------------- Skechers U.S.A., Inc., Cl. A 1 55,600 1,307,156 - -------------------------------------------------------------------------------- Steven Madden Ltd. 29,000 1,137,960 - -------------------------------------------------------------------------------- Timberland Co., Cl. A 1 2,500 71,925 - -------------------------------------------------------------------------------- True Religion Apparel, Inc. 1,2 2,400 50,664 - -------------------------------------------------------------------------------- VF Corp. 6,200 452,290 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 71,250 2,017,088 --------------- 11,968,288 - -------------------------------------------------------------------------------- CONSUMER STAPLES--3.0% - -------------------------------------------------------------------------------- BEVERAGES--0.2% Boston Beer Co., Inc., Cl. A 1,2 8,600 282,510 - -------------------------------------------------------------------------------- Coca-Cola Enterprises, Inc. 7,800 162,474 - -------------------------------------------------------------------------------- Jones Soda Co. 1,2 4,400 39,380 - -------------------------------------------------------------------------------- MGP Ingredients, Inc. 6,600 140,382 - -------------------------------------------------------------------------------- National Beverage Corp. 2 18,200 216,762 - -------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 17,500 621,250 --------------- 1,462,758 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.9% Andersons, Inc. (The) 7,700 262,955 - -------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 2 1,405 163,542 - -------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 50,600 1,126,862 - -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 2 2,900 76,502 - -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 2 35,800 1,647,158 - -------------------------------------------------------------------------------- Performance Food Group Co. 1,2 41,500 1,165,735 - -------------------------------------------------------------------------------- Smart & Final, Inc. 1,2 10,700 182,649 - -------------------------------------------------------------------------------- Spartan Stores, Inc. 2 14,200 239,980 - -------------------------------------------------------------------------------- Weis Markets, Inc. 2 6,600 262,680 - -------------------------------------------------------------------------------- Wild Oats Markets, Inc. 1,2 25,200 407,484 --------------- 5,535,547 - -------------------------------------------------------------------------------- FOOD PRODUCTS--1.1% Chiquita Brands International, Inc. 6,100 81,618 - -------------------------------------------------------------------------------- Corn Products International, Inc. 10,300 335,162 - -------------------------------------------------------------------------------- Darling International, Inc. 1 2,300 9,637 - -------------------------------------------------------------------------------- Dean Foods Co. 1 17,700 743,754 - -------------------------------------------------------------------------------- Del Monte Foods Co. 50,200 524,590 - -------------------------------------------------------------------------------- Delta & Pine Land Co. 25,400 1,028,700 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 2 46,500 1,249,920 - -------------------------------------------------------------------------------- Gold Kist Holdings, Inc. 1 1,600 33,344 - -------------------------------------------------------------------------------- Hormel Foods Corp. 2,300 82,754 6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED J&J Snack Foods Corp. 2 10,300 $ 320,330 - -------------------------------------------------------------------------------- Lancaster Colony Corp. 200 8,952 - -------------------------------------------------------------------------------- Lance, Inc. 2 4,300 94,686 - -------------------------------------------------------------------------------- McCormick & Co., Inc., Non-Vtg. 16,800 638,064 - -------------------------------------------------------------------------------- Premium Standard Farms, Inc. 12,000 228,600 - -------------------------------------------------------------------------------- Ralcorp Holdings, Inc. 1 5,700 274,911 - -------------------------------------------------------------------------------- Seaboard Corp. 2 450 542,250 - -------------------------------------------------------------------------------- TreeHouse Foods, Inc. 1 7,100 167,915 --------------- 6,365,187 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.2% Energizer Holdings, Inc. 1 11,400 820,686 - -------------------------------------------------------------------------------- WD-40 Co. 8,100 288,927 --------------- 1,109,613 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.3% Bare Escentuals, Inc. 1 8,800 238,920 - -------------------------------------------------------------------------------- Chattem, Inc. 1 1,100 38,632 - -------------------------------------------------------------------------------- Elizabeth Arden, Inc. 1 1,400 22,624 - -------------------------------------------------------------------------------- Inter Parfums, Inc. 2 1,100 20,944 - -------------------------------------------------------------------------------- Mannatech, Inc. 2 13,500 239,220 - -------------------------------------------------------------------------------- Medifast, Inc. 1,2 10,500 91,140 - -------------------------------------------------------------------------------- NBTY, Inc. 1 43,700 1,279,099 - -------------------------------------------------------------------------------- Parlux Fragrances, Inc. 1,2 1,100 5,599 - -------------------------------------------------------------------------------- USANA Health Sciences, Inc. 1,2 2,200 98,098 --------------- 2,034,276 - -------------------------------------------------------------------------------- TOBACCO--0.3% Loews Corp./Carolina Group 14,000 775,460 - -------------------------------------------------------------------------------- UST, Inc. 16,800 921,144 - -------------------------------------------------------------------------------- Vector Group Ltd. 2 3,776 61,247 --------------- 1,757,851 - -------------------------------------------------------------------------------- ENERGY--6.3% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.0% CHC Helicopter Corp., Cl. A 1,400 27,555 - -------------------------------------------------------------------------------- Dril-Quip, Inc. 1,2 12,000 812,160 - -------------------------------------------------------------------------------- Ensign Energy Services, Inc. 27,200 451,407 - -------------------------------------------------------------------------------- Grey Wolf, Inc. 1,2 235,400 1,572,472 - -------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1,2 3,400 108,256 - -------------------------------------------------------------------------------- Horizon North Logistics, Inc. 1 863 2,509 - -------------------------------------------------------------------------------- Horizon North Logistics, Inc. 1 607 1,412 - -------------------------------------------------------------------------------- Input/Output, Inc. 1,2 14,400 142,992 - -------------------------------------------------------------------------------- Leader Energy Services Ltd. 1,3 74,600 159,512 - -------------------------------------------------------------------------------- Lone Star Technologies, Inc. 1 27,800 1,344,964 - -------------------------------------------------------------------------------- Lufkin Industries, Inc. 2 16,300 862,596 - -------------------------------------------------------------------------------- Matrix Service Co. 1,2 23,400 306,306 - -------------------------------------------------------------------------------- Maverick Tube Corp. 1,2 10,200 661,266 7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES CONTINUED Mullen Group Income Fund 3,000 $ 59,799 - -------------------------------------------------------------------------------- Nabors Industries Ltd. 1 12,400 368,900 - -------------------------------------------------------------------------------- NATCO Group, Inc., Cl. A 1,2 10,900 313,920 - -------------------------------------------------------------------------------- NS Group, Inc. 1,2 33,100 2,136,605 - -------------------------------------------------------------------------------- Parker Drilling Co. 1 100,500 711,540 - -------------------------------------------------------------------------------- Pason Systems, Inc. 19,900 280,941 - -------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 15,000 356,400 - -------------------------------------------------------------------------------- RPC, Inc. 9,400 172,208 - -------------------------------------------------------------------------------- Savanna Energy Services Corp. 1 5,760 94,304 - -------------------------------------------------------------------------------- Seacor Holdings, Inc. 1 7,800 643,500 - -------------------------------------------------------------------------------- Technicoil Corp. 1 7,100 12,069 - -------------------------------------------------------------------------------- Technicoil Corp. 1 72,900 123,919 - -------------------------------------------------------------------------------- Tidewater, Inc. 15,400 680,526 - -------------------------------------------------------------------------------- Trican Well Service Ltd. 23,200 390,835 - -------------------------------------------------------------------------------- Trico Marine Services, Inc. 1,2 11,100 374,625 - -------------------------------------------------------------------------------- Unit Corp. 1 11,800 542,446 - -------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1,2 23,700 1,266,765 - -------------------------------------------------------------------------------- Veritas DGC, Inc. 1 31,200 2,053,584 - -------------------------------------------------------------------------------- W-H Energy Services, Inc. 1 33,100 1,372,657 --------------- 18,408,950 - -------------------------------------------------------------------------------- OIL & GAS--3.3% Alberta Clipper Energy, Inc. 1 7,887 43,042 - -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 64,300 220,901 - -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 27,900 95,850 - -------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 2 6,000 168,960 - -------------------------------------------------------------------------------- Birchcliff Energy Ltd. 1 4,700 17,660 - -------------------------------------------------------------------------------- Callon Petroleum Co. 1 12,500 169,500 - -------------------------------------------------------------------------------- Capitol Energy Resources Ltd. 1 24,500 101,924 - -------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 7,400 84,080 - -------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 6,300 69,720 - -------------------------------------------------------------------------------- Chamaelo Exploration Ltd. 1 57,580 238,511 - -------------------------------------------------------------------------------- Cimarex Energy Co. 17,600 619,344 - -------------------------------------------------------------------------------- Comstock Resources, Inc. 1,2 53,900 1,463,385 - -------------------------------------------------------------------------------- Crew Energy, Inc. 1 7,666 81,341 - -------------------------------------------------------------------------------- Cyries Energy, Inc. 1 15,840 159,994 - -------------------------------------------------------------------------------- Delek US Holdings, Inc. 1,2 5,400 99,900 - -------------------------------------------------------------------------------- Delphi Energy Corp. 1 5,000 12,883 - -------------------------------------------------------------------------------- Delphi Energy Corp. 1 35,000 90,181 - -------------------------------------------------------------------------------- Duvernay Oil Corp. 1 2,200 66,507 - -------------------------------------------------------------------------------- Edge Petroleum Corp. 1,2 17,000 279,990 - -------------------------------------------------------------------------------- Ember Resources, Inc. 1 5,887 13,430 - -------------------------------------------------------------------------------- Ember Resources, Inc. 1 9,700 22,129 - -------------------------------------------------------------------------------- Exploration Co. (The) of Delaware 1 25,200 241,164 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- OIL & GAS CONTINUED Foundation Coal Holdings, Inc. 20,900 $ 676,533 - -------------------------------------------------------------------------------- Frontier Oil Corp. 27,600 733,608 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 10,350 163,896 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 11,250 178,148 - -------------------------------------------------------------------------------- General Maritime Corp. 2 28,800 1,053,504 - -------------------------------------------------------------------------------- Giant Industries, Inc. 1 700 56,840 - -------------------------------------------------------------------------------- Harvest Natural Resources, Inc. 1 1,800 18,630 - -------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 511 7,767 - -------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 1,700 25,840 - -------------------------------------------------------------------------------- Holly Corp. 17,000 736,610 - -------------------------------------------------------------------------------- Mahalo Energy Ltd. 1,3 19,500 42,742 - -------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 45,050 137,034 - -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1 8,732 93,745 - -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1,4 6,400 68,709 - -------------------------------------------------------------------------------- OMI Corp. 2 53,900 1,170,169 - -------------------------------------------------------------------------------- Open Range Energy Corp. 1 910 2,565 - -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 13,100 809,187 - -------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 25,200 606,243 - -------------------------------------------------------------------------------- Penn Virginia Corp. 11,400 722,874 - -------------------------------------------------------------------------------- Petrohawk Energy Corp. 1 1,395 14,480 - -------------------------------------------------------------------------------- PetroQuest Energy, Inc. 1,2 28,400 296,212 - -------------------------------------------------------------------------------- Pogo Producing Co. 2 10,800 442,260 - -------------------------------------------------------------------------------- ProEx Energy Ltd. 1 12,840 147,153 - -------------------------------------------------------------------------------- ProspEx Resources Ltd. 1 33,020 127,028 - -------------------------------------------------------------------------------- Real Resources, Inc. 1 4,800 81,979 - -------------------------------------------------------------------------------- Redstar Oil & Gas, Inc. 1 35,955 42,783 - -------------------------------------------------------------------------------- Shiningbank Energy Income Fund 13,066 206,554 - -------------------------------------------------------------------------------- Sound Energy Trust 18,066 108,129 - -------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 2 16,400 602,044 - -------------------------------------------------------------------------------- Stone Energy Corp. 1 9,300 376,464 - -------------------------------------------------------------------------------- Sunoco, Inc. 14,000 870,660 - -------------------------------------------------------------------------------- Sure Energy, Inc. 1 6,023 5,658 - -------------------------------------------------------------------------------- Swift Energy Co. 1,2 32,800 1,371,696 - -------------------------------------------------------------------------------- Teekay Shipping Corp. 3,100 127,441 - -------------------------------------------------------------------------------- Tesoro Corp. 11,700 678,366 - -------------------------------------------------------------------------------- Thunder Energy Trust 11,833 73,364 - -------------------------------------------------------------------------------- True Energy Trust 7,014 66,391 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1 26,300 69,412 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1,4 21,300 56,216 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1 77,900 203,129 - -------------------------------------------------------------------------------- USEC, Inc. 2 69,900 673,836 - -------------------------------------------------------------------------------- VAALCO Energy, Inc. 1,2 42,900 308,022 - -------------------------------------------------------------------------------- Vault Energy Trust 3,200 19,267 - -------------------------------------------------------------------------------- Vero Energy, Inc. 1 2,482 10,414 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- OIL & GAS CONTINUED W&T Offshore, Inc. 2 12,400 $ 362,204 - -------------------------------------------------------------------------------- West Energy Ltd. 1 8,600 43,933 - -------------------------------------------------------------------------------- Western Refining, Inc. 2 43,300 1,006,292 - -------------------------------------------------------------------------------- Zenas Energy Corp. 1 17,437 50,388 --------------- 20,106,815 - -------------------------------------------------------------------------------- FINANCIALS--15.6% - -------------------------------------------------------------------------------- CAPITAL MARKETS--1.4% Apollo Investment Corp. 8,100 166,131 - -------------------------------------------------------------------------------- Calamos Asset Management, Inc., Cl. A 1,600 46,912 - -------------------------------------------------------------------------------- Cohen & Steers, Inc. 2 1,400 45,304 - -------------------------------------------------------------------------------- GFI Group, Inc. 1 5,200 287,508 - -------------------------------------------------------------------------------- Greenhill & Co., Inc. 2 17,800 1,192,956 - -------------------------------------------------------------------------------- Janus Capital Group, Inc. 33,600 662,592 - -------------------------------------------------------------------------------- Jefferies Group, Inc. 21,500 612,750 - -------------------------------------------------------------------------------- Knight Capital Group, Inc., Cl. A 1 112,500 2,047,500 - -------------------------------------------------------------------------------- LaBranche & Co., Inc. 1,2 39,100 405,467 - -------------------------------------------------------------------------------- Lazard Ltd., Cl. A 2 3,300 131,934 - -------------------------------------------------------------------------------- Penson Worldwide, Inc. 1,2 2,600 46,670 - -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1,2 30,900 1,873,158 - -------------------------------------------------------------------------------- Raymond James Financial, Inc. 16,750 489,770 - -------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 2 500 6,255 - -------------------------------------------------------------------------------- Stifel Financial Corp. 1,2 5,300 168,222 - -------------------------------------------------------------------------------- SWS Group, Inc. 2 16,300 405,707 --------------- 8,588,836 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--1.9% BancorpSouth, Inc. 21,200 588,512 - -------------------------------------------------------------------------------- Banner Corp. 1,800 73,872 - -------------------------------------------------------------------------------- BOK Financial Corp. 900 47,340 - -------------------------------------------------------------------------------- Capital Corp. of the West 2 720 22,334 - -------------------------------------------------------------------------------- Cascade Bancorp 2 700 26,285 - -------------------------------------------------------------------------------- Chittenden Corp. 2 3,400 97,546 - -------------------------------------------------------------------------------- Citizens Banking Corp. 600 15,756 - -------------------------------------------------------------------------------- City Holding Co. 9,700 386,739 - -------------------------------------------------------------------------------- Columbia Banking System, Inc. 9,090 290,971 - -------------------------------------------------------------------------------- Comerica, Inc. 6,600 375,672 - -------------------------------------------------------------------------------- Community Bank System, Inc. 2 400 8,864 - -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 4,315 162,460 - -------------------------------------------------------------------------------- F.N.B. Corp. 2 6,500 108,290 - -------------------------------------------------------------------------------- Financial Institutions, Inc. 600 14,016 - -------------------------------------------------------------------------------- First BanCorp 3,300 36,498 - -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 1,400 267,540 - -------------------------------------------------------------------------------- First Indiana Corp. 2 4,050 105,341 - -------------------------------------------------------------------------------- First Republic Bank 2 17,800 757,568 - -------------------------------------------------------------------------------- First Security Group, Inc. 14,900 171,648 - -------------------------------------------------------------------------------- First South Bancorp, Inc. 2 700 21,413 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED Frontier Financial Corp. 2 3,750 $ 97,275 - -------------------------------------------------------------------------------- Greater Bay Bancorp 2 37,700 1,063,517 - -------------------------------------------------------------------------------- Greene County Bancshares, Inc. 2 2,400 87,744 - -------------------------------------------------------------------------------- Hancock Holding Co. 2 12,200 653,310 - -------------------------------------------------------------------------------- Hanmi Financial Corp. 17,500 343,000 - -------------------------------------------------------------------------------- Horizon Financial Corp. 2 1,800 53,748 - -------------------------------------------------------------------------------- Huntington Bancshares, Inc. 5,600 134,008 - -------------------------------------------------------------------------------- Independent Bank Corp. 11,827 287,160 - -------------------------------------------------------------------------------- Integra Bank Corp. 800 20,224 - -------------------------------------------------------------------------------- Intervest Bancshares Corp. 1,2 4,500 196,020 - -------------------------------------------------------------------------------- MainSource Financial Group, Inc. 2 2,283 38,743 - -------------------------------------------------------------------------------- National Penn Bancshares, Inc. 2 8,615 169,026 - -------------------------------------------------------------------------------- NBT Bancorp, Inc. 2 1,400 32,564 - -------------------------------------------------------------------------------- Oriental Financial Group, Inc. 2 300 3,576 - -------------------------------------------------------------------------------- Pacific Capital Bancorp 2 7,910 213,333 - -------------------------------------------------------------------------------- Pinnacle Financial Partners, Inc. 1,2 700 25,060 - -------------------------------------------------------------------------------- Porter Bancorp, Inc. 1 2,500 56,700 - -------------------------------------------------------------------------------- Preferred Bank 3,700 221,889 - -------------------------------------------------------------------------------- PrivateBancorp, Inc. 2 7,000 320,040 - -------------------------------------------------------------------------------- Provident Bankshares Corp. 2 21,151 783,645 - -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 3,234 68,399 - -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 3,000 77,460 - -------------------------------------------------------------------------------- Sterling Bancshares, Inc. 2 12,700 257,175 - -------------------------------------------------------------------------------- Sterling Financial Corp., Western US 2 26,975 874,799 - -------------------------------------------------------------------------------- SVB Financial Group 1 19,700 879,408 - -------------------------------------------------------------------------------- TCF Financial Corp. 23,000 604,670 - -------------------------------------------------------------------------------- TD Banknorth, Inc. 4,000 115,520 - -------------------------------------------------------------------------------- Texas Regional Bancshares, Inc., Cl. A 20 769 - -------------------------------------------------------------------------------- Union Bankshares Corp. 800 35,456 - -------------------------------------------------------------------------------- United Bankshares, Inc. 2 4,100 152,602 - -------------------------------------------------------------------------------- United Community Banks, Inc. 2 3,900 117,195 - -------------------------------------------------------------------------------- Virginia Commerce Bancorp, Inc. 1,2 3,600 79,920 - -------------------------------------------------------------------------------- WesBanco, Inc. 2 3,300 96,426 - -------------------------------------------------------------------------------- Wilshire Bancorp, Inc. 2 600 11,424 --------------- 11,750,470 - -------------------------------------------------------------------------------- CONSUMER FINANCE--1.1% Ace Cash Express, Inc. 1,2 4,200 125,538 - -------------------------------------------------------------------------------- Advance America Cash Advance Centers, Inc. 2 5,700 82,194 - -------------------------------------------------------------------------------- Advanta Corp., Cl. B 2 30,200 1,114,380 - -------------------------------------------------------------------------------- AmeriCredit Corp. 1 32,200 804,678 - -------------------------------------------------------------------------------- ASTA Funding, Inc. 2 15,300 573,597 - -------------------------------------------------------------------------------- Cash America International, Inc. 45,000 1,758,600 - -------------------------------------------------------------------------------- Credit Acceptance Corp. 1 1,600 47,488 - -------------------------------------------------------------------------------- Dollar Financial Corp. 1 13,100 285,842 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- CONSUMER FINANCE CONTINUED EZCORP, Inc., Cl. A 1,2 10,400 $ 402,272 - -------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1 22,500 463,275 - -------------------------------------------------------------------------------- First Marblehead Corp. (The) 2 6,000 415,560 - -------------------------------------------------------------------------------- World Acceptance Corp. 1,2 13,100 576,138 --------------- 6,649,562 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.4% Financial Federal Corp. 2 3,500 93,800 - -------------------------------------------------------------------------------- International Securities Exchange, Inc., Cl. A 2 44,900 2,105,361 - -------------------------------------------------------------------------------- Medallion Financial Corp. 6,600 72,798 - -------------------------------------------------------------------------------- Pico Holdings, Inc. 1,2 3,600 117,180 - -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 3,600 74,880 --------------- 2,464,019 - -------------------------------------------------------------------------------- INSURANCE--4.8% 21st Century Insurance Group 2 700 10,465 - -------------------------------------------------------------------------------- Affirmative Insurance Holdings, Inc. 6,000 87,900 - -------------------------------------------------------------------------------- Alfa Corp. 2 700 12,089 - -------------------------------------------------------------------------------- AMBAC Financial Group, Inc. 8,200 678,550 - -------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 2 28,400 348,468 - -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 9,100 440,258 - -------------------------------------------------------------------------------- AmerUs Group Co. 14,448 982,608 - -------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 12,100 768,229 - -------------------------------------------------------------------------------- Argonaut Group, Inc. 1 30,600 949,518 - -------------------------------------------------------------------------------- Assurant, Inc. 9,400 502,054 - -------------------------------------------------------------------------------- Berkley (W.R.) Corp. 11,950 422,911 - -------------------------------------------------------------------------------- Bristol West Holdings, Inc. 20,700 301,185 - -------------------------------------------------------------------------------- Cincinnati Financial Corp. 4,100 197,046 - -------------------------------------------------------------------------------- CNA Surety Corp. 1,2 14,800 298,960 - -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 13,500 405,675 - -------------------------------------------------------------------------------- Darwin Professional Underwriters, Inc. 1,2 7,900 175,459 - -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 2 37,050 1,477,554 - -------------------------------------------------------------------------------- Direct General Corp. 2 20,700 278,622 - -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 11,066 223,755 - -------------------------------------------------------------------------------- EMC Insurance Group, Inc. 2 6,000 173,040 - -------------------------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 2 4,100 137,227 - -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1 12,500 495,125 - -------------------------------------------------------------------------------- Great American Financial Resources, Inc. 2 3,100 64,883 - -------------------------------------------------------------------------------- Hanover Insurance Group, Inc. 16,400 731,932 - -------------------------------------------------------------------------------- Harleysville Group, Inc. 2 21,800 762,782 - -------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 6,000 197,280 - -------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 2 4,100 174,865 - -------------------------------------------------------------------------------- Horace Mann Educators Corp. 43,800 842,274 - -------------------------------------------------------------------------------- Independence Holding Co. 2 540 11,750 - -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 32,300 1,328,499 - -------------------------------------------------------------------------------- IPC Holdings Ltd. 2 13,100 398,502 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE CONTINUED LandAmerica Financial Group, Inc. 2 23,100 $ 1,519,749 - -------------------------------------------------------------------------------- MBIA, Inc. 14,300 878,592 - -------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1,2 11,400 128,364 - -------------------------------------------------------------------------------- Midland Co. (The) 3,200 138,624 - -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 800 183,912 - -------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 3,600 173,160 - -------------------------------------------------------------------------------- Navigators Group, Inc. (The) 1,2 3,700 177,637 - -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 6,400 216,192 - -------------------------------------------------------------------------------- Ohio Casualty Corp. 52,600 1,360,762 - -------------------------------------------------------------------------------- Old Republic International Corp. 34,750 769,713 - -------------------------------------------------------------------------------- Partnerre Holdings Ltd. 200 13,514 - -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 2,400 95,472 - -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 104,800 1,467,200 - -------------------------------------------------------------------------------- Presidential Life Corp. 8,900 199,093 - -------------------------------------------------------------------------------- ProCentury Corp. 16,000 240,000 - -------------------------------------------------------------------------------- Protective Life Corp. 4,200 192,150 - -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 6,100 316,773 - -------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 7,200 400,320 - -------------------------------------------------------------------------------- Republic Cos. Group, Inc. 32,900 654,710 - -------------------------------------------------------------------------------- RLI Corp. 2 14,700 746,613 - -------------------------------------------------------------------------------- Safeco Corp. 9,500 559,835 - -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 2 19,800 963,468 - -------------------------------------------------------------------------------- Seabright Insurance Holdings, Inc. 1 9,400 131,318 - -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 27,700 1,457,297 - -------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 2,200 98,186 - -------------------------------------------------------------------------------- State Auto Financial Corp. 19,100 583,505 - -------------------------------------------------------------------------------- Stewart Information Services Corp. 100 3,477 - -------------------------------------------------------------------------------- Torchmark Corp. 5,000 315,550 - -------------------------------------------------------------------------------- Tower Group, Inc. 10,500 350,175 - -------------------------------------------------------------------------------- U.S.I. Holdings Corp. 1,2 20,500 277,775 - -------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1 6,106 137,202 - -------------------------------------------------------------------------------- Zenith National Insurance Corp. 23,600 941,404 --------------- 29,571,207 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--3.1% Acadia Realty Trust 4,400 112,200 - -------------------------------------------------------------------------------- Agree Realty Corp. 2 7,300 239,805 - -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 5,600 525,280 - -------------------------------------------------------------------------------- AMB Property Corp. 3,600 198,396 - -------------------------------------------------------------------------------- American Home Mortgage Investment Corp. 2,000 69,740 - -------------------------------------------------------------------------------- Ashford Hospitality Trust 6,200 73,966 - -------------------------------------------------------------------------------- Associated Estates Realty Corp. 3,800 58,786 - -------------------------------------------------------------------------------- BioMed Realty Trust, Inc. 12,800 388,352 - -------------------------------------------------------------------------------- Brandywine Realty Trust 13,214 430,116 - -------------------------------------------------------------------------------- BRE Properties, Inc., Cl. A 1,700 101,541 - -------------------------------------------------------------------------------- Camden Property Trust 2,700 205,227 - -------------------------------------------------------------------------------- Capital Trust, Cl. A 2 1,300 52,949 - -------------------------------------------------------------------------------- CapitalSource, Inc. 2 14,400 371,808 - -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 10,500 440,055 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED CentraCore Properties Trust 2 1,900 $ 60,325 - -------------------------------------------------------------------------------- Colonial Properties Trust 2 9,054 432,872 - -------------------------------------------------------------------------------- Corporate Office Properties Trust 7,200 322,272 - -------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 7,600 165,756 - -------------------------------------------------------------------------------- DiamondRock Hospitality Co. 20,800 345,488 - -------------------------------------------------------------------------------- Digital Realty Trust, Inc. 11,300 353,916 - -------------------------------------------------------------------------------- Duke Realty Investments, Inc. 2,600 97,110 - -------------------------------------------------------------------------------- EastGroup Properties, Inc. 5,100 254,286 - -------------------------------------------------------------------------------- Entertainment Properties Trust 3,100 152,892 - -------------------------------------------------------------------------------- Equity Inns, Inc. 2 21,700 345,464 - -------------------------------------------------------------------------------- Equity Lifestyle Properties, Inc. 1,200 54,852 - -------------------------------------------------------------------------------- Equity One, Inc. 2 14,200 340,374 - -------------------------------------------------------------------------------- Federal Realty Investment Trust 4,000 297,200 - -------------------------------------------------------------------------------- FelCor Lodging Trust, Inc. 2 7,600 152,380 - -------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 11,500 506,000 - -------------------------------------------------------------------------------- First Potomac Realty Trust 900 27,198 - -------------------------------------------------------------------------------- Franklin Street Properties Corp. 2 1,000 19,860 - -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 3,100 24,893 - -------------------------------------------------------------------------------- Getty Realty Corp. 2 800 23,424 - -------------------------------------------------------------------------------- Glenborough Realty Trust, Inc. 1,200 30,876 - -------------------------------------------------------------------------------- Glimcher Realty Trust 2 6,400 158,592 - -------------------------------------------------------------------------------- Gramercy Capital Corp. 5,000 126,050 - -------------------------------------------------------------------------------- Health Care REIT, Inc. 2 5,200 208,052 - -------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 2 5,200 199,732 - -------------------------------------------------------------------------------- Heritage Property Investment Trust 5,200 189,592 - -------------------------------------------------------------------------------- Highland Hospitality Corp. 6,600 94,578 - -------------------------------------------------------------------------------- Highwoods Properties, Inc. 8,800 327,448 - -------------------------------------------------------------------------------- Home Properties of New York, Inc. 5,600 320,096 - -------------------------------------------------------------------------------- Hospitality Properties Trust 8,100 382,320 - -------------------------------------------------------------------------------- HRPT Properties Trust 7,000 83,650 - -------------------------------------------------------------------------------- Inland Real Estate Corp. 2 4,500 78,840 - -------------------------------------------------------------------------------- Innkeepers USA Trust 8,500 138,465 - -------------------------------------------------------------------------------- Kilroy Realty Corp. 3,600 271,224 - -------------------------------------------------------------------------------- Kite Realty Group Trust 1,000 17,040 - -------------------------------------------------------------------------------- KKR Financial Corp. 1,500 36,810 - -------------------------------------------------------------------------------- LaSalle Hotel Properties 4,200 182,028 - -------------------------------------------------------------------------------- Lexington Corporate Properties Trust 2 9,700 205,446 - -------------------------------------------------------------------------------- Liberty Property Trust 2 8,500 406,215 - -------------------------------------------------------------------------------- Longview Fibre Co. 18,776 381,528 - -------------------------------------------------------------------------------- LTC Properties, Inc. 2 7,300 177,025 - -------------------------------------------------------------------------------- Macerich Co. (The) 1,600 122,176 - -------------------------------------------------------------------------------- Mack-Cali Realty Corp. 5,800 300,440 - -------------------------------------------------------------------------------- Maguire Properties, Inc. 2 10,100 411,474 - -------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 2 7,900 483,638 - -------------------------------------------------------------------------------- National Retail Properties, Inc. 2 17,800 384,480 - -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 10,600 283,444 - -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 2 1,900 28,519 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED Pan Pacific Retail Properties, Inc. 2,800 $ 194,376 - -------------------------------------------------------------------------------- Parkway Properties, Inc. 2 800 37,192 - -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 2 6,300 268,191 - -------------------------------------------------------------------------------- Post Properties, Inc. 5,600 266,112 - -------------------------------------------------------------------------------- PS Business Parks, Inc. 5,200 313,560 - -------------------------------------------------------------------------------- RAIT Investment Trust 2 1,000 28,850 - -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 2 3,700 118,215 - -------------------------------------------------------------------------------- Realty Income Corp. 2 4,100 101,311 - -------------------------------------------------------------------------------- Reckson Associates Realty Corp. 1,600 68,480 - -------------------------------------------------------------------------------- Redwood Trust, Inc. 2 1,300 65,481 - -------------------------------------------------------------------------------- Regency Centers Corp. 2,500 171,900 - -------------------------------------------------------------------------------- Senior Housing Properties Trust 2 14,800 315,832 - -------------------------------------------------------------------------------- Simon Property Group, Inc. 258 23,380 - -------------------------------------------------------------------------------- SL Green Realty Corp. 1,900 212,230 - -------------------------------------------------------------------------------- Sovran Self Storage, Inc. 2 6,000 333,300 - -------------------------------------------------------------------------------- Spirit Finance Corp. 2 21,300 247,293 - -------------------------------------------------------------------------------- Strategic Hotels & Resorts, Inc. 27,200 540,736 - -------------------------------------------------------------------------------- Sunstone Hotel Investors, Inc. 14,200 422,024 - -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 2 11,000 391,820 - -------------------------------------------------------------------------------- Trizec Properties, Inc. 4,700 135,877 - -------------------------------------------------------------------------------- U-Store-It Trust 2 5,500 118,030 - -------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 9,700 292,940 - -------------------------------------------------------------------------------- Ventas, Inc. 9,800 377,692 - -------------------------------------------------------------------------------- Washington Real Estate Investment Trust 2 5,800 230,840 - -------------------------------------------------------------------------------- Weingarten Realty Investors 2 5,400 232,308 - -------------------------------------------------------------------------------- Winston Hotels, Inc. 3,000 36,960 --------------- 18,819,491 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.5% CB Richard Ellis Group, Inc., Cl. A 1 19,900 489,540 - -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 8,000 683,840 - -------------------------------------------------------------------------------- Stratus Properties, Inc. 1 2,200 71,192 - -------------------------------------------------------------------------------- Trammell Crow Co. 1,2 45,800 1,672,158 --------------- 2,916,730 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--2.4% Accredited Home Lenders Holding Co. 1,2 14,200 510,348 - -------------------------------------------------------------------------------- Aether Holdings, Inc. 1 8,500 50,490 - -------------------------------------------------------------------------------- Astoria Financial Corp. 21,650 667,253 - -------------------------------------------------------------------------------- Bank Mutual Corp. 2 32,036 388,597 - -------------------------------------------------------------------------------- BankUnited Financial Corp., Cl. A 2 49,900 1,300,893 - -------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 100 3,559 - -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 2 2,600 66,196 - -------------------------------------------------------------------------------- Commercial Capital Bancorp, Inc. 18,200 290,108 - -------------------------------------------------------------------------------- Corus Bankshares, Inc. 2 34,000 760,240 - -------------------------------------------------------------------------------- Downey Financial Corp. 6,300 419,202 - -------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 2 10,300 272,641 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE CONTINUED First Defiance Financial Corp. 1,100 $ 31,383 - -------------------------------------------------------------------------------- First Financial Holdings, Inc. 2 3,200 109,504 - -------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 26,700 389,286 - -------------------------------------------------------------------------------- First Place Financial Corp. 2 5,800 131,428 - -------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 17,300 981,256 - -------------------------------------------------------------------------------- Flagstar Bancorp, Inc. 2 2,100 30,555 - -------------------------------------------------------------------------------- Fremont General Corp. 6,500 90,935 - -------------------------------------------------------------------------------- Hudson City Bancorp, Inc. 24,200 320,650 - -------------------------------------------------------------------------------- ITLA Capital Corp. 1,800 96,768 - -------------------------------------------------------------------------------- KBNT Bancorp, Inc. 2 4,500 72,360 - -------------------------------------------------------------------------------- MAF Bancorp, Inc. 2 23,100 953,799 - -------------------------------------------------------------------------------- MGIC Investment Corp. 9,300 557,721 - -------------------------------------------------------------------------------- New York Community Bancorp, Inc. 2 36,600 599,508 - -------------------------------------------------------------------------------- Ocwen Financial Corp. 1,2 57,200 852,280 - -------------------------------------------------------------------------------- PFF Bancorp, Inc. 2 22,910 848,586 - -------------------------------------------------------------------------------- PMI Group, Inc. (The) 2 16,000 700,960 - -------------------------------------------------------------------------------- Provident Financial Services, Inc. 43,200 799,632 - -------------------------------------------------------------------------------- Provident New York Bancorp 2 200 2,736 - -------------------------------------------------------------------------------- Radian Group, Inc. 12,600 756,000 - -------------------------------------------------------------------------------- TierOne Corp. 2 13,300 451,269 - -------------------------------------------------------------------------------- Triad Guaranty, Inc. 1,2 7,100 363,307 - -------------------------------------------------------------------------------- Webster Financial Corp. 5,800 273,238 - -------------------------------------------------------------------------------- WSFS Financial Corp. 2 4,600 286,074 --------------- 14,428,762 - -------------------------------------------------------------------------------- HEALTH CARE--7.2% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--0.5% Albany Molecular Research, Inc. 1 14,400 134,784 - -------------------------------------------------------------------------------- Alnylam Pharmaceuticals, Inc. 1,2 2,900 41,789 - -------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 32,800 1,086,008 - -------------------------------------------------------------------------------- Digene Corp. 1,2 6,000 258,900 - -------------------------------------------------------------------------------- Diversa Corp. 1,2 16,100 129,122 - -------------------------------------------------------------------------------- Isis Pharmaceuticals, Inc. 1,2 20,900 150,062 - -------------------------------------------------------------------------------- Kendle International, Inc. 1 11,000 352,220 - -------------------------------------------------------------------------------- Lexicon Genetics, Inc. 1,2 3,400 12,818 - -------------------------------------------------------------------------------- Luminex Corp. 1 18,300 333,609 - -------------------------------------------------------------------------------- QLT PhotoTherapeutics, Inc. 1 9,100 69,160 - -------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1,2 6,200 97,278 - -------------------------------------------------------------------------------- Savient Pharmaceuticals, Inc. 1 4,701 30,604 - -------------------------------------------------------------------------------- Third Wave Technologies, Inc. 1,2 3,500 15,680 --------------- 2,712,034 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.9% Abaxis, Inc. 1,2 14,100 329,799 - -------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1,2 10,100 714,373 - -------------------------------------------------------------------------------- BioLase Technology, Inc. 1,2 100 625 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Candela Corp. 1 14,000 $ 152,740 - -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 11,700 469,872 - -------------------------------------------------------------------------------- Datascope Corp. 2 4,000 133,880 - -------------------------------------------------------------------------------- Dentsply International, Inc. 8,300 249,913 - -------------------------------------------------------------------------------- DJO, Inc. 1,2 22,100 917,813 - -------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 16,800 782,712 - -------------------------------------------------------------------------------- Encore Medical Corp. 1 5,400 34,020 - -------------------------------------------------------------------------------- Greatbatch, Inc. 1,2 4,300 97,266 - -------------------------------------------------------------------------------- Hillenbrand Industries, Inc. 5,400 307,692 - -------------------------------------------------------------------------------- ICU Medical, Inc. 1,2 10,300 468,444 - -------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 7,600 692,664 - -------------------------------------------------------------------------------- Immucor, Inc. 1,2 19,100 428,031 - -------------------------------------------------------------------------------- Integra LifeSciences Holdings Corp. 1,2 18,400 689,632 - -------------------------------------------------------------------------------- Invacare Corp. 1,500 35,280 - -------------------------------------------------------------------------------- Medical Action Industries, Inc. 1,2 500 13,445 - -------------------------------------------------------------------------------- Mentor Corp. 5,000 251,950 - -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 12,500 293,875 - -------------------------------------------------------------------------------- Molecular Devices Corp. 1 12,500 231,125 - -------------------------------------------------------------------------------- NeuroMetrix, Inc. 1 8,500 161,585 - -------------------------------------------------------------------------------- Palomar Medical Technologies, Inc. 1,2 19,400 818,680 - -------------------------------------------------------------------------------- Quidel Corp. 1 3,000 42,360 - -------------------------------------------------------------------------------- Thermo Electron Corp. 1 8,900 350,037 - -------------------------------------------------------------------------------- Varian, Inc. 1 36,600 1,678,842 - -------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1,2 14,000 571,620 - -------------------------------------------------------------------------------- Viasys Healthcare, Inc. 1 700 19,068 - -------------------------------------------------------------------------------- Vital Signs, Inc. 2 400 22,644 - -------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 7,400 290,598 - -------------------------------------------------------------------------------- Zoll Medical Corp. 1,2 11,000 394,790 --------------- 11,645,375 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.2% Air Methods Corp. 1,2 9,500 224,200 - -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 43,100 1,273,605 - -------------------------------------------------------------------------------- AmerisourceBergen Corp. 15,600 705,120 - -------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1 5,500 108,570 - -------------------------------------------------------------------------------- Bio-Reference Laboratories, Inc. 1,2 6,800 152,660 - -------------------------------------------------------------------------------- Centene Corp. 1 6,100 100,284 - -------------------------------------------------------------------------------- Chemed Corp. 2 26,900 867,794 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 17,100 880,992 - -------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1,2 14,500 246,500 - -------------------------------------------------------------------------------- Emergency Medical Services LP, Cl. A 1 500 8,175 - -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 22,900 1,090,727 - -------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1 200 3,288 - -------------------------------------------------------------------------------- Hanger Orthopedic Group, Inc. 1,2 500 3,290 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Healthspring, Inc. 1 8,300 $ 159,775 - -------------------------------------------------------------------------------- Healthways, Inc. 1 24,300 1,083,780 - -------------------------------------------------------------------------------- HMS Holdings Corp. 1 4,000 50,480 - -------------------------------------------------------------------------------- Humana, Inc. 1 14,300 945,087 - -------------------------------------------------------------------------------- InVentiv Health, Inc. 1 1,600 51,248 - -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1 12,800 380,544 - -------------------------------------------------------------------------------- Laboratory Corp. of America Holdings 1 15,100 990,107 - -------------------------------------------------------------------------------- LCA-Vision, Inc. 2 27,300 1,127,763 - -------------------------------------------------------------------------------- LHC Group, Inc. 1,2 1,500 33,480 - -------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 39,800 1,695,480 - -------------------------------------------------------------------------------- Manor Care, Inc. 13,300 695,324 - -------------------------------------------------------------------------------- MedCath Corp. 1,2 5,700 171,513 - -------------------------------------------------------------------------------- Molina Healthcare, Inc. 1 14,100 498,576 - -------------------------------------------------------------------------------- National HealthCare Corp. 2 2,800 150,444 - -------------------------------------------------------------------------------- Odyssey Healthcare, Inc. 1,2 25,900 367,262 - -------------------------------------------------------------------------------- Owens & Minor, Inc. 2 10,700 351,923 - -------------------------------------------------------------------------------- Parexel International Corp. 1,2 8,300 274,647 - -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 24,700 1,126,320 - -------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 55,800 1,115,442 - -------------------------------------------------------------------------------- Res-Care, Inc. 1,2 15,000 301,350 - -------------------------------------------------------------------------------- Schein (Henry), Inc. 1 7,300 366,022 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 23,800 900,592 - -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 15,400 459,998 - -------------------------------------------------------------------------------- U.S. Physical Therapy, Inc. 1 2,000 23,840 - -------------------------------------------------------------------------------- Universal Health Services, Inc., Cl. B 4,500 269,685 - -------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1 6,400 362,432 --------------- 19,618,319 - -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--0.4% AMICAS, Inc. 1 17,000 50,660 - -------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 2 6,400 209,728 - -------------------------------------------------------------------------------- Emdeon Corp. 1 67,600 791,596 - -------------------------------------------------------------------------------- Merge Technologies, Inc. 1 5,000 34,400 - -------------------------------------------------------------------------------- Omnicell, Inc. 1,2 17,800 318,442 - -------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1,2 19,600 446,488 - -------------------------------------------------------------------------------- Phase Forward, Inc. 1,2 15,100 180,294 - -------------------------------------------------------------------------------- Vital Images, Inc. 1,2 10,000 315,800 --------------- 2,347,408 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--0.0% Bruker BioSciences Corp. 1 4,500 31,545 - -------------------------------------------------------------------------------- Pharmanet Development Group, Inc. 1 1,200 23,316 --------------- 54,861 - -------------------------------------------------------------------------------- PHARMACEUTICALS--1.2% Alpharma, Inc., Cl. A 57,200 1,337,908 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- PHARMACEUTICALS CONTINUED Andrx Corp. 1 49,900 $ 1,219,057 - -------------------------------------------------------------------------------- BioMimetic Therapeutics, Inc. 1 21,100 165,002 - -------------------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1 8,400 133,728 - -------------------------------------------------------------------------------- CNS, Inc. 2 12,400 350,052 - -------------------------------------------------------------------------------- Connetics Corp. 1 3,200 34,880 - -------------------------------------------------------------------------------- DepoMed, Inc. 1,2 14,600 59,568 - -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1,2 24,700 803,985 - -------------------------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1,2 5,100 64,464 - -------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 42,600 725,478 - -------------------------------------------------------------------------------- Mylan Laboratories, Inc. 14,600 293,898 - -------------------------------------------------------------------------------- New River Pharmaceuticals, Inc. 1,2 11,500 295,895 - -------------------------------------------------------------------------------- Noven Pharmaceuticals, Inc. 1 5,700 137,484 - -------------------------------------------------------------------------------- Pain Therapeutics, Inc. 1,2 34,500 297,390 - -------------------------------------------------------------------------------- Penwest Pharmaceuticals Co. 1,2 4,000 66,600 - -------------------------------------------------------------------------------- Perrigo Co. 32,700 554,919 - -------------------------------------------------------------------------------- Sciele Pharma, Inc. 1,2 19,400 365,496 - -------------------------------------------------------------------------------- ViroPharma, Inc. 1 12,400 150,908 - -------------------------------------------------------------------------------- Warner Chilcott Ltd., Cl. A 1,2 20,400 271,320 - -------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. 1 6,700 175,339 --------------- 7,503,371 - -------------------------------------------------------------------------------- INDUSTRIALS--17.4% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.0% Alliant Techsystems, Inc. 1 8,600 697,116 - -------------------------------------------------------------------------------- Armor Holdings, Inc. 1 6,100 349,713 - -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 650 10,140 - -------------------------------------------------------------------------------- Cubic Corp. 2 4,900 95,942 - -------------------------------------------------------------------------------- Curtiss-Wright Corp. 2 3,600 109,260 - -------------------------------------------------------------------------------- DynCorp International, Inc., Cl. A 1,2 45,700 575,363 - -------------------------------------------------------------------------------- Esterline Technologies Corp. 1 3,900 131,664 - -------------------------------------------------------------------------------- Ladish Co., Inc. 1 7,300 210,824 - -------------------------------------------------------------------------------- LMI Aerospace, Inc. 1 3,600 66,600 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 90,000 1,689,300 - -------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1,2 26,700 1,057,320 - -------------------------------------------------------------------------------- Triumph Group, Inc. 18,300 775,005 - -------------------------------------------------------------------------------- United Industrial Corp. 2 7,600 406,600 --------------- 6,174,847 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.9% Atlas Air Worldwide Holdings, Inc. 1 2,100 91,392 - -------------------------------------------------------------------------------- C.H. Robinson Worldwide, Inc. 12,100 539,418 - -------------------------------------------------------------------------------- EGL, Inc. 1 28,100 1,023,964 - -------------------------------------------------------------------------------- Forward Air Corp. 2 11,750 388,808 - -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 68,600 1,562,708 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS CONTINUED Pacer International, Inc. 57,900 $ 1,607,304 --------------- 5,213,594 - -------------------------------------------------------------------------------- AIRLINES--0.6% Alaska Air Group, Inc. 1 33,100 1,259,124 - -------------------------------------------------------------------------------- AMR Corp. 1 42,100 974,194 - -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 32,400 917,244 - -------------------------------------------------------------------------------- ExpressJet Holdings, Inc. 1 26,200 173,182 - -------------------------------------------------------------------------------- Frontier Airlines Holdings, Inc. 1,2 2,200 18,150 - -------------------------------------------------------------------------------- Mesa Air Group, Inc. 1,2 36,100 280,136 - -------------------------------------------------------------------------------- Republic Airways Holdings, Inc. 1 11,400 176,928 - -------------------------------------------------------------------------------- SkyWest, Inc. 1,500 36,780 --------------- 3,835,738 - -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.6% American Woodmark Corp. 2 11,400 384,066 - -------------------------------------------------------------------------------- Ameron International Corp. 2 7,000 465,080 - -------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 25,100 382,273 - -------------------------------------------------------------------------------- Insteel Industries, Inc. 2 16,100 319,907 - -------------------------------------------------------------------------------- Jacuzzi Brands, Inc. 1,2 6,700 66,933 - -------------------------------------------------------------------------------- Lennox International, Inc. 17,900 409,910 - -------------------------------------------------------------------------------- PW Eagle, Inc. 2 11,800 354,118 - -------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 23,500 1,152,675 --------------- 3,534,962 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.3% ABM Industries, Inc. 2 2,100 39,396 - -------------------------------------------------------------------------------- Administaff, Inc. 2 42,900 1,445,730 - -------------------------------------------------------------------------------- American Ecology Corp. 2 10,300 203,322 - -------------------------------------------------------------------------------- AMREP Corp. 2 1,800 87,966 - -------------------------------------------------------------------------------- Banta Corp. 25,200 1,199,520 - -------------------------------------------------------------------------------- Bowne & Co., Inc. 2,600 37,128 - -------------------------------------------------------------------------------- CBIZ, Inc. 1,2 33,900 247,470 - -------------------------------------------------------------------------------- Central Parking Corp. 2 17,400 287,100 - -------------------------------------------------------------------------------- Cenveo, Inc. 1,2 54,600 1,027,572 - -------------------------------------------------------------------------------- Clean Harbors, Inc. 1 14,500 631,475 - -------------------------------------------------------------------------------- Coinstar, Inc. 1 2,700 77,706 - -------------------------------------------------------------------------------- COMSYS IT Partners, Inc. 1 3,300 56,727 - -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 13,700 824,329 - -------------------------------------------------------------------------------- Cornell Corrections, Inc. 1,2 3,400 58,752 - -------------------------------------------------------------------------------- Corrections Corp. of America 1 14,850 642,263 - -------------------------------------------------------------------------------- Covanta Holding Corp. 1 23,100 497,343 - -------------------------------------------------------------------------------- Deluxe Corp. 3,000 51,300 - -------------------------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 9,200 303,232 - -------------------------------------------------------------------------------- Ennis, Inc. 19,400 420,010 - -------------------------------------------------------------------------------- Exponent, Inc. 1,2 14,900 248,383 - -------------------------------------------------------------------------------- Geo Group, Inc. (The) 1,2 10,200 430,950 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Harland (John H.) Co. 39,200 $ 1,428,840 - -------------------------------------------------------------------------------- Healthcare Services Group, Inc. 2 16,874 424,550 - -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 12,800 460,800 - -------------------------------------------------------------------------------- ICT Group, Inc. 1 7,300 229,731 - -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 123,900 1,665,216 - -------------------------------------------------------------------------------- Kelly Services, Inc., Cl. A 2,000 54,820 - -------------------------------------------------------------------------------- Kenexa Corp. 1 1,200 30,264 - -------------------------------------------------------------------------------- Kforce, Inc. 1,2 25,000 298,250 - -------------------------------------------------------------------------------- Knoll, Inc. 28,500 575,700 - -------------------------------------------------------------------------------- Korn-Ferry International 1 64,000 1,340,160 - -------------------------------------------------------------------------------- Labor Ready, Inc. 1 39,700 632,421 - -------------------------------------------------------------------------------- Manpower, Inc. 12,900 790,383 - -------------------------------------------------------------------------------- Mobile Mini, Inc. 1,2 3,300 93,753 - -------------------------------------------------------------------------------- NCO Group, Inc. 1 4,300 112,746 - -------------------------------------------------------------------------------- On Assignment, Inc. 1 20,600 202,086 - -------------------------------------------------------------------------------- PeopleSupport, Inc. 1,2 10,100 186,850 - -------------------------------------------------------------------------------- PHH Corp. 1 29,600 811,040 - -------------------------------------------------------------------------------- Republic Services, Inc. 8,300 333,743 - -------------------------------------------------------------------------------- Robert Half International, Inc. 1,200 40,764 - -------------------------------------------------------------------------------- SITEL Corp. 1 15,600 46,956 - -------------------------------------------------------------------------------- Spherion Corp. 1 53,100 379,665 - -------------------------------------------------------------------------------- Standard Register Co. (The) 8,200 108,240 - -------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 26,900 422,061 - -------------------------------------------------------------------------------- Synagro Technologies, Inc. 2 2,600 10,972 - -------------------------------------------------------------------------------- Team, Inc. 1,2 6,000 150,360 - -------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1,2 46,100 720,543 - -------------------------------------------------------------------------------- Tetra Tech, Inc. 1,2 62,500 1,088,750 - -------------------------------------------------------------------------------- United Stationers, Inc. 1 24,100 1,120,891 - -------------------------------------------------------------------------------- Viad Corp. 20,000 708,200 - -------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1,2 16,500 586,575 - -------------------------------------------------------------------------------- Waste Connections, Inc. 1,2 19,000 720,290 - -------------------------------------------------------------------------------- Waste Industries USA, Inc. 1,000 27,030 - -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 2 23,600 965,712 - -------------------------------------------------------------------------------- West Corp. 1 11,000 531,300 --------------- 26,117,336 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.1% Baker (Michael) Corp. 1 6,100 124,196 - -------------------------------------------------------------------------------- Comfort Systems USA, Inc. 2 32,400 371,304 - -------------------------------------------------------------------------------- EMCOR Group, Inc. 1 39,600 2,171,664 - -------------------------------------------------------------------------------- Granite Construction, Inc. 26,000 1,387,100 - -------------------------------------------------------------------------------- Infrasource Services, Inc. 1 35,600 624,780 - -------------------------------------------------------------------------------- Insituform Technologies, Inc., Cl. A 1,2 15,000 364,200 - -------------------------------------------------------------------------------- Perini Corp. 1,2 12,800 267,264 - -------------------------------------------------------------------------------- Quanta Services, Inc. 1,2 83,500 1,407,810 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING CONTINUED Sterling Construction Co., Inc. 1 9,900 $ 198,594 --------------- 6,916,912 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--2.3% Acuity Brands, Inc. 43,600 1,979,440 - -------------------------------------------------------------------------------- Baldor Electric Co. 2 33,800 1,042,054 - -------------------------------------------------------------------------------- Belden CDT, Inc. 2 57,300 2,190,579 - -------------------------------------------------------------------------------- Cooper Industries Ltd., Cl. A 6,200 528,364 - -------------------------------------------------------------------------------- Encore Wire Corp. 1,2 24,000 846,960 - -------------------------------------------------------------------------------- EnerSys, Inc. 1 7,500 120,300 - -------------------------------------------------------------------------------- Franklin Electric Co., Inc. 2 5,300 281,642 - -------------------------------------------------------------------------------- General Cable Corp. 1 38,500 1,471,085 - -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1,2 12,300 875,760 - -------------------------------------------------------------------------------- GrafTech International Ltd. 1 4,200 24,528 - -------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 15,600 747,240 - -------------------------------------------------------------------------------- II-VI, Inc. 1,2 8,500 211,820 - -------------------------------------------------------------------------------- Lamson & Sessions Co. (The) 1,2 13,800 328,716 - -------------------------------------------------------------------------------- LSI Industries, Inc. 17,800 289,250 - -------------------------------------------------------------------------------- Regal-Beloit Corp. 2 1,200 52,200 - -------------------------------------------------------------------------------- Smith (A.O.) Corp. 25,300 997,579 - -------------------------------------------------------------------------------- Superior Essex, Inc. 1 18,800 643,900 - -------------------------------------------------------------------------------- Thomas & Betts Corp. 1 7,000 333,970 - -------------------------------------------------------------------------------- Vicor Corp. 2 20,900 241,186 - -------------------------------------------------------------------------------- Woodward Governor Co. 20,700 694,278 --------------- 13,900,851 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.1% Sequa Corp., Cl. A 1 4,800 450,528 - -------------------------------------------------------------------------------- Tredegar Corp. 1,900 31,806 --------------- 482,334 - -------------------------------------------------------------------------------- MACHINERY--4.0% AGCO Corp. 1,2 26,200 664,170 - -------------------------------------------------------------------------------- Albany International Corp., Cl. A 35,500 1,129,610 - -------------------------------------------------------------------------------- American Railcar Industries, Inc. 2 9,900 288,189 - -------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 9,400 290,742 - -------------------------------------------------------------------------------- Astec Industries, Inc. 1,2 19,000 479,750 - -------------------------------------------------------------------------------- Barnes Group, Inc. 2 27,500 482,900 - -------------------------------------------------------------------------------- Briggs & Stratton Corp. 2 19,400 534,470 - -------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 2 28,000 1,187,760 - -------------------------------------------------------------------------------- Cascade Corp. 2 5,300 241,945 - -------------------------------------------------------------------------------- CIRCOR International, Inc. 2 4,800 146,640 - -------------------------------------------------------------------------------- Columbus McKinnon Corp. 1 4,700 84,741 - -------------------------------------------------------------------------------- Crane Co. 19,000 794,200 - -------------------------------------------------------------------------------- Cummins, Inc. 7,800 929,994 - -------------------------------------------------------------------------------- Dynamic Materials Corp. 11,500 372,830 - -------------------------------------------------------------------------------- Eaton Corp. 10,600 729,810 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- MACHINERY CONTINUED EnPro Industries, Inc. 1 1,400 $ 42,084 - -------------------------------------------------------------------------------- Federal Signal Corp. 2 5,300 80,825 - -------------------------------------------------------------------------------- Flow International Corp. 1,2 27,400 355,378 - -------------------------------------------------------------------------------- Flowserve Corp. 1 16,600 839,794 - -------------------------------------------------------------------------------- Freightcar America, Inc. 2 4,400 233,200 - -------------------------------------------------------------------------------- Gardner Denver, Inc. 1 6,100 201,788 - -------------------------------------------------------------------------------- Graco, Inc. 4,100 160,146 - -------------------------------------------------------------------------------- Greenbrier Cos., Inc. 2 10,100 293,001 - -------------------------------------------------------------------------------- Kadant, Inc. 1,2 4,600 112,976 - -------------------------------------------------------------------------------- Kaydon Corp. 2 43,700 1,617,774 - -------------------------------------------------------------------------------- Lincoln Electric Holdings, Inc. 5,900 321,255 - -------------------------------------------------------------------------------- Lindsay Manufacturing Co. 2 2,600 74,750 - -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 11,400 510,606 - -------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 2,500 192,650 - -------------------------------------------------------------------------------- Miller Industries, Inc. 1,2 9,500 173,565 - -------------------------------------------------------------------------------- Mueller Industries, Inc. 2 42,100 1,480,657 - -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 10,000 1,359,100 - -------------------------------------------------------------------------------- Nordson Corp. 35,500 1,415,030 - -------------------------------------------------------------------------------- Robbins & Myers, Inc. 12,600 389,592 - -------------------------------------------------------------------------------- SPX Corp. 14,000 748,160 - -------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 3,900 79,989 - -------------------------------------------------------------------------------- Tennant Co. 15,100 367,534 - -------------------------------------------------------------------------------- Terex Corp. 1 8,100 366,282 - -------------------------------------------------------------------------------- Titan International, Inc. 2 10,600 191,648 - -------------------------------------------------------------------------------- Toro Co. (The) 2 32,400 1,366,308 - -------------------------------------------------------------------------------- Trinity Industries, Inc. 2 6,250 201,063 - -------------------------------------------------------------------------------- Valmont Industries, Inc. 2 28,600 1,494,350 - -------------------------------------------------------------------------------- Wabtec Corp. 57,900 1,570,827 --------------- 24,598,083 - -------------------------------------------------------------------------------- MARINE--0.2% American Commercial Lines, Inc. 1 2,400 142,680 - -------------------------------------------------------------------------------- Horizon Lines, Inc., Cl. A 4,300 71,810 - -------------------------------------------------------------------------------- Kirby Corp. 1 23,600 739,388 --------------- 953,878 - -------------------------------------------------------------------------------- ROAD & RAIL--1.5% Amerco 1 3,000 222,450 - -------------------------------------------------------------------------------- Arkansas Best Corp. 2 35,400 1,523,262 - -------------------------------------------------------------------------------- Celadon Group, Inc. 1,2 22,000 366,080 - -------------------------------------------------------------------------------- Con-way, Inc. 8,200 367,524 - -------------------------------------------------------------------------------- Covenant Transport, Inc., Cl. A 1,2 1,000 12,210 - -------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 24,200 1,078,594 - -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1,2 8,900 206,658 - -------------------------------------------------------------------------------- Heartland Express, Inc. 29,400 460,992 - -------------------------------------------------------------------------------- Kansas City Southern 1,2 10,000 273,100 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- ROAD & RAIL CONTINUED Laidlaw International, Inc. 28,800 $ 787,104 - -------------------------------------------------------------------------------- Old Dominion Freight Line, Inc. 1,2 10,000 300,300 - -------------------------------------------------------------------------------- P.A.M. Transportation Services, Inc. 1 3,000 75,180 - -------------------------------------------------------------------------------- Ryder Systems, Inc. 15,600 806,208 - -------------------------------------------------------------------------------- Saia, Inc. 1 13,200 430,320 - -------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 57,200 1,356,784 - -------------------------------------------------------------------------------- U.S. Xpress Enterprises, Inc., Cl. A 1 10,700 247,705 - -------------------------------------------------------------------------------- Universal Truckload Services, Inc. 1 2,600 67,522 - -------------------------------------------------------------------------------- Werner Enterprises, Inc. 2 10,200 190,842 - -------------------------------------------------------------------------------- YRC Worldwide, Inc. 1,2 2,700 100,008 --------------- 8,872,843 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.8% Applied Industrial Technologies, Inc. 65,475 1,597,590 - -------------------------------------------------------------------------------- BlueLinx Holdings, Inc. 2 15,100 143,752 - -------------------------------------------------------------------------------- Interline Brands, Inc. 1,2 34,600 853,928 - -------------------------------------------------------------------------------- Kaman Corp., Cl. A 11,000 198,110 - -------------------------------------------------------------------------------- Rush Enterprises, Inc., Cl. A 1,2 14,400 240,192 - -------------------------------------------------------------------------------- UAP Holding Corp. 62,700 1,339,899 - -------------------------------------------------------------------------------- United Rentals, Inc. 1 14,500 337,125 - -------------------------------------------------------------------------------- WESCO International, Inc. 1 5,500 319,165 - -------------------------------------------------------------------------------- Williams Scotsman International, Inc. 1,2 8,400 179,424 --------------- 5,209,185 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--19.2% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.6% Anaren Microwave, Inc. 1 19,600 412,972 - -------------------------------------------------------------------------------- Arris Group, Inc. 1 21,800 249,828 - -------------------------------------------------------------------------------- Black Box Corp. 7,200 280,224 - -------------------------------------------------------------------------------- Carrier Access Corp. 1,2 10,900 77,390 - -------------------------------------------------------------------------------- CommScope, Inc. 1 64,300 2,112,898 - -------------------------------------------------------------------------------- Digi International, Inc. 1,2 8,400 113,400 - -------------------------------------------------------------------------------- Ditech Networks, Inc. 1,2 28,900 222,819 - -------------------------------------------------------------------------------- EMS Technologies, Inc. 1 10,400 195,312 - -------------------------------------------------------------------------------- Foundry Networks, Inc. 1 20,600 270,890 - -------------------------------------------------------------------------------- Harmonic, Inc. 1 10,000 73,500 - -------------------------------------------------------------------------------- Inter-Tel, Inc. 1,100 23,760 - -------------------------------------------------------------------------------- InterDigital Communications Corp. 1,2 40,200 1,370,820 - -------------------------------------------------------------------------------- MasTec, Inc. 1 4,400 48,708 - -------------------------------------------------------------------------------- Oplink Communications, Inc. 1,2 20,000 399,600 - -------------------------------------------------------------------------------- Packeteer, Inc. 1 15,100 130,011 - -------------------------------------------------------------------------------- Performance Technologies, Inc. 1,2 9,200 62,560 - -------------------------------------------------------------------------------- Polycom, Inc. 1,2 75,300 1,847,109 - -------------------------------------------------------------------------------- Redback Networks, Inc. 1 22,600 313,688 - -------------------------------------------------------------------------------- Sirenza Microdevices, Inc. 1,2 22,600 178,540 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT CONTINUED Sonus Networks, Inc. 1,2 62,800 $ 330,328 - -------------------------------------------------------------------------------- Stratex Networks, Inc. 1,2 9,900 43,956 - -------------------------------------------------------------------------------- Sycamore Networks, Inc. 1,2 62,300 235,494 - -------------------------------------------------------------------------------- Tekelec, Inc. 1 3,800 49,248 - -------------------------------------------------------------------------------- UTStarcom, Inc. 1 15,500 137,485 - -------------------------------------------------------------------------------- ViaSat, Inc. 1 12,800 321,024 --------------- 9,501,564 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.5% Brocade Communications Systems, Inc. 1 283,600 2,002,216 - -------------------------------------------------------------------------------- Cray, Inc. 1,2 13,600 151,232 - -------------------------------------------------------------------------------- Diebold, Inc. 4,700 204,591 - -------------------------------------------------------------------------------- Emulex Corp. 1 69,400 1,260,998 - -------------------------------------------------------------------------------- Hypercom Corp. 1 52,900 358,662 - -------------------------------------------------------------------------------- Imation Corp. 23,700 951,555 - -------------------------------------------------------------------------------- Intermec, Inc. 1,2 3,800 100,168 - -------------------------------------------------------------------------------- Komag, Inc. 1,2 37,100 1,185,716 - -------------------------------------------------------------------------------- LaserCard Corp. 1 800 10,432 - -------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 15,200 876,432 - -------------------------------------------------------------------------------- NCR Corp. 1 8,600 339,528 - -------------------------------------------------------------------------------- Palm, Inc. 1,2 56,300 819,728 - -------------------------------------------------------------------------------- QLogic Corp. 1 14,900 281,610 - -------------------------------------------------------------------------------- Seagate Technology 4,272 98,640 - -------------------------------------------------------------------------------- Western Digital Corp. 1 25,600 463,360 --------------- 9,104,868 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.2% Acacia Research Corp. 1 12,800 145,280 - -------------------------------------------------------------------------------- Agilysys, Inc. 9,800 137,592 - -------------------------------------------------------------------------------- Anixter International, Inc. 2 1,300 73,411 - -------------------------------------------------------------------------------- AVX Corp. 2 25,900 458,171 - -------------------------------------------------------------------------------- Bel Fuse, Inc., Cl. A 4,800 131,424 - -------------------------------------------------------------------------------- Benchmark Electronics, Inc. 1 14,000 376,320 - -------------------------------------------------------------------------------- Brightpoint, Inc. 70,570 1,003,505 - -------------------------------------------------------------------------------- CalAmp Corp. 1,2 10,000 60,900 - -------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 14,000 231,140 - -------------------------------------------------------------------------------- Cognex Corp. 1,500 37,890 - -------------------------------------------------------------------------------- Coherent, Inc. 1 3,500 121,310 - -------------------------------------------------------------------------------- CPI International, Inc. 1 8,400 110,628 - -------------------------------------------------------------------------------- CTS Corp. 2 18,100 249,418 - -------------------------------------------------------------------------------- Daktronics, Inc. 2 27,600 571,044 - -------------------------------------------------------------------------------- Dionex Corp. 1 500 25,470 - -------------------------------------------------------------------------------- Dolby Laboratories, Inc., Cl. A 1 6,300 125,055 - -------------------------------------------------------------------------------- DTS, Inc. 1,2 4,800 101,664 - -------------------------------------------------------------------------------- Electro Scientific Industries, Inc. 1,2 11,200 230,720 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Gerber Scientific, Inc. 1 6,000 $ 89,880 - -------------------------------------------------------------------------------- Global Imaging Systems, Inc. 1 53,400 1,178,538 - -------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 35,300 727,533 - -------------------------------------------------------------------------------- Itron, Inc. 1,2 14,000 781,200 - -------------------------------------------------------------------------------- Kemet Corp. 1 6,800 54,876 - -------------------------------------------------------------------------------- Littlefuse, Inc. 1,2 21,700 752,990 - -------------------------------------------------------------------------------- Merix Corp. 1,2 15,700 150,877 - -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 11,100 734,265 - -------------------------------------------------------------------------------- Molex, Inc. 6,500 253,305 - -------------------------------------------------------------------------------- MTS Systems Corp. 2 20,800 672,672 - -------------------------------------------------------------------------------- Newport Corp. 1 34,500 562,350 - -------------------------------------------------------------------------------- OYO Geospace Corp. 1 1,500 85,125 - -------------------------------------------------------------------------------- Park Electrochemical Corp. 19,800 627,264 - -------------------------------------------------------------------------------- PC Connection, Inc. 1,2 2,900 33,495 - -------------------------------------------------------------------------------- Planar Systems, Inc. 1,2 9,200 104,420 - -------------------------------------------------------------------------------- Plexus Corp. 1 60,400 1,159,680 - -------------------------------------------------------------------------------- RadiSys Corp. 1,2 20,800 442,000 - -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1,2 25,300 1,537,481 - -------------------------------------------------------------------------------- Rogers Corp. 1,2 23,900 1,475,825 - -------------------------------------------------------------------------------- ScanSource, Inc. 1,2 19,600 594,468 - -------------------------------------------------------------------------------- Solectron Corp. 1 162,600 530,076 - -------------------------------------------------------------------------------- Staktek Holdings, Inc. 1,2 1,000 5,980 - -------------------------------------------------------------------------------- SYNNEX Corp. 1 7,500 172,575 - -------------------------------------------------------------------------------- Tech Data Corp. 1 26,900 982,657 - -------------------------------------------------------------------------------- Technitrol, Inc. 3,300 98,505 - -------------------------------------------------------------------------------- TTM Technologies, Inc. 1 34,800 407,160 - -------------------------------------------------------------------------------- Vishay Intertechnology, Inc. 1 49,600 696,384 - -------------------------------------------------------------------------------- Zygo Corp. 1,2 24,800 316,200 --------------- 19,418,723 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--2.4% 24/7 Real Media, Inc. 1,2 32,500 277,550 - -------------------------------------------------------------------------------- Art Technology Group, Inc. 1,2 46,100 118,016 - -------------------------------------------------------------------------------- Chordiant Software, Inc. 1 4,800 14,736 - -------------------------------------------------------------------------------- CyberSource Corp. 1 5,500 65,065 - -------------------------------------------------------------------------------- Digital Insight Corp. 1 40,200 1,178,664 - -------------------------------------------------------------------------------- Digital River, Inc. 1,2 24,100 1,231,992 - -------------------------------------------------------------------------------- Digitas, Inc. 1 7,200 69,264 - -------------------------------------------------------------------------------- EarthLink, Inc. 1 174,100 1,265,707 - -------------------------------------------------------------------------------- eCollege.com, Inc. 1,2 6,800 108,732 - -------------------------------------------------------------------------------- InfoSpace, Inc. 1,2 23,400 431,496 - -------------------------------------------------------------------------------- Internap Network Services Corp. 1,2 12,500 190,250 - -------------------------------------------------------------------------------- Interwoven, Inc. 1 30,700 338,621 - -------------------------------------------------------------------------------- j2 Global Communications, Inc. 1,2 59,100 1,605,747 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES CONTINUED Knot, Inc. (The) 1 15,000 $ 331,950 - -------------------------------------------------------------------------------- National Information Consortium, Inc. 1,2 7,400 38,110 - -------------------------------------------------------------------------------- Open Text Corp. 1,2 16,100 288,190 - -------------------------------------------------------------------------------- RealNetworks, Inc. 1 146,000 1,549,060 - -------------------------------------------------------------------------------- S1 Corp. 1,2 18,400 84,824 - -------------------------------------------------------------------------------- Savvis, Inc. 1,2 8,346 237,861 - -------------------------------------------------------------------------------- Sohu.com, Inc. 1 3,100 68,262 - -------------------------------------------------------------------------------- SonicWALL, Inc. 1 73,200 799,344 - -------------------------------------------------------------------------------- Stellent, Inc. 2 9,200 99,728 - -------------------------------------------------------------------------------- TheStreet.com, Inc. 20,500 218,120 - -------------------------------------------------------------------------------- Travelzoo, Inc. 1 9,600 276,672 - -------------------------------------------------------------------------------- United Online, Inc. 114,000 1,388,520 - -------------------------------------------------------------------------------- VeriSign, Inc. 1 36,900 745,380 - -------------------------------------------------------------------------------- Vignette Corp. 1 14,300 193,622 - -------------------------------------------------------------------------------- WebEx Communications, Inc. 1,2 19,500 760,890 - -------------------------------------------------------------------------------- webMethods, Inc. 1 55,100 421,515 - -------------------------------------------------------------------------------- Websense, Inc. 1,2 14,100 304,701 --------------- 14,702,589 - -------------------------------------------------------------------------------- IT SERVICES--2.2% Acxiom Corp. 17,500 431,550 - -------------------------------------------------------------------------------- Affiliated Computer Services, Inc., Cl. A 1 6,600 342,276 - -------------------------------------------------------------------------------- BISYS Group, Inc. (The) 1 48,500 526,710 - -------------------------------------------------------------------------------- Ceridian Corp. 1 29,300 655,148 - -------------------------------------------------------------------------------- CIBER, Inc. 1,2 13,200 87,516 - -------------------------------------------------------------------------------- Computer Sciences Corp. 1 14,500 712,240 - -------------------------------------------------------------------------------- Convergys Corp. 1 38,100 786,765 - -------------------------------------------------------------------------------- Covansys Corp. 1,2 6,200 106,268 - -------------------------------------------------------------------------------- CSG Systems International, Inc. 1 70,400 1,860,672 - -------------------------------------------------------------------------------- Fiserv, Inc. 1 10,000 470,900 - -------------------------------------------------------------------------------- Forrester Research, Inc. 1 16,800 442,008 - -------------------------------------------------------------------------------- Gartner, Inc., Cl. A 1,2 60,300 1,060,677 - -------------------------------------------------------------------------------- Global Payments, Inc. 7,100 312,471 - -------------------------------------------------------------------------------- Infocrossing, Inc. 1,2 2,400 32,184 - -------------------------------------------------------------------------------- infoUSA, Inc. 25,100 208,330 - -------------------------------------------------------------------------------- Integral Systems, Inc. 2 1,800 56,268 - -------------------------------------------------------------------------------- Keane, Inc. 1,2 22,600 325,666 - -------------------------------------------------------------------------------- Lightbridge, Inc. 1 20,200 236,744 - -------------------------------------------------------------------------------- ManTech International Corp. 1 700 23,107 - -------------------------------------------------------------------------------- Maximus, Inc. 1,100 28,710 - -------------------------------------------------------------------------------- MoneyGram International, Inc. 16,900 491,114 - -------------------------------------------------------------------------------- MPS Group, Inc. 1 124,000 1,873,640 - -------------------------------------------------------------------------------- NCI, Inc., Cl. A 1 13,100 157,069 - -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1,2 14,600 201,334 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- IT SERVICES CONTINUED Sabre Holdings Corp. 16,600 $ 388,274 - -------------------------------------------------------------------------------- Startek, Inc. 2 10,000 124,700 - -------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1,2 45,400 923,890 - -------------------------------------------------------------------------------- TNS, Inc. 1 400 6,024 - -------------------------------------------------------------------------------- Total System Services, Inc. 1,100 25,113 - -------------------------------------------------------------------------------- Tyler Technologies, Inc. 1,2 30,200 390,486 - -------------------------------------------------------------------------------- VeriFone Holdings, Inc. 1 6,200 177,010 - -------------------------------------------------------------------------------- Wright Express Corp. 1 7,400 178,044 --------------- 13,642,908 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0% Move, Inc. 1 15,600 76,596 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.6% Actel Corp. 1,2 1,800 27,990 - -------------------------------------------------------------------------------- ADE Corp. 1 18,300 585,966 - -------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1 35,300 601,512 - -------------------------------------------------------------------------------- Agere Systems, Inc. 1 50,500 753,965 - -------------------------------------------------------------------------------- Altera Corp. 1 30,000 551,400 - -------------------------------------------------------------------------------- Amkor Technology, Inc. 1,2 82,200 424,152 - -------------------------------------------------------------------------------- Asyst Technologies, Inc. 1 45,500 307,580 - -------------------------------------------------------------------------------- Atheros Communications, Inc. 1,2 13,900 252,007 - -------------------------------------------------------------------------------- Atmel Corp. 1 162,900 983,916 - -------------------------------------------------------------------------------- Cirrus Logic, Inc. 1 62,600 456,354 - -------------------------------------------------------------------------------- Cymer, Inc. 1,2 38,000 1,668,580 - -------------------------------------------------------------------------------- Diodes, Inc. 1 3,000 129,510 - -------------------------------------------------------------------------------- DSP Group, Inc. 1 4,600 105,110 - -------------------------------------------------------------------------------- Exar Corp. 1,2 7,800 103,662 - -------------------------------------------------------------------------------- Fairchild Semiconductor International, Inc., Cl. A 1 16,700 312,290 - -------------------------------------------------------------------------------- FormFactor, Inc. 1,2 13,600 572,968 - -------------------------------------------------------------------------------- Genesis Microchip, Inc. 1 14,500 170,665 - -------------------------------------------------------------------------------- Hittite Microwave Corp. 1 2,700 120,150 - -------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 31,800 510,708 - -------------------------------------------------------------------------------- Intersil Corp., Cl. A 18,900 463,995 - -------------------------------------------------------------------------------- Intevac, Inc. 1 20,700 347,760 - -------------------------------------------------------------------------------- KLA-Tencor Corp. 15,100 671,497 - -------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1,2 45,900 405,756 - -------------------------------------------------------------------------------- Lam Research Corp. 1 4,100 185,853 - -------------------------------------------------------------------------------- Lattice Semiconductor Corp. 1 41,600 283,712 - -------------------------------------------------------------------------------- LSI Logic Corp. 1 41,500 341,130 - -------------------------------------------------------------------------------- LTX Corp. 1 68,300 342,183 - -------------------------------------------------------------------------------- Mattson Technology, Inc. 1 6,400 53,120 - -------------------------------------------------------------------------------- Micrel, Inc. 1,2 102,800 985,852 - -------------------------------------------------------------------------------- Microtune, Inc. 1,2 21,000 102,060 - -------------------------------------------------------------------------------- MKS Instruments, Inc. 1,2 35,800 727,098 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Monolithic Power Systems, Inc. 1,2 6,000 $ 56,760 - -------------------------------------------------------------------------------- National Semiconductor Corp. 15,700 369,421 - -------------------------------------------------------------------------------- Novellus Systems, Inc. 1 26,800 741,288 - -------------------------------------------------------------------------------- NVIDIA Corp. 1 4,300 127,237 - -------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 98,600 1,407,022 - -------------------------------------------------------------------------------- ON Semiconductor Corp. 1,2 129,900 763,812 - -------------------------------------------------------------------------------- Photronics, Inc. 1 3,500 49,455 - -------------------------------------------------------------------------------- PLX Technology, Inc. 1 1,900 19,703 - -------------------------------------------------------------------------------- PortalPlayer, Inc. 1 4,500 50,760 - -------------------------------------------------------------------------------- Silicon Image, Inc. 1,2 21,300 270,936 - -------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 1 3,600 14,832 - -------------------------------------------------------------------------------- Supertex, Inc. 1,2 9,100 353,717 - -------------------------------------------------------------------------------- Teradyne, Inc. 1 25,500 335,580 - -------------------------------------------------------------------------------- Tessera Technologies, Inc. 1 3,900 135,642 - -------------------------------------------------------------------------------- Transmeta Corp. 1,2 45,300 52,095 - -------------------------------------------------------------------------------- Trident Microsystems, Inc. 1 15,100 351,226 - -------------------------------------------------------------------------------- TriQuint Semiconductor, Inc. 1,2 82,900 431,080 - -------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 13,200 484,440 - -------------------------------------------------------------------------------- Veeco Instruments, Inc. 1,2 40,900 824,135 - -------------------------------------------------------------------------------- Zoran Corp. 1 94,600 1,521,168 --------------- 21,908,810 - -------------------------------------------------------------------------------- SOFTWARE--4.7% Actuate Corp. 1 40,200 177,684 - -------------------------------------------------------------------------------- Advent Software, Inc. 1,2 31,400 1,136,994 - -------------------------------------------------------------------------------- Altiris, Inc. 1 19,200 404,928 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 12,700 502,920 - -------------------------------------------------------------------------------- Ansoft Corp. 1,2 26,700 665,097 - -------------------------------------------------------------------------------- Aspen Technology, Inc. 1,2 61,500 671,580 - -------------------------------------------------------------------------------- BEA Systems, Inc. 1 72,800 1,106,560 - -------------------------------------------------------------------------------- Blackbaud, Inc. 60,389 1,327,954 - -------------------------------------------------------------------------------- BMC Software, Inc. 1 39,100 1,064,302 - -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 37,400 634,304 - -------------------------------------------------------------------------------- Cognos, Inc. 1 14,000 511,000 - -------------------------------------------------------------------------------- Commvault Systems, Inc. 1 7,500 135,000 - -------------------------------------------------------------------------------- Compuware Corp. 1 83,700 652,023 - -------------------------------------------------------------------------------- ePlus, inc. 1 800 7,800 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 1,600 77,712 - -------------------------------------------------------------------------------- Fair Isaac Corp. 27,300 998,361 - -------------------------------------------------------------------------------- FileNet Corp. 1 7,500 261,225 - -------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 2 4,300 93,611 - -------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 15,100 520,648 - -------------------------------------------------------------------------------- Informatica Corp. 1,2 14,900 202,491 - -------------------------------------------------------------------------------- Interactive Intelligence, Inc. 1,2 15,700 181,492 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- SOFTWARE CONTINUED Intergraph Corp. 1 22,000 $ 943,360 - -------------------------------------------------------------------------------- Intuit, Inc. 1 13,400 430,006 - -------------------------------------------------------------------------------- JDA Software Group, Inc. 1 26,400 407,088 - -------------------------------------------------------------------------------- Kronos, Inc. 1 1,000 34,090 - -------------------------------------------------------------------------------- Lawson Software, Inc. 1,2 186,200 1,349,950 - -------------------------------------------------------------------------------- Macrovision Corp. 1 7,800 184,782 - -------------------------------------------------------------------------------- Manhattan Associates, Inc. 1 7,700 185,878 - -------------------------------------------------------------------------------- MapInfo Corp. 1,2 9,400 120,602 - -------------------------------------------------------------------------------- McAfee, Inc. 1 13,800 337,548 - -------------------------------------------------------------------------------- Mentor Graphics Corp. 1,2 84,800 1,193,984 - -------------------------------------------------------------------------------- MICROS Systems, Inc. 1 25,200 1,232,784 - -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 18,300 1,863,489 - -------------------------------------------------------------------------------- MRO Software, Inc. 1 23,200 595,544 - -------------------------------------------------------------------------------- MSC.Software Corp. 1 10,700 165,208 - -------------------------------------------------------------------------------- Net 1 UEPS Technologies, Inc. 1,2 8,900 203,454 - -------------------------------------------------------------------------------- Open Solutions, Inc. 1,2 8,900 256,409 - -------------------------------------------------------------------------------- OPNET Technologies, Inc. 1 3,900 51,129 - -------------------------------------------------------------------------------- Quality Systems, Inc. 4,000 155,160 - -------------------------------------------------------------------------------- Quest Software, Inc. 1 12,400 177,072 - -------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 21,100 833,661 - -------------------------------------------------------------------------------- Sonic Solutions, Inc. 1 1,700 25,908 - -------------------------------------------------------------------------------- SPSS, Inc. 1 15,000 373,950 - -------------------------------------------------------------------------------- Sybase, Inc. 1 38,000 921,120 - -------------------------------------------------------------------------------- Synopsys, Inc. 1 38,200 753,304 - -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 235,200 2,112,096 - -------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 46,700 1,602,744 - -------------------------------------------------------------------------------- Ultimate Software Group, Inc. (The) 1,2 12,500 294,125 - -------------------------------------------------------------------------------- VA Software Corp. 1,2 58,900 236,778 - -------------------------------------------------------------------------------- Verint Systems, Inc. 1 800 24,040 - -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 6,900 73,899 --------------- 28,472,848 - -------------------------------------------------------------------------------- MATERIALS--7.9% - -------------------------------------------------------------------------------- CHEMICALS--3.2% Airgas, Inc. 4,300 155,531 - -------------------------------------------------------------------------------- Albemarle Corp. 4,500 244,485 - -------------------------------------------------------------------------------- Arch Chemicals, Inc. 2 15,900 452,355 - -------------------------------------------------------------------------------- Ashland, Inc. 5,400 344,412 - -------------------------------------------------------------------------------- CF Industries Holdings, Inc. 3,200 54,624 - -------------------------------------------------------------------------------- Cytec Industries, Inc. 10,300 572,577 - -------------------------------------------------------------------------------- FMC Corp. 5,600 358,792 - -------------------------------------------------------------------------------- Fuller (H.B.) Co. 78,100 1,830,664 - -------------------------------------------------------------------------------- Georgia Gulf Corp. 19,500 534,690 - -------------------------------------------------------------------------------- Hercules, Inc. 1,2 122,500 1,931,825 - -------------------------------------------------------------------------------- Koppers Holdings, Inc. 2 600 11,382 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- CHEMICALS CONTINUED Landec Corp. 1 3,300 $ 35,640 - -------------------------------------------------------------------------------- Lubrizol Corp. (The) 5,300 242,369 - -------------------------------------------------------------------------------- Lyondell Chemical Co. 20,100 509,937 - -------------------------------------------------------------------------------- MacDermid, Inc. 2 13,300 433,846 - -------------------------------------------------------------------------------- NewMarket Corp. 28,000 1,628,480 - -------------------------------------------------------------------------------- OM Group, Inc. 1,2 46,800 2,056,392 - -------------------------------------------------------------------------------- Pioneer Cos., Inc. 1 14,000 343,140 - -------------------------------------------------------------------------------- PolyOne Corp. 1,2 178,600 1,487,738 - -------------------------------------------------------------------------------- Rohm & Haas Co. 11,200 530,320 - -------------------------------------------------------------------------------- Schulman (A.), Inc. 2 24,600 578,346 - -------------------------------------------------------------------------------- Sensient Technologies Corp. 38,000 743,660 - -------------------------------------------------------------------------------- Sigma-Aldrich Corp. 2,200 166,474 - -------------------------------------------------------------------------------- Spartech Corp. 47,800 1,279,606 - -------------------------------------------------------------------------------- Stepan Co. 4,400 128,612 - -------------------------------------------------------------------------------- Terra Industries, Inc. 1 4,800 37,008 - -------------------------------------------------------------------------------- Tronox, Inc., Cl. A 2 20,600 262,650 - -------------------------------------------------------------------------------- Valspar Corp. (The) 21,100 561,260 - -------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 88,400 1,172,184 - -------------------------------------------------------------------------------- Westlake Chemical Corp. 16,700 534,567 --------------- 19,223,566 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.2% Eagle Materials, Inc. 27,800 936,304 - -------------------------------------------------------------------------------- Headwaters, Inc. 1 6,600 154,110 - -------------------------------------------------------------------------------- Texas Industries, Inc. 2 2,400 124,944 - -------------------------------------------------------------------------------- U.S. Concrete, Inc. 1,2 20,500 133,455 --------------- 1,348,813 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.1% AEP Industries, Inc. 1,2 2,500 104,875 - -------------------------------------------------------------------------------- AptarGroup, Inc. 2 2,900 147,552 - -------------------------------------------------------------------------------- Bemis Co., Inc. 12,400 407,464 - -------------------------------------------------------------------------------- Caraustar Industries, Inc. 1,2 6,600 52,602 - -------------------------------------------------------------------------------- Chesapeake Corp. 2 1,300 18,603 - -------------------------------------------------------------------------------- Graphic Packaging Corp. 1,2 7,400 27,084 - -------------------------------------------------------------------------------- Greif, Inc., Cl. A 19,200 1,538,112 - -------------------------------------------------------------------------------- Myers Industries, Inc. 26,400 448,800 - -------------------------------------------------------------------------------- Packaging Corp. of America 25,600 593,920 - -------------------------------------------------------------------------------- Pactiv Corp. 1 34,200 971,964 - -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 2 14,900 295,020 - -------------------------------------------------------------------------------- Silgan Holdings, Inc. 27,900 1,047,924 - -------------------------------------------------------------------------------- Sonoco Products Co. 14,400 484,416 - -------------------------------------------------------------------------------- Temple-Inland, Inc. 8,600 344,860 --------------- 6,483,196 - -------------------------------------------------------------------------------- METALS & MINING--3.3% A. M. Castle & Co. 2 12,200 327,448 - -------------------------------------------------------------------------------- AK Steel Holding Corp. 1,2 131,500 1,596,410 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- METALS & MINING CONTINUED Aleris International, Inc. 1,2 20,900 $ 1,056,286 - -------------------------------------------------------------------------------- Amerigo Resources Ltd. 66,000 109,237 - -------------------------------------------------------------------------------- Brush Engineered Materials, Inc. 1,2 15,000 373,050 - -------------------------------------------------------------------------------- Carpenter Technology Corp. 8,300 892,333 - -------------------------------------------------------------------------------- Century Aluminum Co. 1,2 23,300 784,045 - -------------------------------------------------------------------------------- Chaparral Steel Co. 1 55,600 1,893,736 - -------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 7,300 278,203 - -------------------------------------------------------------------------------- Commercial Metals Co. 24,600 500,118 - -------------------------------------------------------------------------------- Compass Minerals International, Inc. 2 15,700 444,467 - -------------------------------------------------------------------------------- Dynatec Corp. 1 73,900 94,544 - -------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 3,100 34,668 - -------------------------------------------------------------------------------- Gibraltar Industries, Inc. 2 23,600 523,448 - -------------------------------------------------------------------------------- Inmet Mining Corp. 8,800 332,711 - -------------------------------------------------------------------------------- LionOre Mining International Ltd. 1 24,300 148,268 - -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 900 22,304 - -------------------------------------------------------------------------------- Metal Management, Inc. 25,800 718,272 - -------------------------------------------------------------------------------- Olympic Steel, Inc. 2 11,000 273,460 - -------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 1 26,200 1,280,394 - -------------------------------------------------------------------------------- Quanex Corp. 2 44,023 1,336,098 - -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 31,858 1,023,916 - -------------------------------------------------------------------------------- RTI International Metals, Inc. 1 6,500 283,270 - -------------------------------------------------------------------------------- Ryerson, Inc. 2 40,800 893,112 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 40,600 1,280,524 - -------------------------------------------------------------------------------- Steel Dynamics, Inc. 21,600 1,089,720 - -------------------------------------------------------------------------------- Steel Technologies, Inc. 2 4,500 88,335 - -------------------------------------------------------------------------------- United States Steel Corp. 13,400 772,912 - -------------------------------------------------------------------------------- Wheeling-Pittsburgh Corp. 1,2 13,600 232,696 - -------------------------------------------------------------------------------- Worthington Industries, Inc. 2 92,900 1,584,874 --------------- 20,268,859 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.1% Bowater, Inc. 2,800 57,596 - -------------------------------------------------------------------------------- Buckeye Technologies, Inc. 1 3,500 29,750 - -------------------------------------------------------------------------------- Deltic Timber Corp. 2 4,100 195,406 - -------------------------------------------------------------------------------- Glatfelter 8,900 120,595 - -------------------------------------------------------------------------------- MeadWestvaco Corp. 2,200 58,322 - -------------------------------------------------------------------------------- Neenah Paper, Inc. 2 5,700 195,111 --------------- 656,780 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.9% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.8% Alaska Communications Systems Group, Inc. 34,400 456,488 - -------------------------------------------------------------------------------- CenturyTel, Inc. 24,800 983,816 - -------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 151,300 729,266 - -------------------------------------------------------------------------------- Citizens Communications Co. 47,100 661,284 - -------------------------------------------------------------------------------- Cogent Communications Group, Inc. 1 9,300 107,787 - -------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 900 37,107 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Consolidated Communications Holdings, Inc. 4,400 $ 82,324 - -------------------------------------------------------------------------------- CT Communications, Inc. 2 2,600 56,472 - -------------------------------------------------------------------------------- Embarq Corp. 15,300 740,061 - -------------------------------------------------------------------------------- FairPoint Communications, Inc. 2 22,300 388,020 - -------------------------------------------------------------------------------- General Communication, Inc., Cl. A 1,2 18,600 230,454 - -------------------------------------------------------------------------------- Iowa Telecommunications Services, Inc. 2 10,500 207,795 - -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2 6,500 163,605 --------------- 4,844,479 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% Leap Wireless International, Inc. 1 6,700 324,883 - -------------------------------------------------------------------------------- Syniverse Holdings, Inc. 1 1,900 28,500 - -------------------------------------------------------------------------------- USA Mobility, Inc. 1,200 27,408 --------------- 380,791 - -------------------------------------------------------------------------------- UTILITIES--2.2% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.6% ALLETE, Inc. 4,000 173,800 - -------------------------------------------------------------------------------- Central Vermont Public Service Corp. 2,400 53,064 - -------------------------------------------------------------------------------- Cleco Corp. 44,600 1,125,704 - -------------------------------------------------------------------------------- El Paso Electric Co. 1,2 2,900 64,786 - -------------------------------------------------------------------------------- Green Mountain Power Corp. 100 3,337 - -------------------------------------------------------------------------------- IDACORP, Inc. 2 33,000 1,247,730 - -------------------------------------------------------------------------------- Otter Tail Corp. 600 17,544 - -------------------------------------------------------------------------------- Pepco Holdings, Inc. 18,300 442,311 - -------------------------------------------------------------------------------- Portland General Electric Co. 1,100 26,851 - -------------------------------------------------------------------------------- UIL Holdings Corp. 2 18,866 707,475 --------------- 3,862,602 - -------------------------------------------------------------------------------- ENERGY TRADERS--0.1% Canadian Hydro Developers, Inc. 1 14,000 66,884 - -------------------------------------------------------------------------------- Dynegy, Inc. 1 85,400 473,116 --------------- 540,000 - -------------------------------------------------------------------------------- GAS UTILITIES--0.8% Atmos Energy Corp. 2 1,300 37,115 - -------------------------------------------------------------------------------- Cascade Natural Gas Corp. 2 1,200 31,308 - -------------------------------------------------------------------------------- Laclede Group, Inc. (The) 2 14,400 461,952 - -------------------------------------------------------------------------------- National Fuel Gas Co. 1,900 69,065 - -------------------------------------------------------------------------------- New Jersey Resources Corp. 2 24,300 1,197,990 - -------------------------------------------------------------------------------- Nicor, Inc. 2 22,000 940,720 - -------------------------------------------------------------------------------- Northwest Natural Gas Co. 2 2,200 86,416 - -------------------------------------------------------------------------------- ONEOK, Inc. 20,200 763,358 - -------------------------------------------------------------------------------- Peoples Energy Corp. 2 18,200 739,830 - -------------------------------------------------------------------------------- Southwest Gas Corp. 2 8,900 296,548 - -------------------------------------------------------------------------------- UGI Corp. 12,400 303,180 --------------- 4,927,482 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.7% Alliant Energy Corp. 22,200 793,206 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER CONTINUED Avista Corp. 2 64,800 $ 1,534,464 - -------------------------------------------------------------------------------- CenterPoint Energy, Inc. 46,900 671,604 - -------------------------------------------------------------------------------- CH Energy Group, Inc. 2 11,100 571,317 - -------------------------------------------------------------------------------- OGE Energy Corp. 2 13,700 494,707 --------------- 4,065,298 --------------- Total Common Stocks (Cost $540,076,480) 595,811,848 - -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - -------------------------------------------------------------------------------- Simon Property Group, Inc., 6% Cv., Non-Vtg. (Cost $3,213) 60 4,435 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.7% - -------------------------------------------------------------------------------- Undivided interest of 0.69% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $10,182,453 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $10,178,000) $ 10,178,000 10,178,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $550,257,693) 605,994,283 - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--23.0% 5 - -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--2.3% - -------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.39%, 10/25/06 2,688,503 2,688,503 - -------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.44%, 10/25/06 2,213,024 2,213,024 - -------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 5.40%, 10/25/06 2,233,920 2,233,920 - -------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.42%, 10/25/06 1,461,119 1,461,119 - -------------------------------------------------------------------------------- Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 5.41%, 10/25/06 2,272,750 2,272,750 - -------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 5.42%, 10/25/06 1,253,171 1,253,171 - -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.44%, 12/15/06 2,250,000 2,250,000 --------------- 14,372,487 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--11.1% - -------------------------------------------------------------------------------- Undivided interest of 0.54% in joint repurchase agreement (Principal Amount/Value $3,950,000,000, with a maturity value of $3,951,787,375) with Nomura Securities, 5.43%, dated 9/29/06, to be repurchased at $21,227,795 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-6/25/43, with a value of $4,029,000,000 21,218,194 21,218,194 - -------------------------------------------------------------------------------- Undivided interest of 1.26% in joint repurchase agreement (Principal Amount/Value $2,500,000,000 with a maturity value of $2,501,131,250) with ING Financial Markets LLC, 5.43%, dated 9/29/06, to be repurchased at $31,514,254 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-7%, 9/1/18-8/1/36, with a value of $2,550,003,623 31,500,000 31,500,000 - -------------------------------------------------------------------------------- 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- Undivided interest of 6% in joint repurchase agreement (Principal Amount/Value $250,000,000, with a maturity value of $250,112,500) with Cantor Fitzgerald & Co., 5.40%, dated 9/29/06, to be repurchased at $15,006,750 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.0001%-6.50%, 8/1/12-9/1/36, with a value of $255,002,127 $ 15,000,000 $ 15,000,000 --------------- 67,718,194 - -------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.5% - -------------------------------------------------------------------------------- CDC Financial Products, Inc., 5.425%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--7.0% - -------------------------------------------------------------------------------- American Express Credit Corp., 5.34%, 10/16/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Bear Stearns, 5.37%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Beta Finance, Inc., 5.37%, 10/2/06 2,999,350 2,999,350 - -------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 10/2/06 1,000,000 1,000,000 - -------------------------------------------------------------------------------- Citigroup Funding, Inc., 5.36%, 10/2/06 5,000,000 5,000,000 - -------------------------------------------------------------------------------- Dorada Finance, Inc., 5.37%, 10/2/06 3,500,000 3,500,000 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.535%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- HSBC Finance Corp., 5.32%, 10/6/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- K2 (USA) LLC, 5.39%, 10/2/06 2,998,872 2,998,872 - -------------------------------------------------------------------------------- LINKS Finance LLC, 5.37%, 10/2/06 3,000,074 3,000,074 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.33%, 10/30/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.37%, 10/2/06 2,500,000 2,500,000 - -------------------------------------------------------------------------------- Sigma Finance, Inc., 5.37%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Tango Finance Corp., 5.38%, 10/2/06 3,498,951 3,498,951 ---------------- 42,497,247 - -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--2.1% - -------------------------------------------------------------------------------- Calyon NY, 5.32%, 10/2/06 4,999,932 4,999,932 - -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.37%, 10/2/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.39%, 10/2/06 1,999,709 1,999,709 - -------------------------------------------------------------------------------- Nordea Bank New York, 5.32%, 10/2/06 3,699,767 3,699,767 --------------- 12,699,408 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $140,287,336) 140,287,336 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $690,545,029) 122.6% 746,281,619 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (22.6) (137,716,833) ------------------------------- NET ASSETS 100.0% $ 608,564,786 =============================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 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 $202,254 or 0.03% of the Fund's net assets as of September 30, 2006. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2006 was $124,925, which represents 0.02% of the Fund's net assets, all of which is considered restricted. See accompanying Notes. 5. The security/securities have 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 September 30, 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. 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Federal tax cost of securities $ 692,731,138 ================ Gross unrealized appreciation $ 69,329,568 Gross unrealized depreciation (15,779,087) ---------------- Net unrealized appreciation $ 53,550,481 ================ NOTES TO FINANCIAL STATEMENTS 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(R) 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 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. 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- ILLIQUID OR RESTRICTED SECURITIES As of September 30, 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 SEPTEMBER 30, 2006 APPRECIATION - ------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1/18/05 $ 34,507 $ 68,709 $ 34,202 Tusk Energy Corp. 11/15/04 38,148 56,216 18,068 ------------------------------------------------ $ 72,655 $ 124,925 $ 52,270 ================================================
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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2006, the Fund had on loan securities valued at $136,137,485, which are included in the Statement of Assets and Liabilities in the annual and semiannual reports as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $140,287,293 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES--1.5% - ------------------------------------------------------------------------------------------------------------------------ Ace Securities Corp., Home Equity Loan Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 5.51%, 11/25/35 1 $ 420,000 $ 420,450 - ------------------------------------------------------------------------------------------------------------------------ Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 5.39%, 4/20/08 1 200,000 200,153 - ------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.81%, 5/25/34 1 1,960,000 1,968,806 - ------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 5.43%, 9/25/36 1 530,000 530,000 - ------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 5.43%, 5/26/36 1 810,000 810,507 - ------------------------------------------------------------------------------------------------------------------------ BMW Vehicle Owner Trust 2005-A, Automobile Asset-Backed Securities, Series 2005-A, Cl. A2, 3.66%, 12/26/07 72,877 72,853 - ------------------------------------------------------------------------------------------------------------------------ BMW Vehicle Owner Trust 2006-A, Automobile Asset-Backed Securities, Series 2006-A, Cl. A2, 5.30%, 5/26/09 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------ Capital Auto Receivables Asset Trust 2004-2, Automobile Asset-Backed Securities, Series 2004-2, Cl. A3, 3.58%, 1/15/09 740,000 729,601 - ------------------------------------------------------------------------------------------------------------------------ Capital One Prime Auto Receivables Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.24%, 11/15/07 205,194 205,207 - ------------------------------------------------------------------------------------------------------------------------ Centex Home Equity Loan Trust 2005-C, Asset-Backed Certificates, Series 2005-C, Cl. AF1, 4.196%, 6/25/35 52,722 52,563 - ------------------------------------------------------------------------------------------------------------------------ Centex Home Equity Loan Trust 2005-D, Asset-Backed Certificates, Series 2005-D, Cl. AF1, 5.04%, 10/25/35 466,265 464,331 - ------------------------------------------------------------------------------------------------------------------------ Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 5.43%, 5/16/36 1 1,000,000 1,000,626 - ------------------------------------------------------------------------------------------------------------------------ Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A2, 3.72%, 12/15/07 140,022 139,905 - ------------------------------------------------------------------------------------------------------------------------ Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 2 500,000 507,589 - ------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-10, Asset-Backed Certificates, Series 2005-10, Cl. AF1, 5.484%, 2/25/36 1 536,175 536,610 - ------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 300,000 299,535 - ------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-17, Asset Backed Certificates, Series 2005-17, Cl. 1AF1, 5.53%, 5/25/36 1 456,870 457,423 - ------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 200,000 199,636 - ------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-7, Asset-Backed Certificates, Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 1 48,926 48,783 - ------------------------------------------------------------------------------------------------------------------------ DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2005-B, Cl. A2, 3.75%, 12/8/07 25,102 25,110 Series 2006-C, Cl. A2, 5.33%, 5/8/09 3 1,760,000 1,759,912 - ------------------------------------------------------------------------------------------------------------------------ Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 4,5,6 1,820,063 18,201 - ------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Asset-Backed Certificates, Home Equity Receivables, Series 2005-FF3, Cl. A1, 5.41%, 4/25/35 1 861,806 862,435 - ------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 5.54%, 11/25/35 1 1,170,000 1,171,245 - ------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 5.414%, 7/25/36 1 840,000 840,525 - ------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2006-FF5, Mtg. Pass-Through Certificates, Series 2006-FF5, Cl. 2A1, 5.38%, 5/15/36 1 514,145 514,502 - ------------------------------------------------------------------------------------------------------------------------
1 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 5.434%, 7/7/36 1 $ 430,000 $ 430,269 - ------------------------------------------------------------------------------------------------------------------------ Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A3, 3.48%, 11/17/08 408,418 405,416 - ------------------------------------------------------------------------------------------------------------------------ GS Auto Loan Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.32%, 5/15/08 711,271 710,275 - ------------------------------------------------------------------------------------------------------------------------ Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-3, Cl. A2, 3.73%, 10/18/07 6 156,447 156,296 - ------------------------------------------------------------------------------------------------------------------------ Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.59%, 1/20/35 1 424,327 424,988 - ------------------------------------------------------------------------------------------------------------------------ Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 1 477,705 476,390 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 395,761 393,979 - ------------------------------------------------------------------------------------------------------------------------ Mastr Asset Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 5.43%, 9/29/36 1 1,310,000 1,310,000 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley ABS Capital I, Mtg. Pass-Through Certificates, Series 2005-WMC6, Cl. A2B, 5.59%, 7/25/35 1 480,000 481,104 - ------------------------------------------------------------------------------------------------------------------------ NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 1.762%, 1/25/29 6 66,744 14,016 - ------------------------------------------------------------------------------------------------------------------------ Nissan Auto Receivables Owner Trust, Automobile Receivable Nts., Series 2005-C, Cl. A2, 3.99%, 1/15/08 664,010 662,632 - ------------------------------------------------------------------------------------------------------------------------ Onyx Acceptance Owner Trust, Automobile Receivable Obligations, Series 2005-B, Cl. A2, 4.03%, 4/15/08 68,327 68,336 - ------------------------------------------------------------------------------------------------------------------------ Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 5.43%, 7/1/36 1 1,420,000 1,420,889 - ------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. AF2, 3.735%, 11/10/34 1 105,192 104,694 - ------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. AF2, 3.914%, 5/25/35 1 136,197 135,313 - ------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 1 240,000 237,811 - ------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 320,000 319,807 - ------------------------------------------------------------------------------------------------------------------------ RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 633,313 627,987 - ------------------------------------------------------------------------------------------------------------------------ RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 5.41%, 7/25/36 1 523,204 523,532 - ------------------------------------------------------------------------------------------------------------------------ Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1 1,070,000 1,069,801 - ------------------------------------------------------------------------------------------------------------------------ Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1, 5.39%, 4/25/36 1 537,219 537,589 - ------------------------------------------------------------------------------------------------------------------------ Structured Asset Securities Corp., Mtg. Pass-Through Certificates: Series 2003-25XS, Cl. A4, 4.51%, 8/25/33 22,275 22,169 Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 456,349 454,907 - ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 5.424%, 7/25/36 1 840,000 840,525 ---------------- Total Asset-Backed Securities (Cost $28,544,161) 26,665,233
2 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS--13.6% - ------------------------------------------------------------------------------------------------------------------------ Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 $ 690,000 $ 675,140 Series 2006-5, Cl. A2, 5.348%, 10/10/11 3 1,700,000 1,706,906 - ------------------------------------------------------------------------------------------------------------------------ Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 484,805 493,037 - ------------------------------------------------------------------------------------------------------------------------ Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 405,035 408,452 Series 2005-E, Cl. 2A2, 4.975%, 6/25/35 1 56,642 56,574 - ------------------------------------------------------------------------------------------------------------------------ ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 5.43%, 8/25/08 1 893,029 893,925 - ------------------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 260,000 259,709 - ------------------------------------------------------------------------------------------------------------------------ Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,229,518 1,242,581 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, CMO, Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 1,598,836 1,597,463 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, CMO: Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 555,463 557,320 Series 2006-AB4, Cl. A1A, 6.005%, 6/25/08 1,840,000 1,841,438 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp.: 4.50%, 12/1/18-7/1/19 4,706,816 4,547,526 5%, 9/1/33 3,850,866 3,717,293 6%, 5/1/18-10/1/29 5,145,851 5,213,282 6.50%, 3/1/18-6/1/35 8,943,393 9,163,135 7%, 3/1/31-10/1/31 650,744 670,093 7.50%, 4/1/36 2,029,903 2,111,082 11%, 11/1/14 24,279 25,428 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Gtd. Multiclass Mtg. Participation Certificates: Series 1897, Cl. K, 7%, 9/15/26 2,689,210 2,794,266 Series 2106, Cl. FG, 5.78%, 12/15/28 1 3,008,788 3,026,771 Series 2191, Cl. MF, 5.93%, 12/17/27 1 142,396 142,645 Series 2453, Cl. BD, 6%, 5/15/17 393,531 400,193 Series 3105, Cl. BD, 5.50%, 1/15/26 1,500,000 1,501,458 Series 3138, Cl. PA, 5.50%, 2/15/27 4,168,122 4,179,591 Series 3153, Cl. FJ, 5.71%, 5/15/36 1 540,301 541,868 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22 2,354,004 2,398,790 Series 1674, Cl. Z, 6.75%, 2/15/24 1,704,036 1,771,799 Series 2002-66, Cl. FG, 6.33%, 9/25/32 1 2,866,900 2,916,693 Series 2002-84, Cl. FB, 6.33%, 12/25/32 1 2,866,902 2,922,636 Series 2003-11, Cl. FA, 6.33%, 9/25/32 1 2,866,807 2,921,173 Series 2055, Cl. ZM, 6.50%, 5/15/28 212,775 217,187 Series 2080, Cl. Z, 6.50%, 8/15/28 135,195 138,187 Series 2116, Cl. ZA, 6%, 1/15/29 1,153,275 1,174,539 Series 2135, Cl. OH, 6.50%, 3/15/29 1,769,283 1,822,922 Series 2173, Cl. Z, 6.50%, 7/15/29 978,067 1,008,338
3 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Series 2195, Cl. LH, 6.50%, 10/15/29 $ 1,324,553 $ 1,358,478 Series 2326, Cl. ZP, 6.50%, 6/15/31 226,900 232,868 Series 2368, Cl. PR, 6.50%, 10/15/31 858,909 884,461 Series 2387, Cl. PD, 6%, 4/15/30 102,927 103,051 Series 2500, Cl. FD, 5.83%, 3/15/32 1 69,095 69,816 Series 2526, Cl. FE, 5.73%, 6/15/29 1 96,487 96,898 Series 2551, Cl. FD, 5.73%, 1/15/33 1 75,697 76,524 Series 2583, Cl. KA, 5.50%, 3/15/22 201,622 201,422 Series 2939, Cl. PE, 5%, 2/15/35 1,585,000 1,486,334 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Interest-Only Stripped Mtg.-Backed Security: Series 2005-87, Cl. SG, 10.772%, 10/25/35 7 4,189,440 242,591 Series 2437, Cl. SB, 8.898%, 4/15/32 7 6,901,846 580,437 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 63,191 63,064 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. IO, 12.674%, 7/1/26 7 252,931 56,294 Series 192, Cl. IO, 14.07%, 2/1/28 7 65,377 13,937 Series 200, Cl. IO, 13.292%, 1/1/29 7 79,190 17,336 Series 2003-118, Cl. S, 10.01%, 12/25/33 7 1,590,335 174,932 Series 2003-13, Cl. I O, 9.767%, 3/25/33 7 1,495,995 329,539 Series 2003-26, Cl. I O, 10.614%, 4/25/33 7 1,208,394 265,801 Series 205, Cl. IO, 10.248%, 9/1/29 7 341,421 75,967 Series 2074, Cl. S, 0.377%, 7/17/28 7 87,049 8,291 Series 2079, Cl. S, (0.632)%, 7/17/28 7 137,367 13,676 Series 208, Cl. IO, (16.228)%, 6/1/30 7 393,718 85,292 Series 2177, Cl. S, 6.061%, 8/15/29 7 4,155,437 335,110 Series 2526, Cl. SE, 2.063%, 6/15/29 7 180,389 9,447 Series 2920, Cl. S, (0.499)%, 1/15/35 7 1,554,693 74,895 Series 3000, Cl. SE, (4.388)%, 7/15/25 7 1,705,418 65,210 - ------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn.: 4.50%, 10/1/21 3 3,795,000 3,662,175 5%, 2/1/18-11/1/33 15,699,690 15,301,987 5%, 10/1/21-10/1/36 3 13,596,264 13,189,583 5.50%, 3/1/33-1/1/34 17,690,653 17,483,521 5.50%, 10/1/21-10/1/36 3 20,561,000 20,303,839 6%, 7/1/24-1/1/33 7,211,870 7,280,546 6%, 10/1/21 3 9,536,000 9,682,015 6.50%, 6/1/17-10/1/30 6,710,880 6,871,465 6.50%, 4/1/17-10/1/36 3 7,762,797 7,921,887 7%, 11/1/17-3/1/36 6,263,969 6,458,248 7.50%, 2/1/27-3/1/33 5,754,509 5,976,297 8.50%, 7/1/32 10,284 11,074 - ------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 2001-50, Cl. NE, 6%, 8/25/30 53,980 54,103 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 655,446 669,000 Trust 2001-70, Cl. LR, 6%, 9/25/30 83,298 83,453 Trust 2001-72, Cl. NH, 6%, 4/25/30 33,279 33,263
4 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Trust 2001-74, Cl. PD, 6%, 5/25/30 $ 13,936 $ 13,907 Trust 2002-12, Cl. PG, 6%, 3/25/17 1,191,527 1,209,663 Trust 2002-77, Cl. WF, 5.73%, 12/18/32 1 113,220 114,173 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,241,259 1,260,160 Trust 2002-9, Cl. PR, 6%, 3/25/17 1,519,862 1,543,005 Trust 2003-116, Cl. FA, 5.73%, 11/25/33 1 200,384 201,472 Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 1,265,000 1,248,228 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 890,000 876,249 Trust 2003-84, Cl. PW, 3%, 6/25/22 1,080,000 1,057,084 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 615,909 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 520,000 503,136 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,111,266 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 547,661 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 445,377 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 2,220,000 2,227,600 Trust 2006-50, Cl. KS, 4.657%, 6/25/36 1 692,039 674,707 Trust 2006-50, Cl. SA, 4.657%, 6/25/36 1 477,632 462,212 Trust 2006-50, Cl. SK, 5.657%, 6/25/36 1 1,311,244 1,285,341 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 2,856,670 2,862,381 - ------------------------------------------------------------------------------------------------------------------------ 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, 0.868%, 4/25/32 7 93,813 6,728 Trust 2002-38, Cl. SO, (3.614)%, 4/25/32 7 485,561 28,752 Trust 2002-48, Cl. S, 1.196%, 7/25/32 7 150,950 11,662 Trust 2002-52, Cl. SL, 1.23%, 9/25/32 7 94,267 7,519 Trust 2002-56, Cl. SN, 2.205%, 7/25/32 7 207,425 16,417 Trust 2002-77, Cl. IS, 1.485%, 12/18/32 7 827,252 66,012 Trust 2006-34, Cl. SK, 13.241%, 5/25/36 7 6,485,579 489,930 - ------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 8.995%, 11/18/31 7 842,072 79,314 Trust 2001-63, Cl. SD, 2.124%, 12/18/31 7 189,227 18,098 Trust 2001-68, Cl. SC, 1.946%, 11/25/31 7 133,696 11,705 Trust 2001-81, Cl. S, 2.649%, 1/25/32 7 162,054 12,211 Trust 2002-77, Cl. SH, 2.874%, 12/18/32 7 204,962 19,560 Trust 2002-9, Cl. MS, 1.172%, 3/25/32 7 199,621 15,999 Trust 2003-33, Cl. SP, 13.034%, 5/25/33 7 1,321,046 154,629 Trust 2003-4, Cl. S, 9.921%, 2/25/33 7 411,964 46,824 Trust 2005-40, Cl. SA, (2.773)%, 5/25/35 7 4,421,737 223,342 Trust 2005-40, Cl. SB, 0.214%, 5/25/35 7 1,041,173 44,898 Trust 2005-71, Cl. SA, 3.309%, 8/25/25 7 1,089,115 62,245 Trust 2006-33, Cl. SP, 13.681%, 5/25/36 7 3,576,179 278,892 Trust 214, Cl. 2, 16.174%, 3/1/23 7 1,057,032 242,484 Trust 221, Cl. 2, 12.047%, 5/1/23 7 115,867 26,617 Trust 240, Cl. 2, 20.804%, 9/1/23 7 213,474 47,511 Trust 254, Cl. 2, 5.177%, 1/1/24 7 1,753,082 413,822 Trust 2682, Cl. TQ, 14.208%, 10/15/33 7 1,584,268 97,938 Trust 2981, Cl. BS, 14.201%, 5/15/35 7 3,025,682 139,876
5 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Trust 301, Cl. 2, 6.414%, 4/1/29 7 $ 464,357 $ 99,506 Trust 313, Cl. 2, (12.06)%, 6/1/31 7 507,463 114,958 Trust 319, Cl. 2, 11.422%, 2/1/32 7 152,281 35,051 Trust 321, Cl. 2, 11.26%, 4/1/32 7 678,435 156,365 Trust 324, Cl. 2, 5.584%, 7/1/32 7 1,186,319 269,658 Trust 329, Cl. 2, 9.634%, 1/1/33 7 3,615,245 868,013 Trust 334, Cl. 12, 5.349%, 2/1/33 7 2,178,392 464,315 Trust 340, Cl. 2, 8.005%, 9/1/33 7 1,002,203 245,567 Trust 344, Cl. 2, 8.091%, 12/1/33 7 4,436,947 1,027,357 Trust 362, Cl. 12, 4.143%, 8/1/35 7 1,566,393 336,811 Trust 362, Cl. 13, 4.148%, 8/1/35 7 935,272 207,878 - ------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 340, Cl. 1, 5.181%, 9/1/33 8 1,002,203 726,200 - ------------------------------------------------------------------------------------------------------------------------ Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-C, Cl. A2, 4.24%, 3/15/08 386,237 385,467 - ------------------------------------------------------------------------------------------------------------------------ GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 390,000 383,770 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 430,000 426,030 - ------------------------------------------------------------------------------------------------------------------------ GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 133,293 134,295 Series 1998-C1, Cl. F, 7.185%, 5/15/30 1 1,567,000 1,657,226 - ------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn.: 5.125%, 11/20/25 1 11,289 11,362 7%, 3/15/28-7/15/28 504,455 521,175 7.50%, 2/15/27 71,794 74,918 8%, 11/15/25-5/15/26 123,968 131,391 - ------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1999-32, Cl. ZB, 8%, 9/16/29 1,764,896 1,894,330 - ------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, (0.441)%, 7/16/28 7 277,049 27,237 Series 1998-6, Cl. SA, (1.087)%, 3/16/28 7 170,793 15,060 Series 2001-21, Cl. SB, (5.825)%, 1/16/27 7 1,323,989 85,790 Series 2006-47, Cl. SA, 16.226%, 8/16/36 7 2,603,304 155,848 - ------------------------------------------------------------------------------------------------------------------------ Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 500,000 488,789 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,725,000 1,723,191 - ------------------------------------------------------------------------------------------------------------------------ JP Morgan Mortgage Trust, CMO Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.731%, 2/25/32 1 2,349,563 2,380,441 - ------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 160,000 156,958 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 965,000 951,923 - ------------------------------------------------------------------------------------------------------------------------ LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 520,000 516,401 - ------------------------------------------------------------------------------------------------------------------------ Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 478,894 475,589
6 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-6, Cl. 10A1, 6%, 7/25/34 $ 608,987 $ 605,865 Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 465,840 462,926 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 1997-XL1, Cl. G, 7.695%, 10/3/30 390,000 338,470 - ------------------------------------------------------------------------------------------------------------------------ Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 556,000 597,364 - ------------------------------------------------------------------------------------------------------------------------ RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 2,200,000 2,201,031 - ------------------------------------------------------------------------------------------------------------------------ RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 1,952,219 1,950,904 - ------------------------------------------------------------------------------------------------------------------------ Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,856,932 1,855,046 - ------------------------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 820,000 811,032 - ------------------------------------------------------------------------------------------------------------------------ WAMU Mortgage Pass-Through Certificates Series 2005-AR5 Trust, Series 2005-AR5, Cl. A1, 4.673%, 5/25/35 1 302,603 301,761 - ------------------------------------------------------------------------------------------------------------------------ WAMU Mortgage Pass-Through Certificates Series 2005-AR8 Trust, Series 2005-AR8, Cl. 2AB1, 5.58%, 7/25/45 1 452,417 453,757 - ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Mortgage-Backed Securities 2004-DD Trust, CMO Mtg. Pass-Through Certificates, Series 2004-DD, Cl. 2A1, 4.509%, 1/25/35 1 50,009 49,852 ---------------- Total Mortgage-Backed Obligations (Cost $235,988,398) 235,562,961 - ------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--9.1% - ------------------------------------------------------------------------------------------------------------------------ Fannie Mae Unsec. Nts., 3.579%, 1/31/07 9 3,482,000 3,422,594 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Bank Unsec. Bonds, 3.50%, 11/15/07 10 425,000 417,757 - ------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp. Unsec. Nts.: 4.125%, 7/12/10 10 2,066,000 2,012,094 4.875%, 2/17/09 10 1,000,000 999,130 5.25%, 7/18/11 10 16,220,000 16,464,971 - ------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn. Unsec. Nts.: 4%, 2/28/07 965,000 959,988 4.25%, 7/15/07 10 2,198,000 2,182,135 4.75%, 12/15/10 10 2,245,000 2,234,118 6%, 5/15/11 11 15,360,000 16,062,044 6.625%, 9/15/09 11 2,625,000 2,748,989 7.25%, 1/15/10 2,552,000 2,733,401 - ------------------------------------------------------------------------------------------------------------------------ Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.155%, 1/15/21 9,10 5,667,000 2,790,861 - ------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bills, 5.02%, 11/9/06 10 70,095,000 69,723,525 - ------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds: 4.50%, 2/15/36 10 50,000 47,926 5.25%, 2/15/29 10 9,580,000 10,133,101 5.50%, 8/15/28 10 900,000 981,001 6.875%, 8/15/25 2,000,000 2,499,532 7.25%, 5/15/16 10,11 4,684,000 5,615,315 8.875%, 8/15/17 10,11 1,419,000 1,917,536 STRIPS, 4.201%, 2/15/11 9 900,000 740,645 STRIPS, 4.808%, 2/15/16 9,12,13 4,491,000 2,903,423
7 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts.: 4.625%, 8/31/11 10 $ 3,009,000 $ 3,013,234 4.875%, 2/15/12 10 2,000,000 2,028,516 5.125%, 6/30/11 10 1,349,000 1,379,195 6.50%, 2/15/10 10 3,900,000 4,127,452 ---------------- Total U.S. Government Obligations (Cost $158,030,112) 158,138,483 - ------------------------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT OBLIGATIONS--21.7% - ------------------------------------------------------------------------------------------------------------------------ ARGENTINA--1.3% Argentina (Republic of) Bonds: 2%, 9/30/14 6 [ARP] 1,802,000 590,966 5.589%, 8/3/12 1 10,639,500 9,825,540 Series V, 7%, 3/28/11 10,975,000 10,379,910 - ------------------------------------------------------------------------------------------------------------------------ Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 5,6 [ARP] 13,367 5,786 - ------------------------------------------------------------------------------------------------------------------------ Central Bank of Argentina Bonds, 2%, 2/4/18 6 [ARP] 2,291,520 1,105,984 ---------------- 21,908,186 - ------------------------------------------------------------------------------------------------------------------------ AUSTRALIA--0.7% New South Wales Treasury Corp. Gtd. Bonds, 8%, 3/1/08 [AUD] 16,850,000 12,884,748 - ------------------------------------------------------------------------------------------------------------------------ BELGIUM--0.6% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 [EUR] 2,250,000 3,362,118 - ------------------------------------------------------------------------------------------------------------------------ Belgium (Kingdom of) Treasury Bills, 3.192%, 12/14/06 9 [EUR] 5,470,000 6,892,480 ---------------- 10,254,598 - ------------------------------------------------------------------------------------------------------------------------ BRAZIL--1.9% Brazil (Federal Republic of) Bonds: 8%, 1/15/18 11,415,000 12,567,915 8.75%, 2/4/25 5,360,000 6,397,160 8.875%, 10/14/19 5,275,000 6,269,338 10.50%, 7/14/14 6,288,000 7,916,592 - ------------------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 130,000 142,805 ---------------- 33,293,810 - ------------------------------------------------------------------------------------------------------------------------ BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 740,000 874,125 8.25%, 1/15/15 2 710,000 838,688 ---------------- 1,712,813 - ------------------------------------------------------------------------------------------------------------------------ CANADA--0.8% Canada (Government of) Nts., 4%, 9/1/10 [CAD] 15,570,000 13,987,996 - ------------------------------------------------------------------------------------------------------------------------ COLOMBIA--1.5% Colombia (Republic of) Bonds: 7.375%, 9/18/37 6,456,000 6,552,840 10.75%, 1/15/13 1,390,000 1,704,140 12%, 10/22/15 [COP] 21,515,000,000 10,255,741 - ------------------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Nts.: 8.25%, 12/22/14 933,000 1,034,697 11.75%, 3/1/10 [COP] 2,617,240,000 1,166,712 - ------------------------------------------------------------------------------------------------------------------------
8 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Unsec. Bonds, 8.125%, 5/21/24 $ 4,720,000 $ 5,215,600 ---------------- 25,929,730 - ------------------------------------------------------------------------------------------------------------------------ DENMARK--0.2% Denmark (Kingdom of) Bonds: 4%, 11/15/10 [DKK] 4,685,000 808,422 4%, 11/15/15 [DKK] 3,485,000 606,334 7%, 11/10/24 [DKK] 1,270,000 302,345 - ------------------------------------------------------------------------------------------------------------------------ Denmark (Kingdom of) Nts., 4%, 8/15/08 [DKK] 5,030,000 861,067 ---------------- 2,578,168 - ------------------------------------------------------------------------------------------------------------------------ DOMINICAN REPUBLIC--0.0% Dominican Republic Unsec. Unsub. Nts., 9.50%, 9/27/11 2 439,140 474,271 - ------------------------------------------------------------------------------------------------------------------------ EL SALVADOR--0.1% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 2 590,000 647,525 7.65%, 6/15/35 2 1,265,000 1,363,038 ---------------- 2,010,563 - ------------------------------------------------------------------------------------------------------------------------ FRANCE--1.8% France (Government of) Bonds, 3.25%, 4/25/16 [EUR] 14,300,000 17,454,537 - ------------------------------------------------------------------------------------------------------------------------ France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 4/25/55 [EUR] 6,125,000 7,932,186 - ------------------------------------------------------------------------------------------------------------------------ France (Government of) Treasury Bills, 3.195%, 12/14/06 9 [EUR] 4,450,000 5,606,726 ---------------- 30,993,449 - ------------------------------------------------------------------------------------------------------------------------ GERMANY--1.7% Germany (Federal Republic of) Bonds, Series 05, 4%, 1/4/37 [EUR] 8,635,000 11,221,197 - ------------------------------------------------------------------------------------------------------------------------ Germany (Federal Republic of) Treasury Bills, Series 0906, 3.359%, 3/14/07 9 [EUR] 15,020,000 18,763,334 ---------------- 29,984,531 - ------------------------------------------------------------------------------------------------------------------------ GREECE--0.4% Greece (Republic of) Bonds, 4.60%, 5/20/13 [EUR] 5,205,000 6,888,221 - ------------------------------------------------------------------------------------------------------------------------ GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 2 250,000 295,625 10.25%, 11/8/11 95,000 112,338 ---------------- 407,963 - ------------------------------------------------------------------------------------------------------------------------ INDONESIA--0.2% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 2 120,000 122,700 7.25%, 4/20/15 2 200,000 210,750 - ------------------------------------------------------------------------------------------------------------------------ Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 2 2,070,000 2,429,663 ---------------- 2,763,113 - ------------------------------------------------------------------------------------------------------------------------ ISRAEL--0.3% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 21,493,000 5,356,067
9 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ ITALY--1.8% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 3.40%, 7/1/09 1 [EUR] 14,630,000 $ 18,633,256 - ------------------------------------------------------------------------------------------------------------------------ Italy (Republic of) Treasury Bonds, Buoni del Tesoro Poliennali, 4.25%, 2/1/19 [EUR] 10,070,000 13,060,443 ---------------- 31,693,699 - ------------------------------------------------------------------------------------------------------------------------ JAPAN--0.9% Japan (Government of) Bonds: 10 yr., Series 268, 1.50%, 3/20/15 [JPY] 599,000,000 5,056,067 Series 7, 0.80%, 3/10/16 [JPY] 1,280,831,000 10,610,431 ---------------- 15,666,498 - ------------------------------------------------------------------------------------------------------------------------ MALAYSIA--0.3% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 6 [MYR] 7,980,000 2,401,790 - ------------------------------------------------------------------------------------------------------------------------ Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 [MYR] 8,950,000 2,437,710 ---------------- 4,839,500 - ------------------------------------------------------------------------------------------------------------------------ MEXICO--1.4% United Mexican States Bonds: 7.50%, 4/8/33 18,633,000 21,539,748 8.30%, 8/15/31 555,000 693,473 - ------------------------------------------------------------------------------------------------------------------------ United Mexican States Nts., 7.50%, 1/14/12 2,335,000 2,568,500 ---------------- 24,801,721 - ------------------------------------------------------------------------------------------------------------------------ NIGERIA--0.1% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 6 960,000 958,200 - ------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 163,196 154,043 ---------------- 1,112,243 - ------------------------------------------------------------------------------------------------------------------------ PANAMA--0.6% Panama (Republic of) Bonds: 6.70%, 1/26/36 10,160,000 10,109,200 9.375%, 4/1/29 655,000 848,225 ---------------- 10,957,425 - ------------------------------------------------------------------------------------------------------------------------ PERU--1.3% Peru (Republic of) Bonds: 7.84%, 8/12/20 [PEN] 28,720,000 9,379,923 8.20%, 8/12/26 6 [PEN] 5,945,000 1,980,386 8.375%, 5/3/16 290,000 335,675 9.91%, 5/5/15 [PEN] 8,101,000 2,990,043 Series 7, 8.60%, 8/12/17 [PEN] 3,450,000 1,189,913 Series 8-1, 12.25%, 8/10/11 [PEN] 1,427,000 547,453 - ------------------------------------------------------------------------------------------------------------------------ Peru (Republic of) Past Due Interest Bonds, Series 20 yr., 5%, 3/7/17 1 1,323,160 1,309,928 - ------------------------------------------------------------------------------------------------------------------------ Peru (Republic of) Sr. Nts., 4.533%, 2/28/16 9 630,186 353,440 - ------------------------------------------------------------------------------------------------------------------------ Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 3,310,000 4,071,300 ---------------- 22,158,061
10 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ PHILIPPINES--0.8% Philippines (Republic of the) Bonds: 8%, 1/15/16 $ 1,490,000 $ 1,642,725 9.50%, 2/2/30 2,830,000 3,495,050 - ------------------------------------------------------------------------------------------------------------------------ Philippines (Republic of the) Unsec. Bonds, 7.75%, 1/14/31 8,062,000 8,455,023 ---------------- 13,592,798 - ------------------------------------------------------------------------------------------------------------------------ POLAND--0.6% Poland (Republic of) Bonds: Series 0K0807, 4.243%, 8/12/07 9 [PLZ] 1,200,000 368,834 Series DS1013, 5%, 10/24/13 [PLZ] 11,340,000 3,580,176 Series WS0922, 5.75%, 9/23/22 [PLZ] 1,000,000 321,332 Series 0511, 4.25%, 5/24/11 [PLZ] 18,390,000 5,602,471 ---------------- 9,872,813 - ------------------------------------------------------------------------------------------------------------------------ RUSSIA--0.1% Russian Ministry of Finance Debs., Series VII, 3%, 5/14/11 1,510,000 1,356,463 - ------------------------------------------------------------------------------------------------------------------------ TURKEY--0.4% Turkey (Republic of) Bonds, 7%, 9/26/16 1,920,000 1,891,200 - ------------------------------------------------------------------------------------------------------------------------ Turkey (Republic of) Nts.: 7.25%, 3/15/15 2,215,000 2,237,150 9.50%, 1/15/14 770,000 879,725 11%, 1/14/13 1,730,000 2,090,013 ---------------- 7,098,088 - ------------------------------------------------------------------------------------------------------------------------ UNITED KINGDOM--1.3% United Kingdom Treasury Bonds: 5%, 3/7/08 [GBP] 3,225,000 6,044,346 6%, 12/7/28 [GBP] 4,250,000 9,928,523 - ------------------------------------------------------------------------------------------------------------------------ United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 3,290,000 6,045,989 ---------------- 22,018,858 - ------------------------------------------------------------------------------------------------------------------------ URUGUAY--0.5% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 1,120,000 1,122,800 - ------------------------------------------------------------------------------------------------------------------------ Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 [UYU] 54,110,000 2,323,388 8%, 11/18/22 5,650,000 5,989,000 ---------------- 9,435,188 ---------------- Total Foreign Government Obligations (Cost $368,579,912) 376,031,582 - ------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--24.4% - ------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--8.2% - ------------------------------------------------------------------------------------------------------------------------ AUTO COMPONENTS--0.5% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 700,000 700,000 - ------------------------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,125,000 1,099,688 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 1,167,000 - ------------------------------------------------------------------------------------------------------------------------ Tenneco Automotive, Inc.: 8.625% Sr. Unsec. Sub. Nts., 11/15/14 900,000 893,250 10.25% Sr. Sec. Nts., Series B, 7/15/13 650,000 708,500
11 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ AUTO COMPONENTS CONTINUED United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 $ 200,000 $ 199,000 - ------------------------------------------------------------------------------------------------------------------------ Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 1,125,000 1,012,500 8.25% Sr. Unsec. Nts., 8/1/10 1,700,000 1,666,000 ---------------- 8,511,838 - ------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--1.2% Ford Motor Co., 7.45% Bonds, 7/16/31 800,000 622,000 - ------------------------------------------------------------------------------------------------------------------------ Ford Motor Credit Co.: 5.625% Nts., 10/1/08 1,700,000 1,631,607 5.80% Sr. Unsec. Nts., 1/12/09 300,000 285,753 7.375% Nts., 10/28/09 4,400,000 4,278,806 7.375% Unsec. Nts., 2/1/11 300,000 288,209 9.957% Nts., 4/15/12 1 1,990,000 2,085,011 - ------------------------------------------------------------------------------------------------------------------------ General Motors Acceptance Corp.: 6.875% Nts., 9/15/11 4,720,000 4,699,846 7.25% Nts., 3/2/11 400,000 402,662 8% Bonds, 11/1/31 2,480,000 2,600,211 - ------------------------------------------------------------------------------------------------------------------------ General Motors Corp.: 7.20% Nts., 1/15/11 1,150,000 1,065,188 8.375% Sr. Unsec. Debs., 7/15/33 400,000 348,000 - ------------------------------------------------------------------------------------------------------------------------ Hertz Corp.: 8.875% Sr. Nts., 1/1/14 2 610,000 642,025 10.50% Sr. Sub. Nts., 1/1/16 2 1,135,000 1,254,175 ---------------- 20,203,493 - ------------------------------------------------------------------------------------------------------------------------ DISTRIBUTORS--0.0% SGS International, Inc., 12% Sr. Unsec. Sub. Nts., 12/15/13 580,000 588,700 - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES--0.1% Education Management LLC/Education Management Corp., 10.25% Sr. Sub. Nts., 6/1/16 2 1,140,000 1,171,350 - ------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.0% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 500,000 510,000 - ------------------------------------------------------------------------------------------------------------------------ Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 850,000 891,438 - ------------------------------------------------------------------------------------------------------------------------ Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 500,000 527,500 - ------------------------------------------------------------------------------------------------------------------------ CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 2 1,040,000 1,003,600 - ------------------------------------------------------------------------------------------------------------------------ Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 1,047,000 1,104,585 - ------------------------------------------------------------------------------------------------------------------------ French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 2 1,460,000 1,332,250 - ------------------------------------------------------------------------------------------------------------------------ Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 900,000 920,250 - ------------------------------------------------------------------------------------------------------------------------ Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 2 1,335,000 1,415,100 - ------------------------------------------------------------------------------------------------------------------------ Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 625,000 674,219 - ------------------------------------------------------------------------------------------------------------------------ Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 2,100,000 2,005,500 9% Sr. Sub. Nts., 3/15/12 500,000 524,375 - ------------------------------------------------------------------------------------------------------------------------ Mandalay Resort Group, 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 650,000 674,375 - ------------------------------------------------------------------------------------------------------------------------ MGM Mirage, Inc.: 6.75% Sr. Unsec. Nts., 4/1/13 650,000 641,875 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,300,000 2,409,365 9.75% Sr. Unsec. Sub. Nts., 6/1/07 350,000 360,063 - ------------------------------------------------------------------------------------------------------------------------ Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 225,000 221,063
12 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE CONTINUED 6.375% Sr. Sub. Nts., 7/15/09 $ 250,000 $ 249,375 6.875% Sr. Unsec. Sub. Nts., 2/15/15 515,000 504,700 7.125% Sr. Unsec. Sub. Nts., 8/15/14 500,000 500,000 8% Sr. Sub. Nts., 4/1/12 1,200,000 1,248,000 - ------------------------------------------------------------------------------------------------------------------------ NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 800,000 778,000 - ------------------------------------------------------------------------------------------------------------------------ Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 800,000 836,000 9.375% Sr. Unsec. Sub. Nts., 2/15/07 800,000 810,000 - ------------------------------------------------------------------------------------------------------------------------ Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 230,000 225,113 6.875% Sr. Sub. Nts., 12/1/11 500,000 505,000 - ------------------------------------------------------------------------------------------------------------------------ Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,900,000 1,933,250 - ------------------------------------------------------------------------------------------------------------------------ Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 2 525,000 562,406 - ------------------------------------------------------------------------------------------------------------------------ Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 4,5,6 250,000 -- - ------------------------------------------------------------------------------------------------------------------------ Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 574,000 552,475 9.625% Sr. Nts., 6/1/14 669,000 598,755 9.75% Sr. Nts., 4/15/13 400,000 362,000 - ------------------------------------------------------------------------------------------------------------------------ Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 2,203,000 2,073,574 6.875% Sr. Unsec. Sub. Nts., 3/1/16 235,000 221,488 - ------------------------------------------------------------------------------------------------------------------------ Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 3,100,000 2,979,875 - ------------------------------------------------------------------------------------------------------------------------ Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 500,000 541,250 - ------------------------------------------------------------------------------------------------------------------------ Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,080,750 - ------------------------------------------------------------------------------------------------------------------------ Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 2,274,000 2,217,150 ---------------- 33,994,719 - ------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--0.2% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 400,000 400,000 - ------------------------------------------------------------------------------------------------------------------------ D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 400,000 439,853 - ------------------------------------------------------------------------------------------------------------------------ K. Hovnanian Enterprises, Inc., 7.75% Sr. Unsec. Sub. Nts., 5/15/13 300,000 276,000 - ------------------------------------------------------------------------------------------------------------------------ KB Home: 8.625% Sr. Sub. Nts., 12/15/08 250,000 257,468 9.50% Sr. Unsec. Sub. Nts., 2/15/11 400,000 410,500 - ------------------------------------------------------------------------------------------------------------------------ Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 450,000 461,250 - ------------------------------------------------------------------------------------------------------------------------ Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 200,000 194,000 - ------------------------------------------------------------------------------------------------------------------------ WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 800,000 720,000 - ------------------------------------------------------------------------------------------------------------------------ William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 900,000 832,500 ---------------- 3,991,571 - ------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.1% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 825,000 816,750 - ------------------------------------------------------------------------------------------------------------------------ Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 2 785,000 773,225 ---------------- 1,589,975 - ------------------------------------------------------------------------------------------------------------------------ MEDIA--3.3% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 4,5 350,000 214,375 10.25% Sr. Unsec. Sub. Nts., 6/15/11 4,5 200,000 130,500 10.875% Sr. Unsec. Nts., 10/1/10 4,5 400,000 249,000 - ------------------------------------------------------------------------------------------------------------------------ Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 1,100,000 1,113,750
13 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 $ 650,000 $ 614,250 9.50% Sr. Unsec. Sub. Nts., 2/1/11 360,000 361,350 - ------------------------------------------------------------------------------------------------------------------------ American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 150,000 132,375 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 700,000 654,500 - ------------------------------------------------------------------------------------------------------------------------ Block Communications, Inc., 8.25% Sr. Nts., 12/15/15 2 405,000 396,900 - ------------------------------------------------------------------------------------------------------------------------ Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.: 10.25% Sr. Unsec. Nts., 9/15/10 700,000 717,500 10.25% Sr. Unsec. Nts., Series B, 9/15/10 885,000 902,700 - ------------------------------------------------------------------------------------------------------------------------ Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 2 4,503,000 4,598,689 - ------------------------------------------------------------------------------------------------------------------------ Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 900,000 938,250 - ------------------------------------------------------------------------------------------------------------------------ Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 14 1,500,000 1,203,750 - ------------------------------------------------------------------------------------------------------------------------ CSC Holdings, Inc.: 7.25% Sr. Nts., 4/15/12 2 200,000 200,250 7.625% Sr. Unsec. Debs., 7/15/18 1,000,000 1,028,750 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,106,000 1,140,563 - ------------------------------------------------------------------------------------------------------------------------ Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 200,000 211,750 - ------------------------------------------------------------------------------------------------------------------------ Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 300,000 311,250 9.875% Sr. Sub. Nts., 8/15/13 586,000 635,810 - ------------------------------------------------------------------------------------------------------------------------ Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 14 300,000 254,250 0%/9% Unsec. Disc. Nts., 11/15/13 14 400,000 339,000 8% Unsec. Nts., 11/15/13 3,575,000 3,566,063 - ------------------------------------------------------------------------------------------------------------------------ DirecTV Holdings LLC/DirecTV Financing Co., Inc.: 6.375% Sr. Unsec. Nts., 6/15/15 450,000 425,250 8.375% Sr. Unsec. Nts., 3/15/13 1,100,000 1,145,375 - ------------------------------------------------------------------------------------------------------------------------ EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 1,427,000 1,361,001 7% Sr. Nts., 10/1/13 2,3 535,000 525,638 7.125% Sr. Nts., 2/1/16 2 1,400,000 1,359,750 - ------------------------------------------------------------------------------------------------------------------------ Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 1,000,000 1,003,750 - ------------------------------------------------------------------------------------------------------------------------ Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 359,000 333,870 - ------------------------------------------------------------------------------------------------------------------------ Lamar Media Corp., 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,275,000 1,228,781 - ------------------------------------------------------------------------------------------------------------------------ Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 550,000 515,625 - ------------------------------------------------------------------------------------------------------------------------ Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 14 1,600,000 1,232,000 - ------------------------------------------------------------------------------------------------------------------------ Mediacom Broadband LLC, 8.50% Sr. Nts., 10/15/15 2,3 1,220,000 1,218,475 - ------------------------------------------------------------------------------------------------------------------------ Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50% Sr. Nts., 10/15/15 280,000 279,650 - ------------------------------------------------------------------------------------------------------------------------ Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 969,000 995,648 - ------------------------------------------------------------------------------------------------------------------------ MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,300,000 1,153,750 6.875% Sr. Unsec. Sub. Nts., 10/1/13 700,000 651,000 - ------------------------------------------------------------------------------------------------------------------------ Nielsen Finance LLC/Nielsen Finance Co.: 0%/12.50% Sr. Sub. Disc. Nts., 8/1/16 2,14 1,725,000 1,019,906 10% Sr. Nts., 8/1/14 2 2,195,000 2,280,056 - ------------------------------------------------------------------------------------------------------------------------ NTL Cable plc, 9.125% Sr. Nts., 8/15/16 355,000 368,313
14 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED Paxson Communications Corp., 11.757% Sr. Sec. Nts., 1/15/13 1,6 $ 760,000 $ 769,500 - ------------------------------------------------------------------------------------------------------------------------ PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 900,000 821,250 8.875% Sr. Unsec. Nts., 5/15/11 319,000 313,418 - ------------------------------------------------------------------------------------------------------------------------ Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 2 315,000 304,763 - ------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 2,730,000 2,504,775 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,865,000 1,711,138 6.875% Sr. Nts., 1/15/13 1,300,000 1,192,750 8.875% Sr. Unsec. Nts., Series A-3, 1/15/16 3,540,000 3,566,550 - ------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 2 400,000 442,000 - ------------------------------------------------------------------------------------------------------------------------ Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 615,750 - ------------------------------------------------------------------------------------------------------------------------ Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 2 900,000 967,500 - ------------------------------------------------------------------------------------------------------------------------ Shaw Communications, Inc., 8.54% Debs., 9/30/27 [CAD] 340,000 325,293 - ------------------------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc.: 8% Sr. Unsec. Sub. Nts., 3/15/12 2,775,000 2,827,031 8.75% Sr. Sub. Nts., 12/15/11 300,000 314,250 - ------------------------------------------------------------------------------------------------------------------------ Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13 230,000 225,975 - ------------------------------------------------------------------------------------------------------------------------ Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 700,000 709,625 10.875% Sr. Unsec. Nts., Series B, 6/15/09 800,000 808,000 - ------------------------------------------------------------------------------------------------------------------------ Warner Music Group, 7.375% Sr. Sub. Bonds, 4/15/14 500,000 490,000 - ------------------------------------------------------------------------------------------------------------------------ WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 14 2,057,000 1,542,750 - ------------------------------------------------------------------------------------------------------------------------ XM Satellite Radio, Inc.: 9.75% Sr. Nts., 5/1/14 2 230,000 221,950 9.75% Sr. Unsec. Nts., 5/1/14 300,000 288,000 ---------------- 57,975,681 - ------------------------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--0.3% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 1,980,000 1,935,450 - ------------------------------------------------------------------------------------------------------------------------ Neiman Marcus Group, Inc. (The): 9% Sr. Unsec. Nts., 10/15/15 2,020,000 2,156,350 10.375% Sr. Unsec. Sub. Nts., 10/15/15 660,000 716,100 ---------------- 4,807,900 - ------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--0.2% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 300,000 308,625 - ------------------------------------------------------------------------------------------------------------------------ Atlantic Broadband Finance LLC, 9.375% Sr. Unsec. Sub. Nts., 1/15/14 250,000 245,625 - ------------------------------------------------------------------------------------------------------------------------ Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 1,308,000 1,226,250 - ------------------------------------------------------------------------------------------------------------------------ Gamestop Corp., 8% Sr. Unsec. Nts., 10/1/12 300,000 310,500 - ------------------------------------------------------------------------------------------------------------------------ Linens 'N Things, Inc., 11.132% Sr. Sec. Nts., 1/15/14 1,2 1,480,000 1,435,600 - ------------------------------------------------------------------------------------------------------------------------ Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 6 200,000 212,000 - ------------------------------------------------------------------------------------------------------------------------ Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 550,000 555,500 ---------------- 4,294,100 - ------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--0.3% Invista, Inc., 9.25% Sr. Nts., 5/1/12 2 1,067,000 1,133,688 - ------------------------------------------------------------------------------------------------------------------------ Levi Strauss & Co.: 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 859,000 895,508 10.258% Sr. Unsec. Unsub. Nts., 4/1/12 1 1,540,000 1,593,900 - ------------------------------------------------------------------------------------------------------------------------ Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 6 250,000 256,250
15 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS CONTINUED Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 $ 610,000 $ 581,025 ---------------- 4,460,371 - ------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--0.7% - ------------------------------------------------------------------------------------------------------------------------ BEVERAGES--0.1% Constellation Brands, Inc.: 7.25% Sr. Nts., 9/1/16 685,000 696,131 8.125% Sr. Sub. Nts., 1/15/12 300,000 311,625 ---------------- 1,007,756 - ------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--0.1% Jean Coutu Group (PJC), Inc. (The), 8.50% Sr. Sub. Nts., 8/1/14 1,600,000 1,548,000 - ------------------------------------------------------------------------------------------------------------------------ Real Time Data Co., 11% Disc. Nts., 5/31/09 4,5,6 142,981 -- - ------------------------------------------------------------------------------------------------------------------------ Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 450,000 453,375 9.50% Sr. Sec. Nts., 2/15/11 700,000 727,125 ---------------- 2,728,500 - ------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--0.2% Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 180,000 174,600 8.625% Sr. Sub. Nts., 12/15/12 400,000 421,500 - ------------------------------------------------------------------------------------------------------------------------ Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 306,000 300,645 8.875% Sr. Unsec. Nts., 3/15/11 71,000 68,338 - ------------------------------------------------------------------------------------------------------------------------ Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 1,300,000 1,179,750 - ------------------------------------------------------------------------------------------------------------------------ Smithfield Foods, Inc.: 7% Sr. Nts., 8/1/11 300,000 303,750 7.625% Sr. Unsec. Sub. Nts., 2/15/08 400,000 408,000 - ------------------------------------------------------------------------------------------------------------------------ United Biscuits Finance plc, 10.75% Sr. Sub. Nts., 4/15/11 [GBP] 400,000 790,148 ---------------- 3,646,731 - ------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.1% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 350,000 336,875 - ------------------------------------------------------------------------------------------------------------------------ Nutro Products, Inc., 10.75% Sr. Sub. Nts., 4/15/14 2 370,000 397,750 - ------------------------------------------------------------------------------------------------------------------------ Spectrum Brands, Inc., 7.375% Sr. Unsec. Sub. Nts., 2/1/15 400,000 322,000 ---------------- 1,056,625 - ------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.1% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,175,000 1,157,375 - ------------------------------------------------------------------------------------------------------------------------ Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 500,000 521,250 9.375% Sr. Unsec. Sub. Nts., 6/1/11 740,000 777,000 ---------------- 2,455,625 - ------------------------------------------------------------------------------------------------------------------------ TOBACCO--0.1% Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 2 1,805,000 1,866,421 - ------------------------------------------------------------------------------------------------------------------------ ENERGY--2.7% - ------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--0.2% Basic Energy Services, Inc., 7.125% Sr. Nts., 4/15/16 2 335,000 324,950 - ------------------------------------------------------------------------------------------------------------------------ Dresser, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/11 1 300,000 315,375 - ------------------------------------------------------------------------------------------------------------------------ Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 800,000 836,000 - ------------------------------------------------------------------------------------------------------------------------ Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 224,868 - ------------------------------------------------------------------------------------------------------------------------ PHI, Inc., 7.125% Sr. Nts., 4/15/13 2 400,000 381,000
16 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES CONTINUED RathGibson, Inc., 11.25% Sr. Nts., 2/15/14 2 $ 300,000 $ 310,500 - ------------------------------------------------------------------------------------------------------------------------ Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 400,000 405,000 ---------------- 2,797,693 - ------------------------------------------------------------------------------------------------------------------------ OIL & GAS--2.5% Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 700,000 675,500 - ------------------------------------------------------------------------------------------------------------------------ Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 290,000 296,525 - ------------------------------------------------------------------------------------------------------------------------ Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 250,000 240,000 6.875% Sr. Unsec. Nts., 1/15/16 1,822,000 1,790,115 - ------------------------------------------------------------------------------------------------------------------------ Clayton Williams Energy, Inc., 7.75% Sr. Unsec. Nts., 8/1/13 85,000 76,925 - ------------------------------------------------------------------------------------------------------------------------ Compton Petroleum Finance Corp., 7.625% Sr. Nts., 12/1/13 1,310,000 1,270,700 - ------------------------------------------------------------------------------------------------------------------------ Copano Energy LLC, 8.125% Sr. Unsec. Nts., 3/1/16 180,000 183,150 - ------------------------------------------------------------------------------------------------------------------------ El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 2,784,000 2,902,320 - ------------------------------------------------------------------------------------------------------------------------ El Paso Energy Corp., 7.625% Nts., 7/15/11 200,000 206,000 - ------------------------------------------------------------------------------------------------------------------------ El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 1,319,000 1,355,273 - ------------------------------------------------------------------------------------------------------------------------ Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 300,000 304,500 - ------------------------------------------------------------------------------------------------------------------------ Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 550,000 555,500 - ------------------------------------------------------------------------------------------------------------------------ Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 700,000 703,500 - ------------------------------------------------------------------------------------------------------------------------ Gaz Capital SA, 8.625% Sr. Unsec. Nts., 4/28/34 2 3,555,000 4,434,863 - ------------------------------------------------------------------------------------------------------------------------ Inergy LP/Inergy Finance Corp., 8.25% Sr. Unsec. Nts., 3/1/16 880,000 915,200 - ------------------------------------------------------------------------------------------------------------------------ Massey Energy Co.: 6.625% Sr. Nts., 11/15/10 200,000 196,000 6.875% Sr. Unsec. Nts., 12/15/13 285,000 259,350 - ------------------------------------------------------------------------------------------------------------------------ National Gas Co., 6.05% Nts., 1/15/36 2 1,510,000 1,454,384 - ------------------------------------------------------------------------------------------------------------------------ Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,900,000 1,869,125 - ------------------------------------------------------------------------------------------------------------------------ Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 100,000 99,000 - ------------------------------------------------------------------------------------------------------------------------ Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 700,000 693,000 - ------------------------------------------------------------------------------------------------------------------------ Pemex Project Funding Master Trust: 7.375% Unsec. Unsub. Nts., 12/15/14 740,000 801,790 8.50% Unsub. Nts., 2/15/08 420,000 435,435 9.125% Unsec. Unsub. Nts., 10/13/10 610,000 684,420 - ------------------------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 2 3,678,097 3,625,865 - ------------------------------------------------------------------------------------------------------------------------ Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 300,000 315,000 - ------------------------------------------------------------------------------------------------------------------------ Pogo Producing Co., 7.875% Sr. Sub. Nts., 5/1/13 2 365,000 373,669 - ------------------------------------------------------------------------------------------------------------------------ Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 835,000 910,148 - ------------------------------------------------------------------------------------------------------------------------ Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 1,340,000 1,276,350 - ------------------------------------------------------------------------------------------------------------------------ Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 430,000 410,650 7.375% Sr. Sub. Nts., 7/15/13 200,000 202,000 7.50% Sr. Sub. Nts., 5/15/16 1,505,000 1,520,050 - ------------------------------------------------------------------------------------------------------------------------ Southern Natural Gas Co.: 7.35% Nts., 2/15/31 500,000 520,612 8% Sr. Unsub. Nts., 3/1/32 300,000 333,189 - ------------------------------------------------------------------------------------------------------------------------ Stone Energy Corp., 6.75% Sr. Unsec. Sub. Nts., 12/15/14 1,020,000 1,025,100 - ------------------------------------------------------------------------------------------------------------------------ Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 2 525,000 526,313 - ------------------------------------------------------------------------------------------------------------------------ Tengizchevroil LLP, 6.124% Nts., 11/15/14 2 2,123,000 2,112,385 - ------------------------------------------------------------------------------------------------------------------------ Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 1,567,000 1,658,193
17 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED Tesoro Corp.: 6.25% Sr. Nts., 11/1/12 2 $ 405,000 $ 392,344 6.625% Sr. Nts., 11/1/15 2 905,000 875,588 - ------------------------------------------------------------------------------------------------------------------------ Transcontinental Gas Pipe Line Corp., 6.40% Sr. Nts., 4/15/16 2 470,000 467,063 - ------------------------------------------------------------------------------------------------------------------------ Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 1,500,000 1,477,500 - ------------------------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 900,000 927,000 7.625% Nts., 7/15/19 928,000 969,760 8.75% Unsec. Nts., 3/15/32 1,619,000 1,780,900 ---------------- 44,102,254 - ------------------------------------------------------------------------------------------------------------------------ FINANCIALS--2.1% - ------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--0.2% Berry Plastics Holding Corp.: 8.875% Sr. Sec. Nts., 9/15/14 2 600,000 606,000 9.265% Sr. Sec. Nts., 9/15/14 1,2 600,000 606,000 - ------------------------------------------------------------------------------------------------------------------------ E*TRADE Financial Corp.: 7.375% Sr. Unsec. Nts., 9/15/13 1,146,000 1,177,515 8% Sr. Nts., 6/15/11 410,000 426,400 ---------------- 2,815,915 - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--0.9% Banco BMG SA, 9.15% Nts., 1/15/16 2 2,980,000 2,994,900 - ------------------------------------------------------------------------------------------------------------------------ Bank Plus Corp., 12% Sr. Nts., 7/18/07 6 7,000 7,525 - ------------------------------------------------------------------------------------------------------------------------ HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10 9 2,510,000 1,275,080 12.278% Sr. Unsec. Nts., 3/9/09 9 1,960,000 1,115,240 9.751% Sr. Unsec. Nts., 7/8/09 9 1,960,000 1,176,000 - ------------------------------------------------------------------------------------------------------------------------ Inter-American Development Bank: 6.26% Nts., 12/8/09 1 [BRR] 920,000 400,733 7.889% Nts., 1/25/12 1 [COP] 971,928,577 432,695 - ------------------------------------------------------------------------------------------------------------------------ Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 4,5,6 90,000 -- - ------------------------------------------------------------------------------------------------------------------------ RSHB Capital SA/OJSC Russian Agricultural Bank, 7.175% Nts., 5/16/13 2 3,110,000 3,242,175 - ------------------------------------------------------------------------------------------------------------------------ Salisbury International Investments Ltd., 9.657% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 1,6 1,100,000 1,100,000 - ------------------------------------------------------------------------------------------------------------------------ UBS Luxembourg SA, 6.23% Sub. Nts., 2/11/15 1 2,500,000 2,522,900 - ------------------------------------------------------------------------------------------------------------------------ VTB Capital SA, 6.25% Sr. Nts., 6/30/35 2 1,870,000 1,884,025 ---------------- 16,151,273 - ------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--0.0% Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 2,3 150,000 152,625 - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--0.7% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 14 100,000 83,500 - ------------------------------------------------------------------------------------------------------------------------ Affinia Group, Inc., 9% Sr. Unsec. Sub. Nts., 11/30/14 60,000 56,250 - ------------------------------------------------------------------------------------------------------------------------ Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 6 1,511,813 1,474,017 - ------------------------------------------------------------------------------------------------------------------------ BCP Crystal US Holdings Corp., 9.625% Sr. Sub. Nts., 6/15/14 813,000 886,170 - ------------------------------------------------------------------------------------------------------------------------ Cloverie plc, 9.64% Sec. Nts., Series 2005-93, 12/20/10 1,6 1,100,000 1,101,540 - ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International, Export-Import Bank of Ukraine Loan Participation Nts., 8.40%, 2/9/16 1,740,000 1,697,370
18 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES CONTINUED 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 $ 465,263 - ------------------------------------------------------------------------------------------------------------------------ Halyk Savings Bank Kazakhstan Europe BV, 7.75% Nts., 5/13/13 2 1,625,000 1,661,563 - ------------------------------------------------------------------------------------------------------------------------ Itabo Finance SA, 10.875% Nts., 10/5/13 2,3 647,000 658,711 - ------------------------------------------------------------------------------------------------------------------------ JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 330,000 313,500 - ------------------------------------------------------------------------------------------------------------------------ Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 2 850,000 847,875 - ------------------------------------------------------------------------------------------------------------------------ Reachcom Public Ltd., Renaissance Consumer Finance Bank of Russia Loan Participation Nts., 10.50%, 7/27/07 6 [RUR] 20,000,000 747,508 - ------------------------------------------------------------------------------------------------------------------------ Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 6,14 2,695,000 943,250 - ------------------------------------------------------------------------------------------------------------------------ Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 130,000 131,138 10.239% Sr. Unsec. Nts., 5/1/10 1 130,000 134,225 ---------------- 11,201,880 - ------------------------------------------------------------------------------------------------------------------------ REAL ESTATE--0.2% Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 1 925,000 983,969 - ------------------------------------------------------------------------------------------------------------------------ Host Marriott LP: 6.375% Sr. Nts., Series O, 3/15/15 730,000 711,750 6.75% Sr. Nts., Series Q, 6/1/16 500,000 495,625 - ------------------------------------------------------------------------------------------------------------------------ Ventas Realty LP/Ventas Capital Corp., 6.75% Sr. Nts., 4/1/17 450,000 455,063 ---------------- 2,646,407 - ------------------------------------------------------------------------------------------------------------------------ THRIFTS & MORTGAGE FINANCE--0.1% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 6 2,340,000 2,392,650 - ------------------------------------------------------------------------------------------------------------------------ Bankunited Capital Trust, 10.25% Capital Securities, 12/31/26 6 100,000 105,500 ---------------- 2,498,150 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--1.1% - ------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--0.0% Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 2 325,000 310,375 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--0.1% Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 650,000 643,500 - ------------------------------------------------------------------------------------------------------------------------ Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 300,000 316,500 ---------------- 960,000 - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--1.0% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 300,000 319,500 - ------------------------------------------------------------------------------------------------------------------------ Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 400,000 384,500 - ------------------------------------------------------------------------------------------------------------------------ DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 465,000 456,281 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,975,000 1,950,313 - ------------------------------------------------------------------------------------------------------------------------ Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 300,000 322,500 9.50% Sr. Unsec. Sub. Nts., 7/1/10 300,000 316,125 - ------------------------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 900,000 918,000 - ------------------------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust III, 7.375% Nts., 2/1/08 6 [DEM] 25,000 16,776 - ------------------------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust IV, 7.875% Trust Preferred Securities, 6/15/11 6 600,000 618,750 - ------------------------------------------------------------------------------------------------------------------------ Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 6 200,000 208,500 - ------------------------------------------------------------------------------------------------------------------------ HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 1,719,000 1,459,001
19 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED 6.375% Nts., 1/15/15 $ 1,671,000 $ 1,353,510 8.75% Sr. Nts., 9/1/10 200,000 202,500 - ------------------------------------------------------------------------------------------------------------------------ HEALTHSOUTH Corp., 10.75% Sr. Nts., 6/15/16 2 875,000 897,969 - ------------------------------------------------------------------------------------------------------------------------ Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 230,000 224,825 6.875% Sr. Sub. Nts., 12/15/15 285,000 278,231 - ------------------------------------------------------------------------------------------------------------------------ Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 220,000 215,600 - ------------------------------------------------------------------------------------------------------------------------ Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 2,250,000 1,906,875 - ------------------------------------------------------------------------------------------------------------------------ Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 1,282,000 1,132,968 7.375% Nts., 2/1/13 19,000 17,219 9.875% Sr. Nts., 7/1/14 2,382,000 2,384,978 - ------------------------------------------------------------------------------------------------------------------------ Triad Hospitals, Inc., 7% Sr. Sub. Nts., 11/15/13 465,000 453,956 - ------------------------------------------------------------------------------------------------------------------------ US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 300,000 312,000 10.75% Sr. Unsec. Sub. Nts., 8/15/14 300,000 330,000 - ------------------------------------------------------------------------------------------------------------------------ Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 14 2,000,000 1,450,000 ---------------- 18,130,877 - ------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--0.0% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 6 350,000 331,625 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--2.0% - ------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--0.3% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 1,335,000 1,318,313 - ------------------------------------------------------------------------------------------------------------------------ BE Aerospace, Inc., 8.875% Sr. Unsec. Sub. Nts., 5/1/11 219,000 228,855 - ------------------------------------------------------------------------------------------------------------------------ DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 970,000 957,875 7.625% Sr. Sub. Nts., 2/1/18 205,000 209,100 - ------------------------------------------------------------------------------------------------------------------------ L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 583,000 556,765 6.125% Sr. Unsec. Sub. Nts., 1/15/14 400,000 390,000 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 515,000 503,413 7.625% Sr. Sub. Nts., 6/15/12 500,000 517,500 - ------------------------------------------------------------------------------------------------------------------------ TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 223,000 238,610 11% Sr. Sub. Nts., 2/15/13 194,000 212,430 ---------------- 5,132,861 - ------------------------------------------------------------------------------------------------------------------------ AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 4,5,6 735,000 -- - ------------------------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--0.2% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 200,000 200,500 - ------------------------------------------------------------------------------------------------------------------------ Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 770,000 737,275 - ------------------------------------------------------------------------------------------------------------------------ Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 1,011,000 1,076,715 - ------------------------------------------------------------------------------------------------------------------------ Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 1,250,000 1,187,500 ---------------- 3,201,990 - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--0.3% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 180,000 179,550 7.375% Sr. Sec. Nts., Series B, 4/15/14 1,300,000 1,287,000 9.25% Sr. Sec. Debs., Series B, 9/1/12 434,000 464,923 - ------------------------------------------------------------------------------------------------------------------------ Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,500,000 1,428,750
20 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES CONTINUED Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 $ 460,000 $ 453,100 7.50% Sr. Nts., 5/1/11 200,000 205,500 - ------------------------------------------------------------------------------------------------------------------------ FTI Consulting, Inc., 7.75% Sr. Unsec. Nts., 10/1/16 2,3 535,000 543,025 - ------------------------------------------------------------------------------------------------------------------------ Mobile Services Group, Inc., 9.75% Sr. Nts., 8/1/14 2 120,000 123,600 ---------------- 4,685,448 - ------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION & ENGINEERING--0.3% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24 6 5,060,000 5,249,750 - ------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--0.1% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 325,000 335,563 - ------------------------------------------------------------------------------------------------------------------------ Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 200,000 189,000 - ------------------------------------------------------------------------------------------------------------------------ Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 6 [BRR] 1,115,000 570,500 - ------------------------------------------------------------------------------------------------------------------------ General Cable Corp., 9.50% Sr. Nts., 11/15/10 600,000 645,000 - ------------------------------------------------------------------------------------------------------------------------ UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 300,000 316,500 ---------------- 2,056,563 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.1% Covalence Specialty Materials Corp., 10.25% Sr. Sub. Nts., 3/1/16 2 1,280,000 1,248,000 - ------------------------------------------------------------------------------------------------------------------------ Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 120,000 112,200 ---------------- 1,360,200 - ------------------------------------------------------------------------------------------------------------------------ MACHINERY--0.2% Case New Holland, Inc.: 7.125% Sr. Unsec. Nts., 3/1/14 500,000 504,375 9.25% Sr. Nts., 8/1/11 200,000 213,000 - ------------------------------------------------------------------------------------------------------------------------ Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 2 700,000 665,000 - ------------------------------------------------------------------------------------------------------------------------ Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 380,000 387,600 - ------------------------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The), 10.50% Sr. Sub. Nts., 8/1/12 6 325,000 351,000 - ------------------------------------------------------------------------------------------------------------------------ Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 6 700,000 668,500 - ------------------------------------------------------------------------------------------------------------------------ Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 300,000 294,750 - ------------------------------------------------------------------------------------------------------------------------ Wolverine Tube, Inc., 7.375% Sr. Nts., 8/1/08 2 950,000 812,250 ---------------- 3,896,475 - ------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL--0.2% Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: 7.75% Sr. Nts., 5/15/16 2 335,000 324,950 7.905% Sr. Nts., 5/15/14 1,2 135,000 132,975 - ------------------------------------------------------------------------------------------------------------------------ Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 402,000 - ------------------------------------------------------------------------------------------------------------------------ Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 142,125 7.50% Sr. Unsec. Nts., 11/1/13 387,000 382,163 9.625% Sr. Nts., 12/1/12 6 750,000 810,000 - ------------------------------------------------------------------------------------------------------------------------ TDS Investor Corp., 11.875% Sr. Sub. Nts., 9/1/16 2 800,000 772,000 ---------------- 2,966,213 - ------------------------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--0.3% Ashtead Capital, Inc., 9% Nts., 8/15/16 2 385,000 402,325 - ------------------------------------------------------------------------------------------------------------------------ H&E Equipment Services, Inc., 8.375% Sr. Nts., 7/15/16 2 420,000 432,600 - ------------------------------------------------------------------------------------------------------------------------ Interline Brands, Inc., 8.125% Sr. Sub. Nts., 6/15/14 570,000 579,975
21 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS CONTINUED United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 $ 4,000,000 $ 3,780,000 ---------------- 5,194,900 - ------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.0% Horizon Lines LLC, 9% Nts., 11/1/12 236,000 244,260 - ------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--1.1% - ------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--0.2% Loral Skynet Corp., 14% Sr. Sec. Nts., 11/21/15 6,15 116,000 135,720 - ------------------------------------------------------------------------------------------------------------------------ Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 3,160,000 2,828,200 - ------------------------------------------------------------------------------------------------------------------------ Nortel Networks Ltd.: 9.731% Sr. Nts., 7/15/11 1,2 383,000 397,363 10.75% Sr. Nts., 7/15/16 2 400,000 430,000 - ------------------------------------------------------------------------------------------------------------------------ Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 4,5 675,000 7 ---------------- 3,791,290 - ------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.1% Seagate Technology HDD Holdings: 6.375% Sr. Nts., 10/1/11 750,000 750,000 6.80% Sr. Nts., 10/1/16 225,000 225,000 8% Sr. Nts., 5/15/09 200,000 208,002 ---------------- 1,183,002 - ------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 2,021,000 1,970,475 - ------------------------------------------------------------------------------------------------------------------------ RBS Global & Rexnord Corp.: 9.50% Sr. Nts., 8/1/14 6 785,000 800,700 11.75% Sr. Sub. Nts., 8/1/16 6 1,180,000 1,221,300 - ------------------------------------------------------------------------------------------------------------------------ Sanmina-SCI Corp.: 6.75% Unsec. Sub. Nts., 3/1/13 380,000 360,050 8.125% Sr. Sub. Nts., 3/1/16 745,000 733,825 - ------------------------------------------------------------------------------------------------------------------------ Solectron Global Finance Ltd., 8% Sr. Unsec. Sub. Nts., 3/15/16 425,000 422,875 ---------------- 5,509,225 - ------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 4,5,6 [EUR] 338,620 -- - ------------------------------------------------------------------------------------------------------------------------ NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 4,5,6 200,173 -- - ------------------------------------------------------------------------------------------------------------------------ PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 4,5,6 [EUR] 100,000 -- ---------------- -- - ------------------------------------------------------------------------------------------------------------------------ IT SERVICES--0.3% DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 607,000 631,280 - ------------------------------------------------------------------------------------------------------------------------ iPayment Holdings, Inc., 9.75% Sr. Sub. Nts., 5/15/14 6 415,000 425,375 - ------------------------------------------------------------------------------------------------------------------------ Iron Mountain, Inc., 7.75% Sr. Sub. Nts., 1/15/15 400,000 402,000 - ------------------------------------------------------------------------------------------------------------------------ SunGard Data Systems, Inc.: 9.125% Sr.Unsec. Nts., 8/15/13 1,435,000 1,492,400 10.25% Sr. Unsec. Sub. Nts., 8/15/15 2,035,000 2,106,225 ---------------- 5,057,280 - ------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.2% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 1,758,000 1,788,765 - ------------------------------------------------------------------------------------------------------------------------ Amkor Technology, Inc., 7.75% Sr. Nts., 5/15/13 2,050,000 1,888,563 ---------------- 3,677,328
22 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ MATERIALS--2.7% - ------------------------------------------------------------------------------------------------------------------------ CHEMICALS--0.5% 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 20,211 10.625% Sr. Unsec. Nts., 5/1/11 600,000 646,500 - ------------------------------------------------------------------------------------------------------------------------ Georgia Gulf Corp., 10.75% Sr. Sub. Nts., 10/15/16 1,220,000 1,201,700 - ------------------------------------------------------------------------------------------------------------------------ Huntsman International LLC: 8.375% Sr. Sub. Nts., 1/1/15 1,2 790,000 801,850 10.125% Sr. Unsec. Sub. Nts., 7/1/09 433,000 441,660 - ------------------------------------------------------------------------------------------------------------------------ Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 1 198,000 226,215 11.625% Sr. Unsec. Nts., 10/15/10 13,000 14,430 - ------------------------------------------------------------------------------------------------------------------------ IMC Global, Inc., 10.875% Sr. Unsec. Nts., 8/1/13 6 19,000 21,280 - ------------------------------------------------------------------------------------------------------------------------ Ineos Group Holdings plc, 8.50% Nts., 2/15/16 2 1,230,000 1,177,725 - ------------------------------------------------------------------------------------------------------------------------ Innophos, Inc., 8.875% Sr. Unsec. Sub. Nts., 8/15/14 250,000 249,375 - ------------------------------------------------------------------------------------------------------------------------ KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 14 350,000 259,000 - ------------------------------------------------------------------------------------------------------------------------ Lyondell Chemical Co.: 8% Sr. Unsec. Nts., 9/15/14 1,125,000 1,144,688 8.25% Sr. Unsec. Nts., 9/15/16 600,000 612,000 9.50% Sec. Nts., 12/15/08 11,000 11,371 10.50% Sr. Sec. Nts., 6/1/13 600,000 663,000 - ------------------------------------------------------------------------------------------------------------------------ Rockwood Specialties Group, Inc., 7.50% Sr. Sub. Nts., 11/15/14 200,000 198,000 - ------------------------------------------------------------------------------------------------------------------------ Tronox Worldwide LLC/Tronox Finance Corp., 9.50% Sr. Unsec. Nts., 12/1/12 2 475,000 489,844 ---------------- 8,750,849 - ------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.1% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 14 1,225,000 851,375 - ------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING--0.9% Ball Corp., 6.625% Sr. Nts., 3/15/18 1,035,000 1,019,475 - ------------------------------------------------------------------------------------------------------------------------ Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 1,435,000 1,460,113 - ------------------------------------------------------------------------------------------------------------------------ Graham Packaging Co., Inc.: 8.50% Sr. Unsec. Nts., 10/15/12 200,000 199,000 9.875% Sr. Unsec. Sub. Nts., 10/15/14 1,800,000 1,777,500 - ------------------------------------------------------------------------------------------------------------------------ Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 800,000 822,000 9.50% Sr. Sub. Nts., 8/15/13 1,050,000 1,078,875 - ------------------------------------------------------------------------------------------------------------------------ Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 300,000 278,250 8.25% Sr. Unsec. Nts., 10/1/12 1,450,000 1,395,625 - ------------------------------------------------------------------------------------------------------------------------ MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 400,000 424,000 - ------------------------------------------------------------------------------------------------------------------------ Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 450,000 464,625 8.25% Sr. Unsec. Nts., 5/15/13 1,719,000 1,770,570 8.75% Sr. Sec. Nts., 11/15/12 928,000 983,680 8.875% Sr. Sec. Nts., 2/15/09 176,000 181,720 - ------------------------------------------------------------------------------------------------------------------------ Pliant Corp., 11.85% Sr. Sec. Nts., 6/15/09 5 381,113 426,847 - ------------------------------------------------------------------------------------------------------------------------ Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 1,675,000 1,455,156 - ------------------------------------------------------------------------------------------------------------------------ Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 470,000 453,550 9.75% Sr. Unsec. Nts., 2/1/11 516,000 534,060
23 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING CONTINUED Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 2 $ 125,000 $ 140,625 - ------------------------------------------------------------------------------------------------------------------------ TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 1,300,000 1,209,000 ---------------- 16,074,671 - ------------------------------------------------------------------------------------------------------------------------ METALS & MINING--0.9% AK Steel Corp.: 7.75% Sr. Unsec. Nts., 6/15/12 1,019,000 997,346 7.875% Sr. Unsec. Nts., 2/15/09 100,000 100,125 - ------------------------------------------------------------------------------------------------------------------------ Alrosa Finance SA: 8.875% Nts., 11/17/14 2 6,880,000 7,843,200 8.875% Nts., 11/17/14 915,000 1,043,100 - ------------------------------------------------------------------------------------------------------------------------ Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 600,000 603,000 - ------------------------------------------------------------------------------------------------------------------------ Gibraltar Industries, Inc., 8% Sr. Unsec. Sub. Nts., Series B, 12/1/15 6 635,000 631,825 - ------------------------------------------------------------------------------------------------------------------------ International Utility Structures, Inc., 13% Unsec. Sub. Nts., 2/1/08 4,5,6 71,000 -- - ------------------------------------------------------------------------------------------------------------------------ Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 585,000 659,748 - ------------------------------------------------------------------------------------------------------------------------ Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 500,000 535,625 - ------------------------------------------------------------------------------------------------------------------------ Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 204,000 221,850 - ------------------------------------------------------------------------------------------------------------------------ Novelis, Inc., 8.25% Sr. Nts., 2/15/15 1,2 1,575,000 1,504,125 - ------------------------------------------------------------------------------------------------------------------------ Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 200,000 207,250 - ------------------------------------------------------------------------------------------------------------------------ United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 336,000 360,360 10.75% Sr. Nts., 8/1/08 519,000 563,764 ---------------- 15,271,318 - ------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--0.3% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15 1,000,000 915,000 - ------------------------------------------------------------------------------------------------------------------------ Abitibi-Consolidated, Inc.: 8.55% Nts., 8/1/10 600,000 598,500 8.85% Unsec. Bonds, 8/1/30 400,000 338,000 - ------------------------------------------------------------------------------------------------------------------------ Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 190,000 190,950 - ------------------------------------------------------------------------------------------------------------------------ Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 100,000 100,750 - ------------------------------------------------------------------------------------------------------------------------ Catalyst Paper Corp., 8.625% Sr. Unsec. Nts., Series D, 6/15/11 500,000 493,750 - ------------------------------------------------------------------------------------------------------------------------ Domtar, Inc., 7.125% Nts., 8/15/15 500,000 467,500 - ------------------------------------------------------------------------------------------------------------------------ Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 4,5,6 600,000 375,000 - ------------------------------------------------------------------------------------------------------------------------ JSG Holding plc, 11.50% Sr. Nts., 10/1/15 2,15 [EUR] 159,612 206,951 - ------------------------------------------------------------------------------------------------------------------------ Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 225,000 206,156 - ------------------------------------------------------------------------------------------------------------------------ Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 700,000 647,500 - ------------------------------------------------------------------------------------------------------------------------ Verso Paper Holdings LLC/Verson Paper, Inc.: 9.235%, Sr. Sec. Nts., 8/1/14 1,2 460,000 466,900 11.375% Sr. Sub. Nts., 8/1/16 2 460,000 458,850 ---------------- 5,465,807 - ------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--2.2% - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--1.2% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 2 3,200,000 3,128,000 - ------------------------------------------------------------------------------------------------------------------------ Intelsat Bermuda Ltd., 11.25% Sr. Nts., 6/15/16 2 930,000 992,775 - ------------------------------------------------------------------------------------------------------------------------ Intelsat Subsidiary Holding Co. Ltd.: 8.25% Sr. Nts., 1/15/13 1 1,000,000 1,017,500 8.625% Sr. Nts., 1/15/15 1 815,000 837,413 - ------------------------------------------------------------------------------------------------------------------------ Level 3 Financing, Inc., 10.75% Sr. Unsec. Unsub. Nts., 10/15/11 250,000 262,813
24 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Nordic Telephone Co. Holdings ApS, 8.875% Sr. Nts., 5/1/16 2 $ 345,000 $ 364,406 - ------------------------------------------------------------------------------------------------------------------------ PanAmSat Corp.: 9% Sr. Nts., 6/15/16 2 900,000 931,500 9% Sr. Unsec. Nts., 8/15/14 1,350,000 1,400,625 - ------------------------------------------------------------------------------------------------------------------------ Qwest Capital Funding, Inc.: 7.25% Unsec. Unsub. Nts., 2/15/11 2,100,000 2,110,500 7.90% Unsec. Nts., 8/15/10 1,719,000 1,774,868 - ------------------------------------------------------------------------------------------------------------------------ Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 1 300,000 301,500 - ------------------------------------------------------------------------------------------------------------------------ Qwest Corp.: 7.50% Sr. Nts., 10/1/14 2 765,000 793,688 8.875% Unsec. Unsub. Nts., 3/15/12 1 2,300,000 2,521,375 - ------------------------------------------------------------------------------------------------------------------------ Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 6 [PEN] 3,290,100 1,071,568 - ------------------------------------------------------------------------------------------------------------------------ Teligent, Inc., 11.50% Sr. Nts., 12/1/07 4,5,6 500,000 -- - ------------------------------------------------------------------------------------------------------------------------ Time Warner Telecom Holdings, Inc., 9.25% Sr. Unsec. Unsub. Nts., 2/15/14 1,700,000 1,797,750 - ------------------------------------------------------------------------------------------------------------------------ Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 225,000 240,750 - ------------------------------------------------------------------------------------------------------------------------ Windstream Corp.: 8.125% Sr. Nts., 8/1/13 2 575,000 613,094 8.625% Sr. Nts., 8/1/16 2 875,000 940,625 - ------------------------------------------------------------------------------------------------------------------------ Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 4,5,6 250,000 -- ---------------- 21,100,750 - ------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--1.0% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 700,000 749,000 11% Sr. Unsec. Nts., 7/31/10 19,000 20,853 - ------------------------------------------------------------------------------------------------------------------------ American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 1,120,000 1,178,800 - ------------------------------------------------------------------------------------------------------------------------ American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 250,000 257,500 7.50% Sr. Nts., 5/1/12 6 400,000 413,000 - ------------------------------------------------------------------------------------------------------------------------ CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 4,5,6 400,000 -- - ------------------------------------------------------------------------------------------------------------------------ Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 2,014,000 2,149,945 - ------------------------------------------------------------------------------------------------------------------------ Centennial Communications Corp., 10% Sr. Unsec. Nts., 1/1/13 200,000 203,500 - ------------------------------------------------------------------------------------------------------------------------ Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 280,000 292,250 - ------------------------------------------------------------------------------------------------------------------------ Dobson Communications Corp.: 8.875% Sr. Nts., 10/1/13 859,000 855,779 9.757% Sr. Unsec. Nts., 10/15/12 1 145,000 148,625 - ------------------------------------------------------------------------------------------------------------------------ IWO Holdings, Inc., 9.257% Sr. Sec. Nts., 1/15/12 1 110,000 113,575 - ------------------------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,378,000 3,488,727 - ------------------------------------------------------------------------------------------------------------------------ Nextel Partners, Inc., 8.125% Sr. Nts., 7/1/11 500,000 527,500 - ------------------------------------------------------------------------------------------------------------------------ Rogers Wireless, Inc.: 7.50% Sec. Nts., 3/15/15 882,000 945,945 8% Sr. Sub. Nts., 12/15/12 800,000 854,000 - ------------------------------------------------------------------------------------------------------------------------ Rural Cellular Corp.: 9.75% Sr. Sub. Nts., 1/15/10 2,419,000 2,446,214 9.875% Sr. Nts., 2/1/10 1,400,000 1,466,500 - ------------------------------------------------------------------------------------------------------------------------ UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 600,000 654,000
25 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES CONTINUED US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 $ 250,000 $ 276,250 ---------------- 17,041,963 - ------------------------------------------------------------------------------------------------------------------------ UTILITIES--1.6% - ------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.6% Edison Mission Energy: 7.50% Sr. Nts., 6/15/13 2 360,000 365,400 7.75% Sr. Nts., 6/15/16 2 500,000 508,750 - ------------------------------------------------------------------------------------------------------------------------ Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 2,535,000 2,718,788 - ------------------------------------------------------------------------------------------------------------------------ Mirant Americas Generation LLC, Escrow Shares, 5/1/07 6 200,000 -- - ------------------------------------------------------------------------------------------------------------------------ MSW Energy Holdings LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 350,000 351,750 - ------------------------------------------------------------------------------------------------------------------------ MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 200,000 207,000 - ------------------------------------------------------------------------------------------------------------------------ National Power Corp., 9.625% Unsec. Bonds, 5/15/28 2,270,000 2,626,358 - ------------------------------------------------------------------------------------------------------------------------ Reliant Energy, Inc., 6.75% Sr. Sec. Nts., 12/15/14 200,000 191,250 - ------------------------------------------------------------------------------------------------------------------------ Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 769,000 801,683 9.50% Sr. Sec. Nts., 7/15/13 690,000 719,325 - ------------------------------------------------------------------------------------------------------------------------ Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 1,777,000 1,786,635 ---------------- 10,276,939 - ------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS--1.0% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 2 2,000,000 2,155,000 - ------------------------------------------------------------------------------------------------------------------------ Aes Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 6 2,313,000 2,393,955 - ------------------------------------------------------------------------------------------------------------------------ AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 412,723 441,613 - ------------------------------------------------------------------------------------------------------------------------ Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 621,000 607,804 8.375% Sr. Unsec. Nts., 5/1/16 1,360,000 1,390,600 8.75% Sr. Nts., 2/15/12 292,000 304,045 - ------------------------------------------------------------------------------------------------------------------------ Mirant Americas Generation LLC: 8.30% Sr. Unsec. Nts., 5/1/11 3,700,000 3,723,125 8.50% Sr. Unsec. Nts., 10/1/21 500,000 487,500 9.125% Sr. Unsec. Nts., 5/1/31 500,000 511,250 - ------------------------------------------------------------------------------------------------------------------------ Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 701,211 743,722 - ------------------------------------------------------------------------------------------------------------------------ NRG Energy, Inc., 7.375% Sr. Nts., 2/1/16 3,615,000 3,601,444 ---------------- 16,360,058 - ------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.0% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 150,000 149,879 - ------------------------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.0% CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 19,000 19,665 7.75% Sr. Nts., 8/1/10 200,000 211,000 8.50% Sr. Nts., 4/15/11 250,000 271,250 - ------------------------------------------------------------------------------------------------------------------------ NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 90,000 88,983 ---------------- 590,898 ---------------- Total Corporate Bonds and Notes (Cost $423,505,597) 421,591,722
26 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.2% - ------------------------------------------------------------------------------------------------------------------------ AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 4,6,15 4,253 $ -- - ------------------------------------------------------------------------------------------------------------------------ Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 2 608 101,840 - ------------------------------------------------------------------------------------------------------------------------ Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 4,6 5,000 -- - ------------------------------------------------------------------------------------------------------------------------ ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 4,6,15 151 -- - ------------------------------------------------------------------------------------------------------------------------ ION Media Networks, Inc.: 14.25% Cum., Non-Vtg. 6,15 124 1,033,952 9.75% Cv., Series AI 4,6,15 1 6,847 - ------------------------------------------------------------------------------------------------------------------------ Loral Skynet Corp., 12% Cum., Series A, Non-Vtg. 6,15 1,027 205,914 - ------------------------------------------------------------------------------------------------------------------------ Pennsylvania Real Estate Investment Trust, 11% 2,000 110,400 - ------------------------------------------------------------------------------------------------------------------------ PTV, Inc., 10% Cum., Series A, Non-Vtg. 7 21 - ------------------------------------------------------------------------------------------------------------------------ Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 6,15 228 277,590 - ------------------------------------------------------------------------------------------------------------------------ Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 6 4,600 649,750 ---------------- Total Preferred Stocks (Cost $2,501,291) 2,386,314 - ------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--1.1% - ------------------------------------------------------------------------------------------------------------------------ 3i Group plc 17,811 311,973 - ------------------------------------------------------------------------------------------------------------------------ American Tower Corp. 4 11,276 411,574 - ------------------------------------------------------------------------------------------------------------------------ Anglo American plc 7,270 306,074 - ------------------------------------------------------------------------------------------------------------------------ ATA Holdings Corp. 4,6 1,998 29,970 - ------------------------------------------------------------------------------------------------------------------------ BASF AG 3,889 312,260 - ------------------------------------------------------------------------------------------------------------------------ Bayer AG 6,514 331,230 - ------------------------------------------------------------------------------------------------------------------------ Beverly Hills Bancorp, Inc. 6,273 51,188 - ------------------------------------------------------------------------------------------------------------------------ BNP Paribas SA 3,030 326,011 - ------------------------------------------------------------------------------------------------------------------------ British Airways plc 4 41,260 329,870 - ------------------------------------------------------------------------------------------------------------------------ British Land Co. plc 12,420 317,191 - ------------------------------------------------------------------------------------------------------------------------ Brixton plc 32,190 318,832 - ------------------------------------------------------------------------------------------------------------------------ Cebridge Connections Holding LLC 4,6 3,733 -- - ------------------------------------------------------------------------------------------------------------------------ Charles River Laboratories International, Inc. 4 2,660 115,471 - ------------------------------------------------------------------------------------------------------------------------ Charter plc 4 22,100 352,961 - ------------------------------------------------------------------------------------------------------------------------ Chesapeake Energy Corp. 91 2,637 - ------------------------------------------------------------------------------------------------------------------------ Citigroup, Inc. 55 2,732 - ------------------------------------------------------------------------------------------------------------------------ Commerzbank AG 9,233 312,836 - ------------------------------------------------------------------------------------------------------------------------ Corus Group plc 43,210 313,907 - ------------------------------------------------------------------------------------------------------------------------ Covad Communications Group, Inc. 4 16,528 24,627 - ------------------------------------------------------------------------------------------------------------------------ Credit Agricole SA 7,940 348,768 - ------------------------------------------------------------------------------------------------------------------------ Daiwa Securities Group, Inc. 27,000 316,516 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Boerse AG 2,118 318,260 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Lufthansa AG 16,303 345,240 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Telekom AG 22,076 350,759 - ------------------------------------------------------------------------------------------------------------------------ Dobson Communications Corp., Cl. A 4 24,300 170,586 - ------------------------------------------------------------------------------------------------------------------------ El Paso Corp. 25,800 351,912 - ------------------------------------------------------------------------------------------------------------------------ Etablissements Economiques du Casino Guichard-Perrachon SA 3,760 302,999 - ------------------------------------------------------------------------------------------------------------------------ Euronext NV 3,560 346,019 - ------------------------------------------------------------------------------------------------------------------------ France Telecom SA 15,200 348,867 - ------------------------------------------------------------------------------------------------------------------------ Fujikura Ltd. 27,000 296,755 - ------------------------------------------------------------------------------------------------------------------------ Furukawa Electric Co., Ltd. (The) 47,006 311,953 - ------------------------------------------------------------------------------------------------------------------------
27 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ Globix Corp. 4 6,880 $ 31,992 - ------------------------------------------------------------------------------------------------------------------------ Great Portland Estates plc 4 30,000 339,830 - ------------------------------------------------------------------------------------------------------------------------ Hammerson plc 13,320 327,208 - ------------------------------------------------------------------------------------------------------------------------ ICO Global Communication Holdings Ltd. 4 6,016 35,194 - ------------------------------------------------------------------------------------------------------------------------ Investec plc 25,200 247,475 - ------------------------------------------------------------------------------------------------------------------------ iPCS, Inc. 4 8,733 467,652 - ------------------------------------------------------------------------------------------------------------------------ Ishikawajima-Harima Heavy Industries Co. Ltd. 112,000 344,053 - ------------------------------------------------------------------------------------------------------------------------ JFE Holdings, Inc. 8,000 313,566 - ------------------------------------------------------------------------------------------------------------------------ Kaiser Aluminum Corp. 4 2,911 129,074 - ------------------------------------------------------------------------------------------------------------------------ Leap Wireless International, Inc. 4 1,714 83,112 - ------------------------------------------------------------------------------------------------------------------------ Legal & General Group plc 1,250 3,335 - ------------------------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series A 4 3,059 78,739 - ------------------------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series C 4 3,102 77,736 - ------------------------------------------------------------------------------------------------------------------------ London Stock Exchange Group plc 14,700 340,190 - ------------------------------------------------------------------------------------------------------------------------ Loral Space & Communications Ltd. 4 7,277 191,531 - ------------------------------------------------------------------------------------------------------------------------ Mirant Corp. 4 1,133 30,942 - ------------------------------------------------------------------------------------------------------------------------ Mitchells & Butlers plc 300 3,311 - ------------------------------------------------------------------------------------------------------------------------ Mitsubishi Heavy Industries Ltd. 77,373 321,323 - ------------------------------------------------------------------------------------------------------------------------ Mitsubishi Materials Corp. 75,000 310,511 - ------------------------------------------------------------------------------------------------------------------------ Mittal Steel Co. NV 13,354 466,351 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley 4,800 349,968 - ------------------------------------------------------------------------------------------------------------------------ Muenchener Rueckversicherungs-Gesellschaft AG 2,130 336,944 - ------------------------------------------------------------------------------------------------------------------------ Nippon Kayaku Co. Ltd. 37,000 313,541 - ------------------------------------------------------------------------------------------------------------------------ Nippon Mining Holdings, Inc. 44,000 312,212 - ------------------------------------------------------------------------------------------------------------------------ Nomura Securities Co. Ltd. 16,800 295,822 - ------------------------------------------------------------------------------------------------------------------------ NTL, Inc. 28,755 731,240 - ------------------------------------------------------------------------------------------------------------------------ Odakyu Electric Railway Co. Ltd. 51,000 324,241 - ------------------------------------------------------------------------------------------------------------------------ Orbital Sciences Corp. 4 745 13,984 - ------------------------------------------------------------------------------------------------------------------------ PagesJaunes Groupe SA 11,250 319,550 - ------------------------------------------------------------------------------------------------------------------------ Pioneer Corp. 16,959 299,551 - ------------------------------------------------------------------------------------------------------------------------ Prandium, Inc. 4,6 24,165 193 - ------------------------------------------------------------------------------------------------------------------------ Premier Holdings Ltd. 4,6 18,514 -- - ------------------------------------------------------------------------------------------------------------------------ ProSieben Sat.1 Media AG 11,978 332,634 - ------------------------------------------------------------------------------------------------------------------------ Resolution plc 28,480 329,278 - ------------------------------------------------------------------------------------------------------------------------ Royal & Sun Alliance Insurance Group plc 122,370 341,387 - ------------------------------------------------------------------------------------------------------------------------ Salzgitter AG 3,601 338,817 - ------------------------------------------------------------------------------------------------------------------------ Shinko Securities Co. Ltd. 80,000 317,933 - ------------------------------------------------------------------------------------------------------------------------ Showa Shell Sekiyu K.K. 29,000 323,081 - ------------------------------------------------------------------------------------------------------------------------ Societe Generale, Cl. A 2,000 318,282 - ------------------------------------------------------------------------------------------------------------------------ Star Gas Partners LP 4 187 466 - ------------------------------------------------------------------------------------------------------------------------ Sterling Chemicals, Inc. 4,6 720 9,432 - ------------------------------------------------------------------------------------------------------------------------ Sumitomo Metal Industries 79,000 304,019 - ------------------------------------------------------------------------------------------------------------------------ TVMAX Holdings, Inc. 4,6 1,000 1,000 - ------------------------------------------------------------------------------------------------------------------------ Vallourec SA 1,440 334,749 - ------------------------------------------------------------------------------------------------------------------------ Verizon Communications, Inc. 935 34,717 - ------------------------------------------------------------------------------------------------------------------------ Viatel Holding (Bermuda) Ltd. 4,6 2,251 90 - ------------------------------------------------------------------------------------------------------------------------ Vivendi SA 9,330 336,354 - ------------------------------------------------------------------------------------------------------------------------ Volkswagen AG, Preference 5,710 336,905 - ------------------------------------------------------------------------------------------------------------------------
28 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------ Western Forest Products, Inc. 4 38,252 $ 56,125 - ------------------------------------------------------------------------------------------------------------------------ WRC Media Corp. 4,6 1,082 11 - ------------------------------------------------------------------------------------------------------------------------ XO Holdings, Inc. 4 1,469 7,169 - ------------------------------------------------------------------------------------------------------------------------ Xstrata plc 7,190 297,110 ---------------- Total Common Stocks (Cost $18,720,148) 19,439,908 Units - ------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------ ASAT Finance LLC Wts., Exp. 11/1/06 4,6 250 -- - ------------------------------------------------------------------------------------------------------------------------ ATA Holdings Corp. Wts., Exp. 2/28/11 4 165 1,225 - ------------------------------------------------------------------------------------------------------------------------ COLO.com, Inc. Wts., Exp. 3/15/10 4,6 400 -- - ------------------------------------------------------------------------------------------------------------------------ Concentric Network Corp. Wts., Exp. 12/15/07 4,6 100 -- - ------------------------------------------------------------------------------------------------------------------------ HF Holdings, Inc. Wts., Exp. 9/27/09 4,6 530 -- - ------------------------------------------------------------------------------------------------------------------------ iPCS, Inc. Wts., Exp. 6/15/10 4,6 300 -- - ------------------------------------------------------------------------------------------------------------------------ Long Distance International, Inc. Wts., Exp. 4/13/08 4,6 200 -- - ------------------------------------------------------------------------------------------------------------------------ Ntelos, Inc. Wts., Exp. 8/15/10 4,6 450 -- - ------------------------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc. Wts., Exp. 9/19/10 4 5,710 1,884 - ------------------------------------------------------------------------------------------------------------------------ Sterling Chemicals, Inc. Wts., Exp. 12/19/08 4 1,174 1 - ------------------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 4,6 2,300 83,950 - ------------------------------------------------------------------------------------------------------------------------ Verado Holdings, Inc., Cl. B Wts., Exp. 4/15/08 4 175 121 - ------------------------------------------------------------------------------------------------------------------------ XO Communications, Inc.: Series A Wts., Exp. 1/16/10 4 2,946 2,651 Series B Wts., Exp. 1/16/10 4 2,209 1,325 Series C Wts., Exp. 1/16/10 4 2,209 839 ---------------- Total Rights, Warrants and Certificates (Cost $33,950) 91,996 Principal Amount - ------------------------------------------------------------------------------------------------------------------------ STRUCTURED NOTES--13.9% - ------------------------------------------------------------------------------------------------------------------------ Aiolos Ltd. Catastrophe Linked Nts., 7.812%, 4/8/09 1,2 [EUR] 800,000 1,001,484 - ------------------------------------------------------------------------------------------------------------------------ Atlantic & Western Re Ltd. Catastrophe Linked Nts., Series B, 15.44%, 11/15/10 1 1,550,000 1,459,441 - ------------------------------------------------------------------------------------------------------------------------ Barclays Capital, Russia Federation Credit Linked Nts., 5.16%, 8/18/08 9 [RUR] 270,000,000 9,158,169 - ------------------------------------------------------------------------------------------------------------------------ Calabash Re Ltd. Catastrophe Linked Nts., Cl. A-1, 13.90%, 5/26/09 1,6 1,750,000 1,765,225 - ------------------------------------------------------------------------------------------------------------------------ Cascadia Ltd. Catastrophe Nts.: 8.515%, 6/13/08 1,2 500,000 493,655 9.40%, 8/31/09 1 1,130,000 1,127,797 - ------------------------------------------------------------------------------------------------------------------------ Cat-Mex Ltd. Catastrophe Linked Nts., Cl. A, 7.754%, 5/18/09 1,6 1,250,000 1,251,938 - ------------------------------------------------------------------------------------------------------------------------ Champlain Ltd. Catastrophe Linked Nts., Series A, 18.239%, 1/7/09 1 940,000 932,292 - ------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Credit Linked Nts., 4%, 5/22/08 16 [ARP] 840,000 719,822 Argentina (Republic of) Unsec. Credit Linked Nts., 4%, 4/16/10 16 [ARP] 2,537,970 1,448,984 Brazil (Federal Republic of) Credit Linked Nts., 10%, 1/5/10 [BRR] 10,670,000 4,412,177 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 2,927,000 1,242,080
29 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 4,619,000 $ 1,960,085 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10 9 [BRR] 2,480,096 741,725 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.427%, 1/2/09 9 [BRR] 2,231,957 765,279 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.728%, 1/3/08 9 [BRR] 1,948,615 764,175 Colombia (Republic of) Credit Linked Bonds, 11%, 7/24/20 [COP] 1,060,000,000 489,042 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 552,359,546 281,601 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,200,000,000 611,778 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,034,000,000 527,149 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 927,000,000 472,598 Dominican Republic Unsec. Credit Linked Nts., 11.648%, 9/24/07 (linked to Dominican Republic Treasury Bills) 3,9 [DOP] 65,700,000 1,723,465 Dominican Republic Credit Linked Nts., 10.705%, 3/5/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 46,250,000 1,304,470 Dominican Republic Credit Linked Nts., 11.242%, 1/2/7 (linked to Dominican Republic Treasury Bills) 9 [DOP] 13,900,000 400,320 Dominican Republic Credit Linked Nts., 14.608%, 5/14/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 18,300,000 503,560 Dominican Republic Credit Linked Nts., 16.50%, 3/12/07 (linked to Dominican Republic Treasury Bills) [DOP] 26,500,000 745,688 Dominican Republic Credit Linked Nts., 17%, 3/12/07 [DOP] 21,900,000 662,160 Dominican Republic Credit Linked Nts., Series II, 15.603%, 4/23/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 7,591,000 210,503 Dominican Republic Unsec. Credit Linked Nts., 15.638%, 4/30/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 6,910,000 191,128 Dominican Republic Unsec. Credit Linked Nts., Series II, 15.736%, 4/30/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 15,150,000 419,044 Egypt (The Arab Republic of) Credit Linked Nts., 8.70%, 7/12/07 (linked to Egyptian Treasury Bills) 6,9 [EGP] 7,610,000 1,234,606 Egypt (The Arab Republic of) Credit Linked Nts., 9.079%, 3/22/07 (linked to Egyptian Treasury Bills) 6,9 [EGP] 5,200,000 868,136 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 2/16/08 (linked to Egyptian Treasury Bills) [EGP] 4,450,000 767,052 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.775%, 2/22/07 (linked to Egyptian Treasury Bills) 6,9 [EGP] 7,350,000 1,235,477 Nigeria (Federal Republic of) Credit Linked Nts., 12.474%, 7/22/07 9 [NGN] 219,970,000 1,585,292 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 [NGN] 347,000,000 2,790,113 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 [NGN] 265,000,000 2,132,656 Russian Federation Credit Linked Nts., 5.315%, 1/20/11 10,000,000 10,174,100 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 880,000 190,713 Zambia (Republic of) Credit Linked Nts., 11%, 2/21/07 (linked to Zambian Treasury Bills) [ZMK] 3,160,000,000 719,723 Zambia (Republic of) Credit Linked Nts., Series II, 11%, 2/21/07 (linked to Zambian Treasury Bills) [ZMK] 1,290,000,000 293,811 - ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International: EESRRU Total Return Linked Nts., 8.25%, 6/22/10 [RUR] 93,500,000 3,635,083 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 [IDR] 14,800,000,000 1,686,799 OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 28,065,000 1,073,120
30 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ South African Rand Interest Bearing Linked Nts., Series FBi 43, 5.175%, 5/23/22 1 $ 825,000 $ 831,188 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 2,195,000 487,150 - ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch): Turkey (Republic of) Credit Linked Nts., Series 2, 20.853%, 7/16/08 3,9 [TRY] 6,270,000 2,897,506 Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 1,190,000 1,146,248 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 5,650,000 1,253,941 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 661,000 146,700 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 [UAH] 4,170,000 925,475 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 4%, 12/21/11 [ARP] 2,990,000 2,398,743 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 6 [MXN] 16,952,495 1,541,977 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 6 [MXN] 11,202,822 1,022,815 Brazil Real Credit Linked Nts., 13.882%, 3/3/10 9 [BRR] 4,580,760 1,599,885 Brazil Real Credit Linked Nts., 6%, 8/18/10 [BRR] 2,065,000 1,362,548 Campania Total Return Linked Nts., 3.804%, 7/30/10 1,6 [EUR] 5,200,000 6,558,933 Campania Total Return Linked Nts., 3.846%, 7/30/10 1,6 [EUR] 5,050,000 6,378,698 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/15/14 [COP] 2,002,000,000 1,007,793 Egypt (The Arab Republic of) Total Return Linked Nts., 8.328%, 12/12/06 (linked to Egyptian Treasury Bills) 9 [EGP] 8,170,000 1,395,248 Egypt (The Arab Republic of) Total Return Linked Nts., 9.096%, 1/30/07 (linked to Egyptian Treasury Bills) 6,9 [EGP] 5,140,000 874,032 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10 9 705,000 600,413 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 6 2,535,000 2,538,511 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/24/09 [KZT] 258,990,000 2,091,244 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 784,740 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 873,600 1,055,571 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 [NGN] 67,900,000 536,376 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 [NGN] 91,000,000 763,237 OAO Gazprom I Credit Nts., 8.36%, 10/20/07 790,000 851,915 OAO Gazprom II Credit Nts., 8.11%, 4/20/07 790,000 836,581 Peru (Republic of) Credit Linked Nts., 6.73%, 2/20/11 1 875,000 876,940 Romania (Republic of) Credit Linked Nts., 11.49%, 12/7/06 [RON] 788,640 311,617 Russian Federation Credit Linked Nts., 0.00%, 12/2/09 9 [RUR] 19,221,000 767,441 Russian Federation Total Return Linked Nts., Series II, 9%, 4/22/11 [RUR] 21,590,000 889,914 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 885,000 888,832 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 885,000 886,133 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 885,000 884,549 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 885,000 881,460 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 885,000 878,460 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 269,000 58,318 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 955,000 207,038 Ukraine (Republic of) Credit Linked Nts., 5.592%, 5/16/07 [UAH] 2,390,000 472,498 Ukraine (Republic of) Credit Linked Nts., Series A, 5.592%, 5/16/07 [UAH] 2,390,000 472,498
31 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ United Mexican States BORHIS Total Return Linked Nts., 6.10%, 9/27/35 [MXN] 4,110,000 $ 1,428,294 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 6 [MXN] 11,223,794 1,022,178 Videocon International Ltd. Credit Linked Nts., 7.75%, 12/29/09 6 1,630,000 1,629,837 Volga Investments Ltd. Credit Linked Nts., Series III, 6.01%, 4/2/08 10,000,000 10,206,600 - ------------------------------------------------------------------------------------------------------------------------ Dow Jones CDX High Yield Index: 8.25% Pass-Through Certificates, Series 4-T1, 6/29/10 6 13,628,160 13,883,688 8.375% Pass-Through Certificates, Series 7-T1, 12/29/11 3,6 10,350,000 10,356,210 - ------------------------------------------------------------------------------------------------------------------------ Drewcat Capital Ltd. Catastrophe Linked Nts., Cl. A, 25.864%, 12/28/06 1,2 1,550,000 1,561,121 - ------------------------------------------------------------------------------------------------------------------------ Eurus Ltd. Catastrophe Linked Nts., 11.74%, 4/8/09 1,6 1,400,000 1,393,000 - ------------------------------------------------------------------------------------------------------------------------ Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 9.385%, 8/3/11 1,6 1,630,000 1,641,003 - ------------------------------------------------------------------------------------------------------------------------ Foundation RE Ltd. Catastrophe Linked Nts., 9.526%, 11/24/08 1,2 1,000,000 949,480 - ------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International, Russian Federation Total Return Linked Nts., 8%, 5/13/09 [RUR] 84,500,000 3,450,263 - ------------------------------------------------------------------------------------------------------------------------ ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 6 [UAH] 4,689,000 1,020,478 - ------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: Argentina (Republic of) Credit Linked Nts., 4%, 12/19/11 6 [ARP] 4,355,000 3,532,689 Brazil (Federal Republic of) Credit Linked Nts., 12.08%, 1/2/15 9 [BRR] 3,693,700 573,000 Brazil (Federal Republic of) Credit Linked Nts., 12.683%, 6/1/13 9 [BRR] 5,490,000 1,040,949 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15 9 [BRR] 10,948,600 1,698,445 Brazil (Federal Republic of) Credit Linked Nts., 2.731%, 11/30/12 9 [ARP] 4,550,000 1,103,288 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 6 [BRR] 5,855,000 3,379,625 Brazil (Federal Republic of) Credit Linked Nts., Series II, 13.553%, 1/2/15 9 [BRR] 8,035,000 1,246,462 Brazil (Federal Republic of) Credit Linked Nts., Series III, 12.184%, 1/2/15 9 [BRR] 8,500,000 1,318,597 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 9 [COP] 20,100,000,000 3,073,514 Colombia (Republic of) Credit Linked Bonds, 11.198%, 8/3/20 9 [COP] 11,160,000,000 1,152,170 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15 9 [PEN] 3,470,000 520,954 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 1,120,000 1,160,880 - ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2006-1, 7.548%, 5/1/16 6,17 10,000,000 10,173,300 - ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers International: Romania (Republic of) Total Return Linked Nts., 7.90%, 2/9/10 (linked to Romanian Treasury Bills) [RON] 821,400 333,677 Turkey (Republic of) Total Return Linked Nts., 20%, 10/17/07 (linked to Turkish Treasury Bills) 410,938 436,622 - ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: Romania (Republic of) Total Return Linked Nts., 6.50%, 3/10/10 (linked to Romanian Treasury Bills) [RON] 2,228,300 850,341 Romania (Republic of) Total Return Linked Nts., 6.75%, 3/11/08 (linked to Romanian Treasury Bills) [RON] 2,600,000 1,013,295 Romania (Republic of) Total Return Linked Nts., 7.25%, 4/18/10 (linked to Romanian Treasury Bills) [RON] 213,000 83,177 Romania (Republic of) Total Return Linked Nts., 7.50%, 3/6/07 (linked to Romanian Treasury Bills) [RON] 354,000 141,203 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 199,000 79,043
32 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ Romania (Republic of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 512,000 $ 203,367 Romania (Republic of) Total Return Linked Nts., 7.90%, 2/12/08 (linked to Romanian Treasury Bills) [RON] 1,885,100 760,993 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc: Total Return Linked Nts., Series A, 8.375%, 6/30/12 6 [RUR] 35,930,570 1,388,187 Total Return Linked Nts., Series B, 11%, 6/30/12 6 [RUR] 28,520,000 1,092,094 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Bank Center Credit Total Return Linked Nts., 7.52%, 6/6/08 [KZT] 482,000,000 3,823,638 Brazil (Federal Republic of) Sr. Linked Nts., 14.40%, 8/4/16 [BRR] 5,793,682 2,787,858 Philippines (Republic of the) Credit Linked Nts., 10.264%, 9/20/15 6 10,300,000 11,727,580 Philippines (Republic of the) Credit Linked Nts., 8.619%, 9/20/15 2 1,230,000 1,341,315 Philippines (Republic of the) Credit Linked Nts., 8.38%, 6/20/16 1,6 1,360,000 1,361,632 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 2,000,000 2,008,200 Venezuela (Republic of) 10 yr. Credit Linked Nts., 7.85%, 11/20/15 1,885,000 2,003,001 Venezuela (Republic of) Credit Linked Nts., 6.49%, 5/20/10 1,480,000 1,516,704 Venezuela (Republic of) Credit Linked Nts., 7.382%, 5/20/10 1,900,000 2,082,400 - ------------------------------------------------------------------------------------------------------------------------ Redwood Capital V Catastrophe Linked Nts., 9.657%, 1/9/07 1,2 1,250,000 1,242,375 - ------------------------------------------------------------------------------------------------------------------------ Residential Reinsurance Ltd. Catastrophe Linked Nts., Series B, 13.85%, 6/6/08 1 1,300,000 1,180,595 - ------------------------------------------------------------------------------------------------------------------------ Successor Cal Quake Parametric Ltd. Catastrophe Linked Nts., Cl. A-I, 10.64%, 6/6/08 1,2 1,040,000 1,030,068 - ------------------------------------------------------------------------------------------------------------------------ Successor Euro Wind Ltd. Catastrophe Linked Nts., Series A-I, 22.89%, 6/6/08 1,2 1,450,000 1,459,570 - ------------------------------------------------------------------------------------------------------------------------ Successor II Ltd. Catastrophe Linked Nts., Series A-I, 9.64%, 6/6/08 1,2 2,450,000 2,465,558 - ------------------------------------------------------------------------------------------------------------------------ UBS AG, Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 4,792,700 1,241,731 - ------------------------------------------------------------------------------------------------------------------------ VASCO Re 2006 Ltd. Catastrophe Linked Nts., 13.898%, 6/5/09 1,6 1,550,000 1,575,110 ---------------- Total Structured Notes (Cost $233,877,168) 240,282,040 Strike Expiration Date Price Contracts - ------------------------------------------------------------------------------------------------------------------------ OPTIONS PURCHASED--0.0% - ------------------------------------------------------------------------------------------------------------------------ Mexican Nuevo Peso (MXN) Call 4 10/12/06 $11.40 12,312,000 124 - ------------------------------------------------------------------------------------------------------------------------ Mexican Nuevo Peso (MXN) Put 4 10/12/06 11.40 12,312,000 40,612 - ------------------------------------------------------------------------------------------------------------------------ New Turkish Lira (TRY)/Japanese Yen (JPY) Put 4 1/30/07 77.00TRY 6,610,000 75,741 ---------------- Total Options Purchased (Cost $160,745) 116,477 Principal Amount - ------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--17.5% 18 - ------------------------------------------------------------------------------------------------------------------------ Undivided interest of 20.65% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $303,551,746 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $303,419,000) $ 303,419,000 303,419,000 - ------------------------------------------------------------------------------------------------------------------------ Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,773,360,482) 1,783,725,716
33 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--4.9% 19 - ------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--4.9% Undivided interest of 0.77% in joint repurchase agreement (Principal Amount/Value $3,950,000,000, with a maturity value of $3,951,787,375) with Nomura Securities, 5.43%, dated 9/29/06, to be repurchased at $30,369,227 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-6/25/43, with a value of $4,029,000,000 $ 30,355,491 $ 30,355,491 - ------------------------------------------------------------------------------------------------------------------------ Undivided interest of 1.19% in joint repurchase agreement (Principal Amount/Value $2,500,000,000 with a maturity value of $2,501,131,250) with ING Financial Markets LLC, 5.43%, dated 9/29/06, to be repurchased at $29,828,491 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-7%, 9/1/18-8/1/36, with a value of $2,550,003,623 29,815,000 29,815,000 - ------------------------------------------------------------------------------------------------------------------------ Undivided interest of 10% in joint repurchase agreement (Principal Amount/Value $250,000,000, with a maturity value of $250,112,500) with Cantor Fitzgerald & Co., 5.40%, dated 9/29/06, to be repurchased at $25,011,250 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-6.50%, 8/1/12-9/1/36, with a value of $255,002,127 25,000,000 25,000,000 - ------------------------------------------------------------------------------------------------------------------------ Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $85,170,491) 85,170,491 - ------------------------------------------------------------------------------------------------------------------------ Total Investments, at Value (Cost $1,858,530,973) 107.9% 1,868,896,207 - ------------------------------------------------------------------------------------------------------------------------ Liabilities in Excess of Other Assets (7.9) (136,107,073) ------------------------------------ Net Assets 100.0% $ 1,732,789,134 ====================================
Footnotes to Statement of Investments Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies: ARP Argentine Peso AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar COP Colombian Peso DEM German Mark DKK Danish Krone DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro GBP British Pound Sterling IDR Indonesia Rupiah 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 RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso ZMK Zambian Kwacha 1. Represents the current interest rate for a variable or increasing rate security. 34 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- 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 $104,368,320 or 6.02% of the Fund's net assets as of September 30, 2006. 3. When-issued security or forward commitment to be delivered and settled after September 30, 2006. See accompanying Notes. 4. Non-income producing security. 5. Issue is in default. Non-income producing. See accompanying Notes. 6. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2006 was $125,402,147, which represents 7.24% of the Fund's net assets, of which $193 is considered restricted. In addition, the Fund has restricted currency of $253,566, which represents 0.01% of the Fund's net assets. See accompanying Notes. 7. 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 $9,021,154 or 0.52% of the Fund's net assets as of September 30, 2006. 8. 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 $726,200 or 0.04% of the Fund's net assets as of September 30, 2006. 9. Zero coupon bond reflects effective yield on the date of purchase. 10. Partial or fully-loaned security. See accompanying Notes. 11. 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 $6,790,788. See accompanying Notes. 12. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 13. 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 - -------------------------------------------------------------------------------------------------------------------------- New Turkish Lira (TRY)/Japanese Yen (JPY) 6,610,000 1/30/07 $ 65 TRY $ 112,086 $ 57,516
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, when applicable. 16. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 17. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 18. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. 19. The security/securities have 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 September 30, 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 $ 1,859,596,528 Federal tax cost of other investments 386,698,112 ---------------- Total federal tax cost $ 2,246,294,640 ================ Gross unrealized appreciation $ 41,813,839 Gross unrealized depreciation (24,040,777) ---------------- Net unrealized appreciation $ 17,773,062 ================ NOTES TO FINANCIAL STATEMENTS 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(R) 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 35 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- 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 September 30, 2006, the market value of these securities comprised 13.9% of the Fund's net assets and resulted in unrealized cumulative gains of $6,404,872. SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of September 30, 2006, the Fund had purchased $78,612,017 of securities issued on a when-issued basis or forward commitment and sold $2,555,536 of securities issued on a when-issued basis or forward commitment. In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2006, securities with an aggregate market value of $1,419,716, representing 0.08% 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 36 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- 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. INVESTMENTS WITH OFF BALANCE SHEET RISK The Fund enters into financial instrument transactions (such as swaps, futures and/or other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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 is 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 September 30, 2006, the Fund had outstanding foreign currency contracts as follows:
CONTRACT EXPIRATION AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) SEPT. 30, 2006 APPRECIATION DEPRECIATION - --------------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso (ARP) 10/25/06 20,000 ARP $ 6,422,278 $ -- $ 25,591 Australian Dollar (AUD) 10/13/06 565 AUD 420,973 -- 3,890 Brazilian Real (BRR) 10/31/06-9/5/07 130,438 BRR 56,051,052 2,271,693 87,782
37 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- British Pound Sterling (GBP) 10/13/06-1/10/07 3,160 GBP 5,920,973 1,658 16,338 Canadian Dollar (CAD) 10/13/06 1,900 CAD 1,700,503 3,347 -- Chilean Peso (CLP) 11/21/06-12/28/06 3,574,000 CLP 6,675,174 45,392 8,082 Dominican Republic Peso (DOP) 10/10/06 58,963 DOP 1,749,648 -- 37,114 Euro (EUR) 10/13/06-3/6/07 26,640 EUR 33,952,491 3,298 219,738 Indian Rupee (INR) 10/3/06-10/11/06 293,243 INR 6,382,358 16,986 -- Japanese Yen (JPY) 10/13/06-1/10/07 10,154,000 JPY 87,142,689 -- 454,344 Malaysian Ringgit (MYR) 11/16/06-11/17/06 12,420 MYR 3,375,533 -- 145,166 Mexican Nuevo Peso (MXN) 10/24/06-11/29/06 187,690 MXN 17,023,224 -- 195,634 New Zealand Dollar (NZD) 3/5/07 17,540 NZD 11,342,660 17,615 37,566 Norwegian Krone (NOK) 1/10/07 26,045 NOK 4,013,190 -- 18,544 South African Rand (ZAR) 10/5/06-11/27/06 107,760 ZAR 13,793,458 -- 1,262,505 South Korean Won (KRW) 10/10/06-11/2/06 6,733,000 KRW 7,119,595 82,063 -- Swiss Franc (CHF) 10/13/06-03/6/07 24,673 CHF 19,973,452 6,559 193,904 Thailand Baht (THB) 10/17/06 204,000 THB 5,416,317 30,179 -- Turkish Lira (TRY) 10/10/06-10/26/06 14,516,463 TRY 9,505,031 2,859 183,564 ---------------------------- 2,481,649 2,889,762 ---------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 1/10/07-3/5/07 23,150 AUD 17,203,818 308,830 -- British Pound Sterling (GBP) 2/7/07 2,500 GBP 4,685,987 42,138 -- Canadian Dollar (CAD) 1/10/07-2/20/07 14,805 CAD 13,287,061 1,589 -- Chinese Renminbi (Yuan) (CNY) 10/23/06 50,000 CNY 6,341,898 -- 26,773 Czech Koruna (CZK) 10/23/06 140,000 CZK 6,284,006 -- 18,061 Euro (EUR) 11/20/06-2/7/07 14,260 EUR 18,168,609 109,482 8,845 Iceland Krona (ISK) 10/23/06 196,985 ISK 2,794,720 -- 70,621 Japanese Yen (JPY) 10/23/06-3/5/07 3,811,000 JPY 32,667,561 850,983 -- Swedish Krone (SEK) 10/5/06-3/5/07 115,035 SEK 15,792,083 183,342 -- Swiss Franc (CHF) 10/23/06 7,800 CHF 6,252,409 2,603 -- ---------------------------- 1,498,967 124,300 ---------------------------- Total unrealized appreciation and depreciation $ 3,980,616 $ 3,014,062 ============================
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 38 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- 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 at 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 September 30, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPT. 30, 2006 (DEPRECIATION) - ---------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE DAX Index 12/15/06 14 $ 2,682,885 $ 52,615 Euro-Bundesobligation, 5 yr. 12/7/06 101 14,081,675 46,408 Euro-Bundesobligation, 10 yr. 12/7/06 48 7,188,344 24,132 Euro-Schatz 12/7/06 165 21,761,898 11,470 FTSE 100 Index 12/15/06 5 560,439 5,558 IBEX 35 Index (The) 10/20/06 10 1,642,003 93,503 Japan (Government of) Bonds, 10 yr. 12/8/06 22 2,512,423 14,682 Japan (Government of) Bonds, 10 yr. 12/11/06 31 35,376,085 172,496 MSCI Taiwan Stock Index 10/30/06 60 1,721,400 (21,722) NASDAQ 100 Index 12/15/06 174 5,815,950 239,311 Nikkei 225 Index 12/7/06 4 545,185 17,798 Standard & Poor's 500 E-Mini 12/15/06 39 2,623,530 65,553 Standard & Poor's ASX 200 Index 12/21/06 31 2,992,010 45,981 Standard & Poor's/MIB Index, 10 yr. 12/15/06 7 1,707,771 22,748 United Kingdom Long Gilt 12/27/06 27 5,562,883 35,719 U.S. Long Bonds 12/19/06 940 105,661,875 1,961,442 U.S. Treasury Nts., 2 yr. 12/29/06 398 81,391,000 235,007 U.S. Treasury Nts., 10 yr. 12/19/06 583 63,000,438 584,578 ------------- 3,607,279 ------------- CONTRACTS TO SELL Australia (Commonwealth of) Bonds, 10 yr. 12/15/06 31 2,397,536 2,615 CAC-40 10 Index 10/20/06 45 3,002,910 (72,132) Canadian Bonds, 10 yr. 12/18/06 66 6,798,694 (96,972) DAX Index 12/15/06 17 3,257,789 (66,929) FTSE 100 Index 12/15/06 60 6,725,271 (67,902) Nikkei 225 Index 12/7/06 64 8,722,963 (43,119) Standard & Poor's 500 E-Mini 12/15/06 460 30,944,200 (774,709) Standard & Poor's/Toronto Stock Exchange 60 Index 12/14/06 24 2,905,551 (53,602) U.S. Treasury Nts., 5 yr. 12/29/06 342 36,086,344 (216,367) U.S. Treasury Nts., 10 yr. 12/19/06 378 40,847,625 (140,958) ------------- (1,530,075) ------------- $ 2,077,204 =============
39 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- 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 or put options are noted in the Statement of Investments where applicable. Contracts subject to call or put, 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 September 30, 2006 was as follows: PUT OPTIONS ------------------------------------ NUMBER OF AMOUNT OF CONTRACTS PREMIUMS - --------------------------------------------------------------------- Options outstanding as of December 31, 2005 -- $ -- Options written 6,763,610,000 253,765 Options closed or expired (6,757,000,000) (141,679) ------------------------------------ Options outstanding as of September 30, 2006 6,610,000 $ 112,086 ==================================== CREDIT DEFAULT SWAP CONTRACTS Credit default swaps are designed to transfer the credit exposure of fixed income products between counterparties. The Fund may enter into credit default swaps, both directly ("unfunded swaps") and indirectly in the form of a swap embedded within a structured note ("funded swaps"), to protect against the risk that a security will default. Unfunded and funded credit default swaps may be on a single security, or a basket of securities. The Fund may take a short position (purchaser of credit protection) or a long position (seller of credit protection) in the credit default swap. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, pricing transparency when assessing the cost of a credit default swap, counterparty risk, and the need to fund the delivery obligation (either cash or defaulted bonds depending on whether the Fund is long or short the swap, respectively). The Fund would take a short position in a credit default swap (the "unfunded swap") against a long portfolio position to decrease exposure to specific high yield issuers. As a purchaser of credit protection under a swap contract, the Fund pays a periodic interest fee on the notional amount to the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund is obligated to deliver that security to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount 40 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- received is recorded as realized gain and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of September 30, 2006 is as follows:
ANNUAL INTEREST NOTIONAL AMOUNT RATE PAID UNREALIZED REFERENCED DEBT RECEIVED BY THE FUND BY THE TERMINATION APPRECIATION COUNTERPARTY OBLIGATION UPON CREDIT EVENT FUND DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Hungary (Republic of) $ 2,300,000 0.4000% 12/20/15 $ 32,731 Mexico (Government of) 2,380,000 0.6475 1/20/11 (18,060) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Philippines (Republic of the) 2,000,000 3.6900 9/20/15 (100,840) Ukraine (Republic of) 1,600,000 1.8800 3/20/11 (1,763) - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank Russian Federation 730,000 2.4000 10/9/13 (80,876) - ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc. Philippines (Republic of the) 5,980,000 1.7250 12/20/11 (5,750) - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Colombia (Republic of) 1,080,000 3.7000 8/20/15 (116,097) Indonesia (Republic of) 1,600,000 1.6800 3/20/11 (19,924) Venezuela (Republic of) 1,480,000 2.2000 5/20/10 (57,220) Venezuela (Republic of) 1,885,000 3.4800 11/20/15 (151,236) ------------ $ (519,035) ============
The Fund would take a long position in the credit default swap note (the "funded swap") to increase the exposure to specific high yield corporate issuers. As a seller of credit protection under a swap contract, the Fund receives a periodic interest fee on the notional amount from the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund receives that security from the counterparty in exchange for payment of the notional amount to the counterparty. The difference between the value of the security received and the notional amount paid is recorded as realized loss and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of September 30, 2006 is as follows: 41 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - --------------------------------------------------------------------------------
ANNUAL INTEREST RATE NOTIONAL AMOUNT PAID RECEIVED UNREALIZED REFERENCED DEBT BY THE FUND UPON BY THE TERMINATION APPRECIATION COUNTERPARTY OBLIGATION CREDIT EVENT FUND DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc. Russian Federation $ 2,380,000 0.6475 % 1/20/11 $ 14,549 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank Ukraine (Republic of) 336,000 1.9200 8/20/11 1,269 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Indonesia (Republic of) 1,600,000 1.6700 6/20/11 14,715 Istanbul Bond Co. SA for Finansbank 5,180,000 1.3000 3/24/13 (172,985) - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG Indonesia (Republic of) 375,000 2.3000 9/20/11 12,460 ----------- $ (129,992) ===========
INTEREST RATE SWAP CONTRACTS An interest rate swap is an agreement under which a set of future cash flows is exchanged between two counterparties. Interest rate swaps involve the exchange of rights to receive or commitments to pay interest. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. Payments under the swap are based on an agreed upon principal amount but since this principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Interest rate swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap agreements entail both interest rate risk and credit risk. There is a risk, based on movements of interest rates in the future, the payments made by the Fund under a swap agreement will be greater than the payments it received. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual interest payments that the Fund has not yet received. The Manager will monitor the creditworthiness of counterparties to the Fund's interest rate swap transactions on an ongoing basis. As of September 30, 2006, the Fund had entered into the following interest rate swap agreements:
UNREALIZED SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION APPRECIATION COUNTERPARTY AMOUNT THE FUND THE FUND DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc 41,700,000 MXN MXN TIIE 9.2700 % 7/17/26 $ 30,946 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Six-Month 1,260,000 PLZ WIBO 5.5200 3/24/10 14,030 Six-Month 2,016,000 PLZ WIBO 5.5500 3/25/10 22,866 73,200,000 TWD 2.3200 % TWD-Telerate 6/27/11 (30,849) - ------------------------------------------------------------------------------------------------------------------------------------ 42 | Oppenheimer Strategic Bond Fund/VA Credit Suisse First Boston, Inc. Six-Month (Nassau Branch) 3,640,000 PLZ WIBO 4.4800 7/1/10 (32,962) - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First 28-Day MXN Boston International 9,530,000 MXN TIIE 10.0000 7/9/15 69,297 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: 360,000,000 HUF 8.4400 Six-Month BUBOR 7/4/11 (125) Six-Month 930,000 LIBOR 5.2500 6/23/15 92,955 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG, INR MIBOR-OIS 5 yr. 73,400,000 INR 7.1750 Compound 6/27/11 (12,620) - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: 1,682,090 BRR BZDI 17.7200 1/2/07 9,662 15,887,992 BRR BZDI 17.1800 1/2/08 346,236 2,744,000 BRR BZDI 18.1600 1/2/08 93,435 21,000,000 BRR BZDI 14.5500 1/4/10 136,983 7,990,000 MXN MXN TIIE 10.2900 6/14/15 71,335 9,160,000 MXN MXN TIIE 10.2200 1/30/15 76,370 7,875,000 MXN MXN TIIE 10.4300 5/29/15 75,252 7,875,000 MXN MXN TIIE 10.3000 6/1/15 69,259 4,710,000 MXN MXN TIIE 10.0000 6/24/15 33,571 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The): 1,314,230 BRR BZDI 17.1700 1/2/08 25,338 1,606,280 BRR BZDI 17.1700 1/2/08 30,969 3,307,000 BRR BZDI 18.0000 1/2/07 28,498 25,560,000 BRR BZDI 14.8900 1/4/10 195,887 4,420,000 BRR BZDI 14.0500 1/2/12 (3,331) 22,300,000 MXN MXN TIIE 9.1500 8/27/26 (1,781) 6,090,000 MXN MXN TIIE 9.4100 8/31/20 18,431 9,100,000 MXN MXN TIIE 10.7000 5/8/15 102,360 4,100,000 MXN MXN TIIE 10.8500 3/5/15 48,552 18,300,000 MXN MXN TIIE 9.5100 8/26/25 59,111 12,220,000 MXN MXN TIIE 9.5000 8/28/25 38,253 33,400,000 MXN MXN TIIE 9.2900 7/17/26 3,786 37,300,000 MXN MXN TIIE 8.7000 2/15/16 (22,665) 23,010,000 MXN MXN TIIE 9.8400 12/31/09 112,746 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: 8,750,000 BRR BZDI 13.9100 1/2/12 (24,798) 9,700,000 MXN MXN TIIE 9.7600 8/17/15 55,386 Three-Month 82,000,000 LIBOR 5.5700 5/26/16 3,773,278 39,520,000 ZAR 8.2900 Three-Month JIBA 6/23/08 59,378 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: 11,490,000 GBP 5.2500 Six-Month LIBOR 5/21/09 (54,628) 28-Day MXN 9,440,000 MXN TIIE 9.9900 7/9/15 66,417 Six-Month 4,680,000 PLZ WIBO 4.5300 7/5/10 (41,921) - ------------------------------------------------------------------------------------------------------------------------------------
43 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - ------------------------------------------------------------------------------ Three- Month Merrill Lynch & Co., STIBOR- Inc. 59,640,000 SEK side 4.0325 6/19/12 38,824 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: 3,540,000 BRR BZDI 17.5900 1/2/07 26,290 1,760,273 BRR BZDI 16.8800 1/2/08 26,325 - ------------------------------------------------------------------------------------------------------------------------------------ Santander Central Hispano 4,420,000 BRR BZDI 14.0000 1/2/12 (5,672) - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG 67,760,000 NOK 4.2200 Six-Month NIBOR 2/6/12 115,626 - ------------------------------------------------------------------------------------------------------------------------------------ WestPac Banking Corp. 8,135,000 NZD 6.7500 Six-Month BBR 6/29/16 (49,006) -------------- 5,687,294 ==============
NOTIONAL AMOUNT IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCIES: BRR Brazilian Real GBP British Pound Sterling HUF Hungarian Forint INR Indian Rupee MXN Mexican Nuevo Peso NOK Norwegian Krone NZD New Zealand Dollar PLZ Polish Zloty SEK Swedish Krona TWD New Taiwan Dollar ZAR South African Rand INDEX ABBREVIATIONS ARE AS FOLLOWS: BBR Bank Bill Rate BUBOR Budapest Interbank Offered Rate BZDI Brazil Cetip Interbank Deposit Rate FRAS French Franc/Austrian Schilling IRS India Swap Composites JIBA South Africa Johannesburg Interbank Agreed Rate LIBOR London-Interbank Offered Rate MIBOR Mid Market Interest Rate for FRAS and IRS MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate NIBOR Norwegian Interbank Offered Rate OIS Overnight Indexed Swap STIBOR Stockholm Interbank Offered Rate WIBO Poland Warsaw Interbank Offer Bid Rate TOTAL RETURN SWAP CONTRACTS A total return swap is an agreement under which a set of future cash flows is exchanged between two counterparties. One cash flow stream will typically be based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Payments under the swap are based on an agreed upon principal amount but since this principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the 44 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur in the reference asset). As of September 30, 2006, the Fund had entered into the following total return swap agreements:
UNREALIZED SWAP NOTIONAL TERMINATION APPRECIATION COUNTERPARTY AMOUNT/UNITS PAID BY THE FUND RECEIVED BY THE FUND DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Lehman Brothers CMBS If negative, the Index Spread plus absolute value of the Total Return Amount Total Return Amount for value for a given $ 2,540,000 a given Index Period. % Index Period. 12/1/06 $ 1,872 1,620,000 Six-Month BBA LIBOR 5.46 % 5/13/15 218,938 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The): 920,000 Six-Month BBA LIBOR 5.10 1/14/15 118,155 920,000 Six-Month BBA LIBOR 5.08 1/20/15 122,890 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International: One-Month USD BBA LIBOR -spread plus total Total Return of custom return, if negative, of equity basket, if 41,800 custom equity basket. positive. 10/9/07 (24,561) Price Appreciation of Price Depreciation of Sao Paulo Stock Sao Paulo Stock Exchange Exchange Index 1,170,527 BRR Index Futures. Futures. 10/18/06 (15,154) Price Depreciation of Price Appreciation of Sao Paulo Stock Exchange Sao Paulo Stock 2,458,200 BRR Index Futures. Exchange Index Futures. 10/18/06 (33,554) Price Depreciation of Price Appreciation of Standard & Poor's CNX Standard & Poor's CNX 84,744,000 INR Nifty Index Futures. Nifty Index Futures. 10/26/06 (29,761) Price Depreciation of Price Appreciation of Swiss Market Index Swiss Market Index 2,061,437 CHF Futures. Futures. 12/15/06 (42,401) - ------------------------------------------------------------------------------------------------------------------------------------ If positive, receive If negative, the the Spread on the absolute value of the Lehman Brothers CMBS Lehman Brothers CMBS AAA AAA 8.5+ Index Spread Lehman Brothers 8.5+ Index Spread Return Return Amount, and SpecialFinancing, Inc. 2,820,000 Amount. Carry Amount. 12/1/06 2,040 - ------------------------------------------------------------------------------------------------------------------------------------ Total Return of Total Return of custom Morgan Stanley & Co. custom equity basket, equity basket, if International Ltd. 336,000 if negative. positive. 10/6/07 (9,984) -------------- $ 308,480 ==============
Notional amount is reported in U.S. dollars, except for those denoted in the following currencies: BRR Brazilian Real CHF Swiss Franc INR Indian Rupee Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate CMBS Commercial Mortgage Backed Securities LIBOR London-Interbank Offered Rate 45 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- 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. The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund purchases a swaption it risks losing only the amount of the premium they have paid should the Manager decide to let the option expire unexercised. When the Fund writes a swaption it will become obligated, upon exercise of the option, according to the terms of the underlying agreement. Swaptions written are reported as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. CALL SWAPTIONS ------------------------------ NOTIONAL AMOUNT OF AMOUNT PREMIUMS - ------------------------------------------------------------------- Swaptions outstanding as of December 31, 2005 $ 9,000,000 $ 36,900 Swaptions written 18,600,000 20,683 Swaptions closed or expired (27,600,000) (57,583) ------------------------------ Swaptions outstanding as of September 30, 2006 $ -- $ -- ============================== ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY As of September 30, 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:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST SEPT. 30, 2006 DEPRECIATION - -------------------------------------------------------------------------------------------- Prandium, Inc. 3/19/99-9/25/02 $ 284,000 $ 193 $ 283,807 ================================================ CURRENCY Argentine Peso 7/16/06-9/22/06 $ 255,214 $ 253,566 $ 1,648 ================================================
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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2006, the Fund had on loan securities valued at $106,150,657, which are included in the Statement of Assets and Liabilities in the annual and semiannual reports as 46 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2006 / Unaudited - -------------------------------------------------------------------------------- "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $107,342,057 was received for the loans, of which $85,170,491 was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 47 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--10.1% - -------------------------------------------------------------------------------- Ace Securities Corp., Home Equity Loan Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 5.51%, 11/25/35 1 $ 960,000 $ 961,029 - -------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 5.39%, 4/20/08 1 640,000 640,489 - -------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.81%, 5/25/34 1 3,130,000 3,144,063 - -------------------------------------------------------------------------------- Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 5.43%, 5/26/36 1 1,230,000 1,230,770 - -------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2005-C, Asset-Backed Certificates, Series 2005-C, Cl. AF1, 4.196%, 6/25/35 166,641 166,135 - -------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2005-D, Asset-Backed Certificates: Series 2005-D, Cl. AF1, 5.04%, 10/25/35 740,914 737,841 Series 2005-D, Cl. AV2, 5.60%, 10/25/35 1 1,920,000 1,922,106 - -------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 5.43%, 5/16/36 1 1,540,000 1,540,964 - -------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 301,707 - -------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 1 1,602,425 1,588,244 - -------------------------------------------------------------------------------- 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 1,543,070 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 5.70% 2/25/33 1 35,747 35,785 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-7, Asset-Backed Certificates, Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 1 149,264 148,829 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 670,000 668,962 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-17, Asset Backed Certificates, Series 2005-17, Cl. 1AF1, 5.53%, 5/25/36 1 992,264 993,466 - -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 440,000 439,199 - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 5.54%, 11/25/35 1 2,840,000 2,843,022 - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF5, Mtg. Pass-Through Certificates, Series 2006-FF5, Cl. 2A1, 5.38%, 5/15/36 1 816,103 816,671 - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 5.434%, 7/7/36 1 630,000 630,394 - -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 5.414%, 7/25/36 1 1,240,000 1,240,776 - -------------------------------------------------------------------------------- Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.59%, 1/20/35 1 1,011,855 1,013,432 - -------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 1,016,800 1,012,223 - -------------------------------------------------------------------------------- Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31 3 3,027,180 3,090,024 - -------------------------------------------------------------------------------- Morgan Stanley ABS Capital I, Mtg. Pass-Through Certificates, Series 2005-WMC6, Cl. A2B, 5.59%, 7/25/35 1 770,000 771,770 1 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 1.762%, 1/25/29 3 $ 3,370,016 $ 707,703 - -------------------------------------------------------------------------------- Onyx Acceptance Owner Trust, Automobile Receivable Obligations, Series 2005-B, Cl. A2, 4.03%, 4/15/08 147,241 147,259 - -------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 5.43%, 7/1/36 1 2,080,000 2,081,302 - -------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. AF2, 3.735%, 11/10/34 1 326,097 324,552 - -------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. AF2, 3.914%, 5/25/35 1 408,590 405,938 - -------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 1 730,000 723,341 - -------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 690,000 689,584 - -------------------------------------------------------------------------------- RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 1,417,865 1,405,941 - -------------------------------------------------------------------------------- RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 5.41%, 7/25/36 1 771,037 771,521 - -------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1, 5.39%, 4/25/36 1 858,154 858,745 - -------------------------------------------------------------------------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2003-25XS, Cl. A4, 4.51%, 8/25/33 53,832 53,576 - -------------------------------------------------------------------------------- Structured Asset Securities Corp., Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,625,800 2,320,103 - -------------------------------------------------------------------------------- Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 1,740,000 1,789,990 - -------------------------------------------------------------------------------- Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 5.424%, 7/25/36 1 1,230,000 1,230,769 --------------- Total Asset-Backed Securities (Cost $43,382,876) 40,991,295 - -------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--66.2% - -------------------------------------------------------------------------------- GOVERNMENT AGENCY--55.5% - -------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--55.3% Fannie Mae Whole Loan, CMO Pass-Through Certificates, Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 703,981 726,834 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19 11,394,742 11,004,342 5%, 8/1/33 4,559,801 4,401,638 5%, 10/1/36 4 2,538,000 2,441,239 6%, 7/1/17-10/1/29 9,856,429 9,990,762 6.50%, 4/1/18-4/1/34 1,617,883 1,654,750 7%, 5/1/29-3/1/35 8,695,187 8,951,426 8%, 4/1/16 804,420 850,911 9%, 8/1/22-5/1/25 228,022 244,328 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2066, Cl. Z, 6.50%, 6/15/28 2,786,943 2,857,964 Series 2195, Cl. LH, 6.50%, 10/15/29 1,656,793 1,699,229 Series 2326, Cl. ZP, 6.50%, 6/15/31 571,787 586,828 Series 2500, Cl. FD, 5.83%, 3/15/32 1 411,396 415,686 Series 2526, Cl. FE, 5.73%, 6/15/29 1 632,412 635,102 2 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED - -------------------------------------------------------------------------------- Series 2551, Cl. FD, 5.73%, 1/15/33 1 $ 496,484 $ 501,908 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 42,128 42,043 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 13.596%, 6/1/26 5 726,583 162,001 Series 183, Cl. IO, 10.655%, 4/1/27 5 1,083,531 235,436 Series 184, Cl. IO, 15.965%, 12/1/26 5 1,180,123 263,580 Series 192, Cl. IO, 14.235%, 2/1/28 5 281,727 60,060 Series 200, Cl. IO, 13.451%, 1/1/29 5 340,170 74,470 Series 206, Cl. IO, (8.679)%, 12/1/29 5 708,349 164,924 Series 2003-118, Cl. S, 10.01%, 12/25/33 5 3,935,947 432,943 Series 2005-87, Cl. SG, 10.772%, 10/25/35 5 6,087,288 352,486 Series 2130, Cl. SC, (1.276)%, 3/15/29 5 777,036 48,416 Series 2796, Cl. SD, 1.418%, 7/15/26 5 1,217,025 81,700 Series 2920, Cl. S, (0.432)%, 1/15/35 5 4,605,933 221,883 Series 3000, Cl. SE, (3.796)%, 7/15/25 5 5,192,389 198,542 - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.428%, 6/1/26 6 296,021 243,068 - -------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 3/1/19 379,007 366,923 5%, 3/1/18-3/1/34 20,837,328 20,279,384 5%, 10/1/21-10/1/36 4 21,734,000 21,084,486 5.50%, 1/1/33-1/1/34 27,970,849 27,646,546 5.50%, 10/1/21-10/1/36 4 22,065,000 21,837,760 6%, 5/1/29-11/1/32 5,293,975 5,346,757 6%, 10/1/21-10/1/36 4 12,707,000 12,878,112 6.50%, 3/1/11-11/1/31 13,208,502 13,527,311 6.50%, 10/1/36 4 7,277,000 7,411,173 7%, 11/1/17-7/1/35 5,242,651 5,405,692 7.50%, 1/1/08-1/1/33 36,743 37,927 8%, 5/1/17 10,113 10,590 8.50%, 7/1/32 68,439 73,696 - -------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 76,707 82,585 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,642,735 1,694,019 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 1,348,120 1,391,911 Trust 2001-70, Cl. LR, 6%, 9/25/30 363,789 364,467 Trust 2001-72, Cl. NH, 6%, 4/25/30 146,425 146,359 Trust 2001-74, Cl. PD, 6%, 5/25/30 60,968 60,841 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,760,699 1,787,509 Trust 2002-77, Cl. WF, 5.73%, 12/18/32 1 742,950 749,201 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 3,930,684 Trust 2003-84, Cl. PW, 3%, 6/25/22 1,580,000 1,546,475 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,908,000 1,865,325 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,120,000 1,083,678 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 3,160,000 3,170,818 Trust 2006-50, Cl. KS, 4.657%, 6/25/36 1 1,298,759 1,266,231 3 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2006-50, Cl. SA, 4.657%, 6/25/36 1 $ 1,679,325 $ 1,625,107 Trust 2006-50, Cl. SK, 5.657%, 6/25/36 1 537,704 527,082 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 4,289,719 4,298,294 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 4,671,000 4,553,766 - -------------------------------------------------------------------------------- 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, 0.406%, 4/25/32 5 1,469,429 117,060 Trust 2002-51, Cl. S, 0.525%, 8/25/32 5 1,348,941 105,643 - -------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 222, Cl. 2, 14.384%, 6/1/23 5 2,348,691 508,486 Trust 240, Cl. 2, 16.343%, 9/1/23 5 2,794,214 621,888 Trust 252, Cl. 2, 10.65%, 11/1/23 5 1,820,527 448,942 Trust 273, Cl. 2, 14.286%, 8/1/26 5 540,599 118,557 Trust 303, Cl. IO, (3.803)%, 11/1/29 5 310,422 72,613 Trust 319, Cl. 2, 11.61%, 2/1/32 5 497,299 114,465 Trust 321, Cl. 2, 6.699%, 4/1/32 5 5,498,101 1,267,197 Trust 329, Cl. 2, 10.207%, 1/1/33 5 2,470,283 593,110 Trust 331, Cl. 9, 8.193%, 2/1/33 5 1,307,405 319,237 Trust 334, Cl. 17, 16.632%, 2/1/33 5 890,039 197,556 Trust 340, Cl. 2, 8.005%, 9/1/33 5 848,327 207,863 Trust 344, Cl. 2, 8.023%, 12/1/33 5 4,335,063 1,003,766 Trust 362, Cl. 12, 4.14%, 8/1/35 5 2,342,616 503,717 Trust 362, Cl. 13, 4.145%, 8/1/35 5 1,299,782 288,896 Trust 2001-65, Cl. S, 9.085%, 11/25/31 5 2,299,555 214,769 Trust 2001-81, Cl. S, 2.649%, 1/25/32 5 575,761 43,384 Trust 2002-52, Cl. SD, (2.00)%, 9/25/32 5 1,605,262 130,278 Trust 2002-77, Cl. SH, 2.874%, 12/18/32 5 690,073 65,856 Trust 2002-84, Cl. SA, 10.473%, 12/25/32 5 1,990,361 198,873 Trust 2003-4, Cl. S, 9.921%, 2/25/33 5 1,328,294 150,973 Trust 2003-33, Cl. SP, 13.034%, 5/25/33 5 2,027,244 237,290 Trust 2004-54, Cl. DS, (4.509), 11/25/30 5 1,132,256 61,968 Trust 2005-6, Cl. SE, (2.036)%, 2/25/35 5 3,173,279 160,508 Trust 2005-19, Cl. SA, (2.745)%, 3/25/35 5 11,663,608 594,743 Trust 2005-40, Cl. SA, (2.773)%, 5/25/35 5 2,622,090 132,442 Trust 2005-71, Cl. SA, 3.309%, 8/25/25 5 3,297,598 188,464 Trust 2006-33, Cl. SP, 13.681%, 5/25/36 5 4,486,719 349,902 - -------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 340, Cl. 1, 5.181%, 9/1/33 6 848,327 614,700 Trust 1993-184, Cl. M, 5.623%, 9/25/23 6 653,281 528,986 --------------- 225,757,340 - -------------------------------------------------------------------------------- GNMA/GUARANTEED--0.2% Government National Mortgage Assn.: 7%, 1/15/09-5/15/09 22,675 23,006 4 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- GNMA/GUARANTEED CONTINUED - -------------------------------------------------------------------------------- 8.50%, 8/15/17-12/15/17 $ 317,499 $ 338,587 - -------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, (5.825)%, 1/16/27 5 1,228,356 79,593 Series 2002-15, Cl. SM, (9.288)%, 2/16/32 5 1,408,021 86,605 Series 2004-11, Cl. SM, (8.553)%, 1/17/30 5 1,016,905 65,402 Series 2006-47, Cl. SA, 16.226%, 8/16/36 5 7,602,743 455,140 --------------- 1,048,333 - -------------------------------------------------------------------------------- NON-AGENCY--10.7% - -------------------------------------------------------------------------------- COMMERCIAL--8.7% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 3.659%, 4/14/29 5 36,955,782 852,747 - -------------------------------------------------------------------------------- Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1996-MD6, Cl. A3, 7.694%, 11/13/29 1 1,200,000 1,225,211 - -------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2005-3, Cl. A2, 4.501%, 7/10/43 2,100,000 2,054,773 - -------------------------------------------------------------------------------- Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 1,781,763 1,812,017 - -------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,393,667 1,405,427 Series 2005-E, Cl. 2A2, 4.975%, 6/25/35 1 190,523 190,293 - -------------------------------------------------------------------------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 7.276%, 6/22/24 5 19,461,993 742,549 - -------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 460,000 459,485 - -------------------------------------------------------------------------------- Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, CMO, Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 2,449,958 2,447,853 - -------------------------------------------------------------------------------- Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, CMO, Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 815,277 818,001 - -------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 1,190,000 1,179,012 - -------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 522,064 525,989 - -------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 1,460,000 1,427,264 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,290,000 1,288,647 - -------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 510,000 500,303 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 1,720,000 1,696,691 - -------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 1,430,000 1,420,102 - -------------------------------------------------------------------------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 6.05%, 2/18/30 5 16,076,626 327,357 - -------------------------------------------------------------------------------- Lehman Structured Securities Corp., CMO, Series 2002-GE1, Cl. A, 2.514%, 7/26/24 3 311,669 227,519 - -------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-6, Cl. 10A1, 6%, 7/25/34 2,051,488 2,040,971 5 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- COMMERCIAL CONTINUED - -------------------------------------------------------------------------------- Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 $ 1,723,120 $ 1,712,341 - -------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 1,057,885 1,055,841 - -------------------------------------------------------------------------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 2,983,741 2,981,731 - -------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 2,721,535 2,718,771 - -------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, (5.245)%, 5/18/32 5 296,613,756 753,488 - -------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 2,520,000 2,492,440 - -------------------------------------------------------------------------------- WAMU Mortgage Pass-Through Certificates Series 2005-AR5 Trust, Series 2005-AR5, Cl. A1, 4.673%, 5/25/35 1 981,502 978,773 - -------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-DD Trust, CMO Mtg. Pass-Through Certificates, Series 2004-DD, Cl. 2A1, 4.509%, 1/25/35 1 113,110 112,756 --------------- 35,448,352 - -------------------------------------------------------------------------------- OTHER--0.3% Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 69.737%, 10/23/17 5 14,400 2,573 - -------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 6.619%, 10/23/17 6 20,281 18,270 - -------------------------------------------------------------------------------- WAMU Mortgage Pass-Through Certificates Series 2005-AR8 Trust, Series 2005-AR8, Cl. 2AB1, 5.58%, 7/25/45 1 1,151,607 1,155,017 --------------- 1,175,860 - -------------------------------------------------------------------------------- RESIDENTIAL--1.7% Countrywide Alternative Loan Trust, CMO: Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 3,158,796 3,192,359 Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 2,717,609 2,775,232 - -------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 1,058,607 1,051,302 --------------- 7,018,893 --------------- Total Mortgage-Backed Obligations (Cost $271,461,782) 270,448,778 - -------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--1.2% - -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts., 5.25%, 7/18/11 (Cost $4,806,605) 4,760,000 4,831,890 - -------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--37.2% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--13.3% - -------------------------------------------------------------------------------- AUTOMOBILES--2.2% DaimlerChrysler North America Holding Corp., 7.30% Nts., 1/15/12 1,930,000 2,053,601 - -------------------------------------------------------------------------------- Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 2,7 3,860,000 3,988,580 - -------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 7 1,660,000 1,740,464 - -------------------------------------------------------------------------------- Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 2 1,115,000 1,106,016 --------------- 8,888,661 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.4% Caesars Entertainment, Inc., 7.50% Sr. Unsec. Nts., 9/1/09 2,250,000 2,353,376 - -------------------------------------------------------------------------------- Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 1,475,000 1,596,688 6 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED - -------------------------------------------------------------------------------- Hyatt Equities LLC, 6.875% Nts., 6/15/07 2 $ 1,965,000 $ 1,978,334 - -------------------------------------------------------------------------------- MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 2,020,000 2,004,850 - -------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd., 7% Sr. Unsec. Unsub. Nts., 10/15/07 545,000 553,137 - -------------------------------------------------------------------------------- Yum! Brands, Inc., 7.70% Sr. Nts., 7/1/12 1,335,000 1,463,338 --------------- 9,949,723 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.8% Beazer Homes USA, Inc., 6.875% Sr. Unsec. Nts., 7/15/15 7 1,150,000 1,046,500 - -------------------------------------------------------------------------------- Centex Corp., 4.875% Sr. Unsec. Nts., 8/15/08 1,230,000 1,216,807 - -------------------------------------------------------------------------------- D.R. Horton, Inc.: 5.375% Sr. Unsec. Nts., 6/15/12 7 1,200,000 1,147,386 6.125% Nts., 1/15/14 1,035,000 1,011,421 - -------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 1,725,000 1,587,000 - -------------------------------------------------------------------------------- KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 7 1,445,000 1,316,570 - -------------------------------------------------------------------------------- Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 7 1,870,000 1,955,270 - -------------------------------------------------------------------------------- Pulte Homes, Inc., 4.875% Nts., 7/15/09 2,025,000 1,990,336 --------------- 11,271,290 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 247,000 238,345 - -------------------------------------------------------------------------------- MEDIA--4.3% British Sky Broadcasting Group plc, 8.20% Sr. Unsec. Nts., 7/15/09 1,265,000 1,356,099 - -------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 1,005,000 1,051,326 - -------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 1,370,000 1,375,516 - -------------------------------------------------------------------------------- Comcast Corp., 6.45% Unsec. Nts., 3/15/37 2,425,000 2,434,237 - -------------------------------------------------------------------------------- Cox Communications, Inc., 4.625% Unsec. Nts., 1/15/10 3,115,000 3,032,256 - -------------------------------------------------------------------------------- EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 7 1,245,000 1,237,219 - -------------------------------------------------------------------------------- Liberty Media Corp.: 5.70% Sr. Unsec. Nts., 5/15/13 7 1,200,000 1,138,345 7.875% Sr. Nts., 7/15/09 480,000 504,918 - -------------------------------------------------------------------------------- Reed Elsevier Capital, Inc., 4.625% Nts., 6/15/12 860,000 822,685 - -------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 1,645,000 1,945,815 - -------------------------------------------------------------------------------- Tribune Co., 5.50% Nts., Series E, 10/6/08 1,115,000 1,107,651 - -------------------------------------------------------------------------------- Univision Communications, Inc.: 3.50% Sr. Unsec. Nts., 10/15/07 1,270,000 1,235,616 3.875% Sr. Unsec. Nts., 10/15/08 590,000 560,971 --------------- 17,802,654 - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.6% Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 1,455,000 1,484,518 - -------------------------------------------------------------------------------- May Department Stores Co., 7.90% Unsec. Debs., 10/15/07 785,000 798,868 --------------- 2,283,386 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--0.9% Gap, Inc. (The): 6.90% Nts., 9/15/07 1,315,000 1,328,331 9.393% Unsub. Nts., 12/15/08 1 466,000 502,794 - -------------------------------------------------------------------------------- Limited Brands, Inc., 6.125% Sr. Unsec. Nts., 12/1/12 7,8 2,025,000 2,052,192 --------------- 3,883,317 7 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- CONSUMER STAPLES--3.1% - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.2% Ahold Finance USA, Inc., 6.25% Sr. Unsec. Unsub. Nts., 5/1/09 $ 1,890,000 $ 1,918,350 - -------------------------------------------------------------------------------- Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 7 1,675,000 1,636,664 - -------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,235,000 1,452,840 - -------------------------------------------------------------------------------- Kroger Co. (The), 5.50% Unsec. Unsub. Nts., 2/1/13 2,065,000 2,038,269 - -------------------------------------------------------------------------------- Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11 2,035,000 2,102,529 --------------- 9,148,652 - -------------------------------------------------------------------------------- FOOD PRODUCTS--0.6% Tyson Foods, Inc., 7.25% Sr. Unsec. Nts., 10/1/06 2,335,000 2,335,000 - -------------------------------------------------------------------------------- TOBACCO--0.3% Reynolds American, Inc., 6.50% Sr. Sec. Nts., 6/1/07 2 1,272,000 1,281,713 - -------------------------------------------------------------------------------- ENERGY--3.6% - -------------------------------------------------------------------------------- OIL & GAS--3.6% El Paso Corp.: 6.50% Sr. Unsec. Nts., 6/1/08 7 390,000 392,438 7.625% Sr. Unsec. Nts., 9/1/08 3 1,490,000 1,532,838 - -------------------------------------------------------------------------------- Enterprise Products Operating LP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 1,880,000 2,006,774 - -------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 1,845,000 2,007,500 - -------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 7.875% Unsec. Unsub. Nts., 2/1/09 2,835,000 2,975,333 - -------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 2 2,937,500 2,898,187 - -------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 2 1,253,670 1,180,901 - -------------------------------------------------------------------------------- Williams Cos., Inc., Credit Linked Certificate Trust (The), 6.75% Nts., 4/15/09 2 1,885,000 1,903,850 --------------- 14,897,821 - -------------------------------------------------------------------------------- FINANCIALS--8.5% - -------------------------------------------------------------------------------- CAPITAL MARKETS--1.1% Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 2,680,000 2,671,518 - -------------------------------------------------------------------------------- Morgan Stanley, 4.75% Sub. Nts., 4/1/14 2,100,000 2,000,149 --------------- 4,671,667 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--2.4% Barclays Bank plc, 6.278% Perpetual Bonds 9 2,780,000 2,652,787 - -------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 2,9 2,700,000 2,614,289 - -------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 1 2,000,000 2,003,036 - -------------------------------------------------------------------------------- Popular North America, Inc., 4.70% Nts., 6/30/09 2,485,000 2,438,299 --------------- 9,708,411 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.2% CIT Group, Inc., 5.40% Sr. Nts., 3/7/13 2,010,000 2,002,786 - -------------------------------------------------------------------------------- Citigroup, Inc., 6.125% Sub. Nts., 8/25/36 810,000 835,975 - -------------------------------------------------------------------------------- JPMorgan Chase & Co., 5.15% Sub. Nts., 10/1/15 2,035,000 1,988,508 --------------- 4,827,269 - -------------------------------------------------------------------------------- INSURANCE--2.2% Marsh & McLennan Cos., Inc.: 5.875% Sr. Unsec. Bonds, 8/1/33 1,355,000 1,243,988 7.125% Sr. Unsec. Nts., 6/15/09 1,050,000 1,091,096 - -------------------------------------------------------------------------------- MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 1,560,000 1,507,565 - -------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 2 2,055,000 2,539,337 8 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- INSURANCE CONTINUED Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 $ 2,035,000 $ 2,559,572 --------------- 8,941,558 - -------------------------------------------------------------------------------- REAL ESTATE--1.6% EOP Operating LP, 8.10% Unsec. Nts., 8/1/10 1,925,000 2,092,040 - -------------------------------------------------------------------------------- iStar Financial, Inc., 5.15% Sr. Unsec. Nts., 3/1/12 2,215,000 2,163,486 - -------------------------------------------------------------------------------- Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 2,225,000 2,223,216 --------------- 6,478,742 - -------------------------------------------------------------------------------- HEALTH CARE--0.9% - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.9% Cardinal Health, Inc., 5.80% Nts., 10/15/16 2 1,580,000 1,577,583 - -------------------------------------------------------------------------------- HCA, Inc., 8.75% Sr. Nts., 9/1/10 2,055,000 2,080,688 --------------- 3,658,271 - -------------------------------------------------------------------------------- INDUSTRIALS--0.5% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.5% BAE Systems Holdings, Inc., 5.20% Nts., 8/15/15 2 2,115,000 2,027,151 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--0.5% - -------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.5% Xerox Corp., 9.75% Sr. Unsec. Nts., 1/15/09 1,860,000 2,022,750 - -------------------------------------------------------------------------------- MATERIALS--0.6% - -------------------------------------------------------------------------------- METALS & MINING--0.1% United States Steel Corp., 10.75% Sr. Nts., 8/1/08 375,000 407,344 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.5% MeadWestvaco Corp., 6.85% Unsec. Unsub. Nts., 4/1/12 7 1,930,000 2,018,159 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.0% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.0% AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 1,545,000 1,740,993 - -------------------------------------------------------------------------------- Qwest Corp., 5.625% Unsec. Nts., 11/15/08 250,000 249,375 - -------------------------------------------------------------------------------- Telecom Italia Capital SA, 4% Unsec. Nts., 11/15/08 2,050,000 1,989,556 - -------------------------------------------------------------------------------- Telefonos de Mexico SA de CV, 4.50% Nts., 11/19/08 2,035,000 2,004,807 - -------------------------------------------------------------------------------- Telus Corp., 8% Nts., 6/1/11 885,000 976,494 - -------------------------------------------------------------------------------- Verizon Global Funding Corp., 7.25% Sr. Unsec. Unsub. Nts., 12/1/10 1,010,000 1,084,331 --------------- 8,045,556 - -------------------------------------------------------------------------------- UTILITIES--4.2% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.4% FirstEnergy Corp., 7.375% Sr. Unsub. Nts., Series C, 11/15/31 1,825,000 2,116,454 - -------------------------------------------------------------------------------- Mission Energy Holding Co., 13.50% Sr. Sec. Nts., 7/15/08 1,780,000 1,995,825 - -------------------------------------------------------------------------------- Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 1,520,000 1,588,152 --------------- 5,700,431 - -------------------------------------------------------------------------------- ENERGY TRADERS--0.6% IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 1 1,180,000 1,218,350 - -------------------------------------------------------------------------------- TXU Energy Co., 6.125% Nts., 3/15/08 1,430,000 1,442,334 --------------- 2,660,684 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--2.2% CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,990,000 2,105,547 - -------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 1,770,000 1,928,001 - -------------------------------------------------------------------------------- NiSource Finance Corp., 7.875% Sr. Unsec. Nts., 11/15/10 2,753,000 2,972,329 9 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER CONTINUED PSEG Funding Trust I, 5.381% Nts., 11/16/07 $ 1,835,000 $ 1,832,666 --------------- 8,838,543 --------------- Total Corporate Bonds and Notes (Cost $151,445,095) 151,987,098 UNITS - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 10 (Cost $14,872) 5,408 1,785 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.8% - -------------------------------------------------------------------------------- Undivided interest of 0.23% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $3,364,471 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $3,363,000) $ 3,363,000 3,363,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $474,474,230) 471,623,846 - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--3.5% 11 - -------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTES--0.6% Money Market Securities Trust, Series A-2, 5.41%, 9/15/06 1,000,000 1,000,000 - -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.44%, 9/15/06 1,500,000 1,500,000 --------------- 2,500,000 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.9% Undivided interest of 0.30% in joint repurchase agreement (Principal Amount/Value $3,950,000,000, with a maturity value of $3,951,787,375) with Nomura Securities, 5.43%, dated 9/29/06, to be repurchased at $11,742,590 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-6/25/43, with a value of $4,029,000,000 11,737,279 11,737,279 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $14,237,279) 14,237,279 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $488,711,509) 119.0% 485,861,125 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (19.0) (77,451,576) ------------------------------- NET ASSETS 100.0% $ 408,409,549 =============================== 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 $24,639,011 or 6.03% of the Fund's net assets as of September 30, 2006. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2006 was $5,558,084, which represents 1.36% of the Fund's net assets. See accompanying Notes. 4. When-issued security or forward commitment to be delivered and settled after September 30, 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 $14,680,341 or 3.59% of the Fund's net assets as of September 30, 2006. 10 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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 $1,405,024 or 0.34% of the Fund's net assets as of September 30, 2006. 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 $2,026,856. 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/securities have 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 September 30, 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 $ 488,872,163 Federal tax cost of other investments (89,979,372) ---------------- Total federal tax cost $ 398,892,791 ================ Gross unrealized appreciation $ 5,672,097 Gross unrealized depreciation (8,273,185) ---------------- Net unrealized depreciation $ (2,601,088) ================ NOTES TO FINANCIAL STATEMENTS 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(R) 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 11 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of September 30, 2006, the Fund had purchased $65,882,938 of securities issued on a when-issued basis or forward commitment and sold $491,823 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. INVESTMENTS WITH OFF BALANCE SHEET RISK The Fund enters into financial instrument transactions that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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 at the closing and expiration of futures contracts. The 12 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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 September 30, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPT. 30, 2006 (DEPRECIATION) - ----------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 12/19/06 377 $ 42,377,156 $ 752,362 U.S. Treasury Nts., 5 yr. 12/29/06 277 29,227,828 162,879 --------------- 915,241 --------------- CONTRACTS TO SELL Euro-Bundesobligation, 10 yr. 12/7/06 74 11,082,030 (73,700) U.S. Treasury Nts., 2 yr. 12/29/06 600 122,700,000 (280,822) U.S. Treasury Nts., 10 yr. 12/19/06 254 27,447,875 (205,898) --------------- (560,420) --------------- $ 354,821 ===============
CREDIT DEFAULT SWAP CONTRACTS Credit default swaps are designed to transfer the credit exposure of fixed income products between counterparties. The Fund may enter into credit default swaps, both directly ("unfunded swaps") and indirectly in the form of a swap embedded within a structured note ("funded swaps"), to protect against the risk that a security will default. Unfunded and funded credit default swaps may be on a single security, or a basket of securities. The Fund may take a short position (purchaser of credit protection) or a long position (seller of credit protection) in the credit default swap. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, pricing transparency when assessing the cost of a credit default swap, counterparty risk, and the need to fund the delivery obligation (either cash or defaulted bonds depending on whether the Fund is long or short the swap, respectively). The Fund would take a short position in a credit default swap (the "unfunded swap") against a long portfolio position to decrease exposure to specific high yield issuers. As a purchaser of credit protection under a swap contract, the Fund pays a periodic interest fee on the notional amount to the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund is obligated to deliver that security to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as realized gain and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of September 30, 2006 is as follows: 13 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
ANNUAL NOTIONAL AMOUNT INTEREST RECEIVED BY THE RATE PAID UNREALIZED FUND UPON CREDIT BY THE TERMINATION APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION EVENT FUND DATES (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: CDX.NA.IG.7 $ 3,600,000 0.400% 12/20/11 $ (1,099) Weyerhaeuser Co. 2,010,000 0.580 9/20/11 (1,151) - -------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Arrow Electronics, Inc. 2,010,000 0.790 9/20/11 (19,030) Arrow Electronics, Inc. 1,000,000 0.770 9/20/11 (8,583) Belo Corp. 1,170,000 0.650 6/20/11 6,538 Belo Corp. 655,000 0.670 6/20/11 3,109 Belo Corp. 1,295,000 0.675 6/20/11 5,875 Ford Motor Co. 980,000 5.300 12/20/08 (7,909) Ford Motor Co. 2,065,000 5.400 12/20/08 (21,393) General Motors Corp. 1,035,000 4.000 12/20/08 (2,909) General Motors Corp. 1,000,000 3.950 12/20/08 (1,727) --------------- $ (48,279) ===============
The Fund would take a long position in the credit default swap note (the "funded swap") to increase the exposure to specific high yield corporate issuers. As a seller of credit protection under a swap contract, the Fund receives a periodic interest fee on the notional amount from the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund receives that security from the counterparty in exchange for payment of the notional amount to the counterparty. The difference between the value of the security received and the notional amount paid is recorded as realized loss and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of September 30, 2006 is as follows:
ANNUAL INTEREST RATE NOTIONAL AMOUNT RECEIVED UNREALIZED PAID BY THE FUND BY THE TERMINATION APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION UPON CREDIT EVENT FUND DATES (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Abitibi-Consolidated Co. of Canada $ 1,630,000 1.52% 9/20/07 $ 5,362 Allied Waste North America, Inc. 630,000 2.00 9/20/09 5,008 Allied Waste North America, Inc. 990,000 2.00 9/20/09 7,870 Bombardier, Inc. 500,000 0.90 9/20/07 48 Eastman Kodak Co. 1,390,000 1.00 12/20/08 117 General Motors Acceptance Corp. 465,000 2.30 6/20/07 3,836
14 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- General Motors Corp. 640,000 6.40 12/20/06 7,296 General Motors Corp. 380,000 6.40 12/20/06 4,307 - -------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: ArvinMeritor, Inc. 555,000 1.05 9/20/07 (3,494) ArvinMeritor, Inc. 445,000 1.10 9/20/07 (2,602) Bombardier, Inc. 550,000 1.00 9/20/07 660 Bombardier, Inc. 555,000 1.05 9/20/07 1,083 Ford Motor Co. 980,000 7.05 12/20/16 13,978 Ford Motor Co. 2,065,000 7.15 12/20/16 40,352 General Motors Acceptance Corp. 1,355,000 3.15 6/20/07 22,721 General Motors Corp. 1,035,000 5.80 12/20/16 2,884 General Motors Corp. 1,000,000 5.75 12/20/16 22 Hyundai Motor Manufacturing Alabama LLC 875,000 0.40 6/20/07 806 J.C. Penney Corp., Inc. 2,005,000 0.61 6/20/13 (12,839) --------------- $ 97,415 ===============
TOTAL RETURN SWAP CONTRACTS A total return swap is an agreement under which a set of future cash flows is exchanged between two counterparties. One cash flow stream will typically be based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Payments under the swap are based on an agreed upon principal amount but since this principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur in the reference asset). As of September 30, 2006, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION UNREALIZED COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATES APPRECIATION - --------------------------------------------------------------------------------------------------------------- If negative, the Lehman Brothers absolute value of the CMBS Index Spread Total Return Amount plus Total Return for a given Index Amount value for a Deutsche Bank AG $ 3,900,000 Period. given Index Period. 12/1/06 $ 2,874 - --------------------------------------------------------------------------------------------------------------- If positive, receive the If negative, the Spread on the absolute value of Lehman Brothers the Lehman Brothers CMBS AAA 8.5+ Lehman Brothers CMBS AAA 8.5+ Index Spread Return Special Financing, Index Spread Return Amount, and Carry Inc. 4,310,000 Amount. Amount. 12/1/06 3,118 ------------- $ 5,992 =============
Abbreviation is as follows: 15 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of September 30, 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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2006, the Fund had on loan securities valued at $13,981,653, which are included in the Statement of Assets and Liabilities in the annual and semiannual reports as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $14,237,279 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 16 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--87.2% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--32.8% - -------------------------------------------------------------------------------- AUTO COMPONENTS--1.4% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 $ 800,000 $ 800,000 - -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,250,000 1,221,875 9% Sr. Unsec. Nts., 7/1/15 445,000 453,900 - -------------------------------------------------------------------------------- Keystone Automotive Operations, Inc., 9.75% Sr. Unsec. Sub. Nts., 11/1/13 1 200,000 189,000 - -------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 900,000 875,250 - -------------------------------------------------------------------------------- Tenneco Automotive, Inc., 10.25% Sr. Sec. Nts., Series B, 7/15/13 900,000 981,000 - -------------------------------------------------------------------------------- United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 400,000 398,000 - -------------------------------------------------------------------------------- Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 800,000 720,000 8.25% Sr. Unsec. Nts., 8/1/10 1,800,000 1,764,000 --------------- 7,403,025 - -------------------------------------------------------------------------------- AUTOMOBILES--5.0% Ford Motor Co., 7.45% Bonds, 7/16/31 800,000 622,000 - -------------------------------------------------------------------------------- Ford Motor Credit Co.: 5.625% Nts., 10/1/08 2,200,000 2,111,492 5.80% Sr. Unsec. Nts., 1/12/09 2 1,200,000 1,143,012 7.375% Nts., 10/28/09 4,500,000 4,376,052 7.375% Unsec. Nts., 2/1/11 600,000 576,418 9.957% Nts., 4/15/12 3 2,730,000 2,860,341 - -------------------------------------------------------------------------------- General Motors Acceptance Corp.: 6.875% Nts., 9/15/11 6,490,000 6,462,288 7.25% Nts., 3/2/11 500,000 503,327 8% Bonds, 11/1/31 2,210,000 2,317,123 - -------------------------------------------------------------------------------- General Motors Corp.: 7.20% Nts., 1/15/11 2,100,000 1,945,125 8.375% Sr. Unsec. Debs., 7/15/33 1,300,000 1,131,000 - -------------------------------------------------------------------------------- Hertz Corp.: 8.875% Sr. Nts., 1/1/14 4 90,000 94,725 10.50% Sr. Sub. Nts., 1/1/16 4 1,570,000 1,734,850 --------------- 25,877,753 - -------------------------------------------------------------------------------- DISTRIBUTORS--0.1% SGS International, Inc., 12% Sr. Unsec. Sub. Nts., 12/15/13 745,000 756,175 - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.2% Education Management LLC/Education Management Corp., 10.25% Sr. Sub. Nts., 6/1/16 4 830,000 852,825 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--7.3% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 1,300,000 1,326,000 - -------------------------------------------------------------------------------- Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 450,000 471,938 - -------------------------------------------------------------------------------- Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 1,200,000 1,266,000 - -------------------------------------------------------------------------------- CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 4 1,340,000 1,293,100 - -------------------------------------------------------------------------------- Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 875,000 923,125 - -------------------------------------------------------------------------------- French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 4 1,310,000 1,195,375 - -------------------------------------------------------------------------------- Gaylord Entertainment Co.: 6.75% Sr. Unsec. Unsub. Nts., 11/15/14 500,000 480,625 8% Sr. Nts., 11/15/13 700,000 715,750 1 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 4 $ 1,435,000 $ 1,521,100 - -------------------------------------------------------------------------------- Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 917,000 989,214 - -------------------------------------------------------------------------------- Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 1,150,000 1,098,250 9% Sr. Sub. Nts., 3/15/12 600,000 629,250 - -------------------------------------------------------------------------------- Mandalay Resort Group: 9.375% Sr. Sub. Nts., 2/15/10 41,000 44,024 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 800,000 830,000 - -------------------------------------------------------------------------------- MGM Mirage, Inc.: 6.75% Sr. Unsec. Nts., 4/1/13 510,000 503,625 8.375% Sr. Unsec. Sub. Nts., 2/1/11 3,200,000 3,352,160 9.75% Sr. Unsec. Sub. Nts., 6/1/07 800,000 823,000 - -------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 440,000 432,300 6.375% Sr. Sub. Nts., 7/15/09 800,000 798,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 915,000 896,700 8% Sr. Sub. Nts., 4/1/12 1,700,000 1,768,000 - -------------------------------------------------------------------------------- NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 800,000 778,000 - -------------------------------------------------------------------------------- Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 1,000,000 1,045,000 9.375% Sr. Unsec. Sub. Nts., 2/15/07 1,500,000 1,518,750 - -------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 145,000 141,919 6.875% Sr. Sub. Nts., 12/1/11 150,000 151,500 - -------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 2,350,000 2,391,125 - -------------------------------------------------------------------------------- Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 4 610,000 653,463 - -------------------------------------------------------------------------------- Six Flags, Inc.: 9.625% Sr. Nts., 6/1/14 957,000 856,515 9.75% Sr. Nts., 4/15/13 850,000 769,250 - -------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 1,800,000 1,694,250 6.875% Sr. Unsec. Sub. Nts., 3/1/16 480,000 452,400 - -------------------------------------------------------------------------------- Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 1,500,000 1,441,875 - -------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 1,000,000 1,082,500 - -------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,080,750 - -------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 2,500,000 2,437,500 --------------- 37,852,333 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.6% Beazer Homes USA, Inc.: 6.875% Sr. Unsec. Nts., 7/15/15 300,000 273,000 8.375% Sr. Nts., 4/15/12 500,000 500,000 - -------------------------------------------------------------------------------- D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 300,000 329,890 - -------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc.: 6.50% Sr. Nts., 1/15/14 300,000 276,000 7.75% Sr. Unsec. Sub. Nts., 5/15/13 900,000 828,000 8.875% Sr. Sub. Nts., 4/1/12 800,000 788,000 - -------------------------------------------------------------------------------- KB Home: 8.625% Sr. Sub. Nts., 12/15/08 150,000 154,481 9.50% Sr. Unsec. Sub. Nts., 2/15/11 350,000 359,188 - -------------------------------------------------------------------------------- Meritage Homes Corp., 6.25% Sr. Unsec. Nts., 3/15/15 300,000 256,500 - -------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 460,000 471,500 2 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED Standard Pacific Corp.: 6.25% Sr. Unsec. Unsub. Nts., 4/1/14 $ 600,000 $ 525,000 7.75% Sr. Nts., 3/15/13 650,000 617,500 9.25% Sr. Sub. Nts., 4/15/12 700,000 679,000 - -------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 500,000 513,750 - -------------------------------------------------------------------------------- WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 800,000 720,000 - -------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 1,150,000 1,063,750 --------------- 8,355,559 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.3% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 1,245,000 1,232,550 - -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 4 275,000 270,875 --------------- 1,503,425 - -------------------------------------------------------------------------------- MEDIA--14.3% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 5,9 360,000 220,500 8.125% Sr. Nts., Series B, 7/15/03 5,9 575,000 357,938 8.375% Sr. Nts., Series B, 2/1/08 5,9 1,000,000 622,500 10.25% Sr. Unsec. Sub. Nts., 6/15/11 5,9 1,000,000 652,500 10.875% Sr. Unsec. Nts., 10/1/10 5,9 1,000,000 622,500 - -------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 708,750 - -------------------------------------------------------------------------------- AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 1,050,000 992,250 9.50% Sr. Unsec. Sub. Nts., 2/1/11 192,000 192,720 - -------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 900,000 794,250 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,200,000 1,122,000 - -------------------------------------------------------------------------------- Block Communications, Inc., 8.25% Sr. Nts., 12/15/15 4 625,000 612,500 - -------------------------------------------------------------------------------- Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.: 10.25% Sr. Unsec. Nts., 9/15/10 600,000 615,000 10.25% Sr. Unsec. Nts., Series B, 9/15/10 1,145,000 1,167,900 - -------------------------------------------------------------------------------- Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 4 3,550,000 3,625,438 - -------------------------------------------------------------------------------- Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 400,000 417,000 - -------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 6 2,700,000 2,166,750 - -------------------------------------------------------------------------------- CSC Holdings, Inc.: 7.25% Sr. Nts., 4/15/12 4 950,000 951,188 7.625% Sr. Unsec. Debs., 7/15/18 1,500,000 1,543,125 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 900,000 928,125 - -------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 800,000 847,000 - -------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 700,000 726,250 9.875% Sr. Sub. Nts., 8/15/13 1,772,000 1,922,620 - -------------------------------------------------------------------------------- Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 6 500,000 423,750 8% Unsec. Nts., 11/15/13 2,250,000 2,244,375 - -------------------------------------------------------------------------------- DirecTV Holdings LLC/DirecTV Financing Co., Inc.: 6.375% Sr. Unsec. Nts., 6/15/15 1,100,000 1,039,500 8.375% Sr. Unsec. Nts., 3/15/13 1,800,000 1,874,250 3 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- MEDIA CONTINUED EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 $ 2,800,000 $ 2,670,500 7% Sr. Nts., 10/1/13 4,7 640,000 628,800 7.125% Sr. Nts., 2/1/16 4 800,000 777,000 - -------------------------------------------------------------------------------- Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 700,000 702,625 - -------------------------------------------------------------------------------- Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 610,000 567,300 - -------------------------------------------------------------------------------- Gray Television, Inc., 9.25% Sr. Sub. Nts., 12/15/11 500,000 525,625 - -------------------------------------------------------------------------------- Lamar Media Corp.: 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,357,000 1,307,809 7.25% Sr. Unsec. Sub. Nts., 1/1/13 200,000 202,250 - -------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 785,000 735,938 - -------------------------------------------------------------------------------- Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 6 2,200,000 1,694,000 - -------------------------------------------------------------------------------- Mediacom Broadband LLC, 8.50% Sr. Nts., 10/15/15 4,7 1,465,000 1,463,169 - -------------------------------------------------------------------------------- Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50% Sr. Nts., 10/15/15 280,000 279,650 - -------------------------------------------------------------------------------- Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 957,000 983,318 - -------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,400,000 1,242,500 6.875% Sr. Unsec. Sub. Nts., 10/1/13 800,000 744,000 - -------------------------------------------------------------------------------- Nielsen Finance LLC/Nielsen Finance Co.: 0%/12.50% Sr. Sub. Disc. Nts., 8/1/16 4,6 1,090,000 644,463 10% Sr. Nts., 8/1/14 4 2,630,000 2,731,913 - -------------------------------------------------------------------------------- NTL Cable plc, 9.125% Sr. Nts., 8/15/16 395,000 409,813 - -------------------------------------------------------------------------------- Paxson Communications Corp., 11.757% Sr. Sec. Nts., 1/15/13 1,3 1,165,000 1,179,563 - -------------------------------------------------------------------------------- PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 1,100,000 1,003,750 8.875% Sr. Unsec. Nts., 5/15/11 1,157,000 1,136,753 - -------------------------------------------------------------------------------- Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 4 460,000 445,050 - -------------------------------------------------------------------------------- R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 4,135,000 3,793,863 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,960,000 1,798,300 6.875% Sr. Nts., 1/15/13 2,700,000 2,477,250 8.875% Sr. Unsec. Nts., Series A-3, 1/15/16 3,255,000 3,279,413 - -------------------------------------------------------------------------------- R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 4 1,000,000 1,105,000 - -------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 821,000 - -------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 4 900,000 967,500 - -------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 4,300,000 4,380,625 - -------------------------------------------------------------------------------- Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13 550,000 540,375 - -------------------------------------------------------------------------------- Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 1,400,000 1,419,250 10.875% Sr. Unsec. Nts., Series B, 6/15/09 400,000 404,000 - -------------------------------------------------------------------------------- Warner Music Group, 7.375% Sr. Sub. Bonds, 4/15/14 800,000 784,000 - -------------------------------------------------------------------------------- WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 6 2,365,000 1,773,750 - -------------------------------------------------------------------------------- XM Satellite Radio, Inc.: 9.75% Sr. Nts., 5/1/14 4 550,000 530,750 9.75% Sr. Unsec. Nts., 5/1/14 500,000 480,000 --------------- 74,021,544 - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.8% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 1,800,000 1,759,500 4 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- MULTILINE RETAIL CONTINUED Neiman Marcus Group, Inc. (The): 9% Sr. Unsec. Nts., 10/15/15 $ 1,345,000 $ 1,435,788 10.375% Sr. Unsec. Sub. Nts., 10/15/15 625,000 678,125 --------------- 3,873,413 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--0.9% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 600,000 617,250 - -------------------------------------------------------------------------------- Atlantic Broadband Finance LLC, 9.375% Sr. Unsec. Sub. Nts., 1/15/14 400,000 393,000 - -------------------------------------------------------------------------------- Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 550,000 515,625 - -------------------------------------------------------------------------------- Gamestop Corp., 8% Sr. Unsec. Nts., 10/1/12 900,000 931,500 - -------------------------------------------------------------------------------- Linens 'N Things, Inc., 11.132% Sr. Sec. Nts., 1/15/14 3,4 1,335,000 1,294,950 - -------------------------------------------------------------------------------- Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 1 750,000 795,000 - -------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 350,000 353,500 --------------- 4,900,825 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.9% Invista, Inc., 9.25% Sr. Nts., 5/1/12 4 1,075,000 1,142,188 - -------------------------------------------------------------------------------- Levi Strauss & Co.: 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 1,055,000 1,099,838 10.258% Sr. Unsec. Unsub. Nts., 4/1/12 3 1,100,000 1,138,500 - -------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 1 500,000 512,500 - -------------------------------------------------------------------------------- Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 975,000 928,688 --------------- 4,821,714 - -------------------------------------------------------------------------------- CONSUMER STAPLES--3.8% - -------------------------------------------------------------------------------- BEVERAGES--0.3% Constellation Brands, Inc.: 7.25% Sr. Nts., 9/1/16 1,035,000 1,051,819 8.125% Sr. Sub. Nts., 1/15/12 500,000 519,375 --------------- 1,571,194 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.5% Jean Coutu Group (PJC), Inc. (The), 8.50% Sr. Sub. Nts., 8/1/14 1,200,000 1,161,000 - -------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 1, 5,8,9 476,601 -- - -------------------------------------------------------------------------------- Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 900,000 906,750 9.50% Sr. Sec. Nts., 2/15/11 450,000 467,438 --------------- 2,535,188 - -------------------------------------------------------------------------------- FOOD PRODUCTS--1.4% Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 350,000 339,500 8.625% Sr. Sub. Nts., 12/15/12 1,000,000 1,053,750 - -------------------------------------------------------------------------------- Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 400,000 373,000 8.625% Sr. Nts., 5/1/09 687,000 674,978 8.875% Sr. Unsec. Nts., 3/15/11 146,000 140,525 - -------------------------------------------------------------------------------- Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 1,200,000 1,089,000 - -------------------------------------------------------------------------------- Smithfield Foods, Inc.: 7% Sr. Nts., 8/1/11 300,000 303,750 7.625% Sr. Unsec. Sub. Nts., 2/15/08 925,000 943,500 8% Sr. Nts., Series B, 10/15/09 900,000 945,000 5 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED United Biscuits Finance plc, 10.625% Sr. Sub. Nts., 4/15/11 [EUR] 1,000,000 $ 1,341,760 --------------- 7,204,763 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.5% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 900,000 866,250 - -------------------------------------------------------------------------------- Nutro Products, Inc., 10.75% Sr. Sub. Nts., 4/15/14 4 460,000 494,500 - -------------------------------------------------------------------------------- Spectrum Brands, Inc., 7.375% Sr. Unsec. Sub. Nts., 2/1/15 1,300,000 1,046,500 --------------- 2,407,250 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.7% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,150,000 1,132,750 - -------------------------------------------------------------------------------- Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 1,000,000 1,042,500 9.375% Sr. Unsec. Sub. Nts., 6/1/11 1,295,000 1,359,750 --------------- 3,535,000 - -------------------------------------------------------------------------------- TOBACCO--0.4% Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 4 2,265,000 2,342,073 - -------------------------------------------------------------------------------- ENERGY--8.4% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.8% Basic Energy Services, Inc., 7.125% Sr. Nts., 4/15/16 4 455,000 441,350 - -------------------------------------------------------------------------------- Dresser, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/11 3 400,000 420,500 - -------------------------------------------------------------------------------- Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 700,000 731,500 - -------------------------------------------------------------------------------- Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 224,868 - -------------------------------------------------------------------------------- PHI, Inc., 7.125% Sr. Nts., 4/15/13 4 545,000 519,113 - -------------------------------------------------------------------------------- RathGibson, Inc., 11.25% Sr. Nts., 2/15/14 4 660,000 683,100 - -------------------------------------------------------------------------------- Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 800,000 810,000 --------------- 3,830,431 - -------------------------------------------------------------------------------- OIL & GAS--7.6% Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 900,000 868,500 - -------------------------------------------------------------------------------- Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 450,000 460,125 - -------------------------------------------------------------------------------- Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 1,150,000 1,104,000 6.875% Sr. Unsec. Nts., 1/15/16 1,920,000 1,886,400 7.50% Sr. Nts., 6/15/14 200,000 203,250 - -------------------------------------------------------------------------------- Clayton Williams Energy, Inc., 7.75% Sr. Unsec. Nts., 8/1/13 195,000 176,475 - -------------------------------------------------------------------------------- Compton Petroleum Finance Corp., 7.625% Sr. Nts., 12/1/13 1,400,000 1,358,000 - -------------------------------------------------------------------------------- Copano Energy LLC, 8.125% Sr. Unsec. Nts., 3/1/16 275,000 279,813 - -------------------------------------------------------------------------------- El Paso Corp.: 7.75% Sr. Nts., 1/15/32 1,300,000 1,339,000 7.875% Sr. Unsec. Nts., 6/15/12 3,207,000 3,343,298 - -------------------------------------------------------------------------------- El Paso Energy Corp., 7.625% Nts., 7/15/11 350,000 360,500 - -------------------------------------------------------------------------------- El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 3,000,000 3,082,500 - -------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,000,000 1,015,000 - -------------------------------------------------------------------------------- Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 850,000 858,500 - -------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 450,000 452,250 - -------------------------------------------------------------------------------- Inergy LP/Inergy Finance Corp., 8.25% Sr. Unsec. Nts., 3/1/16 1,165,000 1,211,600 - -------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 400,000 392,000 - -------------------------------------------------------------------------------- Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,600,000 1,574,000 - -------------------------------------------------------------------------------- Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 195,000 193,050 6 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- OIL & GAS CONTINUED Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 $ 1,200,000 $ 1,188,000 - -------------------------------------------------------------------------------- Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 600,000 630,000 - -------------------------------------------------------------------------------- Pogo Producing Co.: 6.875% Sr. Unsec. Sub. Nts., 10/1/17 200,000 191,750 7.875% Sr. Sub. Nts., 5/1/13 4 440,000 450,450 - -------------------------------------------------------------------------------- Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 1,000,000 1,089,998 - -------------------------------------------------------------------------------- Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 1,515,000 1,443,038 - -------------------------------------------------------------------------------- Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 745,000 711,475 7.375% Sr. Sub. Nts., 7/15/13 400,000 404,000 7.50% Sr. Sub. Nts., 5/15/16 1,760,000 1,777,600 - -------------------------------------------------------------------------------- Southern Natural Gas Co.: 7.35% Nts., 2/15/31 1,100,000 1,145,346 8% Sr. Unsub. Nts., 3/1/32 500,000 555,315 8.875% Sr. Nts., 3/15/10 700,000 737,566 - -------------------------------------------------------------------------------- Stone Energy Corp.: 6.75% Sr. Unsec. Sub. Nts., 12/15/14 860,000 864,300 8.25% Sr. Unsec. Sub. Nts., 12/15/11 1,300,000 1,322,750 - -------------------------------------------------------------------------------- Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 4 950,000 952,375 - -------------------------------------------------------------------------------- Teekay Shipping Corp., 8.875% Sr. Nts., 7/15/11 375,000 397,500 - -------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 965,000 1,021,159 - -------------------------------------------------------------------------------- Tesoro Corp.: 6.25% Sr. Nts., 11/1/12 4 515,000 498,906 6.625% Sr. Nts., 11/1/15 4 515,000 498,263 - -------------------------------------------------------------------------------- Transcontinental Gas Pipe Line Corp.: 6.40% Sr. Nts., 4/15/16 4 635,000 631,031 8.875% Sr. Unsub. Nts., Series B, 7/15/12 200,000 222,250 - -------------------------------------------------------------------------------- Whiting Petroleum Corp.: 7.25% Sr. Sub. Nts., 5/1/12 800,000 788,000 7.25% Sr. Unsec. Sub. Nts., 5/1/13 350,000 344,750 - -------------------------------------------------------------------------------- Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 150,000 154,500 8.75% Unsec. Nts., 3/15/32 900,000 990,000 - -------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 1 300,000 298,500 --------------- 39,467,083 - -------------------------------------------------------------------------------- FINANCIALS--2.8% - -------------------------------------------------------------------------------- CAPITAL MARKETS--0.8% Berry Plastics Holding Corp.: 8.875% Sr. Sec. Nts., 9/15/14 4 735,000 742,350 9.265% Sr. Sec. Nts., 9/15/14 3,4 735,000 742,350 - -------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc., 12% Sr. Unsec. Sub. Nts., Series B, 9/30/08 1 1,550,000 1,170,250 - -------------------------------------------------------------------------------- E*TRADE Financial Corp.: 7.375% Sr. Unsec. Nts., 9/15/13 691,000 710,003 8% Sr. Nts., 6/15/11 825,000 858,000 --------------- 4,222,953 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--0.1% Bank Plus Corp., 12% Sr. Nts., 7/18/07 1 517,000 555,775 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.0% Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 4,7 185,000 188,238 7 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.1% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 6 $ 200,000 $ 167,000 - -------------------------------------------------------------------------------- Affinia Group, Inc., 9% Sr. Unsec. Sub. Nts., 11/30/14 135,000 126,563 - -------------------------------------------------------------------------------- BCP Crystal US Holdings Corp., 9.625% Sr. Sub. Nts., 6/15/14 1,560,000 1,700,400 - -------------------------------------------------------------------------------- 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 1,306,000 - -------------------------------------------------------------------------------- JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 865,000 821,750 - -------------------------------------------------------------------------------- Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 4 920,000 917,700 - -------------------------------------------------------------------------------- Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 270,000 272,363 10.239% Sr. Unsec. Nts., 5/1/10 3 270,000 278,775 --------------- 5,590,551 - -------------------------------------------------------------------------------- REAL ESTATE--0.8% Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 3 837,000 890,359 - -------------------------------------------------------------------------------- Host Marriott LP: 6.375% Sr. Nts., Series O, 3/15/15 2,025,000 1,974,375 6.75% Sr. Nts., Series Q, 6/1/16 500,000 495,625 - -------------------------------------------------------------------------------- Ventas Realty LP/Ventas Capital Corp., 6.75% Sr. Nts., 4/1/17 550,000 556,188 --------------- 3,916,547 - -------------------------------------------------------------------------------- HEALTH CARE--4.4% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--0.1% Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 4 455,000 434,525 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.3% Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 600,000 594,000 - -------------------------------------------------------------------------------- Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 800,000 844,000 --------------- 1,438,000 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.9% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 700,000 745,500 - -------------------------------------------------------------------------------- Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 900,000 865,125 - -------------------------------------------------------------------------------- DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 890,000 873,313 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,910,000 1,886,125 - -------------------------------------------------------------------------------- Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 600,000 645,000 9.50% Sr. Unsec. Sub. Nts., 7/1/10 500,000 526,875 - -------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 1,600,000 1,632,000 - -------------------------------------------------------------------------------- Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 1 400,000 417,000 - -------------------------------------------------------------------------------- HCA, Inc., 8.75% Sr. Nts., 9/1/10 2,800,000 2,835,000 - -------------------------------------------------------------------------------- HEALTHSOUTH Corp., 10.75% Sr. Nts., 6/15/16 4 505,000 518,256 - -------------------------------------------------------------------------------- Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 185,000 180,838 6.875% Sr. Sub. Nts., 12/15/15 285,000 278,231 - -------------------------------------------------------------------------------- Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 485,000 475,300 - -------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 2,475,000 2,097,563 - -------------------------------------------------------------------------------- Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 974,000 860,773 7.375% Nts., 2/1/13 57,000 51,656 9.875% Sr. Nts., 7/1/14 2,200,000 2,202,750 - -------------------------------------------------------------------------------- Triad Hospitals, Inc., 7% Sr. Sub. Nts., 11/15/13 270,000 263,588 8 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 $ 650,000 $ 676,000 10.75% Sr. Unsec. Sub. Nts., 8/15/14 650,000 715,000 - -------------------------------------------------------------------------------- Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 6 1,760,000 1,276,000 --------------- 20,021,893 - -------------------------------------------------------------------------------- PHARMACEUTICALS--0.1% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 1 800,000 758,000 - -------------------------------------------------------------------------------- INDUSTRIALS--7.5% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.3% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 910,000 898,625 - -------------------------------------------------------------------------------- BE Aerospace, Inc., 8.875% Sr. Unsec. Sub. Nts., 5/1/11 57,000 59,565 - -------------------------------------------------------------------------------- DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 735,000 725,813 6.875% Sr. Unsec. Sub. Nts., 11/1/13 300,000 297,750 7.625% Sr. Sub. Nts., 2/1/18 320,000 326,400 - -------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 684,000 653,220 6.125% Sr. Unsec. Sub. Nts., 1/15/14 1,100,000 1,072,500 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,280,000 1,251,200 7.625% Sr. Sub. Nts., 6/15/12 500,000 517,500 - -------------------------------------------------------------------------------- TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 580,000 620,600 11% Sr. Sub. Nts., 2/15/13 454,000 497,130 --------------- 6,920,303 - -------------------------------------------------------------------------------- AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 1,5,9 1,575,000 -- - -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.6% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 700,000 701,750 - -------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 1,060,000 1,014,950 - -------------------------------------------------------------------------------- Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 544,000 579,360 - -------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 600,000 570,000 --------------- 2,866,060 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.3% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 225,000 224,438 7.375% Sr. Sec. Nts., Series B, 4/15/14 2,850,000 2,821,500 9.25% Sr. Sec. Debs., Series B, 9/1/12 283,000 303,164 - -------------------------------------------------------------------------------- American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05 1,5,9 200,000 -- - -------------------------------------------------------------------------------- Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,100,000 1,047,750 - -------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 890,000 876,650 7.50% Sr. Nts., 5/1/11 500,000 513,750 - -------------------------------------------------------------------------------- FTI Consulting, Inc., 7.75% Sr. Unsec. Nts., 10/1/16 4,7 640,000 649,600 - -------------------------------------------------------------------------------- Mobile Services Group, Inc., 9.75% Sr. Nts., 8/1/14 4 130,000 133,900 --------------- 6,570,752 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.3% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 650,000 671,125 - -------------------------------------------------------------------------------- Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 100,000 94,500 - -------------------------------------------------------------------------------- General Cable Corp., 9.50% Sr. Nts., 11/15/10 500,000 537,500 9 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT CONTINUED UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 $ 400,000 $ 422,000 --------------- 1,725,125 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.3% Covalence Specialty Materials Corp., 10.25% Sr. Sub. Nts., 3/1/16 4 1,175,000 1,145,625 - -------------------------------------------------------------------------------- Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 250,000 233,750 --------------- 1,379,375 - -------------------------------------------------------------------------------- MACHINERY--1.3% Case New Holland, Inc.: 7.125% Sr. Unsec. Nts., 3/1/14 730,000 736,388 9.25% Sr. Nts., 8/1/11 800,000 852,000 - -------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 4 600,000 570,000 - -------------------------------------------------------------------------------- Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 740,000 754,800 - -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The): 7.125% Sr. Nts., 11/1/13 1 150,000 148,500 10.50% Sr. Sub. Nts., 8/1/12 1 520,000 561,600 - -------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 1 1,700,000 1,623,500 - -------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 1,000,000 982,500 - -------------------------------------------------------------------------------- Wolverine Tube, Inc., 7.375% Sr. Nts., 8/1/08 4 650,000 555,750 --------------- 6,785,038 - -------------------------------------------------------------------------------- ROAD & RAIL--1.1% Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: 7.625% Sr. Nts., 5/15/14 800,000 780,000 7.75% Sr. Nts., 5/15/16 4 455,000 441,350 7.905% Sr. Nts., 5/15/14 3,4 180,000 177,300 - -------------------------------------------------------------------------------- Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 500,000 502,500 - -------------------------------------------------------------------------------- Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 142,125 7.50% Sr. Unsec. Nts., 11/1/13 928,000 916,400 9.625% Sr. Nts., 12/1/12 1 1,100,000 1,188,000 - -------------------------------------------------------------------------------- TDS Investor Corp., 11.875% Sr. Sub. Nts., 9/1/16 4 1,600,000 1,544,000 --------------- 5,691,675 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.2% Ashtead Capital, Inc., 9% Nts., 8/15/16 4 440,000 459,800 - -------------------------------------------------------------------------------- H&E Equipment Services, Inc., 8.375% Sr. Nts., 7/15/16 4 480,000 494,400 - -------------------------------------------------------------------------------- Interline Brands, Inc., 8.125% Sr. Sub. Nts., 6/15/14 575,000 585,063 - -------------------------------------------------------------------------------- United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 5,000,000 4,725,000 --------------- 6,264,263 - -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.1% Horizon Lines LLC, 9% Nts., 11/1/12 473,000 489,555 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--3.8% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.9% Loral Skynet Corp., 14% Sr. Sec. Nts., 11/21/15 1,8 198,000 231,660 - -------------------------------------------------------------------------------- Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 4,100,000 3,669,500 - -------------------------------------------------------------------------------- Nortel Networks Ltd.: 9.731% Sr. Nts., 7/15/11 3,4 435,000 451,313 10.75% Sr. Nts., 7/15/16 4 400,000 430,000 10 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT CONTINUED Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 5,9 $ 1,150,000 $ 12 --------------- 4,782,485 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.4% Seagate Technology HDD Holdings: 6.375% Sr. Nts., 10/1/11 920,000 920,000 6.80% Sr. Nts., 10/1/16 275,000 275,000 8% Sr. Nts., 5/15/09 700,000 728,007 --------------- 1,923,007 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.7% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 300,000 292,500 - -------------------------------------------------------------------------------- RBS Global & Rexnord Corp.: 9.50% Sr. Nts., 8/1/14 1 875,000 892,500 11.75% Sr. Sub. Nts., 8/1/16 1 1,315,000 1,361,025 - -------------------------------------------------------------------------------- Sanmina-SCI Corp.: 6.75% Unsec. Sub. Nts., 3/1/13 470,000 445,325 8.125% Sr. Sub. Nts., 3/1/16 550,000 541,750 - -------------------------------------------------------------------------------- Solectron Global Finance Ltd., 8% Sr. Unsec. Sub. Nts., 3/15/16 240,000 238,800 --------------- 3,771,900 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 1,5,9 [EUR] 846,550 -- - -------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 1,5,9 240,208 -- - -------------------------------------------------------------------------------- PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 1,5,9 [EUR] 1,000,000 -- --------------- -- - -------------------------------------------------------------------------------- IT SERVICES--1.1% DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 1,186,000 1,233,440 - -------------------------------------------------------------------------------- iPayment Holdings, Inc., 9.75% Sr. Sub. Nts., 5/15/14 1 750,000 768,750 - -------------------------------------------------------------------------------- Iron Mountain, Inc.: 7.75% Sr. Sub. Nts., 1/15/15 200,000 201,000 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,000,000 1,027,500 - -------------------------------------------------------------------------------- SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 680,000 707,200 10.25% Sr. Unsec. Sub. Nts., 8/15/15 1,890,000 1,956,150 --------------- 5,894,040 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.7% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 1,955,000 1,989,213 - -------------------------------------------------------------------------------- Amkor Technology, Inc., 7.75% Sr. Nts., 5/15/13 1,750,000 1,612,188 --------------- 3,601,401 - -------------------------------------------------------------------------------- MATERIALS--9.3% - -------------------------------------------------------------------------------- CHEMICALS--2.2% 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 60,634 10.625% Sr. Unsec. Nts., 5/1/11 1,400,000 1,508,500 - -------------------------------------------------------------------------------- Georgia Gulf Corp., 10.75% Sr. Sub. Nts., 10/15/16 1,465,000 1,443,025 - -------------------------------------------------------------------------------- Huntsman International LLC: 8.375% Sr. Sub. Nts., 1/1/15 3,4 420,000 426,300 10.125% Sr. Unsec. Sub. Nts., 7/1/09 825,000 841,500 11 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- CHEMICALS CONTINUED Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 3 $ 332,000 $ 379,310 11.625% Sr. Unsec. Nts., 10/15/10 37,000 41,070 - -------------------------------------------------------------------------------- IMC Global, Inc.: 10.875% Sr. Unsec. Nts., 8/1/13 1 57,000 63,840 10.875% Sr. Unsec. Nts., Series B, 6/1/08 11,000 11,784 - -------------------------------------------------------------------------------- Ineos Group Holdings plc, 8.50% Nts., 2/15/16 4 590,000 564,925 - -------------------------------------------------------------------------------- Innophos, Inc., 8.875% Sr. Unsec. Sub. Nts., 8/15/14 280,000 279,300 - -------------------------------------------------------------------------------- KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 6 750,000 555,000 - -------------------------------------------------------------------------------- Lyondell Chemical Co.: 8% Sr. Unsec. Nts., 9/15/14 1,375,000 1,399,063 8.25% Sr. Unsec. Nts., 9/15/16 735,000 749,700 9.50% Sec. Nts., 12/15/08 34,000 35,148 9.50% Sr. Sec. Nts., 12/15/08 59,000 60,991 10.50% Sr. Sec. Nts., 6/1/13 800,000 884,000 11.125% Sr. Sec. Nts., 7/15/12 300,000 328,500 - -------------------------------------------------------------------------------- Rockwood Specialties Group, Inc.: 7.50% Sr. Sub. Nts., 11/15/14 400,000 396,000 10.625% Sr. Unsec. Sub. Nts., 5/15/11 291,000 312,825 - -------------------------------------------------------------------------------- Tronox Worldwide LLC/Tronox Finance Corp., 9.50% Sr. Unsec. Nts., 12/1/12 4 390,000 402,188 --------------- 11,159,603 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.3% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 6 2,420,000 1,681,900 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--3.5% Ball Corp., 6.625% Sr. Nts., 3/15/18 910,000 896,350 - -------------------------------------------------------------------------------- Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 760,000 773,300 - -------------------------------------------------------------------------------- Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 2,600,000 2,567,500 - -------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 1,000,000 1,027,500 9.50% Sr. Sub. Nts., 8/15/13 950,000 976,125 - -------------------------------------------------------------------------------- Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 350,000 324,625 8.25% Sr. Unsec. Nts., 10/1/12 1,750,000 1,684,375 - -------------------------------------------------------------------------------- MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 800,000 848,000 - -------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 500,000 516,250 8.25% Sr. Unsec. Nts., 5/15/13 1,657,000 1,706,710 8.75% Sr. Sec. Nts., 11/15/12 1,350,000 1,431,000 8.875% Sr. Sec. Nts., 2/15/09 264,000 272,580 - -------------------------------------------------------------------------------- Pliant Corp., 11.85% Sr. Sec. Nts., 6/15/09 5,8,9 571,671 640,272 - -------------------------------------------------------------------------------- Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 1,100,000 955,625 - -------------------------------------------------------------------------------- Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 220,000 212,300 9.75% Sr. Unsec. Nts., 2/1/11 601,000 622,035 - -------------------------------------------------------------------------------- Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 4 290,000 326,250 - -------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 2,300,000 2,139,000 --------------- 17,919,797 - -------------------------------------------------------------------------------- METALS & MINING--1.9% AK Steel Corp., 7.75% Sr. Unsec. Nts., 6/15/12 1,107,000 1,083,476 12 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- METALS & MINING CONTINUED Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 $ 1,000,000 $ 1,005,000 - -------------------------------------------------------------------------------- Gibraltar Industries, Inc., 8% Sr. Unsec. Sub. Nts., Series B, 12/1/15 1 1,075,000 1,069,625 - -------------------------------------------------------------------------------- IPSCO, Inc., 8.75% Sr. Nts., 6/1/13 300,000 321,000 - -------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,364,000 1,538,285 - -------------------------------------------------------------------------------- Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 800,000 857,000 - -------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 614,000 667,725 - -------------------------------------------------------------------------------- Northwest Pipeline Corp., 8.125% Sr. Nts., 3/1/10 200,000 209,000 - -------------------------------------------------------------------------------- Novelis, Inc., 8.25% Sr. Nts., 2/15/15 3,4 1,915,000 1,828,825 - -------------------------------------------------------------------------------- Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 400,000 414,500 - -------------------------------------------------------------------------------- United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 505,000 541,613 10.75% Sr. Nts., 8/1/08 389,000 422,551 --------------- 9,958,600 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--1.4% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15 1,200,000 1,098,000 - -------------------------------------------------------------------------------- Abitibi-Consolidated, Inc.: 8.55% Nts., 8/1/10 600,000 598,500 8.85% Unsec. Bonds, 8/1/30 500,000 422,500 - -------------------------------------------------------------------------------- Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 380,000 381,900 - -------------------------------------------------------------------------------- Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 350,000 352,625 - -------------------------------------------------------------------------------- Domtar, Inc., 7.125% Nts., 8/15/15 800,000 748,000 - -------------------------------------------------------------------------------- Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 1,5,9 1,700,000 1,062,500 - -------------------------------------------------------------------------------- JSG Holding plc, 11.50% Sr. Nts., 10/1/15 4,8 [EUR] 307,825 399,121 - -------------------------------------------------------------------------------- Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 440,000 403,150 - -------------------------------------------------------------------------------- Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 1,000,000 925,000 - -------------------------------------------------------------------------------- Verso Paper Holdings LLC/Verson Paper, Inc.: 9.235%, Sr. Sec. Nts., 8/1/14 3,4 530,000 537,950 11.375% Sr. Sub. Nts., 8/1/16 4 530,000 528,675 --------------- 7,457,921 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--8.6% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--4.5% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 4 4,100,000 4,007,750 - -------------------------------------------------------------------------------- Intelsat Bermuda Ltd., 11.25% Sr. Nts., 6/15/16 4 430,000 459,025 - -------------------------------------------------------------------------------- Intelsat Subsidiary Holding Co. Ltd.: 8.25% Sr. Nts., 1/15/13 3 1,900,000 1,933,250 8.625% Sr. Nts., 1/15/15 3 625,000 642,188 - -------------------------------------------------------------------------------- Level 3 Financing, Inc., 10.75% Sr. Unsec. Unsub. Nts., 10/15/11 250,000 262,813 - -------------------------------------------------------------------------------- Nordic Telephone Co. Holdings ApS, 8.875% Sr. Nts., 5/1/16 4 455,000 480,594 - -------------------------------------------------------------------------------- PanAmSat Corp.: 9% Sr. Nts., 6/15/16 4 495,000 512,325 9% Sr. Unsec. Nts., 8/15/14 1,300,000 1,348,750 - -------------------------------------------------------------------------------- Qwest Capital Funding, Inc.: 7.25% Unsec. Unsub. Nts., 2/15/11 900,000 904,500 7.90% Unsec. Nts., 8/15/10 757,000 781,603 - -------------------------------------------------------------------------------- Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 3 600,000 603,000 - -------------------------------------------------------------------------------- Qwest Corp.: 7.50% Sr. Nts., 10/1/14 4 880,000 913,000 13 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED 8.875% Unsec. Unsub. Nts., 3/15/12 3 $ 3,700,000 $ 4,056,125 - -------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 1,5,9 400,000 -- - -------------------------------------------------------------------------------- Time Warner Telecom Holdings, Inc., 9.25% Sr. Unsec. Unsub. Nts., 2/15/14 2,650,000 2,802,375 - -------------------------------------------------------------------------------- Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 445,000 476,150 - -------------------------------------------------------------------------------- Windstream Corp.: 8.125% Sr. Nts., 8/1/13 4 655,000 698,394 8.625% Sr. Nts., 8/1/16 4 2,555,000 2,746,625 - -------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 1,5,9 1,000,000 -- --------------- 23,628,467 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--4.1% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 500,000 535,000 11% Sr. Unsec. Nts., 7/31/10 57,000 62,558 - -------------------------------------------------------------------------------- American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 2,110,000 2,220,775 - -------------------------------------------------------------------------------- American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 500,000 515,000 7.50% Sr. Nts., 5/1/12 1 1,450,000 1,497,125 - -------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 1,5,9 1,834,000 -- - -------------------------------------------------------------------------------- Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 2,200,000 2,348,500 - -------------------------------------------------------------------------------- Centennial Communications Corp., 10% Sr. Unsec. Nts., 1/1/13 300,000 305,250 - -------------------------------------------------------------------------------- Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 470,000 490,563 - -------------------------------------------------------------------------------- Dobson Communications Corp.: 8.875% Sr. Nts., 10/1/13 769,000 766,116 9.757% Sr. Unsec. Nts., 10/15/12 3 290,000 297,250 - -------------------------------------------------------------------------------- IWO Holdings, Inc., 9.257% Sr. Sec. Nts., 1/15/12 3 220,000 227,150 - -------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,590,000 3,707,677 - -------------------------------------------------------------------------------- Nextel Partners, Inc., 8.125% Sr. Nts., 7/1/11 700,000 738,500 - -------------------------------------------------------------------------------- Rogers Wireless, Inc.: 6.375% Sec. Nts., 3/1/14 700,000 700,875 7.50% Sec. Nts., 3/15/15 900,000 965,250 8% Sr. Sub. Nts., 12/15/12 600,000 640,500 - -------------------------------------------------------------------------------- Rural Cellular Corp.: 9.75% Sr. Sub. Nts., 1/15/10 2,757,000 2,788,016 9.875% Sr. Nts., 2/1/10 600,000 628,500 - -------------------------------------------------------------------------------- UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 1,100,000 1,199,000 - -------------------------------------------------------------------------------- US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 500,000 552,500 --------------- 21,186,105 - -------------------------------------------------------------------------------- UTILITIES--5.8% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--2.2% Edison Mission Energy: 7.50% Sr. Nts., 6/15/13 4 445,000 451,675 7.75% Sr. Nts., 6/15/16 4 525,000 534,188 - -------------------------------------------------------------------------------- ESI Tractebel Acquisition Corp., 7.99% Sec. Bonds, Series B, 12/30/11 812,000 841,580 - -------------------------------------------------------------------------------- Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 4,420,000 4,740,450 - -------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 700,000 703,500 14 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- ELECTRIC UTILITIES CONTINUED MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 $ 400,000 $ 414,000 - -------------------------------------------------------------------------------- Reliant Energy, Inc., 6.75% Sr. Sec. Nts., 12/15/14 600,000 573,750 - -------------------------------------------------------------------------------- Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 457,000 476,423 9.50% Sr. Sec. Nts., 7/15/13 1,825,000 1,902,563 - -------------------------------------------------------------------------------- Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 1,081,000 1,086,861 --------------- 11,724,990 - -------------------------------------------------------------------------------- ENERGY TRADERS--3.2% AES Corp. (The): 7.75% Sr. Unsec. Unsub. Nts., 3/1/14 200,000 209,000 8.75% Sr. Sec. Nts., 5/15/13 4 1,550,000 1,670,125 - -------------------------------------------------------------------------------- AES Red Oak LLC: 8.54% Sr. Sec. Bonds, Series A, 11/30/19 578,709 619,219 9.20% Sr. Sec. Bonds, Series B, 11/30/29 500,000 555,000 - -------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 1,501,000 1,469,104 8.375% Sr. Unsec. Nts., 5/1/16 410,000 419,225 8.75% Sr. Nts., 2/15/12 424,000 441,490 - -------------------------------------------------------------------------------- Mirant Americas Generation LLC: 8.30% Sr. Unsec. Nts., 5/1/11 4,400,000 4,427,500 8.50% Sr. Unsec. Nts., 10/1/21 200,000 195,000 9.125% Sr. Unsec. Nts., 5/1/31 1,200,000 1,227,000 - -------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 1,132,726 1,201,398 - -------------------------------------------------------------------------------- NRG Energy, Inc., 7.375% Sr. Nts., 2/1/16 4,140,000 4,124,475 --------------- 16,558,536 - -------------------------------------------------------------------------------- GAS UTILITIES--0.1% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 400,000 399,677 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.3% CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 357,000 369,495 7.75% Sr. Nts., 8/1/10 400,000 422,000 - -------------------------------------------------------------------------------- NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 580,000 573,448 --------------- 1,364,943 --------------- Total Corporate Bonds and Notes (Cost $454,382,399) 451,943,573 SHARES - -------------------------------------------------------------------------------- PREFERRED STOCKS--0.8% - -------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 1,8,9 13,764 -- - -------------------------------------------------------------------------------- Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 4 885 148,238 - -------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 1,9 8,000 -- - -------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 1,8,9 342 -- - -------------------------------------------------------------------------------- ION Media Networks, Inc.: 9.75% Cv., Series AI 1,8,9 -- 1,002 14.25% Cum., Non-Vtg. 1,8 229 1,911,750 - -------------------------------------------------------------------------------- 15 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- Loral Skynet Corp., 12% Cum., Series A, Non-Vtg. 1,8 1,750 $ 350,875 - -------------------------------------------------------------------------------- PTV, Inc., 10% Cum., Series A, Non-Vtg. 22 65 - -------------------------------------------------------------------------------- Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 1,8 245 298,288 - -------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 1 10,000 1,412,500 --------------- Total Preferred Stocks (Cost $4,495,691) 4,122,718 - -------------------------------------------------------------------------------- COMMON STOCKS--1.8% - -------------------------------------------------------------------------------- American Tower Corp. 9 19,733 720,255 - -------------------------------------------------------------------------------- ATA Holdings Corp. 1,9 4,284 64,260 - -------------------------------------------------------------------------------- Cebridge Connections Holding LLC 1,9 18,668 -- - -------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 9 8,360 362,908 - -------------------------------------------------------------------------------- Chesapeake Energy Corp. 12,000 347,760 - -------------------------------------------------------------------------------- Citigroup, Inc. 359 17,832 - -------------------------------------------------------------------------------- Covad Communications Group, Inc. 9 20,660 30,783 - -------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 9 43,391 304,605 - -------------------------------------------------------------------------------- El Paso Corp. 45,000 613,800 - -------------------------------------------------------------------------------- Globix Corp. 9 11,467 53,322 - -------------------------------------------------------------------------------- Gulfstream Holding, Inc. 1,9 56 -- - -------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. 9 42,107 246,326 - -------------------------------------------------------------------------------- iPCS, Inc. 9 10,189 545,621 - -------------------------------------------------------------------------------- Kaiser Aluminum Corp. 9 5,823 258,192 - -------------------------------------------------------------------------------- Leap Wireless International, Inc. 9 1,913 92,761 - -------------------------------------------------------------------------------- Liberty Global, Inc., Series A 9 7,577 195,032 - -------------------------------------------------------------------------------- Liberty Global, Inc., Series C 9 7,684 192,561 - -------------------------------------------------------------------------------- Loral Space & Communications Ltd. 9 12,399 326,342 - -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 2,078 93,074 - -------------------------------------------------------------------------------- Morgan Stanley 1,500 109,365 - -------------------------------------------------------------------------------- NTL, Inc. 69,198 1,759,705 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 9 2,235 41,951 - -------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 11,000 300,850 - -------------------------------------------------------------------------------- Polymer Group, Inc., Cl. A 9 24,040 619,030 - -------------------------------------------------------------------------------- Prandium, Inc. 1,9 62,829 503 - -------------------------------------------------------------------------------- Quicksilver Resources, Inc. 9 15,000 478,500 - -------------------------------------------------------------------------------- Smithfield Foods, Inc. 9 18,000 486,360 - -------------------------------------------------------------------------------- Sterling Chemicals, Inc. 1,9 398 5,214 - -------------------------------------------------------------------------------- Teco Energy, Inc. 20,000 313,000 - -------------------------------------------------------------------------------- TVMAX Holdings, Inc. 1,9 7,500 7,500 - -------------------------------------------------------------------------------- United Rentals, Inc. 9 36,000 837,000 - -------------------------------------------------------------------------------- Verizon Communications, Inc. 935 34,682 - -------------------------------------------------------------------------------- Viatel Holding (Bermuda) Ltd. 1,9 2,701 108 - -------------------------------------------------------------------------------- Western Forest Products, Inc. 9 85,047 124,784 - -------------------------------------------------------------------------------- WRC Media Corp. 1,9 1,353 14 - -------------------------------------------------------------------------------- XO Holdings, Inc. 9 3,538 17,265 --------------- Total Common Stocks (Cost $9,601,290) 9,601,265 16 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- UNITS VALUE - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- ASAT Finance LLC Wts., Exp. 11/1/06 1,9 500 $ -- - -------------------------------------------------------------------------------- ATA Holdings Corp. Wts., Exp. 2/28/11 9 354 2,629 - -------------------------------------------------------------------------------- COLO.com, Inc. Wts., Exp. 3/15/10 1,9 600 -- - -------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/15/07 1,9 750 -- - -------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 1,9 1,750 -- - -------------------------------------------------------------------------------- Diva Systems Corp. Wts., Exp. 3/1/08 1,9 1,500 -- - -------------------------------------------------------------------------------- iPCS, Inc. Wts., Exp. 6/15/10 1,9 750 -- - -------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 1,9 800 -- - -------------------------------------------------------------------------------- Ntelos, Inc. Wts., Exp. 8/15/10 1,9 1,000 -- - -------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 9 20,000 6,600 - -------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 9 651 -- - -------------------------------------------------------------------------------- XO Communications, Inc.: Series A Wts., Exp. 1/16/10 9 7,093 6,384 Series B Wts., Exp. 1/16/10 9 5,319 3,191 Series C Wts., Exp. 1/16/10 9 5,319 2,021 --------------- Total Rights, Warrants and Certificates (Cost $75,141) 20,825 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- STRUCTURED NOTES--0.4% - -------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2006-1, 7.548%, 5/1/16 1,10 (Cost $2,021,559) $ 2,000,000 2,034,660 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--8.6% - -------------------------------------------------------------------------------- Undivided interest of 3.02% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $44,347,394 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $44,328,000) 44,328,000 44,328,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $514,904,080) 98.8% 512,051,041 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.2 6,035,834 ------------------------------- NET ASSETS 100.0% $ 518,086,875 =============================== 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 September 30, 2006 was $22,430,887, which represents 4.33% of the Fund's net assets, of which $503 is considered restricted. See accompanying Notes. 2. 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 $1,143,012. See accompanying Notes. 3. Represents the current interest rate for a variable or increasing rate security. 4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $60,280,013 or 11.64% of the Fund's net assets as of September 30, 2006. 5. Issue is in default. See accompanying Notes. 6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 7. When-issued security or forward commitment to be delivered and settled after September 30, 2006. See accompanying Notes. 8. Interest or dividend is paid-in-kind, when applicable. 9. Non-income producing security. 10. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 17 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 515,844,368 Federal tax cost of other investments (8,739,161) ---------------- Total federal tax cost $ 507,105,207 ================ Gross unrealized appreciation $ 13,360,563 Gross unrealized depreciation (17,347,364) ---------------- Net unrealized depreciation $ (3,986,801) ================ NOTES TO FINANCIAL STATEMENTS 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(R) 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 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 September 30, 2006, the market value of these securities comprised 0.4% of the Fund's net assets and resulted in unrealized cumulative gains of $13,101. 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 18 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- commitment prior to settlement of the original purchase. As of September 30, 2006, the Fund had purchased $2,964,907 of securities issued on a when-issued basis or forward commitment. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2006, securities with an aggregate market value of $4,178,722, representing 0.81% 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. INVESTMENTS WITH OFF BALANCE SHEET RISK The Fund enters into financial instrument transactions that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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. 19 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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 at 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 September 30, 2006, the Fund had outstanding futures contracts as follows:
EXPIRATION NUMBER OF VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE CONTRACTS SEPTEMBER 30, 2006 DEPRECIATION - ------------------------------------------------------------------------------------------ CONTRACTS TO SELL Standard & Poor's 500 E-Mini 12/15/06 133 $ 8,946,910 $ 207,749
TOTAL RETURN SWAP CONTRACTS A total return swap is an agreement under which a set of future cash flows is exchanged between two counterparties. One cash flow stream will typically be based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Payments under the swap are based on an agreed upon principal amount but since this principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur in the reference asset). As of September 30, 2006, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION UNREALIZED COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATE APPRECIATION - -------------------------------------------------------------------------------------------------------------------------- Total Return of custom Morgan Stanley & Co. Total Return of custom equity basket, if International Ltd. $ 103,200 equity basket, if negative. positive. 9/11/07 $ 14,275
ILLIQUID OR RESTRICTED SECURITIES As of September 30, 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: 20 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST SEPTEMBER 30, 2006 DEPRECIATION - ----------------------------------------------------------------------------------- Prandium, Inc. 3/19/99-7/19/02 $ 738,000 $ 503 $ 737,497
RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 21 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--99.2% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--9.4% - -------------------------------------------------------------------------------- AUTO COMPONENTS--0.0% ArvinMeritor, Inc. 1 11,200 $ 159,488 - -------------------------------------------------------------------------------- Autoliv, Inc. 7,700 424,347 - -------------------------------------------------------------------------------- Tenneco, Inc. 2 8,200 191,798 --------------- 775,633 - -------------------------------------------------------------------------------- AUTOMOBILES--0.3% General Motors Corp. 1 62,000 2,062,120 - -------------------------------------------------------------------------------- Harley-Davidson, Inc. 1 45,700 2,867,675 - -------------------------------------------------------------------------------- Thor Industries, Inc. 1 1,600 65,872 --------------- 4,995,667 - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.1% ITT Educational Services, Inc. 2 8,300 550,290 - -------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 1 5,400 162,054 - -------------------------------------------------------------------------------- Sotheby's 1 6,800 219,232 --------------- 931,576 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.6% Choice Hotels International, Inc. 1 1,300 53,170 - -------------------------------------------------------------------------------- Darden Restaurants, Inc. 11,800 501,146 - -------------------------------------------------------------------------------- Domino's Pizza, Inc. 1 2,500 64,125 - -------------------------------------------------------------------------------- International Game Technology 148,800 6,175,200 - -------------------------------------------------------------------------------- Jack in the Box, Inc. 1,2 4,600 240,028 - -------------------------------------------------------------------------------- Las Vegas Sands Corp. 2 17,800 1,216,630 - -------------------------------------------------------------------------------- Marriott International, Inc., Cl. A 45,600 1,761,984 - -------------------------------------------------------------------------------- McDonald's Corp. 119,200 4,663,104 - -------------------------------------------------------------------------------- MGM Mirage, Inc. 1,2 35,500 1,401,895 - -------------------------------------------------------------------------------- Starbucks Corp. 2 36,400 1,239,420 - -------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc. 77,000 4,403,630 - -------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 5,100 204,102 - -------------------------------------------------------------------------------- WMS Industries, Inc. 1,2 3,400 99,314 - -------------------------------------------------------------------------------- Wyndham Worldwide Corp. 2 12,740 356,338 - -------------------------------------------------------------------------------- Yum! Brands, Inc. 161,100 8,385,255 --------------- 30,765,341 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.0% Ethan Allen Interiors, Inc. 1 5,300 183,698 - -------------------------------------------------------------------------------- Furniture Brands International, Inc. 1 10,000 190,400 - -------------------------------------------------------------------------------- Leggett & Platt, Inc. 1 11,000 275,330 - -------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 1,2 11,100 190,587 --------------- 840,015 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.2% Liberty Media Holding Corp.-Interactive, Series A 2 146,600 2,987,708 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.0% Mattel, Inc. 19,600 386,120 - -------------------------------------------------------------------------------- MEDIA--3.4% CBS Corp., Cl. B 86,200 2,428,254 1 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- MEDIA CONTINUED - -------------------------------------------------------------------------------- Clear Channel Communications, Inc. 1 289,000 $ 8,337,650 - -------------------------------------------------------------------------------- Comcast Corp., Cl. A 2 112,200 4,134,570 - -------------------------------------------------------------------------------- DirecTV Group, Inc. (The) 2 182,500 3,591,600 - -------------------------------------------------------------------------------- Gannett Co., Inc. 140,300 7,973,249 - -------------------------------------------------------------------------------- Liberty Media Holding Corp.-Capital, Series A 1,2 34,100 2,849,737 - -------------------------------------------------------------------------------- Live Nation 1,2 2,600 53,092 - -------------------------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 136,200 7,903,686 - -------------------------------------------------------------------------------- News Corp., Inc., Cl. A 222,000 4,362,300 - -------------------------------------------------------------------------------- Omnicom Group, Inc. 70,800 6,626,880 - -------------------------------------------------------------------------------- Time Warner, Inc. 1 482,200 8,790,506 - -------------------------------------------------------------------------------- Tribune Co. 1 14,500 474,440 - -------------------------------------------------------------------------------- Viacom, Inc., Cl. B 2 81,073 3,014,294 - -------------------------------------------------------------------------------- Walt Disney Co. (The) 144,500 4,466,495 --------------- 65,006,753 - -------------------------------------------------------------------------------- MULTILINE RETAIL--1.3% Big Lots, Inc. 1,2 25,300 501,193 - -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 1 22,000 720,060 - -------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1,2 31,400 972,144 - -------------------------------------------------------------------------------- Family Dollar Stores, Inc. 26,600 777,784 - -------------------------------------------------------------------------------- Federated Department Stores, Inc. 41,200 1,780,252 - -------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 1 127,600 8,726,564 - -------------------------------------------------------------------------------- Kohl's Corp. 2 29,000 1,882,680 - -------------------------------------------------------------------------------- Nordstrom, Inc. 194,000 8,206,200 - -------------------------------------------------------------------------------- Sears Holdings Corp. 2 11,900 1,881,271 --------------- 25,448,148 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--2.4% American Eagle Outfitters, Inc. 1 10,500 460,215 - -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1,2 12,300 514,878 - -------------------------------------------------------------------------------- Barnes & Noble, Inc. 20,900 792,946 - -------------------------------------------------------------------------------- Best Buy Co., Inc. 34,700 1,858,532 - -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1,2 19,800 282,744 - -------------------------------------------------------------------------------- Christopher & Banks Corp. 1 7,100 209,308 - -------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 34,000 853,740 - -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1,2 10,300 224,746 - -------------------------------------------------------------------------------- Gap, Inc. (The) 305,600 5,791,120 - -------------------------------------------------------------------------------- Group 1 Automotive, Inc. 1 4,200 209,580 - -------------------------------------------------------------------------------- Guess?, Inc. 1,2 8,600 417,358 - -------------------------------------------------------------------------------- Gymboree Corp. 1,2 6,200 261,516 - -------------------------------------------------------------------------------- Home Depot, Inc. 273,900 9,934,353 - -------------------------------------------------------------------------------- Limited Brands, Inc. 157,200 4,164,228 - -------------------------------------------------------------------------------- Lowe's Cos., Inc. 192,400 5,398,744 - -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 16,700 621,407 - -------------------------------------------------------------------------------- Michaels Stores, Inc. 19,600 853,384 - -------------------------------------------------------------------------------- Office Depot, Inc. 2 203,600 8,082,920 - -------------------------------------------------------------------------------- OfficeMax, Inc. 10,900 444,066 2 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED - -------------------------------------------------------------------------------- Pantry, Inc. (The) 1,2 3,400 $ 191,658 - -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1,2 7,900 196,710 - -------------------------------------------------------------------------------- RadioShack Corp. 1 5,700 110,010 - -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1,2 12,000 351,480 - -------------------------------------------------------------------------------- Staples, Inc. 33,800 822,354 - -------------------------------------------------------------------------------- TJX Cos., Inc. (The) 136,700 3,831,701 - -------------------------------------------------------------------------------- Tween Brands, Inc. 1,2 5,800 218,080 --------------- 47,097,778 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.1% Brown Shoe Co., Inc. 5,200 186,368 - -------------------------------------------------------------------------------- Columbia Sportswear Co. 1,2 3,700 206,571 - -------------------------------------------------------------------------------- Liz Claiborne, Inc. 1 15,500 612,405 - -------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 8,000 334,160 - -------------------------------------------------------------------------------- Skechers U.S.A., Inc., Cl. A 1,2 8,200 192,782 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 4,900 138,719 --------------- 1,671,005 - -------------------------------------------------------------------------------- CONSUMER STAPLES--7.4% - -------------------------------------------------------------------------------- BEVERAGES--1.5% Coca-Cola Co. (The) 261,000 11,661,480 - -------------------------------------------------------------------------------- Coca-Cola Enterprises, Inc. 10,900 227,047 - -------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 48,200 1,711,100 - -------------------------------------------------------------------------------- PepsiCo, Inc. 248,550 16,220,373 --------------- 29,820,000 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.3% Costco Wholesale Corp. 87,400 4,342,032 - -------------------------------------------------------------------------------- Kroger Co. (The) 32,900 761,306 - -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 1 4,000 184,040 - -------------------------------------------------------------------------------- Safeway, Inc. 221,100 6,710,385 - -------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 257,300 12,690,036 - -------------------------------------------------------------------------------- Walgreen Co. 5,600 248,584 --------------- 24,936,383 - -------------------------------------------------------------------------------- FOOD PRODUCTS--1.3% Campbell Soup Co. 1 143,300 5,230,450 - -------------------------------------------------------------------------------- ConAgra Foods, Inc. 325,700 7,973,136 - -------------------------------------------------------------------------------- Dean Foods Co. 2 11,400 479,028 - -------------------------------------------------------------------------------- Del Monte Foods Co. 23,400 244,530 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 1 2,000 53,760 - -------------------------------------------------------------------------------- General Mills, Inc. 75,700 4,284,620 - -------------------------------------------------------------------------------- Heinz (H.J.) Co. 101,300 4,247,509 - -------------------------------------------------------------------------------- Kellogg Co. 22,400 1,109,248 - -------------------------------------------------------------------------------- Kraft Foods, Inc., Cl. A 1 30,000 1,069,800 --------------- 24,692,081 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.6% Colgate-Palmolive Co. 136,900 8,501,490 - -------------------------------------------------------------------------------- Procter & Gamble Co. (The) 351,115 21,762,108 --------------- 30,263,598 3 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.0% NBTY, Inc. 2 6,600 $ 193,182 - -------------------------------------------------------------------------------- TOBACCO--1.7% Altria Group, Inc. 356,200 27,267,110 - -------------------------------------------------------------------------------- Loews Corp./Carolina Group 17,600 974,864 - -------------------------------------------------------------------------------- Reynolds American, Inc. 1 66,900 4,145,793 --------------- 32,387,767 - -------------------------------------------------------------------------------- ENERGY--10.5% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.6% Grey Wolf, Inc. 1,2 26,300 175,684 - -------------------------------------------------------------------------------- Nabors Industries Ltd. 2 21,000 624,750 - -------------------------------------------------------------------------------- NS Group, Inc. 1,2 7,800 503,490 - -------------------------------------------------------------------------------- Schlumberger Ltd. 120,800 7,493,224 - -------------------------------------------------------------------------------- Tidewater, Inc. 1 7,000 309,330 - -------------------------------------------------------------------------------- Veritas DGC, Inc. 2 9,000 592,380 - -------------------------------------------------------------------------------- W-H Energy Services, Inc. 1,2 3,600 149,292 - -------------------------------------------------------------------------------- Weatherford International Ltd. 2 53,500 2,232,020 --------------- 12,080,170 - -------------------------------------------------------------------------------- OIL & GAS--9.9% Anadarko Petroleum Corp. 114,400 5,014,152 - -------------------------------------------------------------------------------- Apache Corp. 57,100 3,608,720 - -------------------------------------------------------------------------------- Canadian Natural Resources Ltd. 41,400 1,886,751 - -------------------------------------------------------------------------------- Chesapeake Energy Corp. 1 203,400 5,894,532 - -------------------------------------------------------------------------------- Chevron Corp. 419,126 27,184,512 - -------------------------------------------------------------------------------- Cimarex Energy Co. 1 15,300 538,407 - -------------------------------------------------------------------------------- Comstock Resources, Inc. 1,2 10,400 282,360 - -------------------------------------------------------------------------------- ConocoPhillips 304,183 18,108,014 - -------------------------------------------------------------------------------- Devon Energy Corp. 128,300 8,102,145 - -------------------------------------------------------------------------------- EOG Resources, Inc. 74,100 4,820,205 - -------------------------------------------------------------------------------- Exxon Mobil Corp. 975,816 65,477,254 - -------------------------------------------------------------------------------- Frontier Oil Corp. 1 21,300 566,154 - -------------------------------------------------------------------------------- General Maritime Corp. 1 5,100 186,558 - -------------------------------------------------------------------------------- Hess Corp. 1 131,900 5,463,298 - -------------------------------------------------------------------------------- Holly Corp. 6,900 298,977 - -------------------------------------------------------------------------------- Marathon Oil Corp. 141,100 10,850,590 - -------------------------------------------------------------------------------- Occidental Petroleum Corp. 231,452 11,135,156 - -------------------------------------------------------------------------------- OMI Corp. 1 9,900 214,929 - -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 1 6,200 382,974 - -------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 2 104,700 2,518,795 - -------------------------------------------------------------------------------- Pogo Producing Co. 1 7,700 315,315 - -------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 1 7,400 271,654 - -------------------------------------------------------------------------------- Sunoco, Inc. 20,800 1,293,552 - -------------------------------------------------------------------------------- Tesoro Corp. 13,400 776,932 - -------------------------------------------------------------------------------- Valero Energy Corp. 134,710 6,933,524 - -------------------------------------------------------------------------------- W&T Offshore, Inc. 1 2,500 73,025 4 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- OIL & GAS CONTINUED XTO Energy, Inc. 172,400 $ 7,263,212 --------------- 189,461,697 - -------------------------------------------------------------------------------- FINANCIALS--23.2% - -------------------------------------------------------------------------------- CAPITAL MARKETS--4.8% Ameriprise Financial, Inc. 57,500 2,696,750 - -------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 1 65,300 9,148,530 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 107,800 18,236,526 - -------------------------------------------------------------------------------- Greenhill & Co., Inc. 1 4,100 274,782 - -------------------------------------------------------------------------------- Janus Capital Group, Inc. 20,800 410,176 - -------------------------------------------------------------------------------- Jefferies Group, Inc. 1 21,000 598,500 - -------------------------------------------------------------------------------- Knight Capital Group, Inc., Cl. A 2 15,800 287,560 - -------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 182,000 13,442,520 - -------------------------------------------------------------------------------- Mellon Financial Corp. 195,300 7,636,230 - -------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 251,100 19,641,042 - -------------------------------------------------------------------------------- Morgan Stanley 265,500 19,357,605 - -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1,2 3,400 206,108 - -------------------------------------------------------------------------------- Raymond James Financial, Inc. 1 4,600 134,504 --------------- 92,070,833 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--4.9% BB&T Corp. 75,100 3,287,878 - -------------------------------------------------------------------------------- Comerica, Inc. 23,600 1,343,312 - -------------------------------------------------------------------------------- Huntington Bancshares, Inc. 25,800 617,394 - -------------------------------------------------------------------------------- KeyCorp 110,900 4,152,096 - -------------------------------------------------------------------------------- M&T Bank Corp. 1 44,500 5,338,220 - -------------------------------------------------------------------------------- National City Corp. 183,200 6,705,120 - -------------------------------------------------------------------------------- North Fork Bancorporation, Inc. 9,600 274,944 - -------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 53,900 3,904,516 - -------------------------------------------------------------------------------- SunTrust Banks, Inc. 104,200 8,052,576 - -------------------------------------------------------------------------------- TCF Financial Corp. 14,200 373,318 - -------------------------------------------------------------------------------- TD Banknorth, Inc. 2,800 80,864 - -------------------------------------------------------------------------------- U.S. Bancorp 540,670 17,961,057 - -------------------------------------------------------------------------------- Wachovia Corp. 334,500 18,665,100 - -------------------------------------------------------------------------------- Wells Fargo & Co. 638,400 23,097,312 --------------- 93,853,707 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.3% American Express Co. 63,400 3,555,472 - -------------------------------------------------------------------------------- AmeriCredit Corp. 1,2 46,200 1,154,538 - -------------------------------------------------------------------------------- Capital One Financial Corp. 21,000 1,651,860 --------------- 6,361,870 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--6.8% Bank of America Corp. 867,909 46,493,885 - -------------------------------------------------------------------------------- CIT Group, Inc. 73,500 3,574,305 - -------------------------------------------------------------------------------- Citigroup, Inc. 917,988 45,596,464 - -------------------------------------------------------------------------------- International Securities Exchange, Inc., Cl. A 1 4,900 229,761 - -------------------------------------------------------------------------------- JPMorgan Chase & Co. 724,044 34,001,106 --------------- 129,895,521 5 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE--5.3% ACE Ltd. 121,700 $ 6,660,641 - -------------------------------------------------------------------------------- AFLAC, Inc. 3,200 146,432 - -------------------------------------------------------------------------------- Allstate Corp. 246,400 15,456,672 - -------------------------------------------------------------------------------- American International Group, Inc. 215,240 14,261,802 - -------------------------------------------------------------------------------- AmerUs Group Co. 1 12,800 870,528 - -------------------------------------------------------------------------------- Aon Corp. 56,800 1,923,816 - -------------------------------------------------------------------------------- Assurant, Inc. 15,400 822,514 - -------------------------------------------------------------------------------- Berkley (W.R.) Corp. 12,300 435,297 - -------------------------------------------------------------------------------- Chubb Corp. 133,500 6,936,660 - -------------------------------------------------------------------------------- Cincinnati Financial Corp. 1 11,300 543,078 - -------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 23,700 829,737 - -------------------------------------------------------------------------------- Hanover Insurance Group, Inc. 1 10,700 477,541 - -------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 97,900 8,492,825 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 1 6,600 434,214 - -------------------------------------------------------------------------------- Lincoln National Corp. 115,659 7,180,111 - -------------------------------------------------------------------------------- Loews Corp. 62,800 2,380,120 - -------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc. 14,300 402,545 - -------------------------------------------------------------------------------- MBIA, Inc. 1 13,300 817,152 - -------------------------------------------------------------------------------- MetLife, Inc. 17,000 963,560 - -------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 2,400 115,440 - -------------------------------------------------------------------------------- Old Republic International Corp. 1 19,500 431,925 - -------------------------------------------------------------------------------- Principal Financial Group, Inc. (The) 164,700 8,939,916 - -------------------------------------------------------------------------------- Progressive Corp. 20,800 510,432 - -------------------------------------------------------------------------------- Prudential Financial, Inc. 136,900 10,438,625 - -------------------------------------------------------------------------------- Safeco Corp. 7,900 465,547 - -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 4,500 218,970 - -------------------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 247,500 11,605,275 --------------- 102,761,375 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1% CB Richard Ellis Group, Inc., Cl. A 1,2 24,500 602,700 - -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 7,800 666,744 - -------------------------------------------------------------------------------- Realogy Corp. 2 15,925 361,179 - -------------------------------------------------------------------------------- Trammell Crow Co. 1,2 3,800 138,738 -------------- 1,769,361 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.0% Astoria Financial Corp. 1 28,650 882,993 - -------------------------------------------------------------------------------- BankUnited Financial Corp., Cl. A 1 7,200 187,704 - -------------------------------------------------------------------------------- Countrywide Financial Corp. 78,300 2,743,632 - -------------------------------------------------------------------------------- Fannie Mae 19,500 1,090,245 - -------------------------------------------------------------------------------- Freddie Mac 39,200 2,600,136 - -------------------------------------------------------------------------------- Golden West Financial Corp. 27,300 2,108,925 - -------------------------------------------------------------------------------- Hudson City Bancorp, Inc. 42,000 556,500 - -------------------------------------------------------------------------------- New York Community Bancorp, Inc. 1 11,800 193,284 - -------------------------------------------------------------------------------- PMI Group, Inc. (The) 1 14,900 652,769 - -------------------------------------------------------------------------------- Radian Group, Inc. 1 17,400 1,044,000 - -------------------------------------------------------------------------------- Washington Mutual, Inc. 167,329 7,273,792 6 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE CONTINUED Webster Financial Corp. 1 300 $ 14,133 --------------- 19,348,113 - -------------------------------------------------------------------------------- HEALTH CARE--11.8% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--0.4% Amgen, Inc. 1,2 102,400 7,324,672 - -------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 37,500 1,241,625 --------------- 8,566,297 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.0% Becton, Dickinson & Co. 113,200 7,999,844 - -------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1,2 6,700 312,153 - -------------------------------------------------------------------------------- Medtronic, Inc. 1 216,000 10,031,040 - -------------------------------------------------------------------------------- Zimmer Holdings, Inc. 2 23,200 1,566,000 --------------- 19,909,037 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.6% Aetna, Inc. 35,100 1,388,205 - -------------------------------------------------------------------------------- AmerisourceBergen Corp. 53,800 2,431,760 - -------------------------------------------------------------------------------- Cardinal Health, Inc. 139,300 9,157,582 - -------------------------------------------------------------------------------- Caremark Rx, Inc. 188,100 10,659,627 - -------------------------------------------------------------------------------- CIGNA Corp. 20,600 2,396,192 - -------------------------------------------------------------------------------- Express Scripts, Inc. 2 20,900 1,577,741 - -------------------------------------------------------------------------------- HCA, Inc. 133,000 6,635,370 - -------------------------------------------------------------------------------- Healthways, Inc. 2 300 13,380 - -------------------------------------------------------------------------------- Humana, Inc. 2 26,700 1,764,603 - -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 3,600 107,028 - -------------------------------------------------------------------------------- Laboratory Corp. of America Holdings 2 14,800 970,436 - -------------------------------------------------------------------------------- Magellan Health Services, Inc. 1,2 1,000 42,600 - -------------------------------------------------------------------------------- Manor Care, Inc. 1 11,300 590,764 - -------------------------------------------------------------------------------- McKesson Corp. 175,500 9,252,360 - -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1,2 7,100 323,760 - -------------------------------------------------------------------------------- Quest Diagnostics, Inc. 60,800 3,718,528 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 2 20,700 783,288 - -------------------------------------------------------------------------------- UnitedHealth Group, Inc. 395,048 19,436,362 - -------------------------------------------------------------------------------- WellPoint, Inc. 2 214,112 16,497,330 --------------- 87,746,916 - -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--0.0% Emdeon Corp. 1,2 28,800 337,248 - -------------------------------------------------------------------------------- PHARMACEUTICALS--5.8% Abbott Laboratories 219,200 10,644,352 - -------------------------------------------------------------------------------- Alpharma, Inc., Cl. A 1 9,700 226,883 - -------------------------------------------------------------------------------- Andrx Corp. 2 10,900 266,287 - -------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 237,700 5,923,484 - -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1,2 3,600 117,180 - -------------------------------------------------------------------------------- Forest Laboratories, Inc. 2 58,800 2,975,868 - -------------------------------------------------------------------------------- Johnson & Johnson 499,806 32,457,402 - -------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 2 58,400 994,552 7 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- PHARMACEUTICALS CONTINUED - -------------------------------------------------------------------------------- Merck & Co., Inc. 529,400 $ 22,181,860 - -------------------------------------------------------------------------------- Pfizer, Inc. 1,114,700 31,612,892 - -------------------------------------------------------------------------------- Sciele Pharma, Inc. 1,2 2,600 48,984 - -------------------------------------------------------------------------------- Wyeth 62,700 3,187,668 --------------- 110,637,412 - -------------------------------------------------------------------------------- INDUSTRIALS--12.2% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.7% Alliant Techsystems, Inc. 1,2 9,800 794,388 - -------------------------------------------------------------------------------- Boeing Co. 167,600 13,215,260 - -------------------------------------------------------------------------------- General Dynamics Corp. 153,600 11,008,512 - -------------------------------------------------------------------------------- Honeywell International, Inc. 166,000 6,789,400 - -------------------------------------------------------------------------------- Lockheed Martin Corp. 155,200 13,356,512 - -------------------------------------------------------------------------------- Northrop Grumman Corp. 160,700 10,938,849 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 6,800 127,636 - -------------------------------------------------------------------------------- Raytheon Co. 225,100 10,807,051 - -------------------------------------------------------------------------------- United Technologies Corp. 80,800 5,118,680 --------------- 72,156,288 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.5% FedEx Corp. 54,000 5,868,720 - -------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 54,700 3,935,118 --------------- 9,803,838 - -------------------------------------------------------------------------------- AIRLINES--0.3% AMR Corp. 1,2 17,100 395,694 - -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 21,600 611,496 - -------------------------------------------------------------------------------- Southwest Airlines Co. 245,100 4,083,366 - -------------------------------------------------------------------------------- US Airways Group, Inc. 2 9,900 438,867 --------------- 5,529,423 - -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.4% Masco Corp. 1 278,700 7,641,954 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.5% Administaff, Inc. 1 6,100 205,570 - -------------------------------------------------------------------------------- Harland (John H.) Co. 1 4,100 149,445 - -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 1 7,200 96,768 - -------------------------------------------------------------------------------- Manpower, Inc. 1 16,200 992,574 - -------------------------------------------------------------------------------- Republic Services, Inc. 18,100 727,801 - -------------------------------------------------------------------------------- Robert Half International, Inc. 19,200 652,224 - -------------------------------------------------------------------------------- Waste Management, Inc. 165,600 6,074,208 --------------- 8,898,590 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.1% EMCOR Group, Inc. 1,2 4,100 224,844 - -------------------------------------------------------------------------------- Granite Construction, Inc. 1 11,700 624,195 - -------------------------------------------------------------------------------- Quanta Services, Inc. 1,2 24,800 418,128 --------------- 1,267,167 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.6% Acuity Brands, Inc. 1 11,200 508,480 8 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT CONTINUED - -------------------------------------------------------------------------------- Belden CDT, Inc. 1 6,000 $ 229,380 - -------------------------------------------------------------------------------- Cooper Industries Ltd., Cl. A 6,400 545,408 - -------------------------------------------------------------------------------- Emerson Electric Co. 91,100 7,639,646 - -------------------------------------------------------------------------------- General Cable Corp. 1,2 7,500 286,575 - -------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 1 4,700 225,130 - -------------------------------------------------------------------------------- Rockwell Automation, Inc. 41,800 2,428,580 - -------------------------------------------------------------------------------- Smith (A.O.) Corp. 1 4,100 161,663 --------------- 12,024,862 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--3.6% 3M Co. 157,100 11,691,382 - -------------------------------------------------------------------------------- General Electric Co. 1,398,100 49,352,930 - -------------------------------------------------------------------------------- Textron, Inc. 37,900 3,316,250 - -------------------------------------------------------------------------------- Tyco International Ltd. 146,100 4,089,339 --------------- 68,449,901 - -------------------------------------------------------------------------------- MACHINERY--2.0% AGCO Corp. 1,2 11,300 286,455 - -------------------------------------------------------------------------------- Caterpillar, Inc. 114,000 7,501,200 - -------------------------------------------------------------------------------- Crane Co. 3,900 163,020 - -------------------------------------------------------------------------------- Cummins, Inc. 1 4,100 488,843 - -------------------------------------------------------------------------------- Danaher Corp. 1 110,200 7,567,434 - -------------------------------------------------------------------------------- Deere & Co. 25,200 2,114,532 - -------------------------------------------------------------------------------- Eaton Corp. 98,300 6,767,955 - -------------------------------------------------------------------------------- Flowserve Corp. 1,2 4,700 237,773 - -------------------------------------------------------------------------------- Illinois Tool Works, Inc. 212,600 9,545,740 - -------------------------------------------------------------------------------- Ingersoll-Rand Co. Ltd., Cl. A 600 22,788 - -------------------------------------------------------------------------------- Kaydon Corp. 1 5,300 196,206 - -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 1 6,500 291,135 - -------------------------------------------------------------------------------- Paccar, Inc. 1 27,100 1,545,242 - -------------------------------------------------------------------------------- SPX Corp. 19,500 1,042,080 - -------------------------------------------------------------------------------- Toro Co. (The) 1 10,000 421,700 - -------------------------------------------------------------------------------- Trinity Industries, Inc. 1 8,600 276,662 - -------------------------------------------------------------------------------- Valmont Industries, Inc. 1 2,100 109,725 - -------------------------------------------------------------------------------- Wabtec Corp. 1 9,600 260,448 --------------- 38,838,938 - -------------------------------------------------------------------------------- ROAD & RAIL--0.5% Arkansas Best Corp. 1 4,900 210,847 - -------------------------------------------------------------------------------- Avis Budget Group, Inc. 6,370 116,507 - -------------------------------------------------------------------------------- Burlington Northern Santa Fe Corp. 700 51,408 - -------------------------------------------------------------------------------- CSX Corp. 204,700 6,720,301 - -------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 2,200 98,054 - -------------------------------------------------------------------------------- Laidlaw International, Inc. 12,100 330,693 - -------------------------------------------------------------------------------- Norfolk Southern Corp. 26,000 1,145,300 - -------------------------------------------------------------------------------- Ryder Systems, Inc. 1 10,300 532,304 - -------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1,2 10,200 241,944 --------------- 9,447,358 9 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.0% Applied Industrial Technologies, Inc. 1 8,650 $ 211,060 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--17.3% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.3% Cisco Systems, Inc. 2 955,700 21,981,100 - -------------------------------------------------------------------------------- CommScope, Inc. 1,2 12,900 423,894 - -------------------------------------------------------------------------------- InterDigital Communications Corp. 1,2 5,100 173,910 - -------------------------------------------------------------------------------- Lucent Technologies, Inc. 2 524,100 1,226,394 - -------------------------------------------------------------------------------- Motorola, Inc. 579,800 14,495,000 - -------------------------------------------------------------------------------- Polycom, Inc. 1,2 26,800 657,404 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 135,000 4,907,250 --------------- 43,864,952 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--4.3% Apple Computer, Inc. 1,2 64,500 4,968,435 - -------------------------------------------------------------------------------- Dell, Inc. 1,2 770,100 17,589,084 - -------------------------------------------------------------------------------- EMC Corp. 2 716,400 8,582,472 - -------------------------------------------------------------------------------- Hewlett-Packard Co. 572,500 21,005,025 - -------------------------------------------------------------------------------- International Business Machines Corp. 346,900 28,424,986 - -------------------------------------------------------------------------------- NCR Corp. 2 6,800 268,464 - -------------------------------------------------------------------------------- Western Digital Corp. 1,2 91,300 1,652,530 --------------- 82,490,996 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% Agilent Technologies, Inc. 1,2 206,100 6,737,409 - -------------------------------------------------------------------------------- Brightpoint, Inc. 13,000 184,860 - -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 2 2,000 132,300 - -------------------------------------------------------------------------------- Plexus Corp. 2 11,200 215,040 - -------------------------------------------------------------------------------- Solectron Corp. 2 171,800 560,068 - -------------------------------------------------------------------------------- Tech Data Corp. 1,2 12,500 456,625 --------------- 8,286,302 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.2% Digital Insight Corp. 1,2 2,000 58,640 - -------------------------------------------------------------------------------- EarthLink, Inc. 1,2 32,400 235,548 - -------------------------------------------------------------------------------- Google, Inc., Cl. A 2 54,200 21,782,980 - -------------------------------------------------------------------------------- RealNetworks, Inc. 1,2 18,700 198,407 - -------------------------------------------------------------------------------- United Online, Inc. 1 30,500 371,490 - -------------------------------------------------------------------------------- VeriSign, Inc. 1,2 21,600 436,320 --------------- 23,083,385 - -------------------------------------------------------------------------------- IT SERVICES--1.0% Affiliated Computer Services, Inc., Cl. A 2 9,100 471,926 - -------------------------------------------------------------------------------- Ceridian Corp. 2 15,500 346,580 - -------------------------------------------------------------------------------- Computer Sciences Corp. 2 79,600 3,909,952 - -------------------------------------------------------------------------------- Convergys Corp. 2 24,200 499,730 - -------------------------------------------------------------------------------- CSG Systems International, Inc. 1,2 6,900 182,367 - -------------------------------------------------------------------------------- Electronic Data Systems Corp. 14,200 348,184 - -------------------------------------------------------------------------------- First Data Corp. 271,100 11,386,200 10 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- IT SERVICES CONTINUED - -------------------------------------------------------------------------------- Fiserv, Inc. 2 25,900 $ 1,219,631 - -------------------------------------------------------------------------------- MoneyGram International, Inc. 1 9,500 276,070 - -------------------------------------------------------------------------------- MPS Group, Inc. 1,2 14,100 213,051 - -------------------------------------------------------------------------------- Paychex, Inc. 6,600 243,210 --------------- 19,096,901 - -------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.4% Xerox Corp. 2 461,600 7,182,496 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.8% Analog Devices, Inc. 1 119,800 3,520,922 - -------------------------------------------------------------------------------- Applied Materials, Inc. 1 382,100 6,774,633 - -------------------------------------------------------------------------------- Atmel Corp. 1,2 54,800 330,992 - -------------------------------------------------------------------------------- Cymer, Inc. 1,2 10,700 469,837 - -------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. B 2 266,843 10,142,702 - -------------------------------------------------------------------------------- Intel Corp. 1,106,700 22,764,819 - -------------------------------------------------------------------------------- Intersil Corp., Cl. A 1 9,000 220,950 - -------------------------------------------------------------------------------- Lam Research Corp. 2 26,200 1,187,646 - -------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1,2 18,000 659,340 - -------------------------------------------------------------------------------- Micron Technology, Inc. 1,2 434,200 7,555,080 - -------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 20,800 296,816 - -------------------------------------------------------------------------------- ON Semiconductor Corp. 1,2 37,900 222,852 - -------------------------------------------------------------------------------- Texas Instruments, Inc. 550,800 18,314,100 - -------------------------------------------------------------------------------- Zoran Corp. 2 12,200 196,176 --------------- 72,656,865 - -------------------------------------------------------------------------------- SOFTWARE--3.9% BEA Systems, Inc. 2 94,000 1,428,800 - -------------------------------------------------------------------------------- BMC Software, Inc. 2 37,300 1,015,306 - -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 2 12,700 215,392 - -------------------------------------------------------------------------------- Fair Isaac Corp. 1 18,500 676,545 - -------------------------------------------------------------------------------- Intuit, Inc. 2 204,800 6,572,032 - -------------------------------------------------------------------------------- Mentor Graphics Corp. 1,2 7,100 99,968 - -------------------------------------------------------------------------------- Microsoft Corp. 1,468,100 40,123,173 - -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 1,700 173,111 - -------------------------------------------------------------------------------- Oracle Corp. 2 1,174,800 20,840,952 - -------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 5,100 201,501 - -------------------------------------------------------------------------------- Sybase, Inc. 2 6,100 147,864 - -------------------------------------------------------------------------------- Symantec Corp. 2 162,300 3,453,744 - -------------------------------------------------------------------------------- Synopsys, Inc. 2 35,200 694,144 - -------------------------------------------------------------------------------- TIBCO Software, Inc. 1,2 55,400 497,492 --------------- 76,140,024 - -------------------------------------------------------------------------------- MATERIALS--2.8% - -------------------------------------------------------------------------------- CHEMICALS--1.1% Air Products & Chemicals, Inc. 104,300 6,922,391 - -------------------------------------------------------------------------------- Dow Chemical Co. (The) 88,300 3,441,934 - -------------------------------------------------------------------------------- Ecolab, Inc. 1 22,400 959,168 11 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- CHEMICALS CONTINUED - -------------------------------------------------------------------------------- Fuller (H.B.) Co. 9,000 $ 210,960 - -------------------------------------------------------------------------------- Hercules, Inc. 2 12,400 195,548 - -------------------------------------------------------------------------------- NewMarket Corp. 1 3,600 209,376 - -------------------------------------------------------------------------------- OM Group, Inc. 1,2 5,900 259,246 - -------------------------------------------------------------------------------- PPG Industries, Inc. 1 83,000 5,567,640 - -------------------------------------------------------------------------------- Rohm & Haas Co. 1 83,900 3,972,665 - -------------------------------------------------------------------------------- Tronox, Inc., Cl. B 1 9,919 126,666 --------------- 21,865,594 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.1% Packaging Corp. of America 6,700 155,440 - -------------------------------------------------------------------------------- Pactiv Corp. 1,2 26,800 761,656 - -------------------------------------------------------------------------------- Temple-Inland, Inc. 1 10,600 425,060 --------------- 1,342,156 - -------------------------------------------------------------------------------- METALS & MINING--1.6% AK Steel Holding Corp. 1,2 36,000 437,040 - -------------------------------------------------------------------------------- Carpenter Technology Corp. 1 8,800 946,088 - -------------------------------------------------------------------------------- Chaparral Steel Co. 1,2 6,100 207,766 - -------------------------------------------------------------------------------- Commercial Metals Co. 13,300 270,389 - -------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., Cl. B 1 137,100 7,301,946 - -------------------------------------------------------------------------------- Nucor Corp. 1 173,400 8,581,566 - -------------------------------------------------------------------------------- Phelps Dodge Corp. 77,400 6,555,780 - -------------------------------------------------------------------------------- Quanex Corp. 1 8,750 265,563 - -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 14,500 466,030 - -------------------------------------------------------------------------------- Ryerson, Inc. 1 2,500 54,725 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 1 5,700 179,778 - -------------------------------------------------------------------------------- Southern Copper Corp. 1 44,500 4,116,250 - -------------------------------------------------------------------------------- Steel Dynamics, Inc. 1 9,600 484,320 - -------------------------------------------------------------------------------- United States Steel Corp. 1 12,200 703,696 - -------------------------------------------------------------------------------- Worthington Industries, Inc. 1 21,800 371,908 --------------- 30,942,845 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.4% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.6% AT&T, Inc. 374,878 12,206,028 - -------------------------------------------------------------------------------- BellSouth Corp. 254,100 10,862,775 - -------------------------------------------------------------------------------- CenturyTel, Inc. 23,900 948,113 - -------------------------------------------------------------------------------- Citizens Communications Co. 1 54,000 758,160 - -------------------------------------------------------------------------------- Embarq Corp. 15,796 764,053 - -------------------------------------------------------------------------------- Qwest Communications International, Inc. 1,2 1,155,300 10,074,216 - -------------------------------------------------------------------------------- Verizon Communications, Inc. 421,456 15,648,661 --------------- 51,262,006 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.8% Alltel Corp. 15,900 882,450 - -------------------------------------------------------------------------------- Leap Wireless International, Inc. 1,2 2,600 126,074 12 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED Sprint Nextel Corp. 800,223 $ 13,723,824 --------------- 14,732,348 - -------------------------------------------------------------------------------- UTILITIES--1.2% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.5% American Electric Power Co., Inc. 212,800 7,739,536 - -------------------------------------------------------------------------------- Edison International, Inc. 27,800 1,157,592 - -------------------------------------------------------------------------------- Progress Energy, Inc. 7,300 331,274 - -------------------------------------------------------------------------------- Progress Energy, Inc., Contingent Value Obligation 2,3 32,000 9,920 --------------- 9,238,322 - -------------------------------------------------------------------------------- ENERGY TRADERS--0.0% AES Corp. (The) 2 15,100 307,889 - -------------------------------------------------------------------------------- GAS UTILITIES--0.0% ONEOK, Inc. 1 20,800 786,032 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.7% Alliant Energy Corp. 1 11,800 421,614 - -------------------------------------------------------------------------------- Avista Corp. 1 4,400 104,192 - -------------------------------------------------------------------------------- Duke Energy Corp. 193,200 5,834,640 - -------------------------------------------------------------------------------- PG&E Corp. 169,500 7,059,673 --------------- 13,420,119 --------------- Total Common Stocks (Cost $1,580,529,912) 1,908,966,923 - -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - -------------------------------------------------------------------------------- Wachovia Corp., Dividend Equalization Preferred Shares 2 (Cost $0) 6,000 18 UNITS - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- Dime Bancorp, Inc. Wts., Exp. 1/2/10 2 31,900 3,573 - -------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 2 4,837 919 --------------- Total Rights, Warrants and Certificates (Cost $0) 4,492 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.0% - -------------------------------------------------------------------------------- Undivided interest of 1.26% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $18,450,068 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $18,442,000) $ 18,442,000 18,442,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $1,598,971,912) 1,927,413,433 - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--8.0% 4 - -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--0.4% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.39%, 10/25/06 2,150,802 2,150,802 - -------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.44%, 10/25/06 1,106,512 1,106,512 - -------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 5.40%, 10/25/06 2,233,920 2,233,920 - -------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.42%, 10/25/06 1,461,119 1,461,119 13 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- Money Market Trust, Series A-2, 5.405%, 10/16/06 $ 1,000,000 $ 1,000,000 --------------- 7,952,353 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--4.6% Undivided interest of 1% in joint repurchase agreement (Principal Amount/Value $3,950,000,000, with a maturity value of $3,951,787,375) with Nomura Securities, 5.43%, dated 9/29/06, to be repurchased at $39,526,010 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-6/25/43, with a value of $4,029,000,000 39,508,133 39,508,133 - -------------------------------------------------------------------------------- Undivided interest of 2% in joint repurchase agreement (Principal Amount/Value $2,500,000,000 with a maturity value of $2,501,131,250) with ING Financial Markets LLC, 5.43%, dated 9/29/06, to be repurchased at $50,022,625 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-7%, 9/1/18-8/1/36, with a value of $2,550,003,623 50,000,000 50,000,000 --------------- 89,508,133 - -------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.1% Citigroup Global Markets, Inc., 5.445%, 10/2/06 1,400,000 1,400,000 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--2.4% American Express Credit Corp., 5.34%, 10/16/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- American Honda Finance Corp., 5.50%, 10/18/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Bear Stearns, 5.37%, 10/2/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 10/2/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Citigroup Funding, Inc., 5.36%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Dorada Finance, Inc., 5.37%, 10/2/06 4,000,000 4,000,000 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.535%, 10/2/06 4,000,000 4,000,000 - -------------------------------------------------------------------------------- HSBC Finance Corp., 5.32%, 10/6/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Landsbanki Islands HF, 5.41%, 10/16/06 4,000,000 4,000,000 - -------------------------------------------------------------------------------- LINKS Finance LLC, 5.37%, 10/2/06 3,000,075 3,000,075 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.33%, 10/30/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.37%, 10/2/06 2,500,000 2,500,000 - -------------------------------------------------------------------------------- Sigma Finance, Inc., 5.37%, 10/2/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Tango Finance Corp., 5.38%, 10/2/06 4,498,651 4,498,651 --------------- 45,998,726 - -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.5% Calyon NY, 5.32%, 10/2/06 4,999,932 4,999,932 - -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.37%, 10/2/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.39%, 10/2/06 1,999,709 1,999,709 --------------- 8,999,641 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $153,858,853) 153,858,853 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,752,830,765) 108.2% 2,081,272,286 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (8.2) (157,284,488) -------------------------------- NET ASSETS 100.0% $1,923,987,798 ================================ FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Partial or fully-loaned security. See accompanying Notes. 2. Non-income producing security. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2006 was $9,920, which represents less than 0.005% of the Fund's net assets. See accompanying Notes. 14 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 4. The security/securities have 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 September 30, 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 $ 1,779,136,900 ================= Gross unrealized appreciation $ 311,480,615 Gross unrealized depreciation (9,345,229) ----------------- Net unrealized appreciation $ 302,135,386 ================= NOTES TO FINANCIAL STATEMENTS 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(R) 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 from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. 15 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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 SECURITIES As of September 30, 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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2006, the Fund had on loan securities valued at $150,114,929, which are included in the Statement of Assets and Liabilities in the annual and semiannual reports as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $153,858,853 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 16 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--98.0% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--17.8% - -------------------------------------------------------------------------------- AUTOMOBILES--2.4% Bayerische Motoren Werke AG 608,268 $ 32,603,554 - -------------------------------------------------------------------------------- Porsche AG, Preference 18,742 19,397,700 - -------------------------------------------------------------------------------- Toyota Motor Corp. 562,300 30,560,559 --------------- 82,561,813 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.4% Carnival Corp. 955,900 44,955,977 - -------------------------------------------------------------------------------- International Game Technology 640,300 26,572,450 - -------------------------------------------------------------------------------- Starbucks Corp. 1 398,100 13,555,305 --------------- 85,083,732 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.3% Koninklijke (Royal) Philips Electronics NV 1,152,600 40,441,336 - -------------------------------------------------------------------------------- Sony Corp. 950,300 38,454,468 --------------- 78,895,804 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.3% GUS plc 575,348 10,406,227 - -------------------------------------------------------------------------------- MEDIA--4.6% Getty Images, Inc. 1 230,600 11,456,208 - -------------------------------------------------------------------------------- Grupo Televisa SA, Sponsored GDR 1,632,796 34,713,243 - -------------------------------------------------------------------------------- Pearson plc 1,044,058 14,866,523 - -------------------------------------------------------------------------------- Singapore Press Holdings Ltd. 3,040,840 7,849,799 - -------------------------------------------------------------------------------- Sirius Satellite Radio, Inc. 1 6,876,910 26,888,718 - -------------------------------------------------------------------------------- Walt Disney Co. (The) 750,000 23,182,500 - -------------------------------------------------------------------------------- WPP Group plc 886,660 10,990,075 - -------------------------------------------------------------------------------- Zee Telefilms Ltd. 1 4,345,900 28,956,895 --------------- 158,903,961 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--3.3% Hennes & Mauritz AB, B Shares 1,430,200 59,818,140 - -------------------------------------------------------------------------------- Industria de Diseno Textil SA 648,800 30,242,944 - -------------------------------------------------------------------------------- Tiffany & Co. 762,700 25,321,640 --------------- 115,382,724 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--2.5% Bulgari SpA 1,284,618 16,354,807 - -------------------------------------------------------------------------------- Burberry Group plc 1,299,628 12,556,087 - -------------------------------------------------------------------------------- Coach, Inc. 1 498,900 17,162,160 - -------------------------------------------------------------------------------- LVMH Moet Hennessey Louis Vuitton 398,690 41,076,784 --------------- 87,149,838 - -------------------------------------------------------------------------------- CONSUMER STAPLES--8.0% - -------------------------------------------------------------------------------- BEVERAGES--2.2% Companhia de Bebidas das Americas, ADR, Preference 463,515 21,034,311 - -------------------------------------------------------------------------------- Diageo plc 1,055,410 18,644,411 - -------------------------------------------------------------------------------- Fomento Economico Mexicano SA de CV, UBD 2,415,200 23,451,210 - -------------------------------------------------------------------------------- Grupo Modelo SA de CV, Series C 3,279,000 14,313,190 --------------- 77,443,122 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.8% Tesco plc 3,831,643 25,826,948 1 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING CONTINUED Wal-Mart Stores, Inc. 728,300 $ 35,919,756 --------------- 61,746,704 - -------------------------------------------------------------------------------- FOOD PRODUCTS--1.0% Cadbury Schweppes plc 3,387,574 35,928,093 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--2.2% Hindustan Lever Ltd. 3,934,500 22,030,630 - -------------------------------------------------------------------------------- Reckitt Benckiser plc 1,269,288 52,616,668 --------------- 74,647,298 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.8% Avon Products, Inc. 504,300 15,461,838 - -------------------------------------------------------------------------------- Shiseido Co. Ltd. 2 606,000 12,107,175 --------------- 27,569,013 - -------------------------------------------------------------------------------- ENERGY--5.9% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.8% GlobalSantaFe Corp. 548,700 27,429,513 - -------------------------------------------------------------------------------- Technip SA 583,560 33,166,152 - -------------------------------------------------------------------------------- Transocean, Inc. 1 505,500 37,017,765 --------------- 97,613,430 - -------------------------------------------------------------------------------- OIL & GAS--3.1% BP plc, ADR 425,969 27,935,047 - -------------------------------------------------------------------------------- Chevron Corp. 345,444 22,405,498 - -------------------------------------------------------------------------------- Husky Energy, Inc. 608,415 39,169,352 - -------------------------------------------------------------------------------- Neste Oil Oyj 105,900 3,096,391 - -------------------------------------------------------------------------------- Total SA 222,240 14,645,389 --------------- 107,251,677 - -------------------------------------------------------------------------------- FINANCIALS--15.0% - -------------------------------------------------------------------------------- CAPITAL MARKETS--3.8% 3i Group plc 775,901 13,590,507 - -------------------------------------------------------------------------------- Credit Suisse Group 725,145 41,956,288 - -------------------------------------------------------------------------------- Morgan Stanley 588,600 42,914,826 - -------------------------------------------------------------------------------- Northern Trust Corp. 584,000 34,123,120 --------------- 132,584,741 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--4.6% HSBC Holdings plc 2,007,683 36,619,763 - -------------------------------------------------------------------------------- ICICI Bank Ltd., Sponsored ADR 319,450 9,810,310 - -------------------------------------------------------------------------------- Resona Holdings, Inc. 4,959 14,921,044 - -------------------------------------------------------------------------------- Royal Bank of Scotland Group plc (The) 1,523,957 52,473,496 - -------------------------------------------------------------------------------- Societe Generale, Cl. A 238,960 38,028,278 - -------------------------------------------------------------------------------- Sumitomo Mitsui Financial Group, Inc. 753 7,904,508 --------------- 159,757,399 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.5% Credit Saison Co. Ltd. 395,100 16,656,914 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.4% Investor AB, B Shares 931,128 19,376,926 - -------------------------------------------------------------------------------- JPMorgan Chase & Co. 581,263 27,296,110 --------------- 46,673,036 2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE--4.5% ACE Ltd. 388,071 $ 21,239,126 - -------------------------------------------------------------------------------- Allianz AG 228,619 39,565,718 - -------------------------------------------------------------------------------- Berkshire Hathaway, Inc., Cl. B 1 6,110 19,393,140 - -------------------------------------------------------------------------------- Everest Re Group Ltd. 104,800 10,221,144 - -------------------------------------------------------------------------------- Manulife Financial Corp. 559,426 18,017,746 - -------------------------------------------------------------------------------- Prudential plc 2,504,680 31,115,639 - -------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 255,900 17,580,330 --------------- 157,132,843 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.2% Realogy Corp. 1 354,600 8,042,328 - -------------------------------------------------------------------------------- HEALTH CARE--12.0% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--2.6% Affymetrix, Inc. 1 322,800 6,959,568 - -------------------------------------------------------------------------------- Amgen, Inc. 1 367,700 26,301,581 - -------------------------------------------------------------------------------- Genentech, Inc. 1 186,300 15,407,010 - -------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 426,260 29,284,062 - -------------------------------------------------------------------------------- NicOx SA 1 163,560 2,146,620 - -------------------------------------------------------------------------------- Nuvelo, Inc. 1 191,700 3,496,608 - -------------------------------------------------------------------------------- Theravance, Inc. 1 271,000 7,327,840 --------------- 90,923,289 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--2.1% Biomet, Inc. 557,600 17,949,144 - -------------------------------------------------------------------------------- Boston Scientific Corp. 1 1,427,853 21,117,946 - -------------------------------------------------------------------------------- Conor Medsystems, Inc. 1 203,500 4,796,495 - -------------------------------------------------------------------------------- Medtronic, Inc. 257,400 11,953,656 - -------------------------------------------------------------------------------- Smith & Nephew plc 1,874,897 17,245,093 --------------- 73,062,334 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.9% Express Scripts, Inc. 1 181,800 13,724,082 - -------------------------------------------------------------------------------- Quest Diagnostics, Inc. 285,800 17,479,528 --------------- 31,203,610 - -------------------------------------------------------------------------------- PHARMACEUTICALS--6.4% AtheroGenics, Inc. 1 541,600 7,132,872 - -------------------------------------------------------------------------------- Chugai Pharmaceutical Co. Ltd. 622,100 13,376,796 - -------------------------------------------------------------------------------- Johnson & Johnson 141,300 9,176,022 - -------------------------------------------------------------------------------- Nektar Therapeutics 1 314,361 4,529,942 - -------------------------------------------------------------------------------- Novartis AG 331,768 19,368,279 - -------------------------------------------------------------------------------- Novo Nordisk AS, Cl. B 139,600 10,375,299 - -------------------------------------------------------------------------------- Roche Holdings AG 261,604 45,230,745 - -------------------------------------------------------------------------------- Sanofi-Aventis SA 611,684 54,450,510 - -------------------------------------------------------------------------------- Shionogi & Co. Ltd. 1,273,000 23,385,481 - -------------------------------------------------------------------------------- Takeda Pharmaceutical Co. Ltd. 279,600 17,444,673 - -------------------------------------------------------------------------------- Wyeth 305,500 15,531,620 --------------- 220,002,239 3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INDUSTRIALS--8.2% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.1% Boeing Co. 277,900 $ 21,912,415 - -------------------------------------------------------------------------------- Empresa Brasileira de Aeronautica SA, ADR 801,934 31,491,948 - -------------------------------------------------------------------------------- European Aeronautic Defence & Space Co. 1,198,410 34,465,628 - -------------------------------------------------------------------------------- Lockheed Martin Corp. 222,900 19,182,774 - -------------------------------------------------------------------------------- Northrop Grumman Corp. 248,200 16,894,974 - -------------------------------------------------------------------------------- Raytheon Co. 414,100 19,880,941 --------------- 143,828,680 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.6% Emerson Electric Co. 264,200 22,155,812 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--2.5% 3M Co. 447,200 33,280,624 - -------------------------------------------------------------------------------- Hutchison Whampoa Ltd. 1,377,000 12,160,423 - -------------------------------------------------------------------------------- Siemens AG 465,376 40,606,285 --------------- 86,047,332 - -------------------------------------------------------------------------------- MACHINERY--0.6% Fanuc Ltd. 104,500 8,183,568 - -------------------------------------------------------------------------------- Hyundai Heavy Industries Co. Ltd. 89,299 12,406,525 --------------- 20,590,093 - -------------------------------------------------------------------------------- ROAD & RAIL--0.1% Avis Budget Group, Inc. 132,760 2,428,180 - -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.3% Macquarie Airports 3,801,284 8,697,618 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--26.2% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--6.5% Cisco Systems, Inc. 1 621,100 14,285,300 - -------------------------------------------------------------------------------- Corning, Inc. 1 1,709,600 41,731,336 - -------------------------------------------------------------------------------- Juniper Networks, Inc. 1 1,797,900 31,067,712 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 414,500 15,067,075 - -------------------------------------------------------------------------------- Tandberg ASA 1,042,850 11,136,985 - -------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, B Shares 32,815,700 113,079,159 --------------- 226,367,567 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.2% Benq Corp. 1 9,394,000 5,520,456 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.7% Hoya Corp. 552,900 20,913,349 - -------------------------------------------------------------------------------- Keyence Corp. 70,840 16,369,228 - -------------------------------------------------------------------------------- Kyocera Corp. 163,300 14,024,499 - -------------------------------------------------------------------------------- Murata Manufacturing Co. Ltd. 474,400 33,085,027 - -------------------------------------------------------------------------------- Nidec Corp. 138,200 10,467,114 --------------- 94,859,217 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.6% eBay, Inc. 1 1,795,000 50,906,200 - -------------------------------------------------------------------------------- Yahoo!, Inc. 1 250,100 6,322,528 --------------- 57,228,728 - -------------------------------------------------------------------------------- IT SERVICES--2.4% Automatic Data Processing, Inc. 871,200 41,242,608 4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- IT SERVICES CONTINUED Infosys Technologies Ltd. 1,087,016 $ 43,992,741 --------------- 85,235,349 - -------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.4% Canon, Inc. 259,050 13,562,082 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--6.2% Advanced Micro Devices, Inc. 1 2,006,600 49,864,010 - -------------------------------------------------------------------------------- Altera Corp. 1 1,173,000 21,559,740 - -------------------------------------------------------------------------------- Cree, Inc. 1 573,300 11,529,063 - -------------------------------------------------------------------------------- International Rectifier Corp. 1 355,100 12,371,684 - -------------------------------------------------------------------------------- Linear Technology Corp. 310,000 9,647,200 - -------------------------------------------------------------------------------- Maxim Integrated Products, Inc. 829,265 23,277,469 - -------------------------------------------------------------------------------- MediaTek, Inc. 2,328,700 22,092,660 - -------------------------------------------------------------------------------- Samsung Electronics Co. 37,722 26,564,335 - -------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing Co. Ltd. 10,977,837 19,801,401 - -------------------------------------------------------------------------------- Xilinx, Inc. 783,700 17,202,215 --------------- 213,909,777 - -------------------------------------------------------------------------------- SOFTWARE--6.2% Adobe Systems, Inc. 1 1,152,200 43,149,890 - -------------------------------------------------------------------------------- Enix Corp. 2 542,500 13,157,778 - -------------------------------------------------------------------------------- Intuit, Inc. 1 940,700 30,187,063 - -------------------------------------------------------------------------------- Microsoft Corp. 2,223,800 60,776,454 - -------------------------------------------------------------------------------- Nintendo Co. Ltd. 2 91,100 18,771,420 - -------------------------------------------------------------------------------- Novell, Inc. 1 1,840,726 11,265,243 - -------------------------------------------------------------------------------- SAP AG 190,329 37,770,873 --------------- 215,078,721 - -------------------------------------------------------------------------------- MATERIALS--0.4% - -------------------------------------------------------------------------------- CHEMICALS--0.4% Arkema 1 129,175 6,095,030 - -------------------------------------------------------------------------------- Syngenta AG 1 47,067 7,098,913 --------------- 13,193,943 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.9% - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--3.9% KDDI Corp. 5,810 36,200,296 - -------------------------------------------------------------------------------- SK Telecom Co. Ltd., ADR 1,315,660 31,089,046 - -------------------------------------------------------------------------------- Vodafone Group plc 29,875,352 68,382,890 --------------- 135,672,232 - -------------------------------------------------------------------------------- UTILITIES--0.6% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.6% Fortum Oyj 811,900 21,630,488 --------------- Total Common Stocks (Cost $2,405,101,279) 3,402,628,444 5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.8% - -------------------------------------------------------------------------------- Undivided interest of 4.25% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $62,474,321 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $62,447,000) $ 62,447,000 $ 62,447,000 - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.6% 3 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.6% Undivided interest of 0.06% in joint repurchase agreement (Principal Amount/Value $3,950,000,000, with a maturity value of $3,951,787,375) with Nomura Securities, 5.43%, dated 9/29/06, to be repurchased at $2,403,587 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-6/25/43, with a value of $4,029,000,000 2,402,500 2,402,500 - -------------------------------------------------------------------------------- Undivided interest of 0.57% in joint repurchase agreement (Principal Amount/Value $500,000,000, with a maturity value of $500,225,833) with WAMU Capital Corp., 5.42%, dated 9/29/06, to be repurchased at $2,866,294 on 10/2/06, collateralized by U.S. Agency Mortgages, 3.246%-7%, 2/1/10-10/1/36, with a value of $510,000,001 2,865,000 2,865,000 - -------------------------------------------------------------------------------- Undivided interest of 6.80% in joint repurchase agreement (Principal Amount/Value $250,000,000, with a maturity value of $250,112,500) with Cantor Fitzgerald & Co., 5.40%, dated 9/29/06, to be repurchased at $17,007,650 on 10/2/06, collateralized by U.S. Agency Mortgages, 0.0001%-6.50%, 8/1/12-9/1/36, with a value of $255,002,127 17,000,000 17,000,000 - -------------------------------------------------------------------------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $22,267,500) 22,267,500 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,489,815,779) 100.4% 3,487,342,944 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.4) (14,266,095) ------------------------------- NET ASSETS 100.0% $3,473,076,849 =============================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 3. The security/securities have 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. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: GEOGRAPHIC HOLDINGS VALUE PERCENT - -------------------------------------------------------------------------------- United States $ 1,383,169,838 39.7% United Kingdom 429,197,467 12.3 Japan 359,545,979 10.3 Sweden 192,274,225 5.5 France 189,608,763 5.4 Germany 169,944,130 4.9 Switzerland 113,654,225 3.3 India 104,790,576 3.0 The Netherlands 74,906,964 2.1 Mexico 72,477,643 2.1 Korea, Republic of South 70,059,906 2.0 Canada 57,187,098 1.6 6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Brazil 52,526,259 1.5 Taiwan 47,414,517 1.4 Cayman Islands 38,819,456 1.1 Spain 30,242,944 0.9 Finland 24,726,879 0.7 Italy 16,354,807 0.5 Hong Kong 12,160,423 0.4 Norway 11,136,985 0.3 Denmark 10,375,299 0.3 Bermuda 10,221,144 0.3 Australia 8,697,618 0.2 Singapore 7,849,799 0.2 ------------------------------- Total $ 3,487,342,944 100.0% =============================== FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 2,500,720,166 Federal tax cost of other investments 2,566,446 ---------------- Total federal tax cost $ 2,503,286,612 ================ Gross unrealized appreciation $ 1,039,702,269 Gross unrealized depreciation (53,098,468) ---------------- Net unrealized appreciation $ 986,603,801 ================ NOTES TO FINANCIAL STATEMENTS 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(R) 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 7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- "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. 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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2006, the Fund had on loan securities valued at $21,155,562, which are included in the Statement of Assets and Liabilities in the annual and semiannual reports as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $22,267,500 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--99.0% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--12.4% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.1% International Game Technology 282,100 $ 11,707,150 - -------------------------------------------------------------------------------- Panera Bread Co., Cl. A 1 212,900 12,401,425 --------------- 24,108,575 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.4% Harman International Industries, Inc. 53,700 4,480,728 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.0% Coldwater Creek, Inc. 1 387,700 11,150,252 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--4.8% O'Reilly Automotive, Inc. 1 1,084,924 36,030,326 - -------------------------------------------------------------------------------- Tiffany & Co. 249,500 8,283,400 - -------------------------------------------------------------------------------- Tractor Supply Co. 1 183,900 8,875,014 --------------- 53,188,740 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--4.1% Coach, Inc. 1 375,000 12,900,000 - -------------------------------------------------------------------------------- Polo Ralph Lauren Corp. 503,000 32,539,070 --------------- 45,439,070 - -------------------------------------------------------------------------------- CONSUMER STAPLES--2.1% - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.1% Whole Foods Market, Inc. 384,700 22,862,721 - -------------------------------------------------------------------------------- ENERGY--3.5% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.4% National Oilwell Varco, Inc. 1 46,000 2,693,300 - -------------------------------------------------------------------------------- Smith International, Inc. 343,300 13,320,040 --------------- 16,013,340 - -------------------------------------------------------------------------------- OIL & GAS--2.1% Murphy Oil Corp. 280,100 13,318,755 - -------------------------------------------------------------------------------- XTO Energy, Inc. 235,099 9,904,721 --------------- 23,223,476 - -------------------------------------------------------------------------------- FINANCIALS--20.8% - -------------------------------------------------------------------------------- CAPITAL MARKETS--6.4% Affiliated Managers Group, Inc. 1 205,000 20,522,550 - -------------------------------------------------------------------------------- Greenhill & Co., Inc. 252,900 16,949,358 - -------------------------------------------------------------------------------- Investors Financial Services Corp. 233,600 10,063,488 - -------------------------------------------------------------------------------- Legg Mason, Inc. 236,300 23,833,218 --------------- 71,368,614 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--5.5% Commerce Bancorp, Inc. 952,200 34,955,262 - -------------------------------------------------------------------------------- East West Bancorp, Inc. 235,700 9,336,077 - -------------------------------------------------------------------------------- Marshall & Ilsley Corp. 345,700 16,655,826 --------------- 60,947,165 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.8% Chicago Mercantile Exchange (The) 41,800 19,990,850 - -------------------------------------------------------------------------------- INSURANCE--5.2% AMBAC Financial Group, Inc. 188,200 15,573,550 1 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE CONTINUED - -------------------------------------------------------------------------------- Brown & Brown, Inc. 714,700 $ 21,841,232 - -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 513,500 20,427,030 --------------- 57,841,812 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--1.9% CB Richard Ellis Group, Inc., Cl. A 1 891,520 21,931,392 - -------------------------------------------------------------------------------- HEALTH CARE--18.4% - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--10.6% Bard (C.R.), Inc. 488,800 36,660,000 - -------------------------------------------------------------------------------- Gen-Probe, Inc. 1 368,300 17,269,587 - -------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 117,200 10,681,608 - -------------------------------------------------------------------------------- Intuitive Surgical, Inc. 1 22,200 2,340,990 - -------------------------------------------------------------------------------- ResMed, Inc. 1 537,200 21,622,300 - -------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 543,400 29,012,126 --------------- 117,586,611 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--6.2% Covance, Inc. 1 412,100 27,355,198 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 619,675 31,925,656 - -------------------------------------------------------------------------------- Healthways, Inc. 1 158,500 7,069,100 - -------------------------------------------------------------------------------- Schein (Henry), Inc. 1 64,100 3,213,974 --------------- 69,563,928 - -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--1.6% Cerner Corp. 1 388,900 17,656,060 - -------------------------------------------------------------------------------- INDUSTRIALS--16.7% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--2.8% Rockwell Collins, Inc. 570,400 31,280,736 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--3.0% C.H. Robinson Worldwide, Inc. 381,800 17,020,644 - -------------------------------------------------------------------------------- Expeditors International of Washington, Inc. 375,100 16,721,958 --------------- 33,742,602 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.4% Corporate Executive Board Co. 248,000 22,297,680 - -------------------------------------------------------------------------------- Stericycle, Inc. 1 385,400 26,897,066 --------------- 49,194,746 - -------------------------------------------------------------------------------- MACHINERY--4.4% Donaldson Co., Inc. 510,700 18,844,830 - -------------------------------------------------------------------------------- Oshkosh Truck Corp. 585,500 29,550,185 --------------- 48,395,015 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--2.1% Fastenal Co. 616,300 23,770,691 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--22.5% - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% Trimble Navigation Ltd. 1 95,500 4,496,140 - -------------------------------------------------------------------------------- IT SERVICES--9.4% Alliance Data Systems Corp. 1 654,600 36,127,374 - -------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 387,300 28,683,438 2 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- IT SERVICES CONTINUED - -------------------------------------------------------------------------------- Global Payments, Inc. 599,300 $ 26,375,193 - -------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1 230,000 6,913,800 - -------------------------------------------------------------------------------- VeriFone Holdings, Inc. 1 242,200 6,914,810 --------------- 105,014,615 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.9% FormFactor, Inc. 1 227,700 9,593,001 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 703,400 22,804,228 --------------- 32,397,229 - -------------------------------------------------------------------------------- SOFTWARE--9.8% Adobe Systems, Inc. 1 555,900 20,818,455 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 620,500 24,571,800 - -------------------------------------------------------------------------------- Citrix Systems, Inc. 1 409,700 14,835,237 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 442,150 21,475,226 - -------------------------------------------------------------------------------- Intuit, Inc. 1 834,500 26,779,105 --------------- 108,479,823 - -------------------------------------------------------------------------------- MATERIALS--2.2% - -------------------------------------------------------------------------------- CHEMICALS--2.2% Ecolab, Inc. 573,100 24,540,141 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.4% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.4% NeuStar, Inc., Cl. A 1 151,900 4,215,225 --------------- Total Common Stocks (Cost $837,249,580) 1,102,880,297 - -------------------------------------------------------------------------------- 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--0.3% - -------------------------------------------------------------------------------- Undivided interest of 0.20% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $2,886,262 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $2,885,000) $ 2,885,000 2,885,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $847,480,897) 99.3% 1,105,767,883 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.7 7,646,071 ------------------------------- NET ASSETS 100.0% $1,113,413,954 =============================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 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. Represents ownership of at least 5% of the voting securities of the issuer, and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2006. Transactions during the period in which the issuer was an affiliate are as follows: 3 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES GROSS GROSS SHARES DECEMBER 31, 2005 ADDITIONS REDUCTIONS SEPTEMBER 30, 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 September 30, 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 $ 847,690,955 ============== Gross unrealized appreciation $ 273,558,649 Gross unrealized depreciation (15,481,721) -------------- Net unrealized appreciation $ 258,076,928 ============== NOTES TO FINANCIAL STATEMENTS 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(R) 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). 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 4 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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 September 30, 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 SEPTEMBER 30, 2006 DEPRECIATION - -------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D 10/17/00 $7,346,317 $ 2,586 $ 7,343,731 RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 5 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT--14.4% - -------------------------------------------------------------------------------- Bank of Montreal Chicago, 5.28%, 10/13/06 $ 2,000,000 $ 2,000,000 - -------------------------------------------------------------------------------- Bank of the West, 5.37%, 11/9/06 3,000,000 3,000,000 - -------------------------------------------------------------------------------- Barclays Bank plc, New York: 5.34%, 12/1/06 2,000,000 2,000,000 5.37%, 11/15/06 2,000,000 2,000,000 5.46%, 10/18/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- BNP Paribas, New York, 5.49%, 10/19/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Fortis Bank SA/NV, New York, 5.28%, 10/20/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Royal Bank of Canada, New York Branch, 5.34%, 11/30/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Skandinaviska Enskilda Banken, New York, 5.28%, 10/3/06 1 2,000,000 1,999,998 - -------------------------------------------------------------------------------- Toronto Dominion Bank, New York, 5.34%, 11/17/06 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Washington Mutual Bank FA: 5.40%, 11/2/06 2,000,000 2,000,000 5.47%, 10/18/06 2,000,000 2,000,000 --------------- Total Certificates of Deposit (Cost $24,999,998) 24,999,998 - -------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS--18.0% - -------------------------------------------------------------------------------- Danske Corp., 5.25%, 10/26/06 2 1,600,000 1,594,167 - -------------------------------------------------------------------------------- DnB NOR Bank ASA, 5.25%, 10/24/06 2,000,000 1,993,292 - -------------------------------------------------------------------------------- Governor & Co. of the Bank of Ireland, 5.27%, 11/22/06 2 2,000,000 1,985,151 - -------------------------------------------------------------------------------- HBOS Treasury Services, 5.33%, 11/10/06 1,000,000 994,078 - -------------------------------------------------------------------------------- ICICI Bank Ltd., 5.16%, 11/22/06 3,000,000 2,977,640 - -------------------------------------------------------------------------------- Nationwide Building Society, 5.28%, 10/11/06 2 2,000,000 1,997,069 - -------------------------------------------------------------------------------- Societe Generale North America, 5.25%, 10/11/06 2,900,000 2,895,771 - -------------------------------------------------------------------------------- St. George Bank Ltd., 5.27%, 12/1/06 2 2,000,000 1,982,158 - -------------------------------------------------------------------------------- Stadshypotek Delaware, Inc.: 5.265%, 11/27/06 2 2,000,000 1,983,328 5.27%, 11/15/06 2 1,400,000 1,390,778 - -------------------------------------------------------------------------------- Svenska Handelsbanken, Inc., Series S, 5.29%, 11/13/06 2,000,000 1,987,363 - -------------------------------------------------------------------------------- Swedbank Mortgage AB: 5.29%, 11/10/06 1,000,000 994,122 5.37%, 10/18/06 2,400,000 2,393,914 - -------------------------------------------------------------------------------- UBS Finance (Delaware) LLC: 5.25%, 10/6/06 2,000,000 1,998,542 5.255%, 10/5/06 2,000,000 1,998,832 - -------------------------------------------------------------------------------- Westpac Banking Corp., 5.13%, 11/27/06 2 2,000,000 1,983,755 --------------- Total Direct Bank Obligations (Cost $31,149,960) 31,149,960 - -------------------------------------------------------------------------------- LETTERS OF CREDIT--1.2% - -------------------------------------------------------------------------------- Suntrust Bank, guaranteeing commercial paper of NATC California LLC, 5.42%, 10/13/06 (Cost $1,996,387) 2,000,000 1,996,387 - -------------------------------------------------------------------------------- SHORT-TERM NOTES--65.8% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.2% Montgomery, AL Industrial Development Board, Revenue Bonds, Industrial Bristol Project, Series B, 5.67%, 11/1/06 1 400,000 400,000 - -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--22.0% Amsterdam Funding Corp., 5.26%, 10/10/06 2 1,800,000 1,797,633 - -------------------------------------------------------------------------------- Aquinas Funding LLC, 5.27%, 10/25/06 2 2,000,000 1,992,973 1 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- Barton Capital Corp.: 5.27%, 11/10/06 2 $ 1,900,000 $ 1,888,874 5.28%, 10/4/06 2 2,000,000 1,999,122 - -------------------------------------------------------------------------------- Cancara Asset Securitization LLC, 5.27%, 10/10/06 2 3,300,000 3,295,652 - -------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust 2006-SN1A, Series 2006-SN1A, Cl. A1B, 5.33%, 9/20/07 1,3 1,619,382 1,619,382 - -------------------------------------------------------------------------------- Concord Minutemen Capital Co. LLC, 5.27%, 10/26/06 2 2,000,000 1,992,681 - -------------------------------------------------------------------------------- FCAR Owner Trust I, 5.30%, 11/15/06 2,000,000 1,986,750 - -------------------------------------------------------------------------------- Gemini Securitization Corp., 5.28%, 10/30/06 2 4,400,000 4,381,303 - -------------------------------------------------------------------------------- Gotham Funding Corp., 5.29%, 10/13/06 2 1,574,000 1,571,227 - -------------------------------------------------------------------------------- GOVCO, Inc., 5.27%, 12/7/06 2 2,000,000 1,980,384 - -------------------------------------------------------------------------------- Legacy Capital LLC: 5.27%, 10/2/06 3,900,000 3,899,429 5.27%, 10/26/06 1,000,000 996,340 - -------------------------------------------------------------------------------- Lexington Parker Capital Co. LLC: 5.285%, 11/2/06 2 2,000,000 1,990,604 5.41%, 10/18/06 2 1,000,000 997,445 - -------------------------------------------------------------------------------- Ormond Quay Funding LLC, 5.30%, 10/27/06 2 1,600,000 1,593,876 - -------------------------------------------------------------------------------- Perry Global Funding LLC, Series A, 5.28%, 12/4/06 2 1,000,000 990,613 - -------------------------------------------------------------------------------- Solitaire Funding LLC, 5.27%, 11/16/06 2 2,000,000 1,986,532 - -------------------------------------------------------------------------------- Windmill Funding Corp., 5.26%, 10/12/06 2 1,100,000 1,098,232 --------------- 38,059,052 - -------------------------------------------------------------------------------- AUTOMOBILES--1.2% Ande Chevrolet Olds, Inc., Series 2004, 5.47%, 10/1/06 1 2,000,000 2,000,000 - -------------------------------------------------------------------------------- CAPITAL MARKETS--8.0% Banc of America Securities LLC, 5.35%, 10/2/06 1 5,000,000 5,000,000 - -------------------------------------------------------------------------------- Bear Stearns Cos., Inc.: 5.24%, 12/28/06 2,000,000 1,974,382 5.25%, 11/29/06 1,000,000 991,396 - -------------------------------------------------------------------------------- Citigroup Funding, Inc., 5.26%, 11/14/06 1,100,000 1,092,928 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.38%, 4/6/07 1,3 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Lehman Brothers, Inc., 5.44%, 10/2/06 1 1,000,000 1,000,000 - -------------------------------------------------------------------------------- Morgan Stanley, 5.25%, 10/17/06 1,850,000 1,845,683 --------------- 13,904,389 - -------------------------------------------------------------------------------- CHEMICALS--1.3% BASF AG, 5.35%, 11/2/06 2 2,200,000 2,189,538 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--2.3% Bank of America Corp., 5.26%, 12/15/06 2,000,000 1,978,083 - -------------------------------------------------------------------------------- Marshall & Ilsley Corp., 5.26%, 11/3/06 2,000,000 1,990,357 --------------- 3,968,440 - -------------------------------------------------------------------------------- COMMERCIAL FINANCE--0.9% Countrywide Financial Corp.: 5.30%, 10/27/06 1,000,000 996,172 2 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- 5.40%, 10/2/06 $ 500,000 $ 499,925 --------------- 1,496,097 - -------------------------------------------------------------------------------- CONSUMER FINANCE--1.7% American Express Credit Corp., 5.25%, 10/12/06 3,000,000 2,995,188 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--6.9% General Electric Capital Corp., 5.27%, 11/22/06 2,000,000 1,984,776 - -------------------------------------------------------------------------------- General Electric Capital Services, 5.27%, 11/22/06 2,000,000 1,984,776 - -------------------------------------------------------------------------------- Greenwich Capital Holdings, Inc.: 5.245%, 12/21/06 2,000,000 1,976,398 5.463%, 2/15/07 1 2,000,000 2,000,000 - -------------------------------------------------------------------------------- HSBC Finance Corp., 5.27%, 12/14/06 2,000,000 1,978,355 - -------------------------------------------------------------------------------- Prudential Funding LLC, 5.29%, 11/13/06 3 2,000,000 1,987,375 --------------- 11,911,680 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.3% Alta Mira LLC, Series 2004, 5.42%, 10/1/06 1 2,250,000 2,250,000 - -------------------------------------------------------------------------------- INSURANCE--6.6% ING America Insurance Holdings, Inc., 5.27%, 12/6/06 2,000,000 1,980,677 - -------------------------------------------------------------------------------- Jackson National Life Global Funding, Series 2004-6, 5.40%, 10/16/06 1,3 2,500,000 2,500,000 - -------------------------------------------------------------------------------- Metropolitan Life Global Funding I, Series 2003-5, 5.42%, 10/16/06 1,3 4,000,000 4,000,000 - -------------------------------------------------------------------------------- Prudential Insurance Co. of America, 5.36%, 2/1/07 1,3 3,000,000 3,000,000 --------------- 11,480,677 - -------------------------------------------------------------------------------- LEASING & FACTORING--4.0% American Honda Finance Corp.: 5.341%, 9/26/07 1,4 2,000,000 2,000,000 5.469%, 8/8/07 1,4 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Toyota Motor Credit Corp.: 5.26%, 12/13/06 2,000,000 1,978,668 5.27%, 11/20/06 1,000,000 992,681 --------------- 6,971,349 - -------------------------------------------------------------------------------- MUNICIPAL--0.4% Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts., 5.63%, 10/2/06 1 710,000 710,000 - -------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL--9.0% Blue Spice LLC, 5.28%, 10/2/06 2 1,000,000 999,853 - -------------------------------------------------------------------------------- Cooperative Assn. of Tractor Dealers, Inc., Series B: 5.28%, 1/5/07 1,015,000 1,000,709 5.35%, 12/5/06 1,022,000 1,012,128 5.41%, 10/16/06 2,000,000 1,995,492 5.44%, 10/6/06 1,000,000 999,244 - -------------------------------------------------------------------------------- K2 (USA) LLC, 5.27%, 10/23/06 4,600,000 4,585,181 - -------------------------------------------------------------------------------- Parkland (USA) LLC, 5.31%, 12/12/06 1,4 2,000,000 1,999,961 - -------------------------------------------------------------------------------- RACERS Trust, Series 2004-6-MM, 5.35%, 10/23/06 1 1,000,000 1,000,000 3 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- Union Hamilton Special Purpose Funding LLC, 5.36%, 3/28/07 1,4 $ 2,000,000 $ 2,000,000 --------------- 15,592,568 --------------- Total Short-Term Notes (Cost $113,928,978) 113,928,978 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $172,075,323) 99.4% 172,075,323 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.6 976,788 ------------------------------- NET ASSETS 100.0% $ 173,052,111 =============================== FOOTNOTES TO STATEMENT OF INVESTMENTS SHORT-TERM NOTES, DIRECT BANK OBLIGATIONS AND LETTERS OF CREDIT ARE GENERALLY TRADED ON A DISCOUNT BASIS; THE INTEREST RATE SHOWN IS THE DISCOUNT RATE RECEIVED BY THE FUND AT THE TIME OF PURCHASE. OTHER SECURITIES NORMALLY BEAR INTEREST AT THE RATES SHOWN. 1. Represents the current interest rate for a variable or increasing rate security. 2. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $45,662,948, or 26.39% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2006 was $15,106,757, which represents 8.73% of the Fund's net assets. See accompanying Notes. 4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $7,999,961 or 4.62% of the Fund's net assets as of September 30, 2006. NOTES TO FINANCIAL STATEMENTS SECURITIES VALUATION. Portfolio securities are valued on the basis of amortized cost, which approximates market value. ILLIQUID SECURITIES As of September 30, 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. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 4 | OPPENHEIMER MONEY FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--92.2% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--8.5% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.1% Wyndham Worldwide Corp. 1 1,118 $ 31,270 - -------------------------------------------------------------------------------- MEDIA--6.9% Liberty Global, Inc., Series A 1 1,707 43,938 - -------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 4,448 111,467 - -------------------------------------------------------------------------------- News Corp., Inc., Cl. A 2,360 46,374 --------------- 201,779 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--0.5% Office Depot, Inc. 1 340 13,498 CONSUMER STAPLES--12.1% - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--4.2% Wal-Mart Stores, Inc. 2,460 121,327 - -------------------------------------------------------------------------------- FOOD PRODUCTS--3.1% ConAgra Foods, Inc. 3,720 91,066 - -------------------------------------------------------------------------------- TOBACCO--4.8% Altria Group, Inc. 1,835 140,469 ENERGY--7.2% - -------------------------------------------------------------------------------- OIL & GAS--7.2% Exxon Mobil Corp. 2,880 193,248 - -------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 250 16,485 --------------- 209,733 FINANCIALS--27.8% - -------------------------------------------------------------------------------- CAPITAL MARKETS--5.7% E*TRADE Financial Corp. 1 650 15,548 - -------------------------------------------------------------------------------- UBS AG 2,520 149,461 --------------- 165,009 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--3.9% Wachovia Corp. 2,040 113,832 - -------------------------------------------------------------------------------- CONSUMER FINANCE--4.9% Capital One Financial Corp. 1,800 141,588 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--4.5% Bank of America Corp. 2,450 131,247 - -------------------------------------------------------------------------------- INSURANCE--5.6% Everest Re Group Ltd. 1,370 133,616 - -------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 990 30,522 --------------- 164,138 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--3.2% Countrywide Financial Corp. 930 32,587 - -------------------------------------------------------------------------------- Freddie Mac 930 61,687 --------------- 94,274 HEALTH CARE--4.8% - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.0% WellPoint, Inc. 1 380 29,279 - -------------------------------------------------------------------------------- PHARMACEUTICALS--3.8% Abbott Laboratories 600 29,136 - -------------------------------------------------------------------------------- Pfizer, Inc. 1,890 53,600 1 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- PHARMACEUTICALS CONTINUED Sanofi-Aventis SA, ADR 660 $ 29,350 --------------- 112,086 INDUSTRIALS--11.1% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--5.7% Rockwell Collins, Inc. 1,080 59,227 - -------------------------------------------------------------------------------- United Technologies Corp. 1,680 106,428 --------------- 165,655 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--5.4% Siemens AG, Sponsored ADR 1,800 156,780 INFORMATION TECHNOLOGY--10.4% - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.7% Hutchinson Technology, Inc. 1 1,000 21,030 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.2% eBay, Inc. 1 1,190 33,748 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.2% ASML Holding NV 1 240 5,587 - -------------------------------------------------------------------------------- KLA-Tencor Corp. 650 28,906 --------------- 34,493 - -------------------------------------------------------------------------------- SOFTWARE--7.3% Microsoft Corp. 2,660 72,698 - -------------------------------------------------------------------------------- Novell, Inc. 1 5,020 30,722 - -------------------------------------------------------------------------------- Synopsys, Inc. 1 3,200 63,104 - -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 3,290 46,915 --------------- 213,439 MATERIALS--2.0% - -------------------------------------------------------------------------------- CHEMICALS--1.1% Praxair, Inc. 515 30,467 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.9% Cemex SAB, Sponsored ADR 910 27,373 TELECOMMUNICATION SERVICES--2.4% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.8% IDT Corp., Cl. B 1 1,710 24,658 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--1.6% Sprint Nextel Corp. 2,720 46,648 UTILITIES--5.9% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.5% Reliant Energy, Inc. 1 1,150 14,157 - -------------------------------------------------------------------------------- ENERGY TRADERS--2.1% AES Corp. (The) 1 3,050 62,190 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--3.3% CMS Energy Corp. 1 2,140 30,902 - -------------------------------------------------------------------------------- PG&E Corp. 770 32,071 - -------------------------------------------------------------------------------- Sempra Energy 630 31,658 --------------- 94,631 --------------- Total Common Stocks (Cost $2,353,015) 2,685,864 2 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--9.6% - -------------------------------------------------------------------------------- Undivided interest of 0.02% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $281,123 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $281,000) $ 281,000 $ 281,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,634,015) 101.8% 2,966,864 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (1.8) (52,254) ------------------------------- NET ASSETS 100.0% $ 2,914,610 =============================== FOOTNOTE TO STATEMENT OF INVESTMENTS 1. Non-income producing security. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 2,844,072 ============ Gross unrealized appreciation $ 169,498 Gross unrealized depreciation (46,706) ------------ Net unrealized appreciation $ 122,792 ============ NOTES TO FINANCIAL STATEMENTS 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(R) 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 3 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 4 | OPPENHEIMER VALUE FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--99.1% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--10.8% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.2% Las Vegas Sands Corp. 1 222,300 $ 15,194,205 - -------------------------------------------------------------------------------- Panera Bread Co., Cl. A 1 115,100 6,704,575 - -------------------------------------------------------------------------------- Scientific Games Corp., Cl. A 1 249,100 7,921,380 - -------------------------------------------------------------------------------- Starbucks Corp. 1 422,100 14,372,505 --------------- 44,192,665 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.5% Harman International Industries, Inc. 122,700 10,238,088 - -------------------------------------------------------------------------------- MEDIA--1.5% Comcast Corp., Cl. A Special, Non-Vtg. 1 521,500 19,196,415 - -------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc., Cl. A 1 932,900 12,025,081 --------------- 31,221,496 - -------------------------------------------------------------------------------- MULTILINE RETAIL--2.6% J.C. Penney Co., Inc. (Holding Co.) 233,600 15,975,904 - -------------------------------------------------------------------------------- Kohl's Corp. 1 272,200 17,671,224 - -------------------------------------------------------------------------------- Target Corp. 329,800 18,221,450 --------------- 51,868,578 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--3.2% Best Buy Co., Inc. 342,250 18,330,910 - -------------------------------------------------------------------------------- Lowe's Cos., Inc. 779,800 21,881,188 - -------------------------------------------------------------------------------- Staples, Inc. 1,007,300 24,507,609 --------------- 64,719,707 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.8% Polo Ralph Lauren Corp. 258,800 16,741,772 - -------------------------------------------------------------------------------- CONSUMER STAPLES--8.3% - -------------------------------------------------------------------------------- BEVERAGES--1.1% PepsiCo, Inc. 342,900 22,377,654 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.0% CVS Corp. 663,000 21,295,560 - -------------------------------------------------------------------------------- Sysco Corp. 372,900 12,473,505 - -------------------------------------------------------------------------------- Whole Foods Market, Inc. 118,400 7,036,512 --------------- 40,805,577 - -------------------------------------------------------------------------------- FOOD PRODUCTS--2.1% Cadbury Schweppes plc 1,228,110 13,025,147 - -------------------------------------------------------------------------------- Nestle SA 84,757 29,552,603 --------------- 42,577,750 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--3.1% Procter & Gamble Co. (The) 604,900 37,491,702 - -------------------------------------------------------------------------------- Reckitt Benckiser plc 568,470 23,565,178 --------------- 61,056,880 - -------------------------------------------------------------------------------- ENERGY--5.9% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--4.2% Halliburton Co. 957,600 27,243,720 - -------------------------------------------------------------------------------- Schlumberger Ltd. 533,600 33,099,208 1 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES CONTINUED Smith International, Inc. 610,000 $ 23,668,000 --------------- 84,010,928 - -------------------------------------------------------------------------------- OIL & GAS--1.7% EOG Resources, Inc. 173,200 11,266,660 - -------------------------------------------------------------------------------- Kinder Morgan Management LLC 251,919 10,636,020 - -------------------------------------------------------------------------------- Occidental Petroleum Corp. 257,000 12,364,270 --------------- 34,266,950 - -------------------------------------------------------------------------------- FINANCIALS--11.0% - -------------------------------------------------------------------------------- CAPITAL MARKETS--5.0% Franklin Resources, Inc. 101,400 10,723,050 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 115,700 19,572,969 - -------------------------------------------------------------------------------- Legg Mason, Inc. 251,500 25,366,290 - -------------------------------------------------------------------------------- Nomura Securities Co. Ltd. 472,000 8,311,196 - -------------------------------------------------------------------------------- Northern Trust Corp. 256,000 14,958,080 - -------------------------------------------------------------------------------- T. Rowe Price Group, Inc. 181,800 8,699,130 - -------------------------------------------------------------------------------- UBS AG 208,598 12,478,012 --------------- 100,108,727 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.5% SLM Corp. 175,350 9,114,693 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--2.2% Bank of America Corp. 247,800 13,274,646 - -------------------------------------------------------------------------------- Chicago Mercantile Exchange (The) 66,600 31,851,450 --------------- 45,126,096 - -------------------------------------------------------------------------------- INSURANCE--3.3% American International Group, Inc. 461,150 30,555,799 - -------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 164,300 14,253,025 - -------------------------------------------------------------------------------- Prudential Financial, Inc. 287,800 21,944,750 --------------- 66,753,574 - -------------------------------------------------------------------------------- HEALTH CARE--16.7% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--3.7% Celgene Corp. 1 280,000 12,124,000 - -------------------------------------------------------------------------------- Genentech, Inc. 1 250,800 20,741,160 - -------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 302,700 20,423,169 - -------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 158,300 10,875,210 - -------------------------------------------------------------------------------- PDL BioPharma, Inc. 1 507,300 9,740,160 --------------- 73,903,699 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--3.0% Fisher Scientific International, Inc. 1 291,700 22,822,608 - -------------------------------------------------------------------------------- Medtronic, Inc. 43,500 2,020,140 - -------------------------------------------------------------------------------- St. Jude Medical, Inc. 1 666,000 23,503,140 - -------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 237,600 12,685,464 --------------- 61,031,352 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.1% Caremark Rx, Inc. 414,500 23,489,715 - -------------------------------------------------------------------------------- Covance, Inc. 1 283,300 18,805,454 - -------------------------------------------------------------------------------- Quest Diagnostics, Inc. 279,000 17,063,640 2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED UnitedHealth Group, Inc. 489,600 $ 24,088,320 --------------- 83,447,129 - -------------------------------------------------------------------------------- PHARMACEUTICALS--5.9% Novartis AG 611,525 35,700,208 - -------------------------------------------------------------------------------- Roche Holdings AG 182,548 31,562,140 - -------------------------------------------------------------------------------- Sanofi-Aventis SA 111,900 9,961,045 - -------------------------------------------------------------------------------- Sepracor, Inc. 1 207,100 10,031,924 - -------------------------------------------------------------------------------- Shionogi & Co. Ltd. 487,000 8,946,370 - -------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd., Sponsored ADR 657,746 22,422,561 --------------- 118,624,248 - -------------------------------------------------------------------------------- INDUSTRIALS--9.2% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.4% Empresa Brasileira de Aeronautica SA, ADR 473,600 18,598,272 - -------------------------------------------------------------------------------- General Dynamics Corp. 266,800 19,121,556 - -------------------------------------------------------------------------------- Lockheed Martin Corp. 249,300 21,454,758 - -------------------------------------------------------------------------------- Rockwell Collins, Inc. 125,280 6,870,355 - -------------------------------------------------------------------------------- United Technologies Corp. 359,800 22,793,330 --------------- 88,838,271 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.4% Expeditors International of Washington, Inc. 178,400 7,953,072 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.0% Corporate Executive Board Co. 233,600 21,002,976 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--2.0% General Electric Co. 860,400 30,372,120 - -------------------------------------------------------------------------------- Textron, Inc. 103,100 9,021,250 --------------- 39,393,370 - -------------------------------------------------------------------------------- MACHINERY--0.9% Danaher Corp. 274,200 18,829,314 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.5% Fastenal Co. 265,400 10,236,478 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--31.3% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--7.2% Cisco Systems, Inc. 1 2,907,600 66,874,800 - -------------------------------------------------------------------------------- Corning, Inc. 1 1,199,700 29,284,677 - -------------------------------------------------------------------------------- F5 Networks, Inc. 1 213,200 11,453,104 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 492,500 17,902,375 - -------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, Sponsored ADR 570,300 19,646,835 --------------- 145,161,791 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.4% Apple Computer, Inc. 1 401,200 30,904,436 - -------------------------------------------------------------------------------- EMC Corp. 1 1,950,200 23,363,396 - -------------------------------------------------------------------------------- Network Appliance, Inc. 1 360,700 13,349,507 --------------- 67,617,339 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--6.2% eBay, Inc. 1 1,364,100 38,685,876 - -------------------------------------------------------------------------------- Google, Inc., Cl. A 1 120,300 48,348,570 3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES CONTINUED Yahoo!, Inc. 1 1,525,700 $ 38,569,696 --------------- 125,604,142 - -------------------------------------------------------------------------------- IT SERVICES--4.7% Affiliated Computer Services, Inc., Cl. A 1 650,300 33,724,558 - -------------------------------------------------------------------------------- Alliance Data Systems Corp. 1 119,800 6,611,762 - -------------------------------------------------------------------------------- Automatic Data Processing, Inc. 573,920 27,169,373 - -------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 275,000 20,366,500 - -------------------------------------------------------------------------------- Global Payments, Inc. 146,500 6,447,465 --------------- 94,319,658 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.4% Advanced Micro Devices, Inc. 1 879,900 21,865,515 - -------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 853,700 25,901,258 - -------------------------------------------------------------------------------- Marvell Technology Group Ltd. 1 720,700 13,959,959 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 479,400 15,542,148 - -------------------------------------------------------------------------------- Texas Instruments, Inc. 328,700 10,929,275 --------------- 88,198,155 - -------------------------------------------------------------------------------- SOFTWARE--5.4% Adobe Systems, Inc. 1 759,600 28,447,020 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 458,900 18,172,440 - -------------------------------------------------------------------------------- Autodesk, Inc. 1 386,700 13,449,426 - -------------------------------------------------------------------------------- Electronic Arts, Inc. 1 230,300 12,823,104 - -------------------------------------------------------------------------------- Microsoft Corp. 924,700 25,272,051 - -------------------------------------------------------------------------------- Red Hat, Inc. 1 543,400 11,454,872 --------------- 109,618,913 - -------------------------------------------------------------------------------- MATERIALS--3.5% - -------------------------------------------------------------------------------- CHEMICALS--3.5% Monsanto Co. 925,500 43,507,755 - -------------------------------------------------------------------------------- Praxair, Inc. 445,800 26,373,528 --------------- 69,881,283 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.4% - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--2.4% America Movil SA de CV, Series L 233,500 9,192,895 - -------------------------------------------------------------------------------- American Tower Corp. 1 581,300 21,217,450 - -------------------------------------------------------------------------------- Crown Castle International Corp. 1 333,500 11,752,540 - -------------------------------------------------------------------------------- NII Holdings, Inc. 1 115,600 7,185,696 --------------- 49,348,581 --------------- Total Common Stocks (Cost $1,675,100,273) 1,998,190,906 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.8% - -------------------------------------------------------------------------------- Undivided interest of 1.05% in joint repurchase agreement (Principal Amount/Value $1,469,294,000, with a maturity value of $1,469,936,816) with UBS Warburg LLC, 5.25%, dated 9/29/06, to be repurchased at $15,375,724 on 10/2/06, collateralized by Federal National Mortgage Assn., 5%, 2/1/36, with a value of $1,502,659,342 (Cost $15,369,000) $ 15,369,000 15,369,000 4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- VALUE - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,690,469,273) 99.9% $2,013,559,906 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.1 2,460,946 ------------------------------- NET ASSETS 100.0% $2,016,020,852 =============================== FOOTNOTE TO STATEMENT OF INVESTMENTS 1. Non-income producing security. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 1,701,433,764 ================ Gross unrealized appreciation $ 349,810,237 Gross unrealized depreciation (37,684,095) ---------------- Net unrealized appreciation $ 312,126,142 ================ NOTES TO FINANCIAL STATEMENTS 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(R) 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 5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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. INVESTMENTS WITH OFF BALANCE SHEET RISK. The Fund enters into financial instrument transactions that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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 September 30, 2006, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE (000S) SEPTEMBER 30, 2006 DEPRECIATION - ------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Swiss Franc (CHF) 10/3/06 2,608 CHF $ 2,086,663 $ 5,132
RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 6 | OPPENHEIMER CAPITAL APPRECIATION 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 08/31/2006, 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: 11/15/2006 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: 11/15/2006 By: /S/ BRIAN W. WIXTED ---------------------------- Brian W. Wixted Principal Financial Officer Date: 11/15/2006 EX-99.CERT 2 rq620_35590ex302.txt RQ620_35590EX302 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: 11/15/2006 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: 11/15/2006 -----END PRIVACY-ENHANCED MESSAGE-----