-----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, CncBo0+qJW/VozujEqyKAhQb+YYQ7VAA1ed64wfsMTZmGyGKyT3p4z246Fr8tA4I gR2qpmH2NZ5vlAOCGogKbQ== 0000935069-07-001240.txt : 20070530 0000935069-07-001240.hdr.sgml : 20070530 20070529190412 ACCESSION NUMBER: 0000935069-07-001240 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070530 DATE AS OF CHANGE: 20070529 EFFECTIVENESS DATE: 20070530 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: 07885077 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 C000047467 3 C000047468 4 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_39495nq.txt RQ620_39495NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-4108 -------- OPPENHEIMER VARIABLE ACCOUNT FUNDS ---------------------------------- (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: DECEMBER 31 ----------- Date of reporting period: MARCH 31, 2007 -------------- ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--99.4% - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--11.4% - ------------------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--0.3% General Motors Corp. 1 212,000 $ 6,495,680 - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--0.8% Chipotle Mexican Grill, Inc., Cl. B 2 7,419 425,851 - ------------------------------------------------------------------------------------------------------------------------------------ McDonald's Corp. 176,000 7,928,800 - ------------------------------------------------------------------------------------------------------------------------------------ Yum! Brands, Inc. 1 142,700 8,242,352 --------------- 16,597,003 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--0.2% IAC/InterActiveCorp 1,2 49,600 1,870,416 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media Holding Corp.-Interactive, Series A 1,2 117,000 2,786,940 --------------- 4,657,356 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.0% Mattel, Inc. 18,600 512,802 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA--4.8% CBS Corp., Cl. B 1 203,600 6,228,124 - ------------------------------------------------------------------------------------------------------------------------------------ Clear Channel Communications, Inc. 303,700 10,641,648 - ------------------------------------------------------------------------------------------------------------------------------------ DirecTV Group, Inc. (The) 2 198,200 4,572,474 - ------------------------------------------------------------------------------------------------------------------------------------ EchoStar Communications Corp., Cl. A 1,2 109,400 4,751,242 - ------------------------------------------------------------------------------------------------------------------------------------ Gannett Co., Inc. 55,600 3,129,724 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series A 1,2 38,500 1,267,805 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media Holding Corp.-Capital, Series A 2 77,700 8,592,843 - ------------------------------------------------------------------------------------------------------------------------------------ McGraw-Hill Cos., Inc. (The) 48,600 3,055,968 - ------------------------------------------------------------------------------------------------------------------------------------ News Corp., Inc., Cl. A 466,500 10,785,480 - ------------------------------------------------------------------------------------------------------------------------------------ Omnicom Group, Inc. 1 99,000 10,135,620 - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner, Inc. 614,600 12,119,912 - ------------------------------------------------------------------------------------------------------------------------------------ Viacom, Inc., Cl. B 2 202,373 8,319,554 - ------------------------------------------------------------------------------------------------------------------------------------ Walt Disney Co. (The) 671,700 23,126,631 --------------- 106,727,025 - ------------------------------------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--2.9% Federated Department Stores, Inc. 291,700 13,141,085 - ------------------------------------------------------------------------------------------------------------------------------------ J.C. Penney Co., Inc. (Holding Co.) 107,000 8,791,120 - ------------------------------------------------------------------------------------------------------------------------------------ Kohl's Corp. 1,2 176,800 13,544,648 - ------------------------------------------------------------------------------------------------------------------------------------ Nordstrom, Inc. 211,100 11,175,634 - ------------------------------------------------------------------------------------------------------------------------------------ Sears Holdings Corp. 2 53,800 9,692,608 - ------------------------------------------------------------------------------------------------------------------------------------ Target Corp. 116,000 6,874,160 --------------- 63,219,255 - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--2.0% Best Buy Co., Inc. 181,100 8,823,192 - ------------------------------------------------------------------------------------------------------------------------------------ Gap, Inc. (The) 297,800 5,125,138 - ------------------------------------------------------------------------------------------------------------------------------------ Home Depot, Inc. 419,900 15,427,126 - ------------------------------------------------------------------------------------------------------------------------------------ Lowe's Cos., Inc. 212,600 6,694,774 - ------------------------------------------------------------------------------------------------------------------------------------ TJX Cos., Inc. (The) 277,500 7,481,400 --------------- 43,551,630 - ------------------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--0.4% Coach, Inc. 1,2 176,000 8,808,800
1 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--7.9% - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES--1.5% Coca-Cola Co. (The) 332,200 $ 15,945,600 - ------------------------------------------------------------------------------------------------------------------------------------ PepsiCo, Inc. 284,850 18,105,066 --------------- 34,050,666 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--2.2% Costco Wholesale Corp. 1 83,700 4,506,408 - ------------------------------------------------------------------------------------------------------------------------------------ CVS Corp. 1 392,450 13,398,243 - ------------------------------------------------------------------------------------------------------------------------------------ Kroger Co. (The) 375,700 10,613,525 - ------------------------------------------------------------------------------------------------------------------------------------ Safeway, Inc. 238,500 8,738,640 - ------------------------------------------------------------------------------------------------------------------------------------ Wal-Mart Stores, Inc. 223,000 10,469,850 --------------- 47,726,666 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--1.2% Campbell Soup Co. 75,800 2,952,410 - ------------------------------------------------------------------------------------------------------------------------------------ ConAgra Foods, Inc. 246,700 6,145,297 - ------------------------------------------------------------------------------------------------------------------------------------ General Mills, Inc. 78,600 4,576,092 - ------------------------------------------------------------------------------------------------------------------------------------ Heinz (H.J.) Co. 102,100 4,810,952 - ------------------------------------------------------------------------------------------------------------------------------------ Kellogg Co. 58,600 3,013,798 - ------------------------------------------------------------------------------------------------------------------------------------ Kraft Foods, Inc., Cl. A 1 61,000 1,931,260 - ------------------------------------------------------------------------------------------------------------------------------------ Sara Lee Corp. 178,600 3,021,912 --------------- 26,451,721 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--1.0% Procter & Gamble Co. (The) 351,915 22,226,951 - ------------------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.0% Avon Products, Inc. 12,600 469,476 - ------------------------------------------------------------------------------------------------------------------------------------ TOBACCO--2.0% Altria Group, Inc. 458,800 40,287,228 - ------------------------------------------------------------------------------------------------------------------------------------ Reynolds American, Inc. 1 56,000 3,494,960 --------------- 43,782,188 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY--11.5% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--0.8% Halliburton Co. 1 210,500 6,681,270 - ------------------------------------------------------------------------------------------------------------------------------------ Schlumberger Ltd. 174,200 12,037,220 --------------- 18,718,490 - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS--10.7% Anadarko Petroleum Corp. 161,700 6,949,866 - ------------------------------------------------------------------------------------------------------------------------------------ Apache Corp. 114,000 8,059,800 - ------------------------------------------------------------------------------------------------------------------------------------ Chevron Corp. 618,826 45,768,371 - ------------------------------------------------------------------------------------------------------------------------------------ ConocoPhillips 331,283 22,643,193 - ------------------------------------------------------------------------------------------------------------------------------------ Devon Energy Corp. 77,000 5,329,940 - ------------------------------------------------------------------------------------------------------------------------------------ Exxon Mobil Corp. 1,323,716 99,874,372 - ------------------------------------------------------------------------------------------------------------------------------------ Hess Corp. 1 107,200 5,946,384 - ------------------------------------------------------------------------------------------------------------------------------------ Marathon Oil Corp. 1 150,400 14,864,032 - ------------------------------------------------------------------------------------------------------------------------------------ Occidental Petroleum Corp. 261,800 12,909,358 - ------------------------------------------------------------------------------------------------------------------------------------ Paramount Resources Ltd., Cl. A 2 103,700 1,796,449 - ------------------------------------------------------------------------------------------------------------------------------------ Valero Energy Corp. 162,900 10,505,421 --------------- 234,647,186
2 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS--19.6% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--3.6% Ameriprise Financial, Inc. 161,600 $ 9,233,824 - ------------------------------------------------------------------------------------------------------------------------------------ Bank of New York Co., Inc. (The) 207,100 8,397,905 - ------------------------------------------------------------------------------------------------------------------------------------ BlackRock, Inc. 1 11,500 1,797,565 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The) 76,200 15,745,206 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc. 1 93,400 6,544,538 - ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc. 246,400 20,123,488 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley 217,600 17,138,176 --------------- 78,980,702 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--3.4% BB&T Corp. 20,400 836,808 - ------------------------------------------------------------------------------------------------------------------------------------ Fifth Third Bancorp 1 82,300 3,184,187 - ------------------------------------------------------------------------------------------------------------------------------------ National City Corp. 1 134,800 5,021,300 - ------------------------------------------------------------------------------------------------------------------------------------ PNC Financial Services Group, Inc. 25,700 1,849,629 - ------------------------------------------------------------------------------------------------------------------------------------ SunTrust Banks, Inc. 1 66,600 5,530,464 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Bancorp 355,570 12,434,283 - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Corp. 373,093 20,538,770 - ------------------------------------------------------------------------------------------------------------------------------------ Wells Fargo & Co. 746,900 25,715,767 --------------- 75,111,208 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--6.1% Bank of America Corp. 918,909 46,882,737 - ------------------------------------------------------------------------------------------------------------------------------------ CIT Group, Inc. 1 22,700 1,201,284 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup, Inc. 968,488 49,722,174 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase & Co. 730,844 35,358,233 --------------- 133,164,428 - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE--4.6% ACE Ltd. 31,000 1,768,860 - ------------------------------------------------------------------------------------------------------------------------------------ Allstate Corp. 229,200 13,765,752 - ------------------------------------------------------------------------------------------------------------------------------------ American International Group, Inc. 431,140 28,981,231 - ------------------------------------------------------------------------------------------------------------------------------------ Chubb Corp. 111,600 5,766,372 - ------------------------------------------------------------------------------------------------------------------------------------ CNA Financial Corp. 2 28,100 1,210,829 - ------------------------------------------------------------------------------------------------------------------------------------ Genworth Financial, Inc., Cl. A 123,800 4,325,572 - ------------------------------------------------------------------------------------------------------------------------------------ Lincoln National Corp. 36,559 2,478,335 - ------------------------------------------------------------------------------------------------------------------------------------ Loews Corp. 168,500 7,654,955 - ------------------------------------------------------------------------------------------------------------------------------------ MetLife, Inc. 90,700 5,727,705 - ------------------------------------------------------------------------------------------------------------------------------------ Principal Financial Group, Inc. (The) 153,100 9,166,097 - ------------------------------------------------------------------------------------------------------------------------------------ Progressive Corp. 34,300 748,426 - ------------------------------------------------------------------------------------------------------------------------------------ Prudential Financial, Inc. 1 63,700 5,749,562 - ------------------------------------------------------------------------------------------------------------------------------------ Travelers Cos., Inc. (The) 239,000 12,373,030 - ------------------------------------------------------------------------------------------------------------------------------------ XL Capital Ltd., Cl. A 34,700 2,427,612 --------------- 102,144,338 - ------------------------------------------------------------------------------------------------------------------------------------ THRIFTS & MORTGAGE FINANCE--1.9% Countrywide Financial Corp. 208,900 7,027,396 - ------------------------------------------------------------------------------------------------------------------------------------ Fannie Mae 210,100 11,467,258 - ------------------------------------------------------------------------------------------------------------------------------------ Freddie Mac 203,900 12,130,011 - ------------------------------------------------------------------------------------------------------------------------------------ Washington Mutual, Inc. 284,100 11,471,958 --------------- 42,096,623
3 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--12.4% - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--0.7% Amgen, Inc. 2 181,100 $ 10,119,868 - ------------------------------------------------------------------------------------------------------------------------------------ Biogen Idec, Inc. 2 128,600 5,707,268 --------------- 15,827,136 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--0.7% Medtronic, Inc. 134,200 6,583,852 - ------------------------------------------------------------------------------------------------------------------------------------ Zimmer Holdings, Inc. 2 107,500 9,181,575 --------------- 15,765,427 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--4.3% Aetna, Inc. 292,300 12,799,817 - ------------------------------------------------------------------------------------------------------------------------------------ AmerisourceBergen Corp. 14,300 754,325 - ------------------------------------------------------------------------------------------------------------------------------------ CIGNA Corp. 58,000 8,274,280 - ------------------------------------------------------------------------------------------------------------------------------------ McKesson Corp. 176,000 10,303,040 - ------------------------------------------------------------------------------------------------------------------------------------ Medco Health Solutions, Inc. 2 110,000 7,978,300 - ------------------------------------------------------------------------------------------------------------------------------------ UnitedHealth Group, Inc. 549,848 29,125,449 - ------------------------------------------------------------------------------------------------------------------------------------ WellPoint, Inc. 2 311,912 25,296,063 --------------- 94,531,274 - ------------------------------------------------------------------------------------------------------------------------------------ LIFE SCIENCES TOOLS & SERVICES--0.3% Thermo Fisher Scientific, Inc. 1,2 115,800 5,413,650 - ------------------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--6.4% Abbott Laboratories 143,400 8,001,720 - ------------------------------------------------------------------------------------------------------------------------------------ Bristol-Myers Squibb Co. 200,700 5,571,432 - ------------------------------------------------------------------------------------------------------------------------------------ Eli Lilly & Co. 82,500 4,431,075 - ------------------------------------------------------------------------------------------------------------------------------------ Forest Laboratories, Inc. 2 229,600 11,810,624 - ------------------------------------------------------------------------------------------------------------------------------------ Johnson & Johnson 600,906 36,210,596 - ------------------------------------------------------------------------------------------------------------------------------------ Merck & Co., Inc. 583,200 25,759,944 - ------------------------------------------------------------------------------------------------------------------------------------ Pfizer, Inc. 1,774,700 44,828,922 - ------------------------------------------------------------------------------------------------------------------------------------ Schering-Plough Corp. 169,500 4,323,945 --------------- 140,938,258 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--8.8% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--3.8% Boeing Co. 100,600 8,944,346 - ------------------------------------------------------------------------------------------------------------------------------------ General Dynamics Corp. 148,100 11,314,840 - ------------------------------------------------------------------------------------------------------------------------------------ Honeywell International, Inc. 273,800 12,611,228 - ------------------------------------------------------------------------------------------------------------------------------------ Lockheed Martin Corp. 154,100 14,950,782 - ------------------------------------------------------------------------------------------------------------------------------------ Northrop Grumman Corp. 173,000 12,840,060 - ------------------------------------------------------------------------------------------------------------------------------------ Raytheon Co. 249,800 13,104,508 - ------------------------------------------------------------------------------------------------------------------------------------ United Technologies Corp. 140,300 9,119,500 --------------- 82,885,264 - ------------------------------------------------------------------------------------------------------------------------------------ AIR FREIGHT & LOGISTICS--0.3% United Parcel Service, Inc., Cl. B 89,000 6,238,900 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--0.1% Masco Corp. 1 93,400 2,559,160 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--0.0% Harland (John H.) Co. 4,400 225,412 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--3.5% 3M Co. 99,100 7,574,213
4 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ General Electric Co. 1,510,700 $ 53,418,352 - ------------------------------------------------------------------------------------------------------------------------------------ Tyco International Ltd. 502,600 15,857,030 --------------- 76,849,595 - ------------------------------------------------------------------------------------------------------------------------------------ MACHINERY--1.1% Caterpillar, Inc. 77,200 5,174,716 - ------------------------------------------------------------------------------------------------------------------------------------ Danaher Corp. 1 102,200 7,302,190 - ------------------------------------------------------------------------------------------------------------------------------------ Eaton Corp. 95,300 7,963,268 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois Tool Works, Inc. 1 9,700 500,520 - ------------------------------------------------------------------------------------------------------------------------------------ Paccar, Inc. 1 42,900 3,148,860 --------------- 24,089,554 - ------------------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL--0.0% Laidlaw International, Inc. 10,900 377,140 - ------------------------------------------------------------------------------------------------------------------------------------ Swift Transportation Co., Inc. 1,2 3,700 115,292 --------------- 492,432 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--19.3% - ------------------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--3.3% Cisco Systems, Inc. 1,2 1,444,900 36,888,297 - ------------------------------------------------------------------------------------------------------------------------------------ Motorola, Inc. 1,189,700 21,021,999 - ------------------------------------------------------------------------------------------------------------------------------------ QUALCOMM, Inc. 1 327,400 13,966,884 --------------- 71,877,180 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--5.5% Apple, Inc. 2 126,200 11,725,242 - ------------------------------------------------------------------------------------------------------------------------------------ Dell, Inc. 2 688,000 15,968,480 - ------------------------------------------------------------------------------------------------------------------------------------ EMC Corp. 2 670,900 9,291,965 - ------------------------------------------------------------------------------------------------------------------------------------ Hewlett-Packard Co. 825,100 33,119,514 - ------------------------------------------------------------------------------------------------------------------------------------ International Business Machines Corp. 475,300 44,801,778 - ------------------------------------------------------------------------------------------------------------------------------------ Network Appliance, Inc. 2 68,900 2,516,228 - ------------------------------------------------------------------------------------------------------------------------------------ Sun Microsystems, Inc. 2 548,900 3,298,889 --------------- 120,722,096 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% Agilent Technologies, Inc. 1,2 251,000 8,456,190 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--0.9% Google, Inc., Cl. A 1,2 43,400 19,884,144 - ------------------------------------------------------------------------------------------------------------------------------------ United Online, Inc. 1 13,900 195,017 --------------- 20,079,161 - ------------------------------------------------------------------------------------------------------------------------------------ IT SERVICES--2.1% Automatic Data Processing, Inc. 124,600 6,030,640 - ------------------------------------------------------------------------------------------------------------------------------------ Electronic Data Systems Corp. 341,900 9,463,792 - ------------------------------------------------------------------------------------------------------------------------------------ First Data Corp. 1 475,200 12,782,880 - ------------------------------------------------------------------------------------------------------------------------------------ MasterCard, Inc., Cl. A 1 44,000 4,674,560 - ------------------------------------------------------------------------------------------------------------------------------------ Paychex, Inc. 1 170,200 6,445,474 - ------------------------------------------------------------------------------------------------------------------------------------ Sabre Holdings Corp. 20,300 664,825 - ------------------------------------------------------------------------------------------------------------------------------------ Western Union Co. 272,000 5,970,400 --------------- 46,032,571
5 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE ELECTRONICS--0.5% Xerox Corp. 2 675,400 $ 11,407,506 - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.0% Agere Systems, Inc. 1,2 20,300 459,186 - ------------------------------------------------------------------------------------------------------------------------------------ Analog Devices, Inc. 225,600 7,780,944 - ------------------------------------------------------------------------------------------------------------------------------------ Applied Materials, Inc. 533,300 9,770,056 - ------------------------------------------------------------------------------------------------------------------------------------ Intel Corp. 762,100 14,578,973 - ------------------------------------------------------------------------------------------------------------------------------------ MEMC Electronic Materials, Inc. 2 39,000 2,362,620 - ------------------------------------------------------------------------------------------------------------------------------------ Texas Instruments, Inc. 1 308,600 9,288,860 --------------- 44,240,639 - ------------------------------------------------------------------------------------------------------------------------------------ SOFTWARE--4.6% CA, Inc. 1 224,300 5,811,613 - ------------------------------------------------------------------------------------------------------------------------------------ Hyperion Solutions Corp. 2 13,600 704,888 - ------------------------------------------------------------------------------------------------------------------------------------ Intuit, Inc. 1,2 121,100 3,313,296 - ------------------------------------------------------------------------------------------------------------------------------------ Microsoft Corp. 2,246,400 62,607,168 - ------------------------------------------------------------------------------------------------------------------------------------ Oracle Corp. 2 1,002,000 18,166,260 - ------------------------------------------------------------------------------------------------------------------------------------ Symantec Corp. 2 676,100 11,696,530 --------------- 102,299,755 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS--2.6% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS--0.9% Air Products & Chemicals, Inc. 1 27,800 2,056,088 - ------------------------------------------------------------------------------------------------------------------------------------ Dow Chemical Co. (The) 1 149,800 6,869,828 - ------------------------------------------------------------------------------------------------------------------------------------ E.I. du Pont de Nemours & Co. 90,000 4,448,700 - ------------------------------------------------------------------------------------------------------------------------------------ NewMarket Corp. 1 800 32,536 - ------------------------------------------------------------------------------------------------------------------------------------ PPG Industries, Inc. 24,900 1,750,719 - ------------------------------------------------------------------------------------------------------------------------------------ Rohm & Haas Co. 97,600 5,047,872 --------------- 20,205,743 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.1% Vulcan Materials Co. 14,200 1,654,016 - ------------------------------------------------------------------------------------------------------------------------------------ METALS & MINING--1.5% Freeport-McMoRan Copper & Gold, Inc., Cl. B 1 165,767 10,972,118 - ------------------------------------------------------------------------------------------------------------------------------------ Nucor Corp. 192,500 12,537,525 - ------------------------------------------------------------------------------------------------------------------------------------ Southern Copper Corp. 1 101,100 7,244,826 - ------------------------------------------------------------------------------------------------------------------------------------ United States Steel Corp. 6,900 684,273 --------------- 31,438,742 - ------------------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--0.1% International Paper Co. 73,500 2,675,400 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--4.3% - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--3.2% AT&T, Inc. 967,628 38,153,572 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Communications International, Inc. 1,2 714,200 6,420,658 - ------------------------------------------------------------------------------------------------------------------------------------ Verizon Communications, Inc. 661,756 25,093,788 --------------- 69,668,018 - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--1.1% Alltel Corp. 1 122,900 7,619,800
6 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES CONTINUED Sprint Nextel Corp. 947,623 $ 17,966,932 --------------- 25,586,732 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES--1.6% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--1.0% American Electric Power Co., Inc. 91,900 4,480,125 - ------------------------------------------------------------------------------------------------------------------------------------ Duke Energy Corp. 1 410,200 8,322,958 - ------------------------------------------------------------------------------------------------------------------------------------ Edison International, Inc. 1 129,400 6,357,422 - ------------------------------------------------------------------------------------------------------------------------------------ FirstEnergy Corp. 14,800 980,352 - ------------------------------------------------------------------------------------------------------------------------------------ Progress Energy, Inc. 34,600 1,745,224 - ------------------------------------------------------------------------------------------------------------------------------------ Progress Energy, Inc., Contingent Value Obligation 2,3 32,000 9,920 --------------- 21,896,001 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS--0.1% Constellation Energy Group, Inc. 34,900 3,034,555 - ------------------------------------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.5% PG&E Corp. 1 180,500 8,712,735 - ------------------------------------------------------------------------------------------------------------------------------------ Sempra Energy 35,600 2,171,953 --------------- 10,884,688 --------------- Total Common Stocks (Cost $1,842,653,678) 2,188,115,249 - ------------------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Corp., Dividend Equalization Preferred Shares 2 (Cost $0) 6,000 12 UNITS - ------------------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ Dime Bancorp, Inc. Wts., Exp. 1/2/10 2 31,900 5,423 - ------------------------------------------------------------------------------------------------------------------------------------ Lucent Technologies, Inc. Wts., Exp. 12/10/07 2 4,837 460 --------------- Total Rights, Warrants and Certificates (Cost $0) 5,883 SHARES - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS IN AFFILIATED COMPANIES--0.7% - ------------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 4,5 (Cost $16,104,751) 16,104,751 16,104,751 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $1,858,758,429) 2,204,225,895 - ------------------------------------------------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--6.2% 6 - ------------------------------------------------------------------------------------------------------------------------------------ ASSET BACKED FLOATING NOTE--0.1% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.38%, 4/25/07 $ 908,082 908,082 - ------------------------------------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.43%, 4/25/07 313,722 313,722 - ------------------------------------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 5.39%, 4/25/07 1,111,541 1,111,541 - ------------------------------------------------------------------------------------------------------------------------------------ GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.41%, 4/25/07 1,109,499 1,109,499 --------------- 3,442,844
7 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER--0.2% Kommunalkredit International Bank, 5.35%, 4/16/07 $ 4,934,063 $ 4,934,063 - ------------------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--3.5% Undivided interest of 2.18% in joint repurchase agreement (Principal Amount/Value $3,500,000,000, with a maturity value of $3,501,591,771) with Bank of America NA, 5.4575%, dated 3/30/07, to be repurchased at $76,506,441 on 4/2/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 9/1/33-6/1/35, with a value of $3,570,000,000 76,471,662 76,471,662 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIUM-TERM FLOATING NOTE--2.2% American Express Credit Corp., 5.33%, 4/16/07 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ ANZ National (Int'l) Ltd., 5.37%, 4/2/07 3,997,897 3,997,897 - ------------------------------------------------------------------------------------------------------------------------------------ Caixa Catal, 5.40%, 6/7/07 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CAM US Finance SA Unipersonal, 5.41%, 5/1/07 4,500,000 4,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.37%, 4/2/07 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.37%, 4/2/07 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.39%, 4/2/07 1,498,929 1,498,929 - ------------------------------------------------------------------------------------------------------------------------------------ HSBC Finance Corp., 5.33%, 4/10/07 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Landsbanki Islands HF, 5.41%, 3/16/07 4,000,000 4,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ LINKS Finance LLC, 5.37%, 4/2/07 3,000,180 3,000,180 - ------------------------------------------------------------------------------------------------------------------------------------ MBIA Global Funding LLC, 5.33%, 4/30/07 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Metropolitan Life Global Funding, 5.31%, 4/23/07 3,500,000 3,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ Nationwide Global Fund I, 5.35%, 6/15/07 4,004,734 4,004,734 - ------------------------------------------------------------------------------------------------------------------------------------ Sigma Finance, Inc., 5.37%, 4/2/07 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tango Finance Corp., 5.38%, 4/2/07 4,499,095 4,499,095 --------------- 48,000,835 - ------------------------------------------------------------------------------------------------------------------------------------ YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.2% Natexis Banques Populaires NY, 5.37%, 4/2/07 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Natexis Banques Populaires NY, 5.39%, 4/2/07 1,999,806 1,999,806 --------------- 3,999,806 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $136,849,210) 136,849,210 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $1,995,607,639) 106.3% 2,341,075,105 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (6.3) (138,852,035) ------------------------------------ NET ASSETS 100.0% $ 2,202,223,070 ====================================
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 March 31, 2007 was $9,920, which represents less than 0.01% of the Fund's net assets. See accompanying Notes. 4. Rate shown is the 7-day yield as of March 31, 2007. 5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows: 8 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 12,793,527 99,396,700 96,085,476 16,104,751
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $ 16,104,751 $ 175,001
6. 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. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. 9 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 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 March 31, 2007, 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 March 31, 2007, the Fund had on loan securities valued at $133,940,427, 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 $136,849,210 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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. 10 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Federal tax cost of securities $ 2,013,979,907 ================== Gross unrealized appreciation $ 340,036,867 Gross unrealized depreciation (12,941,669) ------------------ Net unrealized appreciation $ 327,095,198 ================== 11 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT--12.2% - -------------------------------------------------------------------------------- Abbey National Treasury Services, 5.31%, 4/27/07 $ 1,800,000 $ 1,800,000 - -------------------------------------------------------------------------------- Bank of Montreal Chicago, 5.28%, 5/24/07 2,000,000 1,999,985 - -------------------------------------------------------------------------------- Barclays Bank plc, New York: 5.30%, 6/29/07 1,500,000 1,500,000 5.32%, 4/9/07 2,500,000 2,500,000 - -------------------------------------------------------------------------------- Citibank NA, 5.31%, 5/11/07 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Deutsche Bank Financial LLC, 5.29%, 4/18/07 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Lloyds TSB Bank plc, New York, 5.27%, 4/4/07 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Rabobank Nederland NV, 5.27%, 4/4/07 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Svenska Handelsbanken NY, 5.32%, 4/30/07 2,000,000 2,000,008 - -------------------------------------------------------------------------------- Washington Mutual Bank FA: 5.29%, 4/16/07 2,000,000 2,000,000 5.32%, 4/16/07 2,000,000 2,000,000 ------------- Total Certificates of Deposit (Cost $21,799,993) 21,799,993 - -------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS--17.8% - -------------------------------------------------------------------------------- Abbey National plc, 5.24%, 6/1/07 2,000,000 1,982,259 - -------------------------------------------------------------------------------- Barclays Bank plc, New York, 5.32%, 4/23/07 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Deutsche Bank Financial LLC, 5.26%, 5/9/07 1,500,000 1,491,672 - -------------------------------------------------------------------------------- Governor & Co. of the Bank of Ireland: 5.24%, 4/25/07 1 2,000,000 1,993,013 5.26%, 4/5/07 1 2,300,000 2,298,656 - -------------------------------------------------------------------------------- HBOS Treasury Services, 5.25%, 5/2/07 2,525,000 2,513,585 - -------------------------------------------------------------------------------- HSBC USA, Inc. NA, 5.25%, 4/3/07 2,000,000 1,999,417 - -------------------------------------------------------------------------------- Nationwide Building Society, 5.23%, 6/13/07 1 2,000,000 1,978,789 - -------------------------------------------------------------------------------- Skandinaviska Enskilda Banken AB, 5.24%, 5/14/07 1 1,000,000 993,747 - -------------------------------------------------------------------------------- Societe Generale North America, 5.16%, 4/5/07 2,000,000 1,998,853 - -------------------------------------------------------------------------------- St. George Bank Ltd., 5.24%, 4/30/07 1 2,000,000 1,991,558 - -------------------------------------------------------------------------------- Swedbank AB, 5.24%, 5/14/07 2,500,000 2,484,368 - -------------------------------------------------------------------------------- Swedbank Mortgage AB, 5.24%, 5/2/07 2,000,000 1,990,976 - -------------------------------------------------------------------------------- UBS Finance (Delaware) LLC: 5.24%, 5/4/07 2,000,000 1,990,393 5.25%, 4/16/07 2,000,000 1,995,625 - -------------------------------------------------------------------------------- Westpac Banking Corp., 5.24%, 4/24/07 1 2,000,000 1,993,304 ------------- Total Direct Bank Obligations (Cost $31,696,215) 31,696,215 - -------------------------------------------------------------------------------- LETTERS OF CREDIT--1.4% - -------------------------------------------------------------------------------- Suntrust Bank, guaranteeing commercial paper of NATC California LLC, 5.27%, 4/13/07 (Cost $2,495,608) 2,500,000 2,495,608 - -------------------------------------------------------------------------------- SHORT-TERM NOTES--68.6% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.2% Montgomery, AL Industrial Development Board, Revenue Bonds, Industrial Bristol Project, Series B, 5.67%, 5/1/07 2 400,000 400,000 - -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--16.3% Amsterdam Funding Corp., 5.30%, 4/4/07 1 1,000,000 999,550 - -------------------------------------------------------------------------------- Barton Capital Corp., 5.27%, 4/24/07 1 2,000,000 1,993,266 - -------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust 2006-SN1A, Automobile Asset-Backed Securities, Series 2006-SN1A, 5.32%, 9/20/07 2 278,024 278,024 - -------------------------------------------------------------------------------- Chesham Finance LLC, 5.27%, 4/10/07 2,300,000 2,296,964 1 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- Concord Minutemen Capital Co. LLC, 5.27%, 4/12/07 1 $ 2,000,000 $ 1,996,779 - -------------------------------------------------------------------------------- Fairway Finance Corp.: 5.28%, 4/20/07 1 2,666,000 2,658,571 5.31%, 4/3/07 1 1,600,000 1,599,529 - -------------------------------------------------------------------------------- FCAR Owner Trust I, 5.25%, 6/18/07 1,500,000 1,482,938 - -------------------------------------------------------------------------------- FCAR Owner Trust II, 5.26%, 4/27/07 1,300,000 1,295,061 - -------------------------------------------------------------------------------- Gemini Securitization Corp., 5.28%, 5/3/07 1 2,000,000 1,990,613 - -------------------------------------------------------------------------------- Gotham Funding Corp.: 5.28%, 4/16/07 1 1,000,000 997,800 5.32%, 4/3/07 1 2,000,000 1,999,413 - -------------------------------------------------------------------------------- GOVCO, Inc., 5.26%, 4/11/07 1 3,000,000 2,995,617 - -------------------------------------------------------------------------------- Legacy Capital LLC: 5.27%, 4/12/07 2,549,000 2,544,895 5.28%, 4/10/07 2,000,000 1,997,405 - -------------------------------------------------------------------------------- Old Line Funding Corp., 5.28%, 4/2/07 1 2,028,000 2,027,703 ------------- 29,154,128 - -------------------------------------------------------------------------------- AUTOMOBILES--1.1% Ande Chevrolet Olds, Inc., Series 2004, 5.47%, 4/1/07 2 1,935,000 1,935,000 - -------------------------------------------------------------------------------- CAPITAL MARKETS--9.7% Banc of America Securities LLC, 5.36%, 4/2/07 2 5,000,000 5,000,000 - -------------------------------------------------------------------------------- Bear Stearns Cos., Inc.: 5.23%, 6/22/07 2,000,000 1,976,174 5.24%, 4/19/07 2,000,000 1,994,760 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.37%, 4/6/07 2,3 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Lehman Brothers, Inc., 5.50%, 4/2/07 2 1,000,000 1,000,000 - -------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., Series C, 5.49%, 10/19/07 2 2,000,000 2,001,656 - -------------------------------------------------------------------------------- Morgan Stanley, 5.25%, 4/13/07 3,300,000 3,294,231 ------------- 17,266,821 - -------------------------------------------------------------------------------- CHEMICALS--2.5% BASF AG: 5.23%, 6/11/07 1 2,000,000 1,979,371 5.248%, 5/23/07 1 2,500,000 2,481,051 ------------- 4,460,422 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--2.2% Bank of America Corp., 5.23%, 6/27/07 1,000,000 987,373 - -------------------------------------------------------------------------------- J.P. Morgan Chase & Co., 5.25%, 4/26/07 3,000,000 2,989,063 ------------- 3,976,436 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--4.8% General Electric Capital Services, 5.23%, 5/11/07 1,000,000 994,189 - -------------------------------------------------------------------------------- Greenwich Capital Holdings, Inc.: 5.245%, 4/9/07 2,200,000 2,197,436 5.525%, 11/15/07 2,3 2,000,000 2,000,000 - -------------------------------------------------------------------------------- HSBC Finance Corp.: 5.23%, 6/15/07 1,400,000 1,384,746 2 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- 5.24%, 5/4/07 $ 2,000,000 $ 1,990,393 ------------- 8,566,764 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.2% Alta Mira LLC, Series 2004, 5.42%, 4/1/07 2 2,250,000 2,250,000 - -------------------------------------------------------------------------------- INSURANCE--4.2% Jackson National Life Global Funding, Series 2004-6, 5.39%, 4/16/07 2,3 2,500,000 2,500,000 - -------------------------------------------------------------------------------- MetLife Funding, Inc., 5.24%, 5/10/07 1,000,000 994,323 - -------------------------------------------------------------------------------- Metropolitan Life Global Funding I, Series 2003-5, 5.41%, 4/16/07 2,3 4,000,000 4,000,000 ------------- 7,494,323 - -------------------------------------------------------------------------------- LEASING & FACTORING--2.8% American Honda Finance Corp.: 5.316%, 9/26/07 2,4 2,000,000 2,000,000 5.33%, 8/8/07 2,4 2,000,000 2,000,000 5.33%, 10/30/07 2,4 1,000,000 999,992 ------------- 4,999,992 - -------------------------------------------------------------------------------- MACHINERY--1.2% Jackson Tube Service, Inc., 5.37%, 4/2/07 2 2,150,000 2,150,000 - -------------------------------------------------------------------------------- MUNICIPAL--0.4% Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts., 5.62%, 4/2/07 2 710,000 710,000 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--4.1% Procter & Gamble Co. International Funding, 5.25%, 5/23/07 1 2,000,000 1,984,833 - -------------------------------------------------------------------------------- Reckitt Benckiser plc: 5.24%, 6/13/07 1 1,400,000 1,385,124 5.25%, 4/26/07 1 2,000,000 1,992,708 5.25%, 5/10/07 1 2,000,000 1,988,625 ------------- 7,351,290 - -------------------------------------------------------------------------------- REAL ESTATE--0.6% St. Johns Cnty., FL Industrial Development Authority Revenue Bonds, 5.42%, 4/4/07 2 1,000,000 1,000,000 - -------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL--17.3% Cooperative Assn. of Tractor Dealers, Inc., Series B: 5.28%, 4/4/07 2,000,000 1,999,120 5.29%, 4/25/07 800,000 797,179 5.30%, 4/2/07 2,710,000 2,709,603 - -------------------------------------------------------------------------------- K2 (USA) LLC: 5.25%, 4/25/07 2,000,000 1,993,000 5.25%, 5/1/07 3,000,000 2,986,875 - -------------------------------------------------------------------------------- LINKS Finance LLC, 5.31%, 12/20/07 2,4 1,000,000 999,859 - -------------------------------------------------------------------------------- Parkland (USA) LLC, 5.31%, 12/12/07 2,4 1,000,000 999,860 - -------------------------------------------------------------------------------- Premier Asset Collateralized Entity LLC 1: 5.25%, 6/22/07 4 1,000,000 988,042 5.29%, 4/9/07 4 2,300,000 2,297,306 - -------------------------------------------------------------------------------- RACERS Trust, Series 2004-6-MM, 5.34%, 4/23/07 2 1,000,000 1,000,000 - -------------------------------------------------------------------------------- Sigma Finance, Inc., 5.24%, 6/27/07 5,000,000 4,936,683 3 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- Ticonderoga Funding LLC, 5.27%, 4/17/07 $ 4,166,000 $ 4,156,242 - -------------------------------------------------------------------------------- Union Hamilton Special Purpose Funding LLC, 5.35%, 9/28/07 2 2,000,000 2,000,000 - -------------------------------------------------------------------------------- ZAIS Levered Loan Fund Ltd. CLO, Series 2006-1A, Cl. 1, 5.39%, 1/2/08 2,3 3,000,000 3,000,000 ------------- 30,863,769 ------------- Total Short-Term Notes (Cost $122,578,945) 122,578,945 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $178,570,761) 100.0% 178,570,761 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES -- 22,167 ---------------------------- NET ASSETS 100.0% $178,592,928 ============================ 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. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $42,319,620, or 23.70% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 2. Represents the current interest rate for a variable or increasing rate security. 3. Illiquid security. The aggregate value of illiquid securities as of March 31, 2007 was $13,500,000, which represents 7.56% 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 $10,285,059 or 5.76% of the Fund's net assets as of March 31, 2007. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. As permitted under Rule 2a-7 of the Investment Company Act of 1940, portfolio securities are valued on the basis of amortized cost, which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Fund's Board of Trustees. ILLIQUID SECURITIES As of March 31, 2007, 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 PRONOUNCEMENTS 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 March 31, 2007, 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 MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--98.0% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--11.1% - -------------------------------------------------------------------------------- MEDIA--7.6% Liberty Global, Inc., Series A 1 1,592 $ 52,425 - -------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 6,688 204,920 - -------------------------------------------------------------------------------- News Corp., Inc., Cl. A 2,601 60,135 ------------- 317,480 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--3.5% Office Depot, Inc. 1 4,189 147,201 - -------------------------------------------------------------------------------- CONSUMER STAPLES--10.4% - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--4.9% Costco Wholesale Corp. 2,169 116,779 - -------------------------------------------------------------------------------- SUPERVALU, Inc. 2,261 88,337 ------------- 205,116 - -------------------------------------------------------------------------------- FOOD PRODUCTS--0.9% ConAgra Foods, Inc. 1,630 40,603 - -------------------------------------------------------------------------------- TOBACCO--4.6% Altria Group, Inc. 2,191 192,392 - -------------------------------------------------------------------------------- ENERGY--10.1% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.8% Halliburton Co. 1,010 32,057 - -------------------------------------------------------------------------------- Schlumberger Ltd. 650 44,915 ------------- 76,972 - -------------------------------------------------------------------------------- OIL & GAS--8.3% Exxon Mobil Corp. 2,666 201,150 - -------------------------------------------------------------------------------- Murphy Oil Corp. 790 42,186 - -------------------------------------------------------------------------------- Petroleo Brasileiro SA, ADR 400 39,804 - -------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 917 63,988 ------------- 347,128 - -------------------------------------------------------------------------------- FINANCIALS--27.1% - -------------------------------------------------------------------------------- CAPITAL MARKETS--5.7% E*TRADE Financial Corp. 1 1,849 39,236 - -------------------------------------------------------------------------------- UBS AG 3,387 201,289 ------------- 240,525 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--8.1% Wachovia Corp. 3,294 181,335 - -------------------------------------------------------------------------------- Wells Fargo & Co. 4,606 158,585 ------------- 339,920 - -------------------------------------------------------------------------------- CONSUMER FINANCE--2.9% American Express Co. 1,079 60,856 - -------------------------------------------------------------------------------- Capital One Financial Corp. 807 60,896 ------------- 121,752 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--3.8% Bank of America Corp. 1,950 99,489 - -------------------------------------------------------------------------------- Citigroup, Inc. 1,189 61,043 ------------- 160,532 - -------------------------------------------------------------------------------- INSURANCE--5.5% Everest Re Group Ltd. 1,637 157,430 1 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE CONTINUED Genworth Financial, Inc., Cl. A 1,112 $ 38,853 - -------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 1,109 35,577 ------------- 231,860 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.1% Freddie Mac 769 45,748 - -------------------------------------------------------------------------------- HEALTH CARE--7.0% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--0.2% Vanda Pharmaceuticals, Inc. 1 405 9,866 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.8% Medco Health Solutions, Inc. 1 750 54,398 - -------------------------------------------------------------------------------- WellPoint, Inc. 1 763 61,879 ------------- 116,277 - -------------------------------------------------------------------------------- PHARMACEUTICALS--4.0% Novartis AG, ADR 1,075 58,727 - -------------------------------------------------------------------------------- Sanofi-Aventis SA, ADR 2,490 108,340 ------------- 167,067 - -------------------------------------------------------------------------------- INDUSTRIALS--13.8% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--7.7% Alliant Techsystems, Inc. 1 489 42,993 - -------------------------------------------------------------------------------- Boeing Co. 684 60,814 - -------------------------------------------------------------------------------- Rockwell Collins, Inc. 442 29,583 - -------------------------------------------------------------------------------- United Technologies Corp. 2,919 189,735 ------------- 323,125 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--3.9% Siemens AG, Sponsored ADR 1,514 162,301 - -------------------------------------------------------------------------------- MACHINERY--2.2% Navistar International Corp. 1 2,073 94,840 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--8.1% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.4% Cisco Systems, Inc. 1 769 19,633 - -------------------------------------------------------------------------------- Nokia Corp., Sponsored ADR 1,876 42,998 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 922 39,333 ------------- 101,964 - -------------------------------------------------------------------------------- IT SERVICES--0.5% Electronic Data Systems Corp. 736 20,372 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.4% Texas Instruments, Inc. 1,932 58,153 - -------------------------------------------------------------------------------- SOFTWARE--3.8% Microsoft Corp. 1,585 44,174 - -------------------------------------------------------------------------------- Novell, Inc. 1 6,688 48,287 - -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 3,290 66,261 ------------- 158,722 - -------------------------------------------------------------------------------- MATERIALS--3.0% - -------------------------------------------------------------------------------- CHEMICALS--1.0% Lubrizol Corp. (The) 837 43,131 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--2.0% Martin Marietta Materials, Inc. 322 43,534 2 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS CONTINUED Vulcan Materials Co. 347 $ 40,419 ------------- 83,953 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.0% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% Verizon Communications, Inc. 1,096 41,560 - -------------------------------------------------------------------------------- UTILITIES--6.4% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--4.1% Exelon Corp. 2,126 146,077 - -------------------------------------------------------------------------------- Reliant Energy, Inc. 1 1,286 26,132 ------------- 172,209 - -------------------------------------------------------------------------------- ENERGY TRADERS--0.5% Dynegy, Inc. 1 2,423 22,437 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--1.8% CMS Energy Corp. 2,471 43,984 - -------------------------------------------------------------------------------- Sempra Energy 510 31,115 ------------- 75,099 ------------- Total Common Stocks (Cost $3,616,792) 4,118,305 - -------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--1.9% - -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 2,3 (Cost $79,341) 79,341 79,341 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $3,696,133) 99.9% 4,197,646 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.1 3,784 --------------------------- NET ASSETS 100.0% $ 4,201,430 =========================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Rate shown is the 7-day yield as of March 31, 2007. 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 183,179 1,175,314 1,279,152 79,341
DIVIDEND VALUE INCOME - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $ 79,341 $ 2,390
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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 3 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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. 4 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Federal tax cost of securities $ 3,696,133 ------------- Gross unrealized appreciation $ 524,752 Gross unrealized depreciation (23,239) ------------- Net unrealized appreciation $ 501,513 ============= 5 | OPPENHEIMER VALUE FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--98.4% CONSUMER DISCRETIONARY--13.9% - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.4% ITT Educational Services, Inc. 1 52,100 $ 4,245,629 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.1% International Game Technology 274,100 11,068,158 - -------------------------------------------------------------------------------- Panera Bread Co., Cl. A 1 205,500 12,136,830 ----------------- 23,204,988 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.0% Harman International Industries, Inc. 110,900 10,655,272 - -------------------------------------------------------------------------------- MEDIA--0.4% E.W. Scripps Co. (The), Cl. A 97,500 4,356,300 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--6.4% O'Reilly Automotive, Inc. 1 887,924 29,390,284 - -------------------------------------------------------------------------------- Tiffany & Co. 508,900 23,144,772 - -------------------------------------------------------------------------------- Tractor Supply Co. 1 320,400 16,500,600 ----------------- 69,035,656 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--3.6% Coach, Inc. 1 244,600 12,242,230 - -------------------------------------------------------------------------------- Polo Ralph Lauren Corp., Cl. A 309,600 27,291,240 ----------------- 39,533,470 - -------------------------------------------------------------------------------- ENERGY--3.7% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.4% Smith International, Inc. 315,600 15,164,580 - -------------------------------------------------------------------------------- OIL & GAS--2.3% Murphy Oil Corp. 248,600 13,275,240 - -------------------------------------------------------------------------------- XTO Energy, Inc. 217,299 11,910,158 ----------------- 25,185,398 - -------------------------------------------------------------------------------- FINANCIALS--21.0% - -------------------------------------------------------------------------------- CAPITAL MARKETS--7.1% Affiliated Managers Group, Inc. 1 213,400 23,121,890 - -------------------------------------------------------------------------------- Greenhill & Co., Inc. 239,400 14,696,766 - -------------------------------------------------------------------------------- Investors Financial Services Corp. 300,700 17,485,705 - -------------------------------------------------------------------------------- Legg Mason, Inc. 228,800 21,555,248 ----------------- 76,859,609 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--5.0% Commerce Bancorp, Inc. 729,500 24,350,710 - -------------------------------------------------------------------------------- East West Bancorp, Inc. 351,500 12,924,655 - -------------------------------------------------------------------------------- Marshall & Ilsley Corp. 362,100 16,768,851 ----------------- 54,044,216 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.4% Chicago Mercantile Exchange (The) 28,500 15,175,110 - -------------------------------------------------------------------------------- INSURANCE--5.0% AMBAC Financial Group, Inc. 207,400 17,917,286 - -------------------------------------------------------------------------------- Brown & Brown, Inc. 520,600 14,082,230 - -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 495,800 21,810,242 ----------------- 53,809,758 1 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--2.5% CB Richard Ellis Group, Inc., Cl. A 1 464,320 $ 15,870,458 - -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 107,700 11,230,956 ----------------- 27,101,414 - -------------------------------------------------------------------------------- HEALTH CARE--17.5% - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--8.6% Bard (C.R.), Inc. 383,400 30,484,134 - -------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 201,300 17,639,919 - -------------------------------------------------------------------------------- ResMed, Inc. 1 340,700 17,161,059 - -------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 582,000 27,755,580 ----------------- 93,040,692 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.6% Coventry Health Care, Inc. 1 559,275 31,347,364 - -------------------------------------------------------------------------------- Schein (Henry), Inc. 1 332,600 18,352,868 ----------------- 49,700,232 - -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--2.0% Cerner Corp. 1 403,500 21,970,575 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--2.3% Covance, Inc. 1 427,300 25,355,982 - -------------------------------------------------------------------------------- INDUSTRIALS--12.5% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--2.7% Rockwell Collins, Inc. 432,800 28,967,304 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--1.3% C.H. Robinson Worldwide, Inc. 177,200 8,461,300 - -------------------------------------------------------------------------------- Expeditors International of Washington, Inc. 140,400 5,801,328 ----------------- 14,262,628 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--3.6% Corporate Executive Board Co. (The) 150,000 11,394,000 - -------------------------------------------------------------------------------- Stericycle, Inc. 1 334,900 27,294,350 ----------------- 38,688,350 - -------------------------------------------------------------------------------- MACHINERY--3.1% Donaldson Co., Inc. 551,100 19,894,710 - -------------------------------------------------------------------------------- Joy Global, Inc. 331,300 14,212,770 ----------------- 34,107,480 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.8% Fastenal Co. 558,400 19,571,920 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--25.6% - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.9% Agilent Technologies, Inc. 1 486,200 16,380,078 - -------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 540,500 14,507,020 ----------------- 30,887,098 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.3% Digital River, Inc. 1 254,700 14,072,175 - -------------------------------------------------------------------------------- IT SERVICES--7.1% Alliance Data Systems Corp. 1 494,300 30,458,766 - -------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 180,200 15,906,254 2 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- IT SERVICES CONTINUED Global Payments, Inc. 428,800 $ 14,604,928 - -------------------------------------------------------------------------------- VeriFone Holdings, Inc. 1 441,500 16,216,295 ----------------- 77,186,243 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.2% FormFactor, Inc. 1 417,400 18,678,650 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 769,800 27,350,994 ----------------- 46,029,644 - -------------------------------------------------------------------------------- SOFTWARE--10.1% Adobe Systems, Inc. 1 564,300 23,531,310 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 628,000 22,909,440 - -------------------------------------------------------------------------------- Citrix Systems, Inc. 1 438,200 14,035,546 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 408,250 25,658,513 - -------------------------------------------------------------------------------- Intuit, Inc. 1 855,000 23,392,800 ----------------- 109,527,609 - -------------------------------------------------------------------------------- MATERIALS--2.3% - -------------------------------------------------------------------------------- CHEMICALS--2.3% Ecolab, Inc. 570,700 24,540,100 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.9% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% NeuStar, Inc., Cl. A 1 384,900 10,946,556 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.9% NII Holdings, Inc. 1 128,600 9,539,548 ----------------- Total Common Stocks (Cost $804,795,870) 1,066,765,536 - -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - -------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D 1,2,3 (Cost $7,346,317) 1,147,862 -- - -------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--0.9% - -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 3,4 (Cost $9,204,626) 9,204,626 9,204,626 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $821,346,813) 99.3% 1,075,970,162 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.7 8,082,922 ----------------------------------- NET ASSETS 100.0% $ 1,084,053,084 =================================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2007 was $0, which is considered restricted. See accompanying Notes. 3 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ------------------------------------------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D 1,147,862 - - 1,147,862 Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 19,997,273 59,792,651 70,585,298 9,204,626
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D $ - $ - Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 9,204,626 267,363
4. Rate shown is the 7-day yield as of March 31, 2007. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2007, 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 4 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST MARCH 31, 2007 DEPRECIATION - ---------------------------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D 10/17/00 $7,346,317 $ - $ 7,346,317
RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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 $ 821,659,957 ================== Gross unrealized appreciation $ 266,031,016 Gross unrealized depreciation (11,720,811) ------------------ Net unrealized appreciation $ 254,310,205 ================== 5 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--99.3% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--11.6% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.9% Las Vegas Sands Corp. 1 181,300 $ 15,702,393 - -------------------------------------------------------------------------------- Panera Bread Co., Cl. A 1 150,320 8,877,899 - -------------------------------------------------------------------------------- Starbucks Corp. 1 484,100 15,181,376 ------------------- 39,761,668 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.5% Harman International Industries, Inc. 112,500 10,809,000 - -------------------------------------------------------------------------------- MEDIA--1.8% Comcast Corp., Cl. A Special, Non-Vtg. 1 844,650 21,513,236 - -------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc., Cl. A 1 1,203,400 15,547,928 ------------------- 37,061,164 - -------------------------------------------------------------------------------- MULTILINE RETAIL--3.2% J.C. Penney Co., Inc. (Holding Co.) 305,200 25,075,232 - -------------------------------------------------------------------------------- Kohl's Corp. 1 216,600 16,593,726 - -------------------------------------------------------------------------------- Target Corp. 404,100 23,946,966 ------------------- 65,615,924 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--3.1% Best Buy Co., Inc. 296,550 14,447,916 - -------------------------------------------------------------------------------- Staples, Inc. 1,061,500 27,429,160 - -------------------------------------------------------------------------------- Tiffany & Co. 217,570 9,895,084 - -------------------------------------------------------------------------------- TJX Cos., Inc. (The) 452,300 12,194,008 ------------------- 63,966,168 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.1% Polo Ralph Lauren Corp., Cl. A 264,200 23,289,230 - -------------------------------------------------------------------------------- CONSUMER STAPLES--7.2% - -------------------------------------------------------------------------------- BEVERAGES--1.0% PepsiCo, Inc. 342,900 21,794,724 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.9% Costco Wholesale Corp. 208,700 11,236,408 - -------------------------------------------------------------------------------- CVS Corp. 211,800 7,230,852 ------------------- 18,467,260 - -------------------------------------------------------------------------------- FOOD PRODUCTS--2.2% Cadbury Schweppes plc 943,460 12,104,924 - -------------------------------------------------------------------------------- Nestle SA 84,757 33,009,299 ------------------- 45,114,223 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--3.1% Procter & Gamble Co. (The) 593,900 37,510,724 - -------------------------------------------------------------------------------- Reckitt Benckiser plc 495,700 25,810,697 ------------------- 63,321,421 - -------------------------------------------------------------------------------- ENERGY--6.8% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--4.2% Halliburton Co. 476,300 15,117,762 - -------------------------------------------------------------------------------- Schlumberger Ltd. 610,500 42,185,550 - -------------------------------------------------------------------------------- Smith International, Inc. 610,800 29,348,940 ------------------- 86,652,252 1 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- OIL & GAS--2.6% Kinder Morgan Management LLC 1 245,095 $ 12,558,668 - -------------------------------------------------------------------------------- Occidental Petroleum Corp. 456,900 22,529,739 - -------------------------------------------------------------------------------- XTO Energy, Inc. 343,100 18,805,311 ------------------- 53,893,718 - -------------------------------------------------------------------------------- FINANCIALS--11.2% - -------------------------------------------------------------------------------- CAPITAL MARKETS--5.4% Franklin Resources, Inc. 117,900 14,245,857 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 111,000 22,935,930 - -------------------------------------------------------------------------------- Legg Mason, Inc. 258,300 24,334,443 - -------------------------------------------------------------------------------- Nomura Securities Co. Ltd. 538,000 11,154,074 - -------------------------------------------------------------------------------- Northern Trust Corp. 263,200 15,828,848 - -------------------------------------------------------------------------------- UBS AG 394,873 23,461,985 ------------------- 111,961,137 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.5% Chicago Mercantile Exchange (The) 59,600 31,734,616 - -------------------------------------------------------------------------------- INSURANCE--3.7% American International Group, Inc. 452,450 30,413,689 - -------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 162,500 15,531,750 - -------------------------------------------------------------------------------- Prudential Financial, Inc. 324,700 29,307,422 ------------------- 75,252,861 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.6% CB Richard Ellis Group, Inc., Cl. A 1 340,900 11,651,962 - -------------------------------------------------------------------------------- HEALTH CARE--13.6% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--3.0% Celgene Corp. 1 286,700 15,040,282 - -------------------------------------------------------------------------------- Genentech, Inc. 1 256,000 21,022,720 - -------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 186,100 11,169,722 - -------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 204,300 15,628,950 ------------------- 62,861,674 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.5% St. Jude Medical, Inc. 1 415,800 15,638,238 - -------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 319,900 15,256,031 ------------------- 30,894,269 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.8% Medco Health Solutions, Inc. 1 294,500 21,360,085 - -------------------------------------------------------------------------------- Schein (Henry), Inc. 1 197,100 10,875,978 - -------------------------------------------------------------------------------- WellPoint, Inc. 1 309,500 25,100,450 ------------------- 57,336,513 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--2.3% Covance, Inc. 1 292,157 17,336,596 - -------------------------------------------------------------------------------- Thermo Fisher Scientific, Inc. 1 638,400 29,845,200 ------------------- 47,181,796 - -------------------------------------------------------------------------------- PHARMACEUTICALS--4.0% Allergan, Inc. 124,300 13,774,926 - -------------------------------------------------------------------------------- Novartis AG 530,791 29,983,232 2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- PHARMACEUTICALS CONTINUED Roche Holdings AG 169,085 $ 29,916,698 - -------------------------------------------------------------------------------- Shionogi & Co. Ltd. 487,000 8,761,371 ------------------- 82,436,227 - -------------------------------------------------------------------------------- INDUSTRIALS--9.3% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--5.5% Boeing Co. 260,120 23,127,269 - -------------------------------------------------------------------------------- Empresa Brasileira de Aeronautica SA, ADR 320,200 14,684,372 - -------------------------------------------------------------------------------- General Dynamics Corp. 259,700 19,841,080 - -------------------------------------------------------------------------------- Lockheed Martin Corp. 171,900 16,677,738 - -------------------------------------------------------------------------------- Rockwell Collins, Inc. 137,210 9,183,465 - -------------------------------------------------------------------------------- United Technologies Corp. 448,100 29,126,500 ------------------- 112,640,424 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.0% Corporate Executive Board Co. (The) 284,750 21,629,610 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.7% ABB Ltd. 804,885 13,777,400 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.7% General Electric Co. 397,800 14,066,208 - -------------------------------------------------------------------------------- MACHINERY--0.8% Danaher Corp. 228,500 16,326,325 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.6% Fastenal Co. 369,400 12,947,470 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--33.1% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--8.2% Cisco Systems, Inc. 1 2,484,100 63,419,073 - -------------------------------------------------------------------------------- Corning, Inc. 1 1,592,600 36,215,724 - -------------------------------------------------------------------------------- F5 Networks, Inc. 1 179,200 11,949,056 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 597,700 25,497,882 - -------------------------------------------------------------------------------- Research in Motion Ltd. 1 81,900 11,178,531 - -------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, Sponsored ADR 589,000 21,846,010 ------------------- 170,106,276 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.8% Apple, Inc. 1 388,200 36,067,662 - -------------------------------------------------------------------------------- EMC Corp. 1 1,915,800 26,533,830 - -------------------------------------------------------------------------------- Network Appliance, Inc. 1 438,100 15,999,412 ------------------- 78,600,904 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--6.8% eBay, Inc. 1 1,214,700 40,267,305 - -------------------------------------------------------------------------------- Google, Inc., Cl. A 1 134,000 61,393,440 - -------------------------------------------------------------------------------- Yahoo!, Inc. 1 1,248,900 39,078,081 ------------------- 140,738,826 - -------------------------------------------------------------------------------- IT SERVICES--4.5% Affiliated Computer Services, Inc., Cl. A 1 636,500 37,477,120 - -------------------------------------------------------------------------------- Alliance Data Systems Corp. 1 214,000 13,186,680 - -------------------------------------------------------------------------------- Automatic Data Processing, Inc. 510,220 24,694,648 3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- IT SERVICES CONTINUED Cognizant Technology Solutions Corp. 1 204,400 $ 18,042,388 ------------------- 93,400,836 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.0% Advanced Micro Devices, Inc. 1 709,600 9,267,376 - -------------------------------------------------------------------------------- ASML Holding NV 1 457,500 11,323,125 - -------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 826,100 26,493,027 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 481,400 17,104,142 - -------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1 300,360 8,337,994 - -------------------------------------------------------------------------------- Texas Instruments, Inc. 361,600 10,884,160 ------------------- 83,409,824 - -------------------------------------------------------------------------------- SOFTWARE--5.8% Adobe Systems, Inc. 1 683,700 28,510,290 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 639,340 23,323,123 - -------------------------------------------------------------------------------- Autodesk, Inc. 1 517,100 19,442,960 - -------------------------------------------------------------------------------- Electronic Arts, Inc. 1 262,100 13,199,356 - -------------------------------------------------------------------------------- Microsoft Corp. 727,800 20,283,786 - -------------------------------------------------------------------------------- Red Hat, Inc. 1 622,600 14,276,218 ------------------- 119,035,733 - -------------------------------------------------------------------------------- MATERIALS--3.5% - -------------------------------------------------------------------------------- CHEMICALS--3.5% Monsanto Co. 821,400 45,144,144 - -------------------------------------------------------------------------------- Praxair, Inc. 433,300 27,280,568 ------------------- 72,424,712 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.0% - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--3.0% America Movil SA de CV, Series L 319,700 15,278,463 - -------------------------------------------------------------------------------- American Tower Corp. 1 528,300 20,577,285 - -------------------------------------------------------------------------------- Crown Castle International Corp. 1 394,800 12,684,924 - -------------------------------------------------------------------------------- NII Holdings, Inc. 1 187,300 13,893,914 ------------------- 62,434,586 ------------------- Total Common Stocks (Cost $1,624,142,555) 2,052,596,941 - -------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--0.8% - -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 2,3 (Cost $17,405,825) 17,405,825 17,405,825 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,641,548,380) 100.1% 2,070,002,766 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.1) (2,517,346) ------------------------------------ NET ASSETS 100.0% $ 2,067,485,420 ==================================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Rate shown is the 7-day yield as of March 31, 2007. 4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 15,177,546 66,787,701 64,559,422 17,405,825
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $ 17,405,825 $ 267,282
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment 5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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 $ 1,646,794,888 ================= Gross unrealized appreciation $ 448,945,261 Gross unrealized depreciation (25,737,383) ----------------- Net unrealized appreciation $ 423,207,878 ================= 6 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--56.3% - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--6.9% - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--1.0% Liberty Media Holding Corp.-Interactive, Series A 1 238,490 $ 5,680,832 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA--5.0% Liberty Global, Inc., Series A 1 338,018 11,130,933 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series C 1 342,790 10,503,086 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media Holding Corp.-Capital, Series A 1 46,070 5,094,881 --------------- 26,728,900 - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--0.9% Office Depot, Inc. 1 132,700 4,663,078 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--5.9% - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES--1.1% Constellation Brands, Inc., Cl. A 1 99,850 2,114,823 - ------------------------------------------------------------------------------------------------------------------------------------ Diageo plc, Sponsored ADR 46,260 3,744,747 --------------- 5,859,570 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--0.3% ConAgra Foods, Inc. 71,900 1,791,029 - ------------------------------------------------------------------------------------------------------------------------------------ TOBACCO--4.5% Altria Group, Inc. 185,330 16,273,827 - ------------------------------------------------------------------------------------------------------------------------------------ Loews Corp./Carolina Group 100,140 7,571,585 --------------- 23,845,412 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY--3.2% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--0.3% Halliburton Co. 59,020 1,873,295 - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS--2.9% BP plc, ADR 45,120 2,921,520 - ------------------------------------------------------------------------------------------------------------------------------------ Exxon Mobil Corp. 102,610 7,741,925 - ------------------------------------------------------------------------------------------------------------------------------------ Kinder Morgan, Inc. 15,800 1,681,910 - ------------------------------------------------------------------------------------------------------------------------------------ Petroleo Brasileiro SA, ADR 15,300 1,522,503 - ------------------------------------------------------------------------------------------------------------------------------------ Petroleo Brasileiro SA, Preference 69,490 1,556,214 --------------- 15,424,072 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS--10.3% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--2.7% E*TRADE Financial Corp. 1 120,790 2,563,164 - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG 203,510 12,091,859 --------------- 14,655,023 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--2.9% Wachovia Corp. 175,445 9,658,247 - ------------------------------------------------------------------------------------------------------------------------------------ Wells Fargo & Co. 161,720 5,568,020 --------------- 15,226,267 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--1.6% American Express Co. 54,300 3,062,520 - ------------------------------------------------------------------------------------------------------------------------------------ Capital One Financial Corp. 73,390 5,538,009 --------------- 8,600,529 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--1.0% Bank of America Corp. 107,438 5,481,487
1 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE--2.1% Everest Re Group Ltd. 57,780 $ 5,556,703 - ------------------------------------------------------------------------------------------------------------------------------------ Genworth Financial, Inc., Cl. A 76,150 2,660,681 - ------------------------------------------------------------------------------------------------------------------------------------ Platinum Underwriters Holdings Ltd. 97,280 3,120,742 --------------- 11,338,126 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--6.8% - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--3.0% Amgen, Inc. 1,2 69,330 3,874,160 - ------------------------------------------------------------------------------------------------------------------------------------ deCODE genetics, Inc. 1 193,500 706,275 - ------------------------------------------------------------------------------------------------------------------------------------ Human Genome Sciences, Inc. 1 263,700 2,800,494 - ------------------------------------------------------------------------------------------------------------------------------------ MedImmune, Inc. 1 62,360 2,269,280 - ------------------------------------------------------------------------------------------------------------------------------------ Vanda Pharmaceuticals, Inc. 1 255,000 6,211,800 --------------- 15,862,009 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--1.0% Beckman Coulter, Inc. 52,830 3,375,309 - ------------------------------------------------------------------------------------------------------------------------------------ Boston Scientific Corp. 1 140,780 2,046,941 --------------- 5,422,250 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--0.8% WellPoint, Inc. 1 55,700 4,517,270 - ------------------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--2.0% Medicines Co. (The) 1 57,970 1,453,888 - ------------------------------------------------------------------------------------------------------------------------------------ Novartis AG, ADR 79,060 4,319,048 - ------------------------------------------------------------------------------------------------------------------------------------ Sanofi-Aventis SA, ADR 114,790 4,994,513 --------------- 10,767,449 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--5.0% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--2.7% Boeing Co. 32,400 2,880,684 - ------------------------------------------------------------------------------------------------------------------------------------ Empresa Brasileira de Aeronautica SA, ADR 33,720 1,546,399 - ------------------------------------------------------------------------------------------------------------------------------------ Orbital Sciences Corp. 1 151,324 2,835,812 - ------------------------------------------------------------------------------------------------------------------------------------ Spirit Aerosystems Holdings, Inc., Cl. A 1 43,840 1,396,304 - ------------------------------------------------------------------------------------------------------------------------------------ United Technologies Corp. 92,240 5,995,600 --------------- 14,654,799 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--1.9% Siemens AG, Sponsored ADR 95,000 10,184,000 - ------------------------------------------------------------------------------------------------------------------------------------ MACHINERY--0.4% Navistar International Corp. 1 43,400 1,985,550 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--14.4% - ------------------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--1.2% Cisco Systems, Inc. 1 155,250 3,963,533 - ------------------------------------------------------------------------------------------------------------------------------------ Juniper Networks, Inc. 1 71,010 1,397,477 - ------------------------------------------------------------------------------------------------------------------------------------ QUALCOMM, Inc. 32,650 1,392,849 --------------- 6,753,859 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--1.1% Hutchinson Technology, Inc. 1 85,380 1,993,623 - ------------------------------------------------------------------------------------------------------------------------------------ International Business Machines Corp. 39,310 3,705,361 --------------- 5,698,984
2 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.0% CalAmp Corp. 1 19 $ 164 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--1.0% eBay, Inc. 1 122,690 4,067,174 - ------------------------------------------------------------------------------------------------------------------------------------ Yahoo!, Inc. 1 51,020 1,596,416 --------------- 5,663,590 - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.0% Texas Instruments, Inc. 183,230 5,515,223 - ------------------------------------------------------------------------------------------------------------------------------------ SOFTWARE--10.1% Compuware Corp. 1 366,180 3,475,048 - ------------------------------------------------------------------------------------------------------------------------------------ Microsoft Corp. 628,700 17,521,869 - ------------------------------------------------------------------------------------------------------------------------------------ Novell, Inc. 1 568,740 4,106,303 - ------------------------------------------------------------------------------------------------------------------------------------ Synopsys, Inc. 1 272,520 7,148,200 - ------------------------------------------------------------------------------------------------------------------------------------ Take-Two Interactive Software, Inc. 1 1,083,450 21,820,683 --------------- 54,072,103 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS--1.5% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS--0.0% Sterling Chemicals, Inc. 1,3 21 231 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--1.1% Martin Marietta Materials, Inc. 14,750 1,994,200 - ------------------------------------------------------------------------------------------------------------------------------------ Texas Industries, Inc. 22,560 1,703,957 - ------------------------------------------------------------------------------------------------------------------------------------ Vulcan Materials Co. 16,180 1,884,646 --------------- 5,582,803 - ------------------------------------------------------------------------------------------------------------------------------------ METALS & MINING--0.4% Companhia Vale do Rio Doce, Sponsored ADR 73,670 2,304,398 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--0.0% XO Holdings, Inc. 1 85 436 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES--2.3% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.8% Reliant Energy, Inc. 1 213,500 4,338,320 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS--1.5% AES Corp. (The) 1 306,800 6,602,336 - ------------------------------------------------------------------------------------------------------------------------------------ Dynegy, Inc. 1 176,900 1,638,094 --------------- 8,240,430 --------------- Total Common Stocks (Cost $227,459,582) 302,731,488 UNITS - ------------------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 8,881 844 - ------------------------------------------------------------------------------------------------------------------------------------ XO Communications, Inc.: Series A Wts., Exp. 1/16/10 1 171 154 Series B Wts., Exp. 1/16/10 1 128 67 Series C Wts., Exp. 1/16/10 1,3 128 32 --------------- Total Rights, Warrants and Certificates (Cost $0) 1,097
3 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES--1.9% - ------------------------------------------------------------------------------------------------------------------------------------ Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 5.38%, 4/20/08 4 $ 370,000 $ 370,167 - ------------------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.80%, 5/25/34 4 1,252,347 1,257,172 - ------------------------------------------------------------------------------------------------------------------------------------ Centex Home Equity Loan Trust 2005-D, Asset-Backed Certificates, Series 2005-D, Cl. AF1, 5.04%, 10/25/35 85,076 84,802 - ------------------------------------------------------------------------------------------------------------------------------------ Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 175,974 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 4 511,738 508,334 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 6.06%, 2/25/33 4 18,836 18,853 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 4 360,000 358,929 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 4 240,000 239,248 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 5.44%, 12/25/29 4 480,000 479,891 - ------------------------------------------------------------------------------------------------------------------------------------ Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A3, 3.48%, 11/17/08 343,154 341,651 - ------------------------------------------------------------------------------------------------------------------------------------ Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates: Series 2005-3, Cl. A1, 5.58%, 1/20/35 4 433,001 433,083 Series 2006-4, Cl. A2V, 5.43%, 3/20/36 3,4 180,000 179,964 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 4 490,403 488,603 - ------------------------------------------------------------------------------------------------------------------------------------ MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 6.67%, 3/15/16 4 1,710,000 1,802,570 - ------------------------------------------------------------------------------------------------------------------------------------ Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 5.42%, 7/1/36 4 1,100,000 1,100,069 - ------------------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 4 402,798 400,387 - ------------------------------------------------------------------------------------------------------------------------------------ RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 389,772 387,454 - ------------------------------------------------------------------------------------------------------------------------------------ RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 5.42%, 9/25/36 4 800,000 800,063 - ------------------------------------------------------------------------------------------------------------------------------------ Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 779,761 778,447 --------------- Total Asset-Backed Securities (Cost $10,221,606) 10,205,661 - ------------------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS--27.4% - ------------------------------------------------------------------------------------------------------------------------------------ GOVERNMENT AGENCY--23.4% - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED--23.3% Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19-7/1/19 2,048,181 1,986,124 5%, 12/1/32-8/1/33 3,243,836 3,144,527 5%, 4/1/37 5 574,000 554,807 6.50%, 4/1/18-4/1/34 3,301,749 3,391,619 7%, 5/1/29-11/1/32 1,428,370 1,484,319
4 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED CONTINUED Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 5.06%, 3/25/36 4 $ 390,582 $ 391,708 Series 2043, Cl. ZP, 6.50%, 4/15/28 656,964 677,031 Series 2055, Cl. ZM, 6.50%, 5/15/28 383,189 390,725 Series 2075, Cl. D, 6.50%, 8/15/28 904,115 926,771 Series 2080, Cl. Z, 6.50%, 8/15/28 247,082 253,276 Series 2387, Cl. PD, 6%, 4/15/30 91,774 91,834 Series 2461, Cl. PZ, 6.50%, 6/15/32 707,506 742,576 Series 2500, Cl. FD, 5.82%, 3/15/32 4 118,806 120,009 Series 2526, Cl. FE, 5.72%, 6/15/29 4 172,440 174,057 Series 2551, Cl. FD, 5.72%, 1/15/33 4 133,866 135,161 Series 2583, Cl. KA, 5.50%, 3/15/22 117,951 117,784 Series 3025, Cl. SJ, 5.243%, 8/15/35 4 129,829 132,140 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 12.639%, 6/1/26 6 241,843 53,103 Series 183, Cl. IO, 9.561%, 4/1/27 6 372,391 85,359 Series 184, Cl. IO, 15.374%, 12/1/26 6 406,620 90,445 Series 192, Cl. IO, 13.847%, 2/1/28 6 112,218 26,662 Series 200, Cl. IO, 12.20%, 1/1/29 6 132,473 29,556 Series 216, Cl. IO, 12.223%, 12/1/31 6 206,690 44,562 Series 2003-118, Cl. S, 8.73%, 12/25/33 6 1,906,629 227,391 Series 2005-87, Cl. S G, 9.456%, 10/25/35 6 2,954,891 176,242 Series 2130, Cl. SC, (2.485)%, 3/15/29 6 296,674 23,270 Series 224, Cl. IO, 7.682%, 3/1/33 6 647,511 145,252 Series 243, Cl. 6, 26.368%, 12/15/32 6 403,857 91,604 Series 2796, Cl. SD, 0.718%, 7/15/26 6 426,590 36,228 Series 2802, Cl. AS, 1.619%, 4/15/33 6 652,290 38,606 Series 2920, Cl. S, (4.163)%, 1/15/35 6 2,358,560 111,701 Series 3000, Cl. SE, (3.956)%, 7/15/25 6 2,392,884 92,914 Series 3110, Cl. SL, 4.408%, 2/15/26 6 338,439 11,989 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.581%, 6/1/26 7 106,433 86,926 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn.: 4.50%, 5/1/18-12/1/20 12,749,900 12,366,952 5%, 12/1/17-11/1/33 14,689,231 14,421,009 5%, 12/1/17-4/1/37 5 12,427,840 12,225,903 5.50%, 3/1/33-11/1/34 8,766,777 8,696,007 5.50%, 4/1/22-4/1/37 5 11,019,000 10,941,643 6%, 8/1/32-3/1/33 9,647,922 9,755,296 6%, 4/1/21 5 8,020,000 8,152,827 6.50%, 6/1/17-10/1/30 5,684,046 5,853,721 7%, 11/1/17-11/1/35 3,102,565 3,222,867 7.50%, 1/1/33 420,377 440,963 8.50%, 7/1/32 19,026 20,513
5 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn. Grantor Trust, CMO, Trust 2002-T1, Cl. A2, 7%, 11/25/31 $ 806,226 $ 831,936 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-215, Cl. ZQ, 6.50%, 11/25/23 765,715 785,622 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 697,617 717,877 Trust 1998-61, Cl. PL, 6%, 11/25/28 368,492 375,215 Trust 2001-50, Cl. NE, 6%, 8/25/30 58,785 58,888 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 953,793 977,138 Trust 2001-70, Cl. LR, 6%, 9/25/30 120,667 120,679 Trust 2001-72, Cl. NH, 6%, 4/25/30 13,603 13,571 Trust 2001-74, Cl. PD, 6%, 5/25/30 10,853 10,823 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 342,826 355,068 Trust 2002-9, Cl. PC, 6%, 3/25/17 835,109 850,821 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,052,000 1,040,947 Trust 2003-84, Cl. PW, 3%, 6/25/22 648,048 638,935 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,092,307 Trust 2006-24, Cl. DB, 5.50%, 4/25/26 1,000,000 999,824 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 1,660,000 1,664,376 Trust 2006-46, Cl. SW, 4.693%, 6/25/36 4 289,210 284,601 Trust 2006-50, Cl. KS, 4.693%, 6/25/36 4 769,970 751,570 Trust 2006-50, Cl. SA, 4.693%, 6/25/36 4 234,863 229,221 Trust 2006-50, Cl. SK, 4.693%, 6/25/36 4 738,624 718,913 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 2,096,101 2,100,682 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 2,983,000 2,933,140 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 8.532%, 11/25/31 6 1,091,255 109,491 Trust 2001-81, Cl. S, 0.036%, 1/25/32 6 238,208 23,209 Trust 2002-47, Cl. NS, (0.976)%, 4/25/32 6 513,403 48,414 Trust 2002-51, Cl. S, (0.857)%, 8/25/32 6 471,425 44,446 Trust 2002-52, Cl. SD, (3.404)%, 9/25/32 6 538,283 45,247 Trust 2002-77, Cl. SH, 0.601%, 12/18/32 6 313,148 30,817 Trust 2002-84, Cl. SA, 7.369%, 12/25/32 6 938,248 96,956 Trust 2002-9, Cl. MS, (0.169)%, 3/25/32 6 348,916 34,150 Trust 2003-33, Cl. SP, 9.60%, 5/25/33 6 1,026,532 129,821 Trust 2003-4, Cl. S, 7.067%, 2/25/33 6 600,734 70,018 Trust 2003-46, Cl. IH, 6.862%, 6/25/33 6 3,516,237 713,126 Trust 2004-54, Cl. DS, (7.122)%, 11/25/30 6 452,689 27,450 Trust 2005-19, Cl. SA, (4.037)%, 3/25/35 6 6,181,958 320,810 Trust 2005-40, Cl. SA, (4.234)%, 5/25/35 6 1,320,938 64,809 Trust 2005-6, Cl. SE, (3.445)%, 2/25/35 6 1,647,667 84,466 Trust 2005-71, Cl. SA, 3.17%, 8/25/25 6 1,512,532 88,398 Trust 2006-33, Cl. SP, 12.46%, 5/25/36 6 3,125,689 269,224 Trust 222, Cl. 2, 11.78%, 6/1/23 6 843,559 187,661 Trust 233, Cl. 2, 13.672%, 8/1/23 6 738,825 188,804 Trust 240, Cl. 2, 15.984%, 9/1/23 6 1,335,798 310,110 Trust 252, Cl. 2, 10.712%, 11/1/23 6 635,960 151,364
6 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED CONTINUED Trust 273, Cl. 2, 11.353%, 8/1/26 6 $ 178,770 $ 39,380 Trust 319, Cl. 2, 10.039%, 2/1/32 6 233,071 54,881 Trust 321, Cl. 2, 5.325%, 4/1/32 6 2,412,807 568,536 Trust 329, Cl. 2, 8.783%, 1/1/33 6 658,860 151,226 Trust 331, Cl. 9, 8.589%, 2/1/33 6 667,113 153,308 Trust 334, Cl. 17, 23.494%, 2/1/33 6 381,952 93,655 Trust 342, Cl. 2, 9.068%, 9/1/33 6 621,125 143,045 Trust 344, Cl. 2, 4.585%, 12/1/33 6 1,658,491 380,626 Trust 346, Cl. 2, 11.829%, 12/1/33 6 1,230,608 281,041 Trust 362, Cl. 12, 5.572%, 8/1/35 6 1,520,377 338,742 Trust 362, Cl. 13, 5.607%, 8/1/35 6 844,563 185,792 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 6.032%, 9/25/23 7 285,203 231,399 --------------- 125,396,555 - ------------------------------------------------------------------------------------------------------------------------------------ GNMA/GUARANTEED--0.1% Government National Mortgage Assn., 8%, 4/15/23 159,722 169,253 - ------------------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, (3.795)%, 1/16/27 6 494,015 35,157 Series 2002-15, Cl. SM, (6.848)%, 2/16/32 6 562,143 40,199 Series 2002-76, Cl. SY, (3.698)%, 12/16/26 6 1,173,728 98,486 Series 2004-11, Cl. SM, (6.628)%, 1/17/30 6 408,511 29,845 --------------- 372,940 - ------------------------------------------------------------------------------------------------------------------------------------ NON-AGENCY--4.0% - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL--3.7% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2005-3, Cl. A2, 4.501%, 7/10/43 1,050,000 1,031,464 - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 723,599 736,788 - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2005-E, Cl. 2A2, 4.972%, 6/25/35 4 33,219 33,192 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 603,073 609,481 - ------------------------------------------------------------------------------------------------------------------------------------ ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 5.42%, 8/25/08 3,4 439,776 440,168 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 260,000 259,284 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 570,000 572,850 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 887,954 885,582 Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 276,290 276,531 - ------------------------------------------------------------------------------------------------------------------------------------ First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 352,533 355,584 - ------------------------------------------------------------------------------------------------------------------------------------ GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 620,000 615,687
7 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 $ 117,786 $ 117,787 - ------------------------------------------------------------------------------------------------------------------------------------ Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 890,000 873,392 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 680,000 680,640 Series 2007-GG9, Cl. A2, 5.381%, 7/10/12 3 820,000 826,730 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 260,000 256,017 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 890,000 881,064 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 210,000 210,426 - ------------------------------------------------------------------------------------------------------------------------------------ LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2005-C5, Cl. A2, 4.885%, 9/15/30 740,000 736,555 Series 2007-C1, Cl. A2, 5.318%, 1/15/12 910,000 917,003 - ------------------------------------------------------------------------------------------------------------------------------------ Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-9, Cl. A3, 4.70%, 8/25/34 4 862,781 855,580 Series 2004-6, Cl. 10A1, 6%, 7/25/34 969,866 969,712 - ------------------------------------------------------------------------------------------------------------------------------------ Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 254,450 256,778 - ------------------------------------------------------------------------------------------------------------------------------------ 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 1,046,588 - ------------------------------------------------------------------------------------------------------------------------------------ RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 471,589 471,704 - ------------------------------------------------------------------------------------------------------------------------------------ RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 1,001,122 999,078 - ------------------------------------------------------------------------------------------------------------------------------------ RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 1,079,861 1,077,385 - ------------------------------------------------------------------------------------------------------------------------------------ Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,246,241 1,243,041 - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Obligations, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 1,450,000 1,437,030 - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Asset-Backed Securities, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 256,000 257,053 - ------------------------------------------------------------------------------------------------------------------------------------ WAMU Mortgage Pass-Through Certificates, Series 2005-AR5 Trust, Series 2005-AR5, Cl. A1, 4.675%, 5/25/35 4 237,627 237,435 --------------- 20,167,609 - ------------------------------------------------------------------------------------------------------------------------------------ RESIDENTIAL--0.3% Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,441,726 1,461,550 --------------- Total Mortgage-Backed Obligations (Cost $147,505,350) 147,398,654 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--3.7% - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Bank Unsec. Bonds, 3.50%, 11/15/07 650,000 643,367 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn. Unsec. Nts.: 4.25%, 7/15/07 2,015,000 2,009,249 6%, 5/15/11 1,200,000 1,252,373 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds: 4.50%, 2/15/36 8,9 3,179,000 2,998,198 5.375%, 2/15/31 8 193,000 205,817
8 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ 8.875%, 8/15/17 8 $ 687,000 $ 918,863 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts.: 3.875%, 2/15/13 8 1,081,000 1,044,474 4.625%, 10/31/11-2/29/12 3,882,000 3,896,905 4.625%, 12/31/11-2/15/17 8 3,159,000 3,157,377 4.75%, 2/15/10-1/31/12 3,647,000 3,675,308 --------------- Total U.S. Government Obligations (Cost $19,709,072) 19,801,931 - ------------------------------------------------------------------------------------------------------------------------------------ NON-CONVERTIBLE CORPORATE BONDS AND NOTES--14.0% - ------------------------------------------------------------------------------------------------------------------------------------ ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 400,000 445,451 - ------------------------------------------------------------------------------------------------------------------------------------ Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 880,000 901,278 - ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc, 6.278% Perpetual Bonds 10 1,790,000 1,723,716 - ------------------------------------------------------------------------------------------------------------------------------------ Beazer Homes USA, Inc., 6.875% Sr. Unsec. Nts., 7/15/15 595,000 534,013 - ------------------------------------------------------------------------------------------------------------------------------------ Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 705,000 731,251 - ------------------------------------------------------------------------------------------------------------------------------------ British Sky Broadcasting Group plc, 8.20% Sr. Unsec. Nts., 7/15/09 665,000 707,462 - ------------------------------------------------------------------------------------------------------------------------------------ Caesars Entertainment, Inc., 7.50% Sr. Unsec. Nts., 9/1/09 3 1,195,000 1,249,460 - ------------------------------------------------------------------------------------------------------------------------------------ CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,005,000 1,061,660 - ------------------------------------------------------------------------------------------------------------------------------------ Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 200,000 200,408 - ------------------------------------------------------------------------------------------------------------------------------------ Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 845,000 875,843 - ------------------------------------------------------------------------------------------------------------------------------------ Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 710,000 707,181 - ------------------------------------------------------------------------------------------------------------------------------------ Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 436,551 - ------------------------------------------------------------------------------------------------------------------------------------ Comcast Corp., 6.45% Unsec. Nts., 3/15/37 1,055,000 1,059,697 - ------------------------------------------------------------------------------------------------------------------------------------ Cox Enterprises, Inc., 4.375% Nts., 5/1/08 11 1,075,000 1,058,490 - ------------------------------------------------------------------------------------------------------------------------------------ CSC Holdings, Inc., 7.25% Sr. Unsec. Nts., 7/15/08 342,000 348,413 - ------------------------------------------------------------------------------------------------------------------------------------ D.R. Horton, Inc.: 5.375% Sr. Unsec. Nts., 6/15/12 690,000 664,522 6.125% Nts., 1/15/14 525,000 515,885 8% Sr. Nts., 2/1/09 275,000 285,326 - ------------------------------------------------------------------------------------------------------------------------------------ DaimlerChrysler North America Holding Corp.: 5.69% Nts., Series E, 3/13/09 4 395,000 395,905 7.30% Nts., 1/15/12 1,085,000 1,172,374 - ------------------------------------------------------------------------------------------------------------------------------------ Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 655,000 790,271 - ------------------------------------------------------------------------------------------------------------------------------------ Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 3 275,000 278,781 - ------------------------------------------------------------------------------------------------------------------------------------ Duke Energy Field Services Corp., 6.875% Sr. Unsec. Nts., 2/1/11 760,000 800,502 - ------------------------------------------------------------------------------------------------------------------------------------ Earthgrains Co. (The), 6.50% Nts., 4/15/09 335,000 341,512 - ------------------------------------------------------------------------------------------------------------------------------------ Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 131,000 127,725 - ------------------------------------------------------------------------------------------------------------------------------------ EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 1,285,000 1,289,819 - ------------------------------------------------------------------------------------------------------------------------------------ El Paso Corp., 6.50% Sr. Unsec. Nts., 6/1/08 210,000 212,625 - ------------------------------------------------------------------------------------------------------------------------------------ Enbridge Energy Partners LP, 5.95% Sr. Unsec. Nts., Series B, 6/1/33 275,000 257,837 - ------------------------------------------------------------------------------------------------------------------------------------ Enterprise Products Operating LP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 505,000 542,020 - ------------------------------------------------------------------------------------------------------------------------------------ FirstEnergy Corp., 7.375% Sr. Unsub. Nts., Series C, 11/15/31 410,000 467,195 - ------------------------------------------------------------------------------------------------------------------------------------ Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 11 2,030,000 2,139,839 - ------------------------------------------------------------------------------------------------------------------------------------ Gap, Inc. (The): 6.90% Nts., 9/15/07 935,000 945,051 9.445% Unsub. Nts., 12/15/08 4 141,000 150,801 - ------------------------------------------------------------------------------------------------------------------------------------ General Motors Acceptance Corp., 8% Bonds, 11/1/31 930,000 999,872 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,050,000 1,040,540 - ------------------------------------------------------------------------------------------------------------------------------------ HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 10,11 1,700,000 1,666,544 - ------------------------------------------------------------------------------------------------------------------------------------ HCA, Inc., 8.75% Sr. Nts., 9/1/10 505,000 530,881 - ------------------------------------------------------------------------------------------------------------------------------------ Heinz (H.J.) Co., 6.428% Bonds, 12/1/08 11 150,000 152,652
9 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 3 $ 785,000 $ 848,781 - ------------------------------------------------------------------------------------------------------------------------------------ HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 4 1,600,000 1,590,877 - ------------------------------------------------------------------------------------------------------------------------------------ Hyatt Equities LLC, 6.875% Nts., 6/15/07 11 1,045,000 1,046,839 - ------------------------------------------------------------------------------------------------------------------------------------ Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 11 610,000 609,574 - ------------------------------------------------------------------------------------------------------------------------------------ IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 4 540,000 560,250 - ------------------------------------------------------------------------------------------------------------------------------------ iStar Financial, Inc., 5.15% Sr. Unsec. Nts., 3/1/12 1,090,000 1,070,393 - ------------------------------------------------------------------------------------------------------------------------------------ J.C. Penney Co., Inc., 9% Nts., 8/1/12 275,000 317,026 - ------------------------------------------------------------------------------------------------------------------------------------ K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 120,000 108,000 - ------------------------------------------------------------------------------------------------------------------------------------ Kaneb Pipe Line Operating Partnership LP: 5.875% Sr. Unsec. Nts., 6/1/13 830,000 841,876 7.75% Sr. Unsec. Nts., 2/15/12 100,000 109,412 - ------------------------------------------------------------------------------------------------------------------------------------ KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 935,000 840,502 - ------------------------------------------------------------------------------------------------------------------------------------ Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 975,000 1,056,406 - ------------------------------------------------------------------------------------------------------------------------------------ Kroger Co. (The), 5.50% Unsec. Unsub. Nts., 2/1/13 1,110,000 1,107,993 - ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 1,010,000 1,049,435 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 290,000 305,689 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 950,000 999,093 - ------------------------------------------------------------------------------------------------------------------------------------ Limited Brands, Inc., 6.125% Sr. Unsec. Nts., 12/1/12 855,000 869,603 - ------------------------------------------------------------------------------------------------------------------------------------ Marsh & McLennan Cos., Inc.: 5.875% Sr. Unsec. Bonds, 8/1/33 705,000 646,000 7.125% Sr. Unsec. Nts., 6/15/09 590,000 612,265 - ------------------------------------------------------------------------------------------------------------------------------------ May Department Stores Co., 7.90% Unsec. Debs., 10/15/07 410,000 414,413 - ------------------------------------------------------------------------------------------------------------------------------------ MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 565,000 542,813 - ------------------------------------------------------------------------------------------------------------------------------------ MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 1,240,000 1,247,750 - ------------------------------------------------------------------------------------------------------------------------------------ Mission Energy Holding Co., 13.50% Sr. Sec. Nts., 7/15/08 1,040,000 1,138,800 - ------------------------------------------------------------------------------------------------------------------------------------ Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 695,000 732,197 - ------------------------------------------------------------------------------------------------------------------------------------ NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 100,000 102,938 - ------------------------------------------------------------------------------------------------------------------------------------ Pemex Project Funding Master Trust, 7.875% Unsec. Unsub. Nts., 2/1/09 1,500,000 1,567,500 - ------------------------------------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 11 1,298,556 1,285,526 - ------------------------------------------------------------------------------------------------------------------------------------ PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 11 327,298 308,980 - ------------------------------------------------------------------------------------------------------------------------------------ Popular North America, Inc., 4.70% Nts., 6/30/09 1,360,000 1,343,302 - ------------------------------------------------------------------------------------------------------------------------------------ Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 11 1,285,000 1,621,773 - ------------------------------------------------------------------------------------------------------------------------------------ Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 1,110,000 1,391,174 - ------------------------------------------------------------------------------------------------------------------------------------ PSEG Funding Trust I, 5.381% Nts., 11/16/07 690,000 689,493 - ------------------------------------------------------------------------------------------------------------------------------------ Pulte Homes, Inc., 4.875% Nts., 7/15/09 1,435,000 1,414,781 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Corp., 5.625% Unsec. Nts., 11/15/08 3 131,000 131,655 - ------------------------------------------------------------------------------------------------------------------------------------ R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 533,988 - ------------------------------------------------------------------------------------------------------------------------------------ Reed Elsevier Capital, Inc., 4.625% Nts., 6/15/12 480,000 464,227 - ------------------------------------------------------------------------------------------------------------------------------------ Reynolds American, Inc., 6.50% Sr. Sec. Nts., 6/1/07 695,000 696,440 - ------------------------------------------------------------------------------------------------------------------------------------ Royal Caribbean Cruises Ltd., 7% Sr. Unsec. Unsub. Nts., 10/15/07 294,000 296,840 - ------------------------------------------------------------------------------------------------------------------------------------ Ryder System, Inc., 5.95% Nts., 5/2/11 265,000 270,112 - ------------------------------------------------------------------------------------------------------------------------------------ Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11 1,035,000 1,076,254 - ------------------------------------------------------------------------------------------------------------------------------------ Sara Lee Corp., 2.75% Unsec. Nts., 6/15/08 450,000 436,143 - ------------------------------------------------------------------------------------------------------------------------------------ Starwood Hotels & Resorts Worldwide, Inc., 7.375% Nts., 5/1/07 160,000 160,127 - ------------------------------------------------------------------------------------------------------------------------------------ Telecom Italia Capital SpA, 4% Unsec. Unsub. Nts., 1/15/10 1,320,000 1,276,119 - ------------------------------------------------------------------------------------------------------------------------------------ Telefonos de Mexico SA de CV, 4.50% Nts., 11/19/08 1,085,000 1,077,052 - ------------------------------------------------------------------------------------------------------------------------------------ Telus Corp., 8% Nts., 6/1/11 950,000 1,041,388 - ------------------------------------------------------------------------------------------------------------------------------------ TEPPCO Partners LP: 6.125% Nts., 2/1/13 490,000 500,274
10 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ 7.625% Sr. Unsec. Nts., 2/15/12 $ 320,000 $ 345,604 - ------------------------------------------------------------------------------------------------------------------------------------ Textron Financial Corp., 6% Jr. Unsec. Sub. Nts., 2/15/67 4,11 805,000 809,392 - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 445,000 542,496 - ------------------------------------------------------------------------------------------------------------------------------------ Tribune Co., 5.50% Nts., Series E, 10/6/08 765,000 763,501 - ------------------------------------------------------------------------------------------------------------------------------------ TXU Energy Co., 6.125% Nts., 3/15/08 755,000 760,355 - ------------------------------------------------------------------------------------------------------------------------------------ TXU Energy Co. LLC, 5.85% Sr. Nts., 9/16/08 3,4 865,000 865,288 - ------------------------------------------------------------------------------------------------------------------------------------ Univision Communications, Inc.: 3.50% Sr. Unsec. Nts., 10/15/07 670,000 663,300 3.875% Sr. Unsec. Nts., 10/15/08 315,000 306,338 - ------------------------------------------------------------------------------------------------------------------------------------ Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 1,175,000 1,174,582 - ------------------------------------------------------------------------------------------------------------------------------------ Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 890,000 926,872 - ------------------------------------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The), Credit Linked Certificate Trust, 6.75% Nts., 4/15/09 3 1,210,000 1,240,250 - ------------------------------------------------------------------------------------------------------------------------------------ Xerox Corp., 9.75% Sr. Unsec. Nts., 1/15/09 1,510,000 1,626,930 - ------------------------------------------------------------------------------------------------------------------------------------ Yum! Brands, Inc., 7.70% Sr. Nts., 7/1/12 750,000 823,970 --------------- Total Non-Convertible Corporate Bonds and Notes (Cost $74,184,339) 75,010,304 SHARES - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS IN AFFILIATED COMPANIES--2.5% - ------------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 12,13 (Cost $13,555,315) 13,555,315 13,555,315 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $492,635,264) 568,704,450 - ------------------------------------------------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.2% 14 - ------------------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--0.2% Undivided interest of 0.04% in joint repurchase agreement (Principal Amount/Value $3,500,000,000, with a maturity value of $3,501,591,771) with Bank of America NA, 5.4575%, dated 3/30/07, to be repurchased at $1,273,356 on 4/2/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 9/1/33-6/1/35, with a value of $3,570,000,000 (Cost $1,272,777) $ 1,272,777 1,272,777 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $493,908,041) 106.0% 569,977,227 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (6.0) (32,277,362) ------------------------------------- NET ASSETS 100.0% $ 537,699,865 =====================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. A sufficient amount of liquid assets has been designated to cover outstanding written call options, as follows:
CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO CALL DATES PRICE RECEIVED VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Amgen, Inc. 437 1/21/08 $ 70 $ 149,192 $ 54,625 Amgen, Inc. 89 4/23/07 75 46,768 445 ------------------------------------ $ 195,960 $ 55,070 ====================================
3. Illiquid security. The aggregate value of illiquid securities as of March 31, 2007 was $6,061,340, which represents 1.13% of the Fund's net assets. See accompanying Notes. 4. Represents the current interest rate for a variable or increasing rate security. 5. When-issued security or forward commitment to be delivered and settled after March 31, 2007. See accompanying Notes. 11 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 6. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $6,917,594 or 1.29% of the Fund's net assets as of March 31, 2007. 7. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $318,325 or 0.06% of the Fund's net assets as of March 31, 2007. 8. Partial or fully-loaned security. See accompanying Notes. 9. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $1,226,069. 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. 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 $10,699,609 or 1.99% of the Fund's net assets as of March 31, 2007. 12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ---------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 15,913,062 69,263,650 71,621,397 13,555,315
DIVIDEND VALUE INCOME - ---------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $ 13,555,315 $ 171,224
13. Rate shown is the 7-day yield as of March 31, 2007. 14. 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. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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 take place generally at least ten days or more after the trade date. Normally the 12 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2007, the Fund had purchased $3,141,741 of securities issued on a when-issued basis or forward commitment and sold $35,080,254 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. 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. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 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. 13 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- INVESTMENTS WITH OFF BALANCE SHEET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and 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 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. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2007, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2007 (DEPRECIATION) - ------------------------------------------------- ---------------------------------------------- CONTRACTS TO PURCHASE U.S. Treasury Nts., 30 yr. 6/20/07 157 $ 17,466,250 $ (62,482) CONTRACTS TO SELL U.S. Treasury Nts., 2 yr. 6/29/07 258 52,861,781 (106,720) U.S. Treasury Nts., 5 yr. 6/29/07 51 5,395,641 (25,500) U.S. Treasury Nts., 10 yr. 6/20/07 94 10,163,750 40,116 -------------- (92,104) -------------- $ (154,586) ==============
14 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / 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 March 31, 2007 was as follows: CALL OPTIONS ----------------------- NUMBER OF AMOUNT OF CONTRACTS PREMIUMS - ------------------------------------------------------------------------------- Options outstanding as of December 31, 2006 89 $ 46,768 Options written 437 $ 149,192 ----------------------- Options outstanding as of March 31, 2007 526 $ 195,960 ======================= CREDIT DEFAULT SWAP CONTRACTS A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps to hedge an existing position or to obtain exposure to a security or market by purchasing or selling credit protection. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. The periodic interest fees are accrued daily as a component of unrealized appreciation (depreciation) and are recorded as realized loss (gain) upon payment. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. 15 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. 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, adverse pricing when purchasing bonds to satisfy its delivery obligation, and the need to fund the delivery obligation (either cash or defaulted securities depending on whether the Fund is the purchaser or seller of the credit default swap contract, respectively). Information regarding such credit default swaps as of March 31, 2007 is as follows:
BUY/SELL NOTIONAL PREMIUM CREDIT AMOUNT PAY/RECEIVE TERMINATION PAID/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATES (RECEIVED) VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc.: Dow Jones CDX North America Crossover Index Buy $ 1,260 1.650% 12/20/11 $ (19,947) $ (10,713) Dow Jones CDX North America Crossover Index Buy 1,265 1.650 12/20/11 (23,741) (10,755) Dow Jones CDX North America Crossover Index Buy 1,010 1.650 12/20/11 (19,374) (8,587) Ford Motor Credit Co. Sell 1,010 0.500 6/20/07 -- (401) Freescale Semiconductor, Inc. Sell 515 0.600 3/20/08 -- (2,212) Freescale Semiconductor, Inc. Sell 545 0.750 3/20/08 -- (1,554) Univision Communications, Inc. Sell 250 0.750 3/20/08 -- (16) - ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Abitibi-Consolidated Co. of Canada Sell 860 1.520 9/20/07 -- 2,833 Allied Waste North America, Inc. Sell 340 2.000 9/20/09 -- 7,034 Allied Waste North America, Inc. Sell 530 2.000 9/20/09 -- 10,965 Bombardier, Inc. Sell 265 0.900 9/20/07 -- 574 CDX.NA.IG.7 Buy 4,700 0.400 12/20/11 483 (6,994) Dow Jones CDX North America Crossover Index Buy 1,260 1.650 12/20/11 (20,214) (17,873) Eastman Kodak Co. Sell 735 1.000 12/20/08 -- 6,992 GMAC LLC Sell 200 2.300 6/20/07 -- 713 J.C. Penney Co., Inc. Buy 320 0.580 3/20/12 -- (1,308) Weyerhaeuser Co. Buy 1,070 0.580 9/20/11 -- (5,397) - -----------------------------------------------------------------------------------------------------------------------------------
16 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Arrow Electronics, Inc. Buy 1,070 0.790 9/20/11 -- (13,482) Arrow Electronics, Inc. Buy 530 0.770 9/20/11 -- (6,250) ArvinMeritor, Inc. Sell 295 1.050 9/20/07 -- 505 ArvinMeritor, Inc. Sell 240 1.100 9/20/07 -- 471 ArvinMeritor, Inc. Sell 20 1.200 9/20/07 -- 49 Belo Corp. Buy 365 0.670 6/20/11 -- (3,497) Belo Corp. Buy 735 0.675 6/20/11 -- (7,183) Belo Corp. Buy 660 0.650 6/20/11 -- (5,817) Bombardier, Inc. Sell 295 1.050 9/20/07 -- 1,181 Bombardier, Inc. Sell 290 1.000 9/20/07 -- 1,088 Dow Jones CDX North America -- Crossover Index Buy 1,260 1.650 12/20/11 (20,997) (11,776) El Paso Corp. Sell 1,060 0.520 3/20/10 -- 97 Ford Motor Co. Buy 1,100 5.400 12/20/08 -- (39,732) Ford Motor Co. Buy 525 5.300 12/20/08 -- 18,105) Ford Motor Co. Sell 1,100 7.150 12/20/16 -- 7,246 Ford Motor Co. Sell 525 7.050 12/20/16 -- 910 General Motors Corp. Buy 545 4.000 12/20/08 -- (14,192) General Motors Corp. Buy 535 3.950 12/20/08 -- (13,490) General Motors Corp. Sell 545 5.800 12/20/16 -- 14,735 General Motors Corp. Sell 535 5.750 12/20/16 -- 13,006 GMAC LLC Sell 730 3.150 6/20/07 -- 4,529 Hyundai Motor Manufacturing Alabama LLC Sell 465 0.400 6/20/07 -- 199 Inco Ltd. Buy 545 0.700 3/20/17 -- (3,168) Inco Ltd. Buy 550 0.630 3/20/17 -- (3,086) International Paper Co. Buy 1,090 0.409 12/20/11 -- 1,090 J.C. Penney Co., Inc. Sell 1,070 0.610 6/20/13 -- (1,343)
17 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Vale Overseas Ltd. Sell 545 1.170 3/20/17 -- 7,754 Vale Overseas Ltd. Sell 550 1.100 3/20/17 -- 4,919 -------------------------- (103,790) $ (120,041) ==========================
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 and the value of the contracts is separately disclosed on the statement of Assets and Liabilities in the annual and semiannual reports. 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. The net change in this amount during the period 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 March 31, 2007, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION COUNTERPARTY AMOUNT (000S) PAID BY THE FUND RECEIVED BY THE FUND DATE VALUE - ----------------------------------------------------------------------------------------------------------------------------------- If positive, the absolute If negative, the absolute value value of Lehman Brothers Goldman Sachs Capital of Lehman Brothers U.S. CMBS U.S. CMBS Index:Aggregate Markets: $2,140 Index: Aggregate AAA. AAA plus 15 basis points. 9/1/07 $956
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of March 31, 2007, 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 March 31, 2007, the Fund had on loan securities valued at $5,869,549, 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 $1,272,777 was received for the loans, all of which was 18 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2007 / Unaudited - -------------------------------------------------------------------------------- received in cash and subsequently invested in approved investments. In addition, collateral of $4,721,456 was also received in the form of securities. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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 $ 494,158,358 Federal tax cost of other investments (50,995,813) ----------------------- Total federal tax cost $ 443,162,545 ======================= Gross unrealized appreciation $ 80,357,886 Gross unrealized depreciation (4,672,281) ----------------------- Net unrealized appreciation $ 75,685,605 ======================= 19 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--98.9% - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--19.1% - ------------------------------------------------------------------------------------------------------------------------------------ AUTO COMPONENTS--1.4% Aftermarket Technology Corp. 1 11,500 $ 279,220 - ------------------------------------------------------------------------------------------------------------------------------------ American Axle & Manufacturing Holdings, Inc. 2 23,200 634,520 - ------------------------------------------------------------------------------------------------------------------------------------ ArvinMeritor, Inc. 2 115,200 2,102,400 - ------------------------------------------------------------------------------------------------------------------------------------ Autoliv, Inc. 5,900 336,949 - ------------------------------------------------------------------------------------------------------------------------------------ Fuel Systems Solutions, Inc. 1,2 4,299 79,617 - ------------------------------------------------------------------------------------------------------------------------------------ GenTek, Inc. 1,2 5,300 180,518 - ------------------------------------------------------------------------------------------------------------------------------------ Gentex Corp. 30,700 498,875 - ------------------------------------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. (The) 1,2 39,900 1,244,481 - ------------------------------------------------------------------------------------------------------------------------------------ Lear Corp. 1 32,600 1,190,226 - ------------------------------------------------------------------------------------------------------------------------------------ Modine Manufacturing Co. 2 31,800 728,220 - ------------------------------------------------------------------------------------------------------------------------------------ Sauer-Danfoss, Inc. 36,100 1,086,610 - ------------------------------------------------------------------------------------------------------------------------------------ Shiloh Industries, Inc. 4,500 50,760 - ------------------------------------------------------------------------------------------------------------------------------------ Standard Motor Products, Inc. 9,700 165,579 - ------------------------------------------------------------------------------------------------------------------------------------ Tenneco, Inc. 1,2 94,900 2,416,154 --------------- 10,994,129 - ------------------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--0.2% Monaco Coach Corp. 2 12,300 195,939 - ------------------------------------------------------------------------------------------------------------------------------------ Winnebago Industries, Inc. 2 34,500 1,160,235 --------------- 1,356,174 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES--2.0% Bright Horizons Family Solutions, Inc. 1,2 2,900 109,475 - ------------------------------------------------------------------------------------------------------------------------------------ Career Education Corp. 1 9,900 301,950 - ------------------------------------------------------------------------------------------------------------------------------------ Coinstar, Inc. 1 46,800 1,464,840 - ------------------------------------------------------------------------------------------------------------------------------------ Corinthian Colleges, Inc. 1,2 43,600 599,500 - ------------------------------------------------------------------------------------------------------------------------------------ CPI Corp. 4,600 241,546 - ------------------------------------------------------------------------------------------------------------------------------------ DeVry, Inc 95,500 2,802,925 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTools, Inc. 1,2 32,100 446,190 - ------------------------------------------------------------------------------------------------------------------------------------ ITT Educational Services, Inc. 1 11,200 912,688 - ------------------------------------------------------------------------------------------------------------------------------------ Jackson Hewitt Tax Service, Inc. 57,200 1,840,696 - ------------------------------------------------------------------------------------------------------------------------------------ Pre-Paid Legal Services, Inc. 1,2 7,500 375,825 - ------------------------------------------------------------------------------------------------------------------------------------ Regis Corp. 44,100 1,780,317 - ------------------------------------------------------------------------------------------------------------------------------------ Service Corp. International 64,700 767,342 - ------------------------------------------------------------------------------------------------------------------------------------ Sotheby's 2 17,600 782,848 - ------------------------------------------------------------------------------------------------------------------------------------ Steiner Leisure Ltd. 1 16,900 760,162 - ------------------------------------------------------------------------------------------------------------------------------------ Stewart Enterprises, Inc. 2 75,400 607,724 - ------------------------------------------------------------------------------------------------------------------------------------ Strayer Education, Inc. 2 13,200 1,650,000 - ------------------------------------------------------------------------------------------------------------------------------------ Vertrue, Inc. 1 5,900 283,849 --------------- 15,727,877 - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--3.3% AFC Enterprises, Inc. 1,2 15,700 314,785 - ------------------------------------------------------------------------------------------------------------------------------------ Ambassadors Group, Inc. 2 10,500 349,020 - ------------------------------------------------------------------------------------------------------------------------------------ Ameristar Casinos, Inc. 19,400 622,934 - ------------------------------------------------------------------------------------------------------------------------------------ Applebee's International, Inc. 24,500 607,110
1 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Bally Technologies, Inc. 1,2 40,800 $ 962,064 - ------------------------------------------------------------------------------------------------------------------------------------ Bob Evans Farms, Inc. 56,214 2,077,107 - ------------------------------------------------------------------------------------------------------------------------------------ Brinker International, Inc. 32,400 1,059,480 - ------------------------------------------------------------------------------------------------------------------------------------ Buffalo Wild Wings, Inc. 1,2 7,000 445,900 - ------------------------------------------------------------------------------------------------------------------------------------ CBRL Group, Inc. 32,450 1,502,435 - ------------------------------------------------------------------------------------------------------------------------------------ CEC Entertainment, Inc. 1 32,100 1,333,434 - ------------------------------------------------------------------------------------------------------------------------------------ CKE Restaurants, Inc. 42,100 794,006 - ------------------------------------------------------------------------------------------------------------------------------------ Ctrip.com International Ltd., ADR 2 5,600 375,116 - ------------------------------------------------------------------------------------------------------------------------------------ Darden Restaurants, Inc. 16,300 671,397 - ------------------------------------------------------------------------------------------------------------------------------------ Denny's Corp. 1 78,900 386,610 - ------------------------------------------------------------------------------------------------------------------------------------ Domino's Pizza, Inc. 75,900 2,464,473 - ------------------------------------------------------------------------------------------------------------------------------------ Dover Downs Gaming & Entertainment, Inc. 2 17,300 222,824 - ------------------------------------------------------------------------------------------------------------------------------------ IHOP Corp. 2 30,200 1,771,230 - ------------------------------------------------------------------------------------------------------------------------------------ Jack in the Box, Inc. 1,2 33,500 2,315,855 - ------------------------------------------------------------------------------------------------------------------------------------ Krispy Kreme Doughnuts, Inc. 1,2 20,500 208,895 - ------------------------------------------------------------------------------------------------------------------------------------ Landry's Restaurants, Inc. 2 3,500 103,600 - ------------------------------------------------------------------------------------------------------------------------------------ Luby's, Inc. 1,2 15,300 149,481 - ------------------------------------------------------------------------------------------------------------------------------------ McCormick & Schmick's Seafood Restaurants, Inc. 1 12,300 329,763 - ------------------------------------------------------------------------------------------------------------------------------------ Monarch Casino & Resort, Inc. 1,2 12,000 312,000 - ------------------------------------------------------------------------------------------------------------------------------------ Morgans Hotel Group Co. 1,2 900 18,909 - ------------------------------------------------------------------------------------------------------------------------------------ MTR Gaming Group, Inc. 1,2 10,400 136,032 - ------------------------------------------------------------------------------------------------------------------------------------ O'Charley's, Inc. 1 14,500 279,705 - ------------------------------------------------------------------------------------------------------------------------------------ Papa John's International, Inc. 1,2 8,400 246,960 - ------------------------------------------------------------------------------------------------------------------------------------ Pinnacle Entertainment, Inc. 1 37,850 1,100,300 - ------------------------------------------------------------------------------------------------------------------------------------ Ruby Tuesday, Inc. 34,300 980,980 - ------------------------------------------------------------------------------------------------------------------------------------ Speedway Motorsports, Inc. 400 15,500 - ------------------------------------------------------------------------------------------------------------------------------------ Town Sports International Holdings, Inc. 1 3,000 65,400 - ------------------------------------------------------------------------------------------------------------------------------------ Triarc Cos., Inc., Cl. B 4,300 73,917 - ------------------------------------------------------------------------------------------------------------------------------------ Vail Resorts, Inc. 1,2 25,900 1,407,147 - ------------------------------------------------------------------------------------------------------------------------------------ Wendy's International, Inc. 35,200 1,101,760 - ------------------------------------------------------------------------------------------------------------------------------------ WMS Industries, Inc. 1,2 9,300 364,932 - ------------------------------------------------------------------------------------------------------------------------------------ Wyndham Worldwide Corp. 1 28,200 963,030 --------------- 26,134,091 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--1.4% American Greetings Corp., Cl. A 2 63,900 1,483,119 - ------------------------------------------------------------------------------------------------------------------------------------ Avatar Holdings, Inc. 1,2 2,000 142,880 - ------------------------------------------------------------------------------------------------------------------------------------ Blyth, Inc. 2 51,100 1,078,721 - ------------------------------------------------------------------------------------------------------------------------------------ CSS Industries, Inc. 2,950 110,566 - ------------------------------------------------------------------------------------------------------------------------------------ Ethan Allen Interiors, Inc. 2 18,700 660,858 - ------------------------------------------------------------------------------------------------------------------------------------ Helen of Troy Ltd. 1 4,900 111,279 - ------------------------------------------------------------------------------------------------------------------------------------ Kimball International, Inc., Cl. B 59,400 1,145,232 - ------------------------------------------------------------------------------------------------------------------------------------ La-Z-Boy, Inc. 2 21,900 271,122 - ------------------------------------------------------------------------------------------------------------------------------------ Leggett & Platt, Inc. 15,400 349,118 - ------------------------------------------------------------------------------------------------------------------------------------ Newell Rubbermaid, Inc. 28,600 889,174
2 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Sealy Corp. 2 2,900 $ 50,692 - ------------------------------------------------------------------------------------------------------------------------------------ Snap-On, Inc. 9,900 476,190 - ------------------------------------------------------------------------------------------------------------------------------------ Stanley Furniture Co., Inc. 2 9,900 205,920 - ------------------------------------------------------------------------------------------------------------------------------------ Stanley Works (The) 13,400 741,824 - ------------------------------------------------------------------------------------------------------------------------------------ Tempur-Pedic International, Inc. 2 112,400 2,921,276 - ------------------------------------------------------------------------------------------------------------------------------------ Tupperware Brands Corp. 28,300 705,519 --------------- 11,343,490 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--0.6% 1-800-FLOWERS.com, Inc. 1,2 9,700 75,466 - ------------------------------------------------------------------------------------------------------------------------------------ Blue Nile, Inc. 1,2 9,100 370,006 - ------------------------------------------------------------------------------------------------------------------------------------ Expedia, Inc. 1 43,301 1,003,717 - ------------------------------------------------------------------------------------------------------------------------------------ FTD Group, Inc. 2 18,600 307,458 - ------------------------------------------------------------------------------------------------------------------------------------ IAC/InterActiveCorp 1 1,100 41,481 - ------------------------------------------------------------------------------------------------------------------------------------ NetFlix.com, Inc. 1,2 29,000 672,510 - ------------------------------------------------------------------------------------------------------------------------------------ Priceline.com, Inc. 1,2 42,900 2,284,854 - ------------------------------------------------------------------------------------------------------------------------------------ Systemax, Inc. 2 19,400 363,362 - ------------------------------------------------------------------------------------------------------------------------------------ ValueVision Media, Inc., Cl. A 1,2 900 11,124 --------------- 5,129,978 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.4% Hasbro, Inc. 37,000 1,058,940 - ------------------------------------------------------------------------------------------------------------------------------------ JAKKS Pacific, Inc. 1 9,300 222,270 - ------------------------------------------------------------------------------------------------------------------------------------ Mattel, Inc. 52,000 1,433,640 - ------------------------------------------------------------------------------------------------------------------------------------ Nautilus, Inc. 21,300 328,659 - ------------------------------------------------------------------------------------------------------------------------------------ RC2 Corp. 1 5,500 222,145 - ------------------------------------------------------------------------------------------------------------------------------------ Steinway Musical Instruments, Inc. 2 5,800 187,166 - ------------------------------------------------------------------------------------------------------------------------------------ Sturm, Ruger & Co., Inc. 1 3,100 41,695 --------------- 3,494,515 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA--2.0% Arbitron, Inc. 2 24,700 1,159,665 - ------------------------------------------------------------------------------------------------------------------------------------ Carmike Cinemas, Inc. 2 600 13,920 - ------------------------------------------------------------------------------------------------------------------------------------ Catalina Marketing Corp. 4,300 135,794 - ------------------------------------------------------------------------------------------------------------------------------------ Citadel Broadcasting Corp. 2 41,500 394,665 - ------------------------------------------------------------------------------------------------------------------------------------ Cox Radio, Inc., Cl. A 1,2 99,600 1,359,540 - ------------------------------------------------------------------------------------------------------------------------------------ Cumulus Media, Inc., Cl. A 1,2 27,700 259,826 - ------------------------------------------------------------------------------------------------------------------------------------ DreamWorks Animation SKG, Inc. 1 13,500 412,830 - ------------------------------------------------------------------------------------------------------------------------------------ Entercom Communications Corp. 2 9,600 270,528 - ------------------------------------------------------------------------------------------------------------------------------------ Entravision Communications Corp. 1 2,600 24,284 - ------------------------------------------------------------------------------------------------------------------------------------ Gemstar-TV Guide International, Inc. 1 46,300 193,997 - ------------------------------------------------------------------------------------------------------------------------------------ Harris Interactive, Inc. 1 40,600 244,818 - ------------------------------------------------------------------------------------------------------------------------------------ Idearc, Inc. 33,100 1,161,810 - ------------------------------------------------------------------------------------------------------------------------------------ Journal Communications, Inc. 2 11,100 145,521 - ------------------------------------------------------------------------------------------------------------------------------------ Journal Register Co. 2 12,100 72,116 - ------------------------------------------------------------------------------------------------------------------------------------ Knology, Inc. 1 9,400 148,802 - ------------------------------------------------------------------------------------------------------------------------------------ Lee Enterprises, Inc. 2 50,400 1,514,520
3 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Lin TV Corp. 1 23,500 $ 373,650 - ------------------------------------------------------------------------------------------------------------------------------------ Live Nation, Inc. 1 77,700 1,714,062 - ------------------------------------------------------------------------------------------------------------------------------------ LodgeNet Entertainment Corp. 1 13,100 402,432 - ------------------------------------------------------------------------------------------------------------------------------------ Marvel Entertainment, Inc. 1,2 39,700 1,101,675 - ------------------------------------------------------------------------------------------------------------------------------------ Mediacom Communications Corp. 1,2 58,200 473,748 - ------------------------------------------------------------------------------------------------------------------------------------ Meredith Corp. 9,100 522,249 - ------------------------------------------------------------------------------------------------------------------------------------ National CineMedia, Inc. 1 3,290 87,843 - ------------------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp. 3,900 276,471 - ------------------------------------------------------------------------------------------------------------------------------------ Radio One, Inc., Cl. D 1 9,200 59,432 - ------------------------------------------------------------------------------------------------------------------------------------ Scholastic Corp. 1 34,800 1,082,280 - ------------------------------------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc., Cl. A 2 109,500 1,691,775 - ------------------------------------------------------------------------------------------------------------------------------------ Tribune Co. 17,400 558,714 - ------------------------------------------------------------------------------------------------------------------------------------ Westwood One, Inc. 10,968 75,350 - ------------------------------------------------------------------------------------------------------------------------------------ World Wrestling Federation Entertainment, Inc. 2 32,100 523,230 --------------- 16,455,547 - ------------------------------------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--1.0% 99 Cents Only Stores 1 42,700 628,971 - ------------------------------------------------------------------------------------------------------------------------------------ Big Lots, Inc. 1 76,700 2,399,176 - ------------------------------------------------------------------------------------------------------------------------------------ Dillard's, Inc., Cl. A 26,600 870,618 - ------------------------------------------------------------------------------------------------------------------------------------ Dollar Tree Stores, Inc. 1 35,000 1,338,400 - ------------------------------------------------------------------------------------------------------------------------------------ Family Dollar Stores, Inc. 40,500 1,199,610 - ------------------------------------------------------------------------------------------------------------------------------------ Fred's, Inc. 2 9,600 141,120 - ------------------------------------------------------------------------------------------------------------------------------------ Retail Ventures, Inc. 1,2 13,600 286,280 - ------------------------------------------------------------------------------------------------------------------------------------ Saks, Inc. 52,000 1,083,680 --------------- 7,947,855 - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--5.2% Aeropostale, Inc. 1 76,100 3,061,503 - ------------------------------------------------------------------------------------------------------------------------------------ American Eagle Outfitters, Inc. 40,050 1,201,100 - ------------------------------------------------------------------------------------------------------------------------------------ Asbury Automotive Group, Inc. 2 52,100 1,471,825 - ------------------------------------------------------------------------------------------------------------------------------------ AutoNation, Inc. 1 5,034 106,922 - ------------------------------------------------------------------------------------------------------------------------------------ AutoZone, Inc. 1 9,700 1,242,958 - ------------------------------------------------------------------------------------------------------------------------------------ Barnes & Noble, Inc. 21,800 860,010 - ------------------------------------------------------------------------------------------------------------------------------------ bebe stores, inc. 2 12,600 218,988 - ------------------------------------------------------------------------------------------------------------------------------------ Big 5 Sporting Goods Corp. 400 10,368 - ------------------------------------------------------------------------------------------------------------------------------------ Blockbuster, Inc., Cl. A 1,2 277,400 1,786,456 - ------------------------------------------------------------------------------------------------------------------------------------ Books-A-Million, Inc. 2 13,400 190,816 - ------------------------------------------------------------------------------------------------------------------------------------ Brown Shoe Co., Inc. 53,250 2,236,500 - ------------------------------------------------------------------------------------------------------------------------------------ Buckle, Inc. (The) 2 52,400 1,870,680 - ------------------------------------------------------------------------------------------------------------------------------------ Cache, Inc. 1,2 800 14,200 - ------------------------------------------------------------------------------------------------------------------------------------ Casual Male Retail Group, Inc. 1,2 35,400 418,782 - ------------------------------------------------------------------------------------------------------------------------------------ Cato Corp., Cl. A 21,950 513,411 - ------------------------------------------------------------------------------------------------------------------------------------ Charlotte Russe Holding, Inc. 1 10,800 311,796 - ------------------------------------------------------------------------------------------------------------------------------------ Charming Shoppes, Inc. 1 96,900 1,254,855 - ------------------------------------------------------------------------------------------------------------------------------------ Christopher & Banks Corp. 2 9,600 186,912
4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ CSK Auto Corp. 1 25,700 $ 442,040 - ------------------------------------------------------------------------------------------------------------------------------------ Dick's Sporting Goods, Inc. 1 4,100 238,866 - ------------------------------------------------------------------------------------------------------------------------------------ Dress Barn, Inc. (The) 1,2 91,400 1,902,034 - ------------------------------------------------------------------------------------------------------------------------------------ DSW, Inc., Cl. A 1,2 50,400 2,127,384 - ------------------------------------------------------------------------------------------------------------------------------------ Genesco, Inc. 1,2 23,500 975,955 - ------------------------------------------------------------------------------------------------------------------------------------ Group 1 Automotive, Inc. 16,800 668,136 - ------------------------------------------------------------------------------------------------------------------------------------ Gymboree Corp. 1 61,900 2,480,333 - ------------------------------------------------------------------------------------------------------------------------------------ Haverty Furniture Cos., Inc. 2 14,800 207,200 - ------------------------------------------------------------------------------------------------------------------------------------ Jo-Ann Stores, Inc. 1,2 14,600 397,850 - ------------------------------------------------------------------------------------------------------------------------------------ Men's Wearhouse, Inc. (The) 29,450 1,385,623 - ------------------------------------------------------------------------------------------------------------------------------------ Midas, Inc. 1,2 9,100 196,287 - ------------------------------------------------------------------------------------------------------------------------------------ Office Depot, Inc. 1 15,600 548,184 - ------------------------------------------------------------------------------------------------------------------------------------ OfficeMax, Inc. 20,900 1,102,266 - ------------------------------------------------------------------------------------------------------------------------------------ Payless ShoeSource, Inc. 1 61,500 2,041,800 - ------------------------------------------------------------------------------------------------------------------------------------ Pep Boys-Manny, Moe & Jack 10,700 204,263 - ------------------------------------------------------------------------------------------------------------------------------------ PETsMART, Inc. 2,600 85,696 - ------------------------------------------------------------------------------------------------------------------------------------ RadioShack Corp. 42,000 1,135,260 - ------------------------------------------------------------------------------------------------------------------------------------ Rent-A-Center, Inc. 1,2 95,800 2,680,484 - ------------------------------------------------------------------------------------------------------------------------------------ Ross Stores, Inc. 35,900 1,234,960 - ------------------------------------------------------------------------------------------------------------------------------------ Sally Beauty Holdings, Inc. 1 38,800 356,572 - ------------------------------------------------------------------------------------------------------------------------------------ Select Comfort Corp. 1,2 27,413 487,951 - ------------------------------------------------------------------------------------------------------------------------------------ Sherwin-Williams Co. 19,800 1,307,592 - ------------------------------------------------------------------------------------------------------------------------------------ Shoe Carnival, Inc. 1,2 13,800 459,540 - ------------------------------------------------------------------------------------------------------------------------------------ Sonic Automotive, Inc. 2 50,000 1,425,000 - ------------------------------------------------------------------------------------------------------------------------------------ Stage Stores, Inc. 2 25,075 584,498 - ------------------------------------------------------------------------------------------------------------------------------------ Syms Corp. 1,2 3,200 59,680 - ------------------------------------------------------------------------------------------------------------------------------------ United Retail Group, Inc. 1 1,100 13,222 - ------------------------------------------------------------------------------------------------------------------------------------ West Marine, Inc. 1,2 3,800 69,198 - ------------------------------------------------------------------------------------------------------------------------------------ Wet Seal, Inc., Cl. A 1,2 49,700 325,535 --------------- 42,101,491 - ------------------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--1.6% Cherokee, Inc. 2 3,300 142,098 - ------------------------------------------------------------------------------------------------------------------------------------ Columbia Sportswear Co. 2 9,900 616,869 - ------------------------------------------------------------------------------------------------------------------------------------ Deckers Outdoor Corp. 1,2 10,600 752,812 - ------------------------------------------------------------------------------------------------------------------------------------ Fossil, Inc. 1 8,400 222,348 - ------------------------------------------------------------------------------------------------------------------------------------ Hanesbrands, Inc. 1 24,300 714,177 - ------------------------------------------------------------------------------------------------------------------------------------ K-Swiss, Inc., Cl. A 2 2,900 78,358 - ------------------------------------------------------------------------------------------------------------------------------------ Kellwood Co. 2 61,600 1,806,728 - ------------------------------------------------------------------------------------------------------------------------------------ Liz Claiborne, Inc. 17,100 732,735 - ------------------------------------------------------------------------------------------------------------------------------------ Maidenform Brands, Inc. 1 15,600 359,892 - ------------------------------------------------------------------------------------------------------------------------------------ Movado Group, Inc. 9,600 282,720 - ------------------------------------------------------------------------------------------------------------------------------------ Oxford Industries, Inc. 2 4,000 197,760 - ------------------------------------------------------------------------------------------------------------------------------------ Perry Ellis International, Inc. 1,2 10,500 335,895 - ------------------------------------------------------------------------------------------------------------------------------------ Phillips/Van Heusen Corp. 17,300 1,017,240
5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Polo Ralph Lauren Corp., Cl. A 8,800 $ 775,720 - ------------------------------------------------------------------------------------------------------------------------------------ Skechers USA, Inc., Cl. A 1 41,800 1,403,226 - ------------------------------------------------------------------------------------------------------------------------------------ Steven Madden Ltd. 2 28,700 838,040 - ------------------------------------------------------------------------------------------------------------------------------------ Stride Rite Corp. 9,300 143,127 - ------------------------------------------------------------------------------------------------------------------------------------ UniFirst Corp. 5,600 214,872 - ------------------------------------------------------------------------------------------------------------------------------------ Wolverine World Wide, Inc. 2 87,450 2,498,447 - ------------------------------------------------------------------------------------------------------------------------------------ Xerium Technologies, Inc. 2 1,300 10,426 --------------- 13,143,490 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--3.8% - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES--0.3% Boston Beer Co., Inc., Cl. A 1,2 7,300 243,455 - ------------------------------------------------------------------------------------------------------------------------------------ Cott Corp. 1,2 1,200 16,056 - ------------------------------------------------------------------------------------------------------------------------------------ Jones Soda Co. 1,2 900 18,198 - ------------------------------------------------------------------------------------------------------------------------------------ MGP Ingredients, Inc. 2 10,700 217,959 - ------------------------------------------------------------------------------------------------------------------------------------ Molson Coors Brewing Co., Cl. B 12,200 1,154,364 - ------------------------------------------------------------------------------------------------------------------------------------ National Beverage Corp. 1,2 12,900 226,266 - ------------------------------------------------------------------------------------------------------------------------------------ Pepsi Bottling Group, Inc. (The) 27,400 873,786 --------------- 2,750,084 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--0.6% Arden Group, Inc., Cl. A 2 1,505 200,918 - ------------------------------------------------------------------------------------------------------------------------------------ Casey's General Stores, Inc. 2 13,000 325,130 - ------------------------------------------------------------------------------------------------------------------------------------ Ingles Markets, Inc., Cl. A 2 14,600 596,264 - ------------------------------------------------------------------------------------------------------------------------------------ Longs Drug Stores, Inc. 20,700 1,068,948 - ------------------------------------------------------------------------------------------------------------------------------------ Nash Finch Co. 2 10,700 368,722 - ------------------------------------------------------------------------------------------------------------------------------------ Pantry, Inc. (The) 1,2 12,500 565,250 - ------------------------------------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc. 1 1,800 23,040 - ------------------------------------------------------------------------------------------------------------------------------------ Performance Food Group Co. 1,2 23,200 716,184 - ------------------------------------------------------------------------------------------------------------------------------------ Smart & Final, Inc. 1 7,200 156,744 - ------------------------------------------------------------------------------------------------------------------------------------ Spartan Stores, Inc. 16,000 428,800 - ------------------------------------------------------------------------------------------------------------------------------------ Topps Co., Inc. (The) 1,500 14,580 - ------------------------------------------------------------------------------------------------------------------------------------ Weis Markets, Inc. 1,300 58,110 - ------------------------------------------------------------------------------------------------------------------------------------ Wild Oats Markets, Inc. 1,2 6,700 121,940 --------------- 4,644,630 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--1.0% Cal-Maine Foods, Inc. 7,300 98,185 - ------------------------------------------------------------------------------------------------------------------------------------ Dean Foods Co. 1 26,400 1,233,936 - ------------------------------------------------------------------------------------------------------------------------------------ Delta & Pine Land Co. 25,400 1,046,480 - ------------------------------------------------------------------------------------------------------------------------------------ Flowers Foods, Inc. 2 28,100 847,777 - ------------------------------------------------------------------------------------------------------------------------------------ Hain Celestial Group, Inc. 1,2 1,700 51,119 - ------------------------------------------------------------------------------------------------------------------------------------ Imperial Sugar Co. 2 9,600 321,888 - ------------------------------------------------------------------------------------------------------------------------------------ J&J Snack Foods Corp. 6,300 248,787 - ------------------------------------------------------------------------------------------------------------------------------------ J.M. Smucker Co. (The) 2,700 143,964 - ------------------------------------------------------------------------------------------------------------------------------------ Premium Standard Farms, Inc. 12,000 252,480 - ------------------------------------------------------------------------------------------------------------------------------------ Ralcorp Holdings, Inc. 1 28,700 1,845,410 - ------------------------------------------------------------------------------------------------------------------------------------ Reddy Ice Holdings, Inc. 2 12,700 383,286
6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Seaboard Corp. 2 450 $ 1,017,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tyson Foods, Inc., Cl. A 38,100 739,521 --------------- 8,229,833 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.3% Clorox Co. (The) 19,900 1,267,431 - ------------------------------------------------------------------------------------------------------------------------------------ Energizer Holdings, Inc. 1 14,100 1,203,153 --------------- 2,470,584 - ------------------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--1.1% Alberto-Culver Co. 37,400 855,712 - ------------------------------------------------------------------------------------------------------------------------------------ Chattem, Inc. 1,2 39,300 2,316,342 - ------------------------------------------------------------------------------------------------------------------------------------ Elizabeth Arden, Inc. 1 8,500 185,470 - ------------------------------------------------------------------------------------------------------------------------------------ Estee Lauder Cos., Inc. (The), Cl. A 17,800 869,530 - ------------------------------------------------------------------------------------------------------------------------------------ Mannatech, Inc. 2 4,800 77,088 - ------------------------------------------------------------------------------------------------------------------------------------ NBTY, Inc. 1 34,000 1,803,360 - ------------------------------------------------------------------------------------------------------------------------------------ Physicians Formula Holdings, Inc. 1 12,400 234,112 - ------------------------------------------------------------------------------------------------------------------------------------ Playtex Products, Inc. 1,2 49,000 664,930 - ------------------------------------------------------------------------------------------------------------------------------------ Prestige Brands Holdings, Inc. 1 2,000 23,700 - ------------------------------------------------------------------------------------------------------------------------------------ USANA Health Sciences, Inc. 1,2 29,700 1,392,039 --------------- 8,422,283 - ------------------------------------------------------------------------------------------------------------------------------------ TOBACCO--0.5% Alliance One International, Inc. 1 5,100 47,073 - ------------------------------------------------------------------------------------------------------------------------------------ Loews Corp./Carolina Group 17,300 1,308,053 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Corp. 20,300 1,245,405 - ------------------------------------------------------------------------------------------------------------------------------------ UST, Inc. 27,300 1,582,854 --------------- 4,183,385 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY--4.0% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--1.8% Basic Energy Services, Inc. 1,2 6,200 144,460 - ------------------------------------------------------------------------------------------------------------------------------------ Dawson Geophysical Co. 1,2 4,900 242,697 - ------------------------------------------------------------------------------------------------------------------------------------ Ensign Energy Services, Inc. 21,800 365,379 - ------------------------------------------------------------------------------------------------------------------------------------ Global Industries Ltd. 1 5,900 107,911 - ------------------------------------------------------------------------------------------------------------------------------------ Grey Wolf, Inc. 1 208,400 1,396,280 - ------------------------------------------------------------------------------------------------------------------------------------ Gulfmark Offshore, Inc. 1,2 25,700 1,121,805 - ------------------------------------------------------------------------------------------------------------------------------------ Horizon North Logistics, Inc. 1 1,470 4,011 - ------------------------------------------------------------------------------------------------------------------------------------ Hydril Co. 1,2 13,700 1,318,488 - ------------------------------------------------------------------------------------------------------------------------------------ Input/Output, Inc. 1,2 101,800 1,402,804 - ------------------------------------------------------------------------------------------------------------------------------------ Leader Energy Services Ltd. 1,3 74,600 53,632 - ------------------------------------------------------------------------------------------------------------------------------------ Lone Star Technologies, Inc. 1 13,200 871,596 - ------------------------------------------------------------------------------------------------------------------------------------ Matrix Service Co. 1,2 15,100 305,473 - ------------------------------------------------------------------------------------------------------------------------------------ NATCO Group, Inc., Cl. A 1 11,800 402,616 - ------------------------------------------------------------------------------------------------------------------------------------ North American Energy Partners, Inc. 1 17,800 375,402 - ------------------------------------------------------------------------------------------------------------------------------------ Parker Drilling Co. 1 123,000 1,154,970 - ------------------------------------------------------------------------------------------------------------------------------------ Pason Systems, Inc. 4,600 57,057 - ------------------------------------------------------------------------------------------------------------------------------------ Savanna Energy Services Corp. 1 5,760 96,341
7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Seacor Holdings, Inc. 1 10,200 $ 1,003,680 - ------------------------------------------------------------------------------------------------------------------------------------ Technicoil Corp. 1 7,100 5,166 - ------------------------------------------------------------------------------------------------------------------------------------ Technicoil Corp. 1 126,700 92,185 - ------------------------------------------------------------------------------------------------------------------------------------ Tidewater, Inc. 18,100 1,060,298 - ------------------------------------------------------------------------------------------------------------------------------------ Todco 1 18,100 729,973 - ------------------------------------------------------------------------------------------------------------------------------------ Trican Well Service Ltd. 11,100 219,693 - ------------------------------------------------------------------------------------------------------------------------------------ Trico Marine Services, Inc. 1,2 10,700 398,682 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Compression Holdings, Inc. 1 18,300 1,238,544 --------------- 14,169,143 - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS--2.2% Alberta Clipper Energy, Inc. 1 7,887 29,581 - ------------------------------------------------------------------------------------------------------------------------------------ Alon USA Energy, Inc. 2 11,500 416,300 - ------------------------------------------------------------------------------------------------------------------------------------ Birchcliff Energy Ltd. 1 4,700 18,035 - ------------------------------------------------------------------------------------------------------------------------------------ Capitol Energy Resources Ltd. 1 24,500 147,276 - ------------------------------------------------------------------------------------------------------------------------------------ Celtic Exploration Ltd. 1 7,400 82,685 - ------------------------------------------------------------------------------------------------------------------------------------ Celtic Exploration Ltd. 1 6,300 70,394 - ------------------------------------------------------------------------------------------------------------------------------------ Copano Energy LLC 6,700 458,816 - ------------------------------------------------------------------------------------------------------------------------------------ Delek US Holdings, Inc. 4,200 80,346 - ------------------------------------------------------------------------------------------------------------------------------------ Delphi Energy Corp. 1 5,000 6,713 - ------------------------------------------------------------------------------------------------------------------------------------ Delphi Energy Corp. 1 35,000 46,990 - ------------------------------------------------------------------------------------------------------------------------------------ Ember Resources, Inc. 1 5,887 12,748 - ------------------------------------------------------------------------------------------------------------------------------------ Ember Resources, Inc. 1 9,700 21,005 - ------------------------------------------------------------------------------------------------------------------------------------ Foundation Coal Holdings, Inc. 2 3,700 127,058 - ------------------------------------------------------------------------------------------------------------------------------------ Frontier Oil Corp. 10,500 342,720 - ------------------------------------------------------------------------------------------------------------------------------------ Galleon Energy, Inc., Cl. A 1 10,350 151,597 - ------------------------------------------------------------------------------------------------------------------------------------ Galleon Energy, Inc., Subscription Receipts 1 11,250 164,779 - ------------------------------------------------------------------------------------------------------------------------------------ General Maritime Corp. 2 37,600 1,085,888 - ------------------------------------------------------------------------------------------------------------------------------------ Giant Industries, Inc. 1 700 52,955 - ------------------------------------------------------------------------------------------------------------------------------------ Holly Corp. 17,900 1,061,470 - ------------------------------------------------------------------------------------------------------------------------------------ Kereco Energy Ltd. 1 20,565 127,362 - ------------------------------------------------------------------------------------------------------------------------------------ Mahalo Energy Ltd. 1,3 19,500 64,521 - ------------------------------------------------------------------------------------------------------------------------------------ MarkWest Hydrocarbon, Inc. 1,500 93,000 - ------------------------------------------------------------------------------------------------------------------------------------ Midnight Oil Exploration Ltd. 1 45,050 68,287 - ------------------------------------------------------------------------------------------------------------------------------------ Midnight Oil Exploration Ltd. 1,3 27,900 42,291 - ------------------------------------------------------------------------------------------------------------------------------------ Noble Energy, Inc. 10,100 602,465 - ------------------------------------------------------------------------------------------------------------------------------------ OMI Corp. 2 69,500 1,866,770 - ------------------------------------------------------------------------------------------------------------------------------------ Open Range Energy Corp. 1 910 2,278 - ------------------------------------------------------------------------------------------------------------------------------------ Overseas Shipholding Group, Inc. 2 15,500 970,300 - ------------------------------------------------------------------------------------------------------------------------------------ Paramount Resources Ltd., Cl. A 1 25,200 436,553 - ------------------------------------------------------------------------------------------------------------------------------------ Pogo Producing Co. 2 9,700 466,570 - ------------------------------------------------------------------------------------------------------------------------------------ ProEx Energy Ltd. 1 8,840 116,003 - ------------------------------------------------------------------------------------------------------------------------------------ ProspEx Resources Ltd. 1 46,420 158,821 - ------------------------------------------------------------------------------------------------------------------------------------ Real Resources, Inc. 1 4,800 40,703
8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Redstar Oil & Gas, Inc. 1 35,955 $ 37,372 - ------------------------------------------------------------------------------------------------------------------------------------ Rosetta Resources, Inc. 1,2 3,300 67,782 - ------------------------------------------------------------------------------------------------------------------------------------ Sound Energy Trust 16,966 57,019 - ------------------------------------------------------------------------------------------------------------------------------------ Sunoco, Inc. 17,600 1,239,744 - ------------------------------------------------------------------------------------------------------------------------------------ Sure Energy, Inc. 1 6,023 4,747 - ------------------------------------------------------------------------------------------------------------------------------------ Swift Energy Co. 1,2 2,700 112,779 - ------------------------------------------------------------------------------------------------------------------------------------ Teekay Shipping Corp. 2 9,100 492,401 - ------------------------------------------------------------------------------------------------------------------------------------ Tesoro Corp. 12,200 1,225,246 - ------------------------------------------------------------------------------------------------------------------------------------ Thunder Energy Trust 11,833 36,488 - ------------------------------------------------------------------------------------------------------------------------------------ True Energy Trust 1,464 7,418 - ------------------------------------------------------------------------------------------------------------------------------------ Tusk Energy Corp. 1 44,312 71,007 - ------------------------------------------------------------------------------------------------------------------------------------ Tusk Energy Corp. 1,4 21,300 34,132 - ------------------------------------------------------------------------------------------------------------------------------------ Tusk Energy Corp. 1 77,900 124,829 - ------------------------------------------------------------------------------------------------------------------------------------ USEC, Inc. 1,2 174,500 2,835,625 - ------------------------------------------------------------------------------------------------------------------------------------ VAALCO Energy, Inc. 1,2 17,500 90,650 - ------------------------------------------------------------------------------------------------------------------------------------ Valero GP Holdings LLC 1,700 47,175 - ------------------------------------------------------------------------------------------------------------------------------------ Vero Energy, Inc. 1 2,482 12,405 - ------------------------------------------------------------------------------------------------------------------------------------ Western Refining, Inc. 2 55,300 2,157,806 --------------- 18,087,905 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS--13.8% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--1.1% Apollo Investment Corp. 2 12,100 258,940 - ------------------------------------------------------------------------------------------------------------------------------------ Ares Capital Corp. 2 22,300 405,191 - ------------------------------------------------------------------------------------------------------------------------------------ Cohen & Steers, Inc. 2 24,900 1,072,692 - ------------------------------------------------------------------------------------------------------------------------------------ Cowen Group, Inc. 1 3,300 54,912 - ------------------------------------------------------------------------------------------------------------------------------------ FCStone Group, Inc. 1 18,200 679,224 - ------------------------------------------------------------------------------------------------------------------------------------ GAMCO Investors, Inc., Cl. A 2 800 34,664 - ------------------------------------------------------------------------------------------------------------------------------------ Greenhill & Co., Inc. 2 7,600 466,564 - ------------------------------------------------------------------------------------------------------------------------------------ HFF, Inc., Cl. A 1 11,400 171,000 - ------------------------------------------------------------------------------------------------------------------------------------ Janus Capital Group, Inc. 41,500 867,765 - ------------------------------------------------------------------------------------------------------------------------------------ Knight Capital Group, Inc., Cl. A 1,2 97,900 1,550,736 - ------------------------------------------------------------------------------------------------------------------------------------ MarketAxess Holdings, Inc. 1,2 2,000 33,480 - ------------------------------------------------------------------------------------------------------------------------------------ MCG Capital Corp. 2 14,000 262,640 - ------------------------------------------------------------------------------------------------------------------------------------ Piper Jaffray Cos., Inc. 1,2 35,700 2,211,258 - ------------------------------------------------------------------------------------------------------------------------------------ Stifel Financial Corp. 1,2 2,900 128,470 - ------------------------------------------------------------------------------------------------------------------------------------ SWS Group, Inc. 18,950 470,150 - ------------------------------------------------------------------------------------------------------------------------------------ Technology Investment Capital Corp. 2 600 10,146 - ------------------------------------------------------------------------------------------------------------------------------------ W.P. Carey & Co. LLC 3,600 120,132 --------------- 8,797,964 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--1.0% Amcore Financial, Inc. 2 5,100 161,925 - ------------------------------------------------------------------------------------------------------------------------------------ BancorpSouth, Inc. 5,700 139,365 - ------------------------------------------------------------------------------------------------------------------------------------ Banner Corp. 600 24,930 - ------------------------------------------------------------------------------------------------------------------------------------ Central Pacific Financial Corp. 9,200 336,444
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Chittenden Corp. 2 15,200 $ 458,888 - ------------------------------------------------------------------------------------------------------------------------------------ Citizens Banking Corp. 2,600 57,616 - ------------------------------------------------------------------------------------------------------------------------------------ City Holding Co. 2 7,700 311,465 - ------------------------------------------------------------------------------------------------------------------------------------ Columbia Banking System, Inc. 4,990 168,313 - ------------------------------------------------------------------------------------------------------------------------------------ Comerica, Inc. 18,300 1,081,896 - ------------------------------------------------------------------------------------------------------------------------------------ Community Bank System, Inc. 2 800 16,736 - ------------------------------------------------------------------------------------------------------------------------------------ Community Trust Bancorp, Inc. 2 515 18,658 - ------------------------------------------------------------------------------------------------------------------------------------ F.N.B. Corp. 2 15,700 264,545 - ------------------------------------------------------------------------------------------------------------------------------------ Financial Institutions, Inc. 2 600 12,042 - ------------------------------------------------------------------------------------------------------------------------------------ First BanCorp 2 7,100 94,146 - ------------------------------------------------------------------------------------------------------------------------------------ First Citizens BancShares, Inc., Cl. A 1,300 261,300 - ------------------------------------------------------------------------------------------------------------------------------------ First Security Group, Inc. 14,800 168,424 - ------------------------------------------------------------------------------------------------------------------------------------ First South Bancorp, Inc. 2 100 3,069 - ------------------------------------------------------------------------------------------------------------------------------------ FirstMerit Corp. 4,500 94,995 - ------------------------------------------------------------------------------------------------------------------------------------ Frontier Financial Corp. 2 10,650 265,718 - ------------------------------------------------------------------------------------------------------------------------------------ Greater Bay Bancorp 31,500 847,035 - ------------------------------------------------------------------------------------------------------------------------------------ Greene County Bancshares, Inc. 2 1,000 33,910 - ------------------------------------------------------------------------------------------------------------------------------------ Hancock Holding Co. 2 9,700 426,606 - ------------------------------------------------------------------------------------------------------------------------------------ Hanmi Financial Corp. 26,100 497,466 - ------------------------------------------------------------------------------------------------------------------------------------ Independent Bank Corp. 2,127 43,327 - ------------------------------------------------------------------------------------------------------------------------------------ International Bancshares Corp. 2 1,300 38,571 - ------------------------------------------------------------------------------------------------------------------------------------ Intervest Bancshares Corp. 1 6,400 183,680 - ------------------------------------------------------------------------------------------------------------------------------------ National Penn Bancshares, Inc. 2 5,315 100,454 - ------------------------------------------------------------------------------------------------------------------------------------ Oriental Financial Group, Inc. 2 1,100 12,958 - ------------------------------------------------------------------------------------------------------------------------------------ Porter Bancorp, Inc. 2,500 56,650 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Bank 2 5,800 227,418 - ------------------------------------------------------------------------------------------------------------------------------------ Provident Bankshares Corp. 2 7,251 238,268 - ------------------------------------------------------------------------------------------------------------------------------------ Republic Bancorp, Inc., Cl. A 2 2,415 54,603 - ------------------------------------------------------------------------------------------------------------------------------------ Southwest Bancorp, Inc. 2,600 66,794 - ------------------------------------------------------------------------------------------------------------------------------------ Sterling Bancshares, Inc. 2 5,650 63,167 - ------------------------------------------------------------------------------------------------------------------------------------ Sterling Financial Corp., Western US 2 10,775 336,072 - ------------------------------------------------------------------------------------------------------------------------------------ Taylor Capital Group, Inc. 2 500 17,500 - ------------------------------------------------------------------------------------------------------------------------------------ UMB Financial Corp. 2 5,800 219,008 - ------------------------------------------------------------------------------------------------------------------------------------ Umpqua Holdings Corp. 2 6,400 171,328 - ------------------------------------------------------------------------------------------------------------------------------------ United Community Banks, Inc. 2 6,300 206,577 - ------------------------------------------------------------------------------------------------------------------------------------ Vineyard National Bancorp Co. 2 500 11,520 - ------------------------------------------------------------------------------------------------------------------------------------ West Coast Bancorp 2 1,900 60,743 --------------- 7,854,130 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--0.9% Advanta Corp., Cl. B 2 42,600 1,867,584 - ------------------------------------------------------------------------------------------------------------------------------------ AmeriCredit Corp. 1 41,400 946,404 - ------------------------------------------------------------------------------------------------------------------------------------ Cash America International, Inc. 45,200 1,853,200 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Acceptance Corp. 1,2 2,428 66,017 - ------------------------------------------------------------------------------------------------------------------------------------ EZCORP, Inc., Cl. A 1 20,000 294,600
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ First Marblehead Corp. (The) 2 20,300 $ 911,267 - ------------------------------------------------------------------------------------------------------------------------------------ World Acceptance Corp. 1,2 33,000 1,318,350 --------------- 7,257,422 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--0.4% Asset Acceptance Capital Corp. 1 2,100 32,487 - ------------------------------------------------------------------------------------------------------------------------------------ ASTA Funding, Inc. 2 11,200 483,616 - ------------------------------------------------------------------------------------------------------------------------------------ International Securities Exchange, Inc., Cl. A 55,300 2,698,640 - ------------------------------------------------------------------------------------------------------------------------------------ Resource America, Inc., Cl. A 2 3,800 89,794 --------------- 3,304,537 - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE--5.0% Affirmative Insurance Holdings, Inc. 4,200 72,660 - ------------------------------------------------------------------------------------------------------------------------------------ Alfa Corp. 2 5,300 97,944 - ------------------------------------------------------------------------------------------------------------------------------------ AMBAC Financial Group, Inc. 16,900 1,459,991 - ------------------------------------------------------------------------------------------------------------------------------------ American Equity Investment Life Holding Co. 2 11,900 156,247 - ------------------------------------------------------------------------------------------------------------------------------------ American Financial Group, Inc. 15,200 517,408 - ------------------------------------------------------------------------------------------------------------------------------------ American Physicians Capital, Inc. 1,2 10,850 434,868 - ------------------------------------------------------------------------------------------------------------------------------------ Amerisafe, Inc. 1 8,700 163,995 - ------------------------------------------------------------------------------------------------------------------------------------ Arch Capital Group Ltd. 1 4,600 313,766 - ------------------------------------------------------------------------------------------------------------------------------------ Argonaut Group, Inc. 1,2 30,700 993,452 - ------------------------------------------------------------------------------------------------------------------------------------ Aspen Insurance Holdings Ltd. 10,900 285,689 - ------------------------------------------------------------------------------------------------------------------------------------ Assurant, Inc. 25,600 1,372,928 - ------------------------------------------------------------------------------------------------------------------------------------ Berkley (W.R.) Corp. 2,600 86,112 - ------------------------------------------------------------------------------------------------------------------------------------ Bristol West Holdings, Inc. 14,600 323,682 - ------------------------------------------------------------------------------------------------------------------------------------ CNA Financial Corp. 1 12,100 521,389 - ------------------------------------------------------------------------------------------------------------------------------------ CNA Surety Corp. 1 27,400 578,140 - ------------------------------------------------------------------------------------------------------------------------------------ Commerce Group, Inc. (The) 16,800 504,672 - ------------------------------------------------------------------------------------------------------------------------------------ Darwin Professional Underwriters, Inc. 1,2 5,900 148,385 - ------------------------------------------------------------------------------------------------------------------------------------ Delphi Financial Group, Inc., Cl. A 54,650 2,198,570 - ------------------------------------------------------------------------------------------------------------------------------------ Direct General Corp. 2 15,900 338,034 - ------------------------------------------------------------------------------------------------------------------------------------ Donegal Group, Inc., Cl. A 2 7,966 135,263 - ------------------------------------------------------------------------------------------------------------------------------------ EMC Insurance Group, Inc. 5,800 149,640 - ------------------------------------------------------------------------------------------------------------------------------------ Employers Holdings, Inc. 1 4,400 88,088 - ------------------------------------------------------------------------------------------------------------------------------------ FBL Financial Group, Inc., Cl. A 2 10,300 403,039 - ------------------------------------------------------------------------------------------------------------------------------------ Fidelity National Title Group, Inc., Cl. A 24,700 593,047 - ------------------------------------------------------------------------------------------------------------------------------------ First American Corp. (The) 14,500 735,440 - ------------------------------------------------------------------------------------------------------------------------------------ First Mercury Financial Corp. 1,2 3,600 73,980 - ------------------------------------------------------------------------------------------------------------------------------------ FPIC Insurance Group, Inc. 1,2 8,100 361,827 - ------------------------------------------------------------------------------------------------------------------------------------ Great American Financial Resources, Inc. 2 1,800 44,064 - ------------------------------------------------------------------------------------------------------------------------------------ Hanover Insurance Group, Inc. 15,000 691,800 - ------------------------------------------------------------------------------------------------------------------------------------ Harleysville Group, Inc. 25,400 825,246 - ------------------------------------------------------------------------------------------------------------------------------------ Hilb, Rogal & Hamilton Co. 20,000 981,000 - ------------------------------------------------------------------------------------------------------------------------------------ Horace Mann Educators Corp. 2 37,550 771,653 - ------------------------------------------------------------------------------------------------------------------------------------ Infinity Property & Casualty Corp. 31,800 1,490,148 - ------------------------------------------------------------------------------------------------------------------------------------ IPC Holdings Ltd. 17,600 507,760 - ------------------------------------------------------------------------------------------------------------------------------------ LandAmerica Financial Group, Inc. 2 19,700 1,456,027
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Markel Corp. 1 900 $ 436,347 - ------------------------------------------------------------------------------------------------------------------------------------ MBIA, Inc. 17,700 1,159,173 - ------------------------------------------------------------------------------------------------------------------------------------ Meadowbrook Insurance Group, Inc. 1,2 27,200 298,928 - ------------------------------------------------------------------------------------------------------------------------------------ Midland Co. (The) 4,700 199,374 - ------------------------------------------------------------------------------------------------------------------------------------ National Western Life Insurance Co., Cl. A 2 800 195,840 - ------------------------------------------------------------------------------------------------------------------------------------ Nationwide Financial Services, Inc., Cl. A 19,100 1,028,726 - ------------------------------------------------------------------------------------------------------------------------------------ Navigators Group, Inc. (The) 1 600 30,102 - ------------------------------------------------------------------------------------------------------------------------------------ NYMAGIC, Inc. 2 1,400 57,190 - ------------------------------------------------------------------------------------------------------------------------------------ Odyssey Re Holdings Corp. 13,200 518,892 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio Casualty Corp. 82,200 2,461,890 - ------------------------------------------------------------------------------------------------------------------------------------ Old Republic International Corp. 28,750 635,950 - ------------------------------------------------------------------------------------------------------------------------------------ OneBeacon Insurance Group Ltd. 8,100 202,500 - ------------------------------------------------------------------------------------------------------------------------------------ Partnerre Holdings Ltd. 2 10,100 692,254 - ------------------------------------------------------------------------------------------------------------------------------------ Philadelphia Consolidated Holding Co. 1 4,300 189,157 - ------------------------------------------------------------------------------------------------------------------------------------ Phoenix Cos., Inc. (The) 87,800 1,218,664 - ------------------------------------------------------------------------------------------------------------------------------------ Presidential Life Corp. 2 5,100 100,572 - ------------------------------------------------------------------------------------------------------------------------------------ ProAssurance Corp. 1 9,700 496,155 - ------------------------------------------------------------------------------------------------------------------------------------ ProCentury Corp. 2 15,700 364,240 - ------------------------------------------------------------------------------------------------------------------------------------ Pxre Group Ltd. 1 800 3,840 - ------------------------------------------------------------------------------------------------------------------------------------ Reinsurance Group of America, Inc. 2 12,000 692,640 - ------------------------------------------------------------------------------------------------------------------------------------ RenaissanceRe Holdings Ltd. 6,600 330,924 - ------------------------------------------------------------------------------------------------------------------------------------ RLI Corp. 26,500 1,455,645 - ------------------------------------------------------------------------------------------------------------------------------------ Safeco Corp. 20,800 1,381,744 - ------------------------------------------------------------------------------------------------------------------------------------ Safety Insurance Group, Inc. 2 13,200 529,584 - ------------------------------------------------------------------------------------------------------------------------------------ Seabright Insurance Holdings, Inc. 1 12,600 231,840 - ------------------------------------------------------------------------------------------------------------------------------------ Selective Insurance Group, Inc. 2 39,000 992,940 - ------------------------------------------------------------------------------------------------------------------------------------ State Auto Financial Corp. 14,000 449,820 - ------------------------------------------------------------------------------------------------------------------------------------ Stewart Information Services Corp. 2 1,600 66,864 - ------------------------------------------------------------------------------------------------------------------------------------ Tower Group, Inc. 2 10,400 335,088 - ------------------------------------------------------------------------------------------------------------------------------------ Transatlantic Holdings, Inc. 500 32,560 - ------------------------------------------------------------------------------------------------------------------------------------ U.S.I. Holdings Corp. 1,2 4,800 80,880 - ------------------------------------------------------------------------------------------------------------------------------------ United America Indemnity Ltd., Cl. A 1 33,906 786,619 - ------------------------------------------------------------------------------------------------------------------------------------ United Fire & Casualty Co. 2 4,600 161,598 - ------------------------------------------------------------------------------------------------------------------------------------ Universal American Financial Corp. 1,2 5,800 112,404 - ------------------------------------------------------------------------------------------------------------------------------------ Willis Group Holdings Ltd. 6,400 253,312 - ------------------------------------------------------------------------------------------------------------------------------------ Zenith National Insurance Corp. 53,600 2,533,672 --------------- 40,593,882 - ------------------------------------------------------------------------------------------------------------------------------------ REAL ESTATE INVESTMENT TRUSTS--3.5% Acadia Realty Trust 2 4,600 119,922 - ------------------------------------------------------------------------------------------------------------------------------------ Agree Realty Corp. 7,300 249,222 - ------------------------------------------------------------------------------------------------------------------------------------ Alexandria Real Estate Equities, Inc. 2 6,700 672,479 - ------------------------------------------------------------------------------------------------------------------------------------ AMB Property Corp. 2,200 129,338 - ------------------------------------------------------------------------------------------------------------------------------------ American Home Mortgage Investment Corp. 2 3,200 86,368 - ------------------------------------------------------------------------------------------------------------------------------------ Arbor Realty Trust, Inc. 2 2,200 66,968 - ------------------------------------------------------------------------------------------------------------------------------------ Ashford Hospitality Trust 19,200 229,248
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ REAL ESTATE INVESTMENT TRUSTS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Associated Estates Realty Corp. 5,100 $ 71,859 - ------------------------------------------------------------------------------------------------------------------------------------ BioMed Realty Trust, Inc. 2 13,500 355,050 - ------------------------------------------------------------------------------------------------------------------------------------ Brandywine Realty Trust 15,914 531,687 - ------------------------------------------------------------------------------------------------------------------------------------ Camden Property Trust 1,300 91,403 - ------------------------------------------------------------------------------------------------------------------------------------ Capital Trust, Cl. A 2 3,700 168,609 - ------------------------------------------------------------------------------------------------------------------------------------ CBL & Associates Properties, Inc. 9,700 434,948 - ------------------------------------------------------------------------------------------------------------------------------------ Cedar Shopping Centers, Inc. 6,500 105,300 - ------------------------------------------------------------------------------------------------------------------------------------ Colonial Properties Trust 2 11,854 541,372 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Office Properties Trust 9,800 447,664 - ------------------------------------------------------------------------------------------------------------------------------------ Cousins Properties, Inc. 2 2,200 72,292 - ------------------------------------------------------------------------------------------------------------------------------------ Crescent Real Estate Equities, Inc. 2 8,000 160,480 - ------------------------------------------------------------------------------------------------------------------------------------ DCT Industrial Trust, Inc. 27,600 326,508 - ------------------------------------------------------------------------------------------------------------------------------------ DiamondRock Hospitality Co. 41,400 786,600 - ------------------------------------------------------------------------------------------------------------------------------------ Digital Realty Trust, Inc. 12,800 510,720 - ------------------------------------------------------------------------------------------------------------------------------------ Duke Realty Investments, Inc. 1,600 69,552 - ------------------------------------------------------------------------------------------------------------------------------------ EastGroup Properties, Inc. 8,200 418,446 - ------------------------------------------------------------------------------------------------------------------------------------ Entertainment Properties Trust 7,700 463,925 - ------------------------------------------------------------------------------------------------------------------------------------ Equity Inns, Inc. 2 22,900 375,102 - ------------------------------------------------------------------------------------------------------------------------------------ Equity Lifestyle Properties, Inc. 2,100 113,421 - ------------------------------------------------------------------------------------------------------------------------------------ Equity One, Inc. 17,900 474,350 - ------------------------------------------------------------------------------------------------------------------------------------ Extra Space Storage, Inc. 2 1,600 30,304 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Realty Investment Trust 1,700 154,054 - ------------------------------------------------------------------------------------------------------------------------------------ FelCor Lodging Trust, Inc. 16,800 436,296 - ------------------------------------------------------------------------------------------------------------------------------------ First Industrial Realty Trust, Inc. 2 21,500 973,950 - ------------------------------------------------------------------------------------------------------------------------------------ First Potomac Realty Trust 2 900 25,713 - ------------------------------------------------------------------------------------------------------------------------------------ Franklin Street Properties Corp. 2 1,100 21,098 - ------------------------------------------------------------------------------------------------------------------------------------ Friedman, Billings, Ramsey Group, Inc., Cl. A 2 3,300 18,216 - ------------------------------------------------------------------------------------------------------------------------------------ Getty Realty Corp. 2 500 14,370 - ------------------------------------------------------------------------------------------------------------------------------------ Glimcher Realty Trust 2 6,700 181,034 - ------------------------------------------------------------------------------------------------------------------------------------ Gramercy Capital Corp. 2 5,700 174,876 - ------------------------------------------------------------------------------------------------------------------------------------ Health Care REIT, Inc. 7,000 307,300 - ------------------------------------------------------------------------------------------------------------------------------------ Healthcare Realty Trust, Inc. 10,900 406,570 - ------------------------------------------------------------------------------------------------------------------------------------ Hersha Hospitality Trust 1,600 18,848 - ------------------------------------------------------------------------------------------------------------------------------------ Highland Hospitality Corp. 21,800 388,040 - ------------------------------------------------------------------------------------------------------------------------------------ Highwoods Properties, Inc. 19,100 754,259 - ------------------------------------------------------------------------------------------------------------------------------------ Home Properties of New York, Inc. 2 14,600 771,026 - ------------------------------------------------------------------------------------------------------------------------------------ Hospitality Properties Trust 5,100 238,680 - ------------------------------------------------------------------------------------------------------------------------------------ HRPT Properties Trust 2 7,400 91,020 - ------------------------------------------------------------------------------------------------------------------------------------ Inland Real Estate Corp. 2 29,200 535,528 - ------------------------------------------------------------------------------------------------------------------------------------ Innkeepers USA Trust 9,000 146,520 - ------------------------------------------------------------------------------------------------------------------------------------ Kilroy Realty Corp. 3,800 280,250 - ------------------------------------------------------------------------------------------------------------------------------------ Kite Realty Group Trust 3,700 73,815 - ------------------------------------------------------------------------------------------------------------------------------------ KKR Financial Corp. 17,900 490,997 - ------------------------------------------------------------------------------------------------------------------------------------ LaSalle Hotel Properties 12,500 579,500 - ------------------------------------------------------------------------------------------------------------------------------------ Lexington Realty Trust 2 10,200 215,526 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Property Trust 2 7,200 350,784 - ------------------------------------------------------------------------------------------------------------------------------------ Longview Fibre Co. Real Estate Investment Trust 17,176 423,045
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ REAL ESTATE INVESTMENT TRUSTS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ LTC Properties, Inc. 9,900 $ 256,509 - ------------------------------------------------------------------------------------------------------------------------------------ Mack-Cali Realty Corp. 7,500 357,225 - ------------------------------------------------------------------------------------------------------------------------------------ Maguire Properties, Inc. 11,800 419,608 - ------------------------------------------------------------------------------------------------------------------------------------ Medical Properties Trust, Inc. 2 8,600 126,334 - ------------------------------------------------------------------------------------------------------------------------------------ Mid-America Apartment Communities, Inc. 2 9,900 556,974 - ------------------------------------------------------------------------------------------------------------------------------------ National Health Investors, Inc. 700 21,938 - ------------------------------------------------------------------------------------------------------------------------------------ National Retail Properties, Inc. 2 24,500 592,655 - ------------------------------------------------------------------------------------------------------------------------------------ Nationwide Health Properties, Inc. 32,700 1,022,202 - ------------------------------------------------------------------------------------------------------------------------------------ Newcastle Investment Corp. 2 15,900 440,907 - ------------------------------------------------------------------------------------------------------------------------------------ Omega Healthcare Investors, Inc. 2 15,300 262,395 - ------------------------------------------------------------------------------------------------------------------------------------ Parkway Properties, Inc. 2 6,800 355,300 - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania Real Estate Investment Trust 2 10,500 465,465 - ------------------------------------------------------------------------------------------------------------------------------------ Post Properties, Inc. 2 7,000 320,110 - ------------------------------------------------------------------------------------------------------------------------------------ PS Business Parks, Inc. 6,200 437,224 - ------------------------------------------------------------------------------------------------------------------------------------ RAIT Financial Trust 2 9,200 257,048 - ------------------------------------------------------------------------------------------------------------------------------------ Ramco-Gershenson Properties Trust 2 4,600 164,266 - ------------------------------------------------------------------------------------------------------------------------------------ Realty Income Corp. 2 32,400 913,680 - ------------------------------------------------------------------------------------------------------------------------------------ Redwood Trust, Inc. 2 1,400 73,052 - ------------------------------------------------------------------------------------------------------------------------------------ Regency Centers Corp. 1,200 100,260 - ------------------------------------------------------------------------------------------------------------------------------------ Saul Centers, Inc. 2 1,500 85,350 - ------------------------------------------------------------------------------------------------------------------------------------ Senior Housing Properties Trust 2 29,000 693,100 - ------------------------------------------------------------------------------------------------------------------------------------ SL Green Realty Corp. 2 666 91,362 - ------------------------------------------------------------------------------------------------------------------------------------ Sovran Self Storage, Inc. 2 7,800 432,198 - ------------------------------------------------------------------------------------------------------------------------------------ Spirit Finance Corp. 22,400 333,760 - ------------------------------------------------------------------------------------------------------------------------------------ Strategic Hotels & Resorts, Inc. 28,600 654,082 - ------------------------------------------------------------------------------------------------------------------------------------ Sun Communities, Inc. 2 800 24,816 - ------------------------------------------------------------------------------------------------------------------------------------ Sunstone Hotel Investors, Inc. 15,000 408,900 - ------------------------------------------------------------------------------------------------------------------------------------ Tanger Factory Outlet Centers, Inc. 2 12,800 516,992 - ------------------------------------------------------------------------------------------------------------------------------------ U-Store-It Real Estate Investment Trust 5,800 116,696 - ------------------------------------------------------------------------------------------------------------------------------------ UDR, Inc. 2 6,700 205,154 - ------------------------------------------------------------------------------------------------------------------------------------ Ventas, Inc. 8,300 349,679 - ------------------------------------------------------------------------------------------------------------------------------------ Washington Real Estate Investment Trust 2 15,100 565,042 - ------------------------------------------------------------------------------------------------------------------------------------ Weingarten Realty Investors 2 3,400 161,704 - ------------------------------------------------------------------------------------------------------------------------------------ Winston Hotels, Inc. 2 6,900 103,707 --------------- 28,060,146 - ------------------------------------------------------------------------------------------------------------------------------------ REAL ESTATE MANAGEMENT & DEVELOPMENT--0.2% CB Richard Ellis Group, Inc., Cl. A 1 24,600 840,828 - ------------------------------------------------------------------------------------------------------------------------------------ Consolidated-Tomoka Land Co. 2 400 30,180 - ------------------------------------------------------------------------------------------------------------------------------------ Jones Lang LaSalle, Inc. 6,800 709,104 - ------------------------------------------------------------------------------------------------------------------------------------ Stratus Properties, Inc. 1 2,400 80,688 --------------- 1,660,800 - ------------------------------------------------------------------------------------------------------------------------------------ THRIFTS & MORTGAGE FINANCE--1.7% Astoria Financial Corp. 16,600 441,394 - ------------------------------------------------------------------------------------------------------------------------------------ Bank Mutual Corp. 2 3,336 37,930
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------------------ THRIFTS & MORTGAGE FINANCE CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ BankUnited Financial Corp., Cl. A 2 11,200 $ 237,552 - ------------------------------------------------------------------------------------------------------------------------------------ Citizens First Bancorp, Inc. 2 800 18,224 - ------------------------------------------------------------------------------------------------------------------------------------ City Bank (Lynnwood Washington) 1,600 51,376 - ------------------------------------------------------------------------------------------------------------------------------------ Clayton Holdings, Inc. 1,2 1,700 26,078 - ------------------------------------------------------------------------------------------------------------------------------------ Corus Bankshares, Inc. 2 72,000 1,228,320 - ------------------------------------------------------------------------------------------------------------------------------------ Downey Financial Corp. 2 22,500 1,452,150 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Agricultural Mortgage Corp., Non-Vtg. 2 6,000 163,200 - ------------------------------------------------------------------------------------------------------------------------------------ First Defiance Financial Corp. 300 8,610 - ------------------------------------------------------------------------------------------------------------------------------------ First Financial Holdings, Inc. 2 2,300 79,580 - ------------------------------------------------------------------------------------------------------------------------------------ First Niagara Financial Group, Inc. 100,900 1,403,519 - ------------------------------------------------------------------------------------------------------------------------------------ First Place Financial Corp. 2 600 12,870 - ------------------------------------------------------------------------------------------------------------------------------------ FirstFed Financial Corp. 1,2 30,100 1,710,583 - ------------------------------------------------------------------------------------------------------------------------------------ Flagstar Bancorp, Inc. 2 18,700 223,465 - ------------------------------------------------------------------------------------------------------------------------------------ Franklin Bank Corp. 1,2 2,700 48,249 - ------------------------------------------------------------------------------------------------------------------------------------ Fremont General Corp. 2 16,700 115,731 - ------------------------------------------------------------------------------------------------------------------------------------ ITLA Capital Corp. 2 600 31,212 - ------------------------------------------------------------------------------------------------------------------------------------ KBNT Bancorp, Inc. 2 1,100 16,214 - ------------------------------------------------------------------------------------------------------------------------------------ MAF Bancorp, Inc. 2 23,900 988,026 - ------------------------------------------------------------------------------------------------------------------------------------ MGIC Investment Corp. 12,300 724,716 - ------------------------------------------------------------------------------------------------------------------------------------ Ocwen Financial Corp. 1,2 62,400 803,088 - ------------------------------------------------------------------------------------------------------------------------------------ PFF Bancorp, Inc. 2 18,510 561,408 - ------------------------------------------------------------------------------------------------------------------------------------ PMI Group, Inc. (The) 24,300 1,098,846 - ------------------------------------------------------------------------------------------------------------------------------------ Provident Financial Services, Inc. 23,600 411,820 - ------------------------------------------------------------------------------------------------------------------------------------ Radian Group, Inc. 2 13,800 757,344 - ------------------------------------------------------------------------------------------------------------------------------------ TierOne Corp. 7,900 213,616 - ------------------------------------------------------------------------------------------------------------------------------------ Triad Guaranty, Inc. 1,2 9,700 401,677 - ------------------------------------------------------------------------------------------------------------------------------------ Washington Federal, Inc. 8,600 201,756 - ------------------------------------------------------------------------------------------------------------------------------------ Webster Financial Corp. 4,800 230,448 - ------------------------------------------------------------------------------------------------------------------------------------ Westfield Financial, Inc. 2 5,800 62,176 - ------------------------------------------------------------------------------------------------------------------------------------ WSFS Financial Corp. 2 3,300 212,784 --------------- 13,973,962 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--8.6% - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--0.3% Alexion Pharmaceuticals, Inc. 1,2 7,300 315,652 - ------------------------------------------------------------------------------------------------------------------------------------ Allos Therapeutics, Inc. 1,2 2,800 16,716 - ------------------------------------------------------------------------------------------------------------------------------------ Alnylam Pharmaceuticals, Inc. 1,2 2,500 45,000 - ------------------------------------------------------------------------------------------------------------------------------------ Applera Corp./Celera Genomics Group 1 18,200 258,440 - ------------------------------------------------------------------------------------------------------------------------------------ Array BioPharma, Inc. 1,2 5,400 68,580 - ------------------------------------------------------------------------------------------------------------------------------------ Digene Corp. 1 3,500 148,435 - ------------------------------------------------------------------------------------------------------------------------------------ Immunomedics, Inc. 1 33,700 154,346 - ------------------------------------------------------------------------------------------------------------------------------------ Incyte Corp. 1,2 11,600 76,444 - ------------------------------------------------------------------------------------------------------------------------------------ Indevus Pharmaceuticals, Inc. 1,2 4,000 28,280 - ------------------------------------------------------------------------------------------------------------------------------------ Isis Pharmaceuticals, Inc. 1,2 27,600 255,852 - ------------------------------------------------------------------------------------------------------------------------------------ Maxygen, Inc. 1 1,400 15,610
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Medarex, Inc. 1,2 2,700 $ 34,938 - ------------------------------------------------------------------------------------------------------------------------------------ Omrix Biopharmaceuticals, Inc. 1 5,500 210,485 - ------------------------------------------------------------------------------------------------------------------------------------ Pharmion Corp. 1,2 4,200 110,418 - ------------------------------------------------------------------------------------------------------------------------------------ QLT PhotoTherapeutics, Inc. 1,2 20,800 162,864 - ------------------------------------------------------------------------------------------------------------------------------------ Regeneron Pharmaceuticals, Inc. 1,2 7,600 164,312 - ------------------------------------------------------------------------------------------------------------------------------------ Savient Pharmaceuticals, Inc. 1,2 33,301 400,278 - ------------------------------------------------------------------------------------------------------------------------------------ Trimeris, Inc. 1,2 4,200 28,896 --------------- 2,495,546 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Accuray, Inc. 1 3,950 87,848 - ------------------------------------------------------------------------------------------------------------------------------------ Analogic Corp. 4,200 264,096 - ------------------------------------------------------------------------------------------------------------------------------------ Biosite, Inc. 1,2 23,700 1,990,089 - ------------------------------------------------------------------------------------------------------------------------------------ Candela Corp. 1,2 1,200 13,704 - ------------------------------------------------------------------------------------------------------------------------------------ Cholestech Corp. 1 3,500 60,340 - ------------------------------------------------------------------------------------------------------------------------------------ ConMed Corp. 1 11,300 330,299 - ------------------------------------------------------------------------------------------------------------------------------------ Cutera, Inc. 1 4,700 170,093 - ------------------------------------------------------------------------------------------------------------------------------------ Dade Behring Holdings, Inc. 23,600 1,034,860 - ------------------------------------------------------------------------------------------------------------------------------------ Datascope Corp. 2 3,200 115,808 - ------------------------------------------------------------------------------------------------------------------------------------ Edwards Lifesciences Corp. 1 21,100 1,069,770 - ------------------------------------------------------------------------------------------------------------------------------------ Greatbatch, Inc. 1,2 11,900 303,450 - ------------------------------------------------------------------------------------------------------------------------------------ Hologic, Inc. 1,2 3,800 219,032 - ------------------------------------------------------------------------------------------------------------------------------------ Immucor, Inc. 1,2 80,300 2,363,229 - ------------------------------------------------------------------------------------------------------------------------------------ Integra LifeSciences Holdings Corp. 1,2 2,800 127,624 - ------------------------------------------------------------------------------------------------------------------------------------ Kinetic Concepts, Inc. 1 17,500 886,200 - ------------------------------------------------------------------------------------------------------------------------------------ Mentor Corp. 2 17,800 818,800 - ------------------------------------------------------------------------------------------------------------------------------------ Meridian Bioscience, Inc. 2 6,300 174,888 - ------------------------------------------------------------------------------------------------------------------------------------ Palomar Medical Technologies, Inc. 1,2 15,100 603,245 - ------------------------------------------------------------------------------------------------------------------------------------ Quidel Corp. 1,2 18,300 219,600 - ------------------------------------------------------------------------------------------------------------------------------------ Steris Corp. 22,000 584,320 - ------------------------------------------------------------------------------------------------------------------------------------ SurModics, Inc. 1,2 2,000 72,000 - ------------------------------------------------------------------------------------------------------------------------------------ Viasys Healthcare, Inc. 1 19,900 676,401 - ------------------------------------------------------------------------------------------------------------------------------------ West Pharmaceutical Services, Inc. 2 51,200 2,377,216 - ------------------------------------------------------------------------------------------------------------------------------------ Zoll Medical Corp. 1 13,400 357,110 --------------- 14,920,022 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--3.6% Air Methods Corp. 1,2 2,700 64,854 - ------------------------------------------------------------------------------------------------------------------------------------ Alliance Imaging, Inc. 1 18,700 163,251 - ------------------------------------------------------------------------------------------------------------------------------------ AMERIGROUP Corp. 1 77,600 2,359,040 - ------------------------------------------------------------------------------------------------------------------------------------ AmerisourceBergen Corp. 31,200 1,645,800 - ------------------------------------------------------------------------------------------------------------------------------------ Animal Health International, Inc. 1 4,700 56,823 - ------------------------------------------------------------------------------------------------------------------------------------ Apria Healthcare Group, Inc. 1 77,400 2,496,150 - ------------------------------------------------------------------------------------------------------------------------------------ Bio-Reference Laboratories, Inc. 1,2 500 12,700 - ------------------------------------------------------------------------------------------------------------------------------------ Centene Corp. 1,2 51,900 1,089,381
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Chemed Corp. 48,400 $ 2,369,664 - ------------------------------------------------------------------------------------------------------------------------------------ CorVel Corp. 1 10,200 308,550 - ------------------------------------------------------------------------------------------------------------------------------------ Coventry Health Care, Inc. 1 22,100 1,238,705 - ------------------------------------------------------------------------------------------------------------------------------------ Cross Country Healthcare, Inc. 1,2 21,700 395,591 - ------------------------------------------------------------------------------------------------------------------------------------ Emergency Medical Services LP, Cl. A 1,2 16,800 494,928 - ------------------------------------------------------------------------------------------------------------------------------------ Express Scripts, Inc. 1 4,700 379,384 - ------------------------------------------------------------------------------------------------------------------------------------ Genesis HealthCare Corp. 1,2 8,600 542,746 - ------------------------------------------------------------------------------------------------------------------------------------ Hanger Orthopedic Group, Inc. 1 3,800 44,346 - ------------------------------------------------------------------------------------------------------------------------------------ Healthspring, Inc. 1 80,100 1,886,355 - ------------------------------------------------------------------------------------------------------------------------------------ Healthways, Inc. 1,2 20,700 967,725 - ------------------------------------------------------------------------------------------------------------------------------------ Humana, Inc. 1 22,300 1,293,846 - ------------------------------------------------------------------------------------------------------------------------------------ InVentiv Health, Inc. 1,2 13,200 505,428 - ------------------------------------------------------------------------------------------------------------------------------------ Kindred Healthcare, Inc. 1 67,300 2,206,094 - ------------------------------------------------------------------------------------------------------------------------------------ Laboratory Corp. of America Holdings 1 16,000 1,162,080 - ------------------------------------------------------------------------------------------------------------------------------------ Landauer, Inc. 2 1,000 50,480 - ------------------------------------------------------------------------------------------------------------------------------------ LCA-Vision, Inc. 2 24,800 1,021,512 - ------------------------------------------------------------------------------------------------------------------------------------ LHC Group, Inc. 1,2 1,000 32,430 - ------------------------------------------------------------------------------------------------------------------------------------ Magellan Health Services, Inc. 1 19,500 819,000 - ------------------------------------------------------------------------------------------------------------------------------------ Manor Care, Inc. 4,500 244,620 - ------------------------------------------------------------------------------------------------------------------------------------ MedCath Corp. 1,2 11,100 303,030 - ------------------------------------------------------------------------------------------------------------------------------------ Molina Healthcare, Inc. 1,2 47,800 1,462,202 - ------------------------------------------------------------------------------------------------------------------------------------ National HealthCare Corp. 2 2,400 122,352 - ------------------------------------------------------------------------------------------------------------------------------------ Odyssey Healthcare, Inc. 1 9,700 127,361 - ------------------------------------------------------------------------------------------------------------------------------------ PSS World Medical, Inc. 1,2 55,200 1,166,928 - ------------------------------------------------------------------------------------------------------------------------------------ Res-Care, Inc. 1,2 300 5,250 - ------------------------------------------------------------------------------------------------------------------------------------ Sierra Health Services, Inc. 1 3,800 156,446 - ------------------------------------------------------------------------------------------------------------------------------------ Sun Healthcare Group, Inc. 1,2 2,700 33,345 - ------------------------------------------------------------------------------------------------------------------------------------ Sunrise Senior Living, Inc. 1,2 12,600 497,952 - ------------------------------------------------------------------------------------------------------------------------------------ WellCare Health Plans, Inc. 1 10,800 920,700 --------------- 28,647,049 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE TECHNOLOGY--0.3% AMICAS, Inc. 1 4,900 13,916 - ------------------------------------------------------------------------------------------------------------------------------------ Computer Programs & Systems, Inc. 2 1,900 50,958 - ------------------------------------------------------------------------------------------------------------------------------------ Dendrite International, Inc. 1 16,040 251,186 - ------------------------------------------------------------------------------------------------------------------------------------ IMS Health, Inc. 29,100 863,106 - ------------------------------------------------------------------------------------------------------------------------------------ Omnicell, Inc. 1,2 20,600 430,952 - ------------------------------------------------------------------------------------------------------------------------------------ Phase Forward, Inc. 1 17,100 224,523 - ------------------------------------------------------------------------------------------------------------------------------------ Trizetto Group, Inc. 1,2 9,886 197,819 - ------------------------------------------------------------------------------------------------------------------------------------ Vital Images, Inc. 1,2 3,800 126,388 --------------- 2,158,848 - ------------------------------------------------------------------------------------------------------------------------------------ LIFE SCIENCES TOOLS & SERVICES--1.0% Applera Corp./Applied Biosystems Group 26,200 774,734 - ------------------------------------------------------------------------------------------------------------------------------------ Bio-Rad Laboratories, Inc., Cl. A 1,2 4,500 314,280
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ LIFE SCIENCES TOOLS & SERVICES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Bruker BioSciences Corp. 1 39,900 $ 419,748 - ------------------------------------------------------------------------------------------------------------------------------------ Charles River Laboratories International, Inc. 1 14,400 666,144 - ------------------------------------------------------------------------------------------------------------------------------------ Invitrogen Corp. 1 16,700 1,062,955 - ------------------------------------------------------------------------------------------------------------------------------------ Luminex Corp. 1,2 2,000 27,440 - ------------------------------------------------------------------------------------------------------------------------------------ Parexel International Corp. 1 14,100 507,177 - ------------------------------------------------------------------------------------------------------------------------------------ PerkinElmer, Inc. 23,800 576,436 - ------------------------------------------------------------------------------------------------------------------------------------ Pharmanet Development Group, Inc. 1,2 14,900 387,400 - ------------------------------------------------------------------------------------------------------------------------------------ Varian, Inc. 1 44,600 2,598,396 - ------------------------------------------------------------------------------------------------------------------------------------ Waters Corp. 1 15,700 910,600 --------------- 8,245,310 - ------------------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--1.6% Alpharma, Inc., Cl. A 90,000 2,167,200 - ------------------------------------------------------------------------------------------------------------------------------------ BioMimetic Therapeutics, Inc. 1 20,100 332,454 - ------------------------------------------------------------------------------------------------------------------------------------ Bradley Pharmaceuticals, Inc. 1,2 16,100 308,959 - ------------------------------------------------------------------------------------------------------------------------------------ Endo Pharmaceuticals Holdings, Inc. 1 600 17,640 - ------------------------------------------------------------------------------------------------------------------------------------ K-V Pharmaceutical Co., Cl. A 1 30,000 741,900 - ------------------------------------------------------------------------------------------------------------------------------------ King Pharmaceuticals, Inc. 1 17,800 350,126 - ------------------------------------------------------------------------------------------------------------------------------------ Medicines Co. (The) 1 48,700 1,221,396 - ------------------------------------------------------------------------------------------------------------------------------------ Medicis Pharmaceutical Corp., Cl. A 2 39,800 1,226,636 - ------------------------------------------------------------------------------------------------------------------------------------ New River Pharmaceuticals, Inc. 1 8,800 559,944 - ------------------------------------------------------------------------------------------------------------------------------------ Noven Pharmaceuticals, Inc. 1,2 18,700 433,840 - ------------------------------------------------------------------------------------------------------------------------------------ Pain Therapeutics, Inc. 1,2 19,500 152,880 - ------------------------------------------------------------------------------------------------------------------------------------ Perrigo Co. 70,800 1,250,328 - ------------------------------------------------------------------------------------------------------------------------------------ Pozen, Inc. 1,2 19,600 289,100 - ------------------------------------------------------------------------------------------------------------------------------------ Sciele Pharma, Inc. 1,2 89,300 2,114,624 - ------------------------------------------------------------------------------------------------------------------------------------ ViroPharma, Inc. 1,2 113,400 1,627,290 --------------- 12,794,317 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--17.1% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--0.9% AerCap Holdings NV 1,2 15,300 445,383 - ------------------------------------------------------------------------------------------------------------------------------------ Aeroviroment, Inc. 1 9,700 221,742 - ------------------------------------------------------------------------------------------------------------------------------------ Alliant Techsystems, Inc. 1 7,900 694,568 - ------------------------------------------------------------------------------------------------------------------------------------ Armor Holdings, Inc. 1 16,200 1,090,746 - ------------------------------------------------------------------------------------------------------------------------------------ Astronics Corp., Cl. B 1 650 11,310 - ------------------------------------------------------------------------------------------------------------------------------------ Ceradyne, Inc. 1,2 9,900 541,926 - ------------------------------------------------------------------------------------------------------------------------------------ Cubic Corp. 2 1,400 30,296 - ------------------------------------------------------------------------------------------------------------------------------------ Curtiss-Wright Corp. 2 12,500 481,750 - ------------------------------------------------------------------------------------------------------------------------------------ DynCorp International, Inc., Cl. A 1,2 21,400 322,926 - ------------------------------------------------------------------------------------------------------------------------------------ Innovative Solutions & Support, Inc. 1,2 1,900 48,108 - ------------------------------------------------------------------------------------------------------------------------------------ K&F Industries Holdings, Inc. 1 23,400 630,162 - ------------------------------------------------------------------------------------------------------------------------------------ Orbital Sciences Corp. 1,2 119,400 2,237,556 - ------------------------------------------------------------------------------------------------------------------------------------ Teledyne Technologies, Inc. 1 3,200 119,808
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE CONTINUED United Industrial Corp. 2 3,900 $ 215,280 --------------- 7,091,561 - ------------------------------------------------------------------------------------------------------------------------------------ AIR FREIGHT & LOGISTICS--0.6% ABX Air, Inc. 1 24,200 165,770 - ------------------------------------------------------------------------------------------------------------------------------------ Atlas Air Worldwide Holdings, Inc. 1,2 11,800 622,214 - ------------------------------------------------------------------------------------------------------------------------------------ EGL, Inc. 1 19,900 788,637 - ------------------------------------------------------------------------------------------------------------------------------------ Hub Group, Inc., Cl. A 1 76,600 2,220,634 - ------------------------------------------------------------------------------------------------------------------------------------ Pacer International, Inc. 42,400 1,142,256 --------------- 4,939,511 - ------------------------------------------------------------------------------------------------------------------------------------ AIRLINES--0.8% Alaska Air Group, Inc. 1 18,200 693,420 - ------------------------------------------------------------------------------------------------------------------------------------ AMR Corp. 1 46,600 1,418,970 - ------------------------------------------------------------------------------------------------------------------------------------ Continental Airlines, Inc., Cl. B 1 31,500 1,146,285 - ------------------------------------------------------------------------------------------------------------------------------------ ExpressJet Holdings, Inc. 1,2 34,200 199,728 - ------------------------------------------------------------------------------------------------------------------------------------ Frontier Airlines Holdings, Inc. 1,2 1,700 10,217 - ------------------------------------------------------------------------------------------------------------------------------------ Pinnacle Airlines Corp. 1,2 11,600 200,564 - ------------------------------------------------------------------------------------------------------------------------------------ Republic Airways Holdings, Inc. 1 13,900 319,144 - ------------------------------------------------------------------------------------------------------------------------------------ SkyWest, Inc. 60,500 1,623,215 - ------------------------------------------------------------------------------------------------------------------------------------ UAL Corp. 1,2 11,500 438,955 - ------------------------------------------------------------------------------------------------------------------------------------ US Airways Group, Inc. 1 10,400 472,992 --------------- 6,523,490 - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--0.5% American Woodmark Corp. 2 8,500 312,460 - ------------------------------------------------------------------------------------------------------------------------------------ Ameron International Corp. 2 3,600 237,096 - ------------------------------------------------------------------------------------------------------------------------------------ Apogee Enterprises, Inc. 2 6,000 120,240 - ------------------------------------------------------------------------------------------------------------------------------------ Builders FirstSource, Inc. 1,2 18,900 303,723 - ------------------------------------------------------------------------------------------------------------------------------------ Goodman Global, Inc. 1,2 17,900 315,398 - ------------------------------------------------------------------------------------------------------------------------------------ Insteel Industries, Inc. 2 9,900 166,221 - ------------------------------------------------------------------------------------------------------------------------------------ Lennox International, Inc. 19,000 678,300 - ------------------------------------------------------------------------------------------------------------------------------------ PW Eagle, Inc. 2 12,300 406,392 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Forest Products, Inc. 2 32,300 1,600,465 --------------- 4,140,295 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--6.1% ABM Industries, Inc. 52,400 1,382,836 - ------------------------------------------------------------------------------------------------------------------------------------ Acco Brands Corp. 1 26,200 631,158 - ------------------------------------------------------------------------------------------------------------------------------------ Administaff, Inc. 2 54,900 1,932,480 - ------------------------------------------------------------------------------------------------------------------------------------ American Reprographics Co. 1,2 3,000 92,370 - ------------------------------------------------------------------------------------------------------------------------------------ AMREP Corp. 2 2,100 162,225 - ------------------------------------------------------------------------------------------------------------------------------------ Angelica Corp. 400 11,016 - ------------------------------------------------------------------------------------------------------------------------------------ Avery-Dennison Corp. 13,400 861,084 - ------------------------------------------------------------------------------------------------------------------------------------ Bowne & Co., Inc. 2 7,900 124,267 - ------------------------------------------------------------------------------------------------------------------------------------ CBIZ, Inc. 1,2 28,600 203,060 - ------------------------------------------------------------------------------------------------------------------------------------ CDI Corp. 2 4,200 121,464 - ------------------------------------------------------------------------------------------------------------------------------------ Central Parking Corp. 12,700 281,686
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Cenveo, Inc. 1,2 70,200 $ 1,705,860 - ------------------------------------------------------------------------------------------------------------------------------------ Clean Harbors, Inc. 1,2 14,300 646,646 - ------------------------------------------------------------------------------------------------------------------------------------ COMSYS IT Partners, Inc. 1 25,000 497,500 - ------------------------------------------------------------------------------------------------------------------------------------ Consolidated Graphics, Inc. 1,2 26,000 1,925,300 - ------------------------------------------------------------------------------------------------------------------------------------ Cornell Corrections, Inc. 1,2 3,400 68,748 - ------------------------------------------------------------------------------------------------------------------------------------ Corrections Corp. of America 1 6,050 319,501 - ------------------------------------------------------------------------------------------------------------------------------------ Covanta Holding Corp. 1 15,000 332,700 - ------------------------------------------------------------------------------------------------------------------------------------ CRA International, Inc. 1,2 5,100 266,118 - ------------------------------------------------------------------------------------------------------------------------------------ Deluxe Corp. 82,300 2,759,519 - ------------------------------------------------------------------------------------------------------------------------------------ Diamond Management & Technology Consultants, Inc. 2 22,500 263,025 - ------------------------------------------------------------------------------------------------------------------------------------ Donnelley (R.R.) & Sons Co. 36,500 1,335,535 - ------------------------------------------------------------------------------------------------------------------------------------ Dun & Bradstreet Corp. 4,400 401,280 - ------------------------------------------------------------------------------------------------------------------------------------ Ennis, Inc. 2 18,200 487,032 - ------------------------------------------------------------------------------------------------------------------------------------ Exponent, Inc. 1,2 15,500 309,225 - ------------------------------------------------------------------------------------------------------------------------------------ First Consulting Group, Inc. 1,2 10,100 91,910 - ------------------------------------------------------------------------------------------------------------------------------------ Geo Group, Inc. (The) 1,2 2,500 113,300 - ------------------------------------------------------------------------------------------------------------------------------------ Harland (John H.) Co. 46,600 2,387,318 - ------------------------------------------------------------------------------------------------------------------------------------ Healthcare Services Group, Inc. 2 12,674 363,110 - ------------------------------------------------------------------------------------------------------------------------------------ Heidrick & Struggles International, Inc. 1,2 17,600 852,720 - ------------------------------------------------------------------------------------------------------------------------------------ ICT Group, Inc. 1 5,700 99,750 - ------------------------------------------------------------------------------------------------------------------------------------ IHS, Inc., Cl. A 1 15,600 641,316 - ------------------------------------------------------------------------------------------------------------------------------------ Ikon Office Solutions, Inc. 175,900 2,527,683 - ------------------------------------------------------------------------------------------------------------------------------------ Interface, Inc., Cl. A 84,600 1,352,754 - ------------------------------------------------------------------------------------------------------------------------------------ Kelly Services, Inc., Cl. A 10,300 331,660 - ------------------------------------------------------------------------------------------------------------------------------------ Kforce, Inc. 1,2 9,800 134,946 - ------------------------------------------------------------------------------------------------------------------------------------ Knoll, Inc. 70,500 1,680,015 - ------------------------------------------------------------------------------------------------------------------------------------ Korn-Ferry International 1,2 98,600 2,261,884 - ------------------------------------------------------------------------------------------------------------------------------------ Labor Ready, Inc. 1 105,700 2,007,243 - ------------------------------------------------------------------------------------------------------------------------------------ Layne Christensen Co. 1,2 800 29,136 - ------------------------------------------------------------------------------------------------------------------------------------ M&F Worldwide Corp. 1,2 2,300 109,503 - ------------------------------------------------------------------------------------------------------------------------------------ Manpower, Inc. 16,700 1,231,959 - ------------------------------------------------------------------------------------------------------------------------------------ Miller (Herman), Inc. 13,000 435,370 - ------------------------------------------------------------------------------------------------------------------------------------ On Assignment, Inc. 1,2 22,800 282,948 - ------------------------------------------------------------------------------------------------------------------------------------ PeopleSupport, Inc. 1,2 5,400 61,830 - ------------------------------------------------------------------------------------------------------------------------------------ PHH Corp. 1 48,700 1,488,272 - ------------------------------------------------------------------------------------------------------------------------------------ Pike Electric Corp. 1 13,800 249,504 - ------------------------------------------------------------------------------------------------------------------------------------ Republic Services, Inc. 44,150 1,228,253 - ------------------------------------------------------------------------------------------------------------------------------------ Resources Connection, Inc. 1 12,700 406,273 - ------------------------------------------------------------------------------------------------------------------------------------ Rollins, Inc. 2 11,800 271,518 - ------------------------------------------------------------------------------------------------------------------------------------ SAIC, Inc. 1 13,700 237,284 - ------------------------------------------------------------------------------------------------------------------------------------ School Specialty, Inc. 1,2 5,400 194,994 - ------------------------------------------------------------------------------------------------------------------------------------ Spherion Corp. 1,2 43,500 383,670 - ------------------------------------------------------------------------------------------------------------------------------------ Steelcase, Inc., Cl. A 46,600 926,874 - ------------------------------------------------------------------------------------------------------------------------------------ Team, Inc. 1,2 7,300 278,495
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Tetra Tech, Inc. 1,2 94,800 $ 1,806,888 - ------------------------------------------------------------------------------------------------------------------------------------ United Stationers, Inc. 1 12,800 766,976 - ------------------------------------------------------------------------------------------------------------------------------------ Viad Corp. 2 54,200 2,092,120 - ------------------------------------------------------------------------------------------------------------------------------------ Volt Information Sciences, Inc. 1,2 57,450 1,504,616 - ------------------------------------------------------------------------------------------------------------------------------------ Waste Connections, Inc. 1 5,500 164,670 - ------------------------------------------------------------------------------------------------------------------------------------ Waste Industries USA, Inc. 4,700 129,109 - ------------------------------------------------------------------------------------------------------------------------------------ Watson Wyatt & Co. Holdings 57,900 2,816,835 --------------- 49,064,341 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION & ENGINEERING--1.1% Baker (Michael) Corp. 1 1,700 41,310 - ------------------------------------------------------------------------------------------------------------------------------------ Chicago Bridge & Iron Co. NV 26,400 811,800 - ------------------------------------------------------------------------------------------------------------------------------------ Comfort Systems USA, Inc. 24,200 289,916 - ------------------------------------------------------------------------------------------------------------------------------------ EMCOR Group, Inc. 1 46,600 2,748,468 - ------------------------------------------------------------------------------------------------------------------------------------ Granite Construction, Inc. 16,900 933,894 - ------------------------------------------------------------------------------------------------------------------------------------ Infrasource Services, Inc. 1 85,900 2,622,527 - ------------------------------------------------------------------------------------------------------------------------------------ Insituform Technologies, Inc., Cl. A 1,2 3,300 68,607 - ------------------------------------------------------------------------------------------------------------------------------------ Integrated Electrical Services, Inc. 1,2 3,300 81,609 - ------------------------------------------------------------------------------------------------------------------------------------ Perini Corp. 1,2 10,100 372,286 - ------------------------------------------------------------------------------------------------------------------------------------ Quanta Services, Inc. 1 21,800 549,796 - ------------------------------------------------------------------------------------------------------------------------------------ Washington Group International, Inc. 1 2,500 166,050 --------------- 8,686,263 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--1.5% Acuity Brands, Inc. 46,000 2,504,240 - ------------------------------------------------------------------------------------------------------------------------------------ AZZ, Inc. 1,2 200 8,400 - ------------------------------------------------------------------------------------------------------------------------------------ Baldor Electric Co. 2 11,100 418,914 - ------------------------------------------------------------------------------------------------------------------------------------ Belden CDT, Inc. 51,600 2,765,244 - ------------------------------------------------------------------------------------------------------------------------------------ EnerSys, Inc. 1,2 25,100 431,218 - ------------------------------------------------------------------------------------------------------------------------------------ General Cable Corp. 1 5,600 299,208 - ------------------------------------------------------------------------------------------------------------------------------------ GrafTech International Ltd. 1,2 111,100 1,008,788 - ------------------------------------------------------------------------------------------------------------------------------------ II-VI, Inc. 1 28,700 971,495 - ------------------------------------------------------------------------------------------------------------------------------------ Lamson & Sessions Co. (The) 1,2 7,600 211,204 - ------------------------------------------------------------------------------------------------------------------------------------ LSI Industries, Inc. 2 3,400 56,916 - ------------------------------------------------------------------------------------------------------------------------------------ Powell Industries, Inc. 1 700 22,400 - ------------------------------------------------------------------------------------------------------------------------------------ Regal-Beloit Corp. 22,400 1,038,912 - ------------------------------------------------------------------------------------------------------------------------------------ Superior Essex, Inc. 1 11,500 398,705 - ------------------------------------------------------------------------------------------------------------------------------------ Vicor Corp. 2 15,100 151,302 - ------------------------------------------------------------------------------------------------------------------------------------ Woodward Governor Co. 2 48,000 1,976,160 --------------- 12,263,106 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.3% Sequa Corp., Cl. A 1 7,100 850,367 - ------------------------------------------------------------------------------------------------------------------------------------ Teleflex, Inc. 8,100 551,367 - ------------------------------------------------------------------------------------------------------------------------------------ Tredegar Corp. 37,400 852,346 --------------- 2,254,080
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MACHINERY--3.3% Accuride Corp. 1 10,400 $ 151,840 - ------------------------------------------------------------------------------------------------------------------------------------ AGCO Corp. 1 9,200 340,124 - ------------------------------------------------------------------------------------------------------------------------------------ Ampco-Pittsburgh Corp. 10,600 306,234 - ------------------------------------------------------------------------------------------------------------------------------------ Astec Industries, Inc. 1 3,200 128,800 - ------------------------------------------------------------------------------------------------------------------------------------ Briggs & Stratton Corp. 2 11,600 357,860 - ------------------------------------------------------------------------------------------------------------------------------------ Cascade Corp. 2 6,200 371,256 - ------------------------------------------------------------------------------------------------------------------------------------ Commercial Vehicle Group, Inc. 1 3,000 61,800 - ------------------------------------------------------------------------------------------------------------------------------------ Cummins, Inc. 10,000 1,447,200 - ------------------------------------------------------------------------------------------------------------------------------------ Dynamic Materials Corp. 1,2 5,800 189,776 - ------------------------------------------------------------------------------------------------------------------------------------ Eaton Corp. 4,000 334,240 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Signal Corp. 15,000 232,800 - ------------------------------------------------------------------------------------------------------------------------------------ Flow International Corp. 1 4,700 50,478 - ------------------------------------------------------------------------------------------------------------------------------------ Gardner Denver, Inc. 1 37,100 1,292,935 - ------------------------------------------------------------------------------------------------------------------------------------ Gorman-Rupp Co. (The) 1,275 40,838 - ------------------------------------------------------------------------------------------------------------------------------------ Hurco Cos., Inc. 1,2 3,500 149,975 - ------------------------------------------------------------------------------------------------------------------------------------ Kadant, Inc. 1 9,700 245,992 - ------------------------------------------------------------------------------------------------------------------------------------ Kaydon Corp. 2 49,800 2,119,488 - ------------------------------------------------------------------------------------------------------------------------------------ Lindsay Manufacturing Co. 2 3,000 95,370 - ------------------------------------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The) 7,100 451,063 - ------------------------------------------------------------------------------------------------------------------------------------ Middleby Corp. (The) 1,2 9,600 1,265,664 - ------------------------------------------------------------------------------------------------------------------------------------ Miller Industries, Inc. 1,2 4,200 91,602 - ------------------------------------------------------------------------------------------------------------------------------------ Mueller Industries, Inc. 25,800 776,580 - ------------------------------------------------------------------------------------------------------------------------------------ NACCO Industries, Inc., Cl. A 10,600 1,456,546 - ------------------------------------------------------------------------------------------------------------------------------------ Navistar International Corp. 1 16,600 759,450 - ------------------------------------------------------------------------------------------------------------------------------------ Nordson Corp. 42,100 1,955,966 - ------------------------------------------------------------------------------------------------------------------------------------ Pall Corp. 28,100 1,067,800 - ------------------------------------------------------------------------------------------------------------------------------------ Parker-Hannifin Corp. 3,900 336,609 - ------------------------------------------------------------------------------------------------------------------------------------ RBC Bearings, Inc. 1,2 13,300 444,619 - ------------------------------------------------------------------------------------------------------------------------------------ Robbins & Myers, Inc. 8,200 305,778 - ------------------------------------------------------------------------------------------------------------------------------------ SPX Corp. 15,200 1,067,040 - ------------------------------------------------------------------------------------------------------------------------------------ Sun Hydraulics Corp. 2 1,900 50,787 - ------------------------------------------------------------------------------------------------------------------------------------ Tennant Co. 10,200 321,198 - ------------------------------------------------------------------------------------------------------------------------------------ Terex Corp. 1 12,300 882,648 - ------------------------------------------------------------------------------------------------------------------------------------ Titan International, Inc. 2 10,600 268,498 - ------------------------------------------------------------------------------------------------------------------------------------ Toro Co. (The) 39,400 2,018,856 - ------------------------------------------------------------------------------------------------------------------------------------ Valmont Industries, Inc. 2 39,600 2,290,068 - ------------------------------------------------------------------------------------------------------------------------------------ Wabash National Corp. 2 15,000 231,300 - ------------------------------------------------------------------------------------------------------------------------------------ Wabtec Corp. 75,700 2,610,893 --------------- 26,569,971 - ------------------------------------------------------------------------------------------------------------------------------------ MARINE--0.3% American Commercial Lines, Inc. 1,2 13,300 418,285 - ------------------------------------------------------------------------------------------------------------------------------------ Horizon Lines, Inc., Cl. A 50,000 1,641,000 --------------- 2,059,285 - ------------------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL--1.1% Arkansas Best Corp. 2 6,600 234,630
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Avis Budget Group, Inc. 1 36,600 $ 999,912 - ------------------------------------------------------------------------------------------------------------------------------------ Con-way, Inc. 13,300 662,872 - ------------------------------------------------------------------------------------------------------------------------------------ Dollar Thrifty Automotive Group, Inc. 1,2 32,000 1,633,280 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas City Southern 1,2 29,500 1,049,610 - ------------------------------------------------------------------------------------------------------------------------------------ Laidlaw International, Inc. 31,300 1,082,980 - ------------------------------------------------------------------------------------------------------------------------------------ P.A.M. Transportation Services, Inc. 1,2 3,300 68,046 - ------------------------------------------------------------------------------------------------------------------------------------ Ryder Systems, Inc. 5,700 281,238 - ------------------------------------------------------------------------------------------------------------------------------------ Saia, Inc. 1 9,600 228,000 - ------------------------------------------------------------------------------------------------------------------------------------ Swift Transportation Co., Inc. 1 65,900 2,053,444 - ------------------------------------------------------------------------------------------------------------------------------------ Werner Enterprises, Inc. 2 2,600 47,242 - ------------------------------------------------------------------------------------------------------------------------------------ YRC Worldwide, Inc. 1,2 13,400 538,948 --------------- 8,880,202 - ------------------------------------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--0.6% Applied Industrial Technologies, Inc. 2 61,575 1,511,051 - ------------------------------------------------------------------------------------------------------------------------------------ BlueLinx Holdings, Inc. 2 15,800 165,900 - ------------------------------------------------------------------------------------------------------------------------------------ Houston Wire & Cable Co. 1,2 8,300 232,566 - ------------------------------------------------------------------------------------------------------------------------------------ Interline Brands, Inc. 1 8,800 192,896 - ------------------------------------------------------------------------------------------------------------------------------------ Kaman Corp., Cl. A 7,800 181,818 - ------------------------------------------------------------------------------------------------------------------------------------ Rush Enterprises, Inc., Cl. A 1,2 5,000 96,050 - ------------------------------------------------------------------------------------------------------------------------------------ TAL International Group, Inc. 2 3,900 93,600 - ------------------------------------------------------------------------------------------------------------------------------------ UAP Holding Corp. 58,800 1,519,980 - ------------------------------------------------------------------------------------------------------------------------------------ W.W. Grainger, Inc. 15,200 1,174,048 --------------- 5,167,909 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.0% Macquarie Infrastructure Co. Trust 2 7,500 294,750 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--19.1% - ------------------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--2.7% ADTRAN, Inc. 2 63,500 1,546,225 - ------------------------------------------------------------------------------------------------------------------------------------ Anaren Microwave, Inc. 1,2 12,600 221,886 - ------------------------------------------------------------------------------------------------------------------------------------ Arris Group, Inc. 1 193,000 2,717,440 - ------------------------------------------------------------------------------------------------------------------------------------ Avaya, Inc. 1 86,600 1,022,746 - ------------------------------------------------------------------------------------------------------------------------------------ C-COR.net Corp. 1 31,500 436,590 - ------------------------------------------------------------------------------------------------------------------------------------ Carrier Access Corp. 1,2 1,700 8,687 - ------------------------------------------------------------------------------------------------------------------------------------ CommScope, Inc. 1,2 77,300 3,316,170 - ------------------------------------------------------------------------------------------------------------------------------------ Comtech Telecommunications Corp. 1,2 25,100 972,123 - ------------------------------------------------------------------------------------------------------------------------------------ Digi International, Inc. 1,2 10,500 133,350 - ------------------------------------------------------------------------------------------------------------------------------------ Ditech Networks, Inc. 1 17,500 142,100 - ------------------------------------------------------------------------------------------------------------------------------------ Dycom Industries, Inc. 1 33,100 862,586 - ------------------------------------------------------------------------------------------------------------------------------------ EMS Technologies, Inc. 1,2 12,700 244,729 - ------------------------------------------------------------------------------------------------------------------------------------ Extreme Networks, Inc. 1 59,200 250,416 - ------------------------------------------------------------------------------------------------------------------------------------ Harmonic, Inc. 1,2 44,500 436,990 - ------------------------------------------------------------------------------------------------------------------------------------ Inter-Tel, Inc. 2 1,100 26,004 - ------------------------------------------------------------------------------------------------------------------------------------ InterDigital Communications Corp. 1,2 78,800 2,495,596
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Loral Space & Communications Ltd. 1 5,300 $ 269,664 - ------------------------------------------------------------------------------------------------------------------------------------ Oplink Communications, Inc. 1,2 9,000 161,730 - ------------------------------------------------------------------------------------------------------------------------------------ OpNext, Inc. 1 12,500 184,875 - ------------------------------------------------------------------------------------------------------------------------------------ Performance Technologies, Inc. 1,2 7,300 36,573 - ------------------------------------------------------------------------------------------------------------------------------------ Polycom, Inc. 1 66,900 2,229,777 - ------------------------------------------------------------------------------------------------------------------------------------ SafeNet, Inc. 1,2 10,800 305,640 - ------------------------------------------------------------------------------------------------------------------------------------ SeaChange International, Inc. 1 900 7,326 - ------------------------------------------------------------------------------------------------------------------------------------ Sonus Networks, Inc. 1 195,700 1,579,299 - ------------------------------------------------------------------------------------------------------------------------------------ Symmetricom, Inc. 1,2 100 830 - ------------------------------------------------------------------------------------------------------------------------------------ Tekelec, Inc. 1,2 6,200 92,442 - ------------------------------------------------------------------------------------------------------------------------------------ UTStarcom, Inc. 1,2 200,300 1,660,487 - ------------------------------------------------------------------------------------------------------------------------------------ ViaSat, Inc. 1,2 20,700 682,479 --------------- 22,044,760 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--1.0% ActivIdentity Corp. 1 2,100 10,605 - ------------------------------------------------------------------------------------------------------------------------------------ Brocade Communications Systems, Inc. 1 236,200 2,248,624 - ------------------------------------------------------------------------------------------------------------------------------------ Cray, Inc. 1,2 21,300 293,727 - ------------------------------------------------------------------------------------------------------------------------------------ Diebold, Inc. 17,600 839,696 - ------------------------------------------------------------------------------------------------------------------------------------ Electronics for Imaging, Inc. 1,2 39,900 935,655 - ------------------------------------------------------------------------------------------------------------------------------------ Emulex Corp. 1 51,800 947,422 - ------------------------------------------------------------------------------------------------------------------------------------ Hypercom Corp. 1 27,700 165,092 - ------------------------------------------------------------------------------------------------------------------------------------ Imation Corp. 25,000 1,009,500 - ------------------------------------------------------------------------------------------------------------------------------------ Lexmark International, Inc., Cl. A 1 17,000 993,820 - ------------------------------------------------------------------------------------------------------------------------------------ Novatel Wireless, Inc. 1 18,800 301,552 - ------------------------------------------------------------------------------------------------------------------------------------ Stratasys, Inc. 1,2 500 21,360 --------------- 7,767,053 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--2.1% Acacia Research Corp. 1,2 25,400 401,828 - ------------------------------------------------------------------------------------------------------------------------------------ Aeroflex, Inc. 1 24,800 326,120 - ------------------------------------------------------------------------------------------------------------------------------------ Agilysys, Inc. 18,900 424,683 - ------------------------------------------------------------------------------------------------------------------------------------ Avnet, Inc. 1 30,100 1,087,814 - ------------------------------------------------------------------------------------------------------------------------------------ AVX Corp. 23,400 355,680 - ------------------------------------------------------------------------------------------------------------------------------------ Bel Fuse, Inc., Cl. A 4,800 181,344 - ------------------------------------------------------------------------------------------------------------------------------------ Checkpoint Systems, Inc. 1 6,200 146,692 - ------------------------------------------------------------------------------------------------------------------------------------ Cognex Corp. 2 24,100 522,247 - ------------------------------------------------------------------------------------------------------------------------------------ CPI International, Inc. 1 6,700 128,774 - ------------------------------------------------------------------------------------------------------------------------------------ CTS Corp. 2 27,300 377,286 - ------------------------------------------------------------------------------------------------------------------------------------ Dolby Laboratories, Inc., Cl. A 1 21,000 724,710 - ------------------------------------------------------------------------------------------------------------------------------------ Excel Technology, Inc. 1 4,400 120,252 - ------------------------------------------------------------------------------------------------------------------------------------ FARO Technologies, Inc. 1 4,500 129,915 - ------------------------------------------------------------------------------------------------------------------------------------ Gerber Scientific, Inc. 1,2 10,000 106,100 - ------------------------------------------------------------------------------------------------------------------------------------ Global Imaging Systems, Inc. 1 54,000 1,053,000 - ------------------------------------------------------------------------------------------------------------------------------------ Insight Enterprises, Inc. 1 21,800 391,964
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ IPG Photonics Corp. 1 6,620 $ 127,104 - ------------------------------------------------------------------------------------------------------------------------------------ Itron, Inc. 1,2 16,200 1,053,648 - ------------------------------------------------------------------------------------------------------------------------------------ Littlefuse, Inc. 1 27,600 1,120,560 - ------------------------------------------------------------------------------------------------------------------------------------ Methode Electronics, Inc., Cl. A 13,300 196,441 - ------------------------------------------------------------------------------------------------------------------------------------ Mettler-Toledo International, Inc. 1 11,100 994,227 - ------------------------------------------------------------------------------------------------------------------------------------ MTS Systems Corp. 2 13,100 508,804 - ------------------------------------------------------------------------------------------------------------------------------------ Newport Corp. 1,2 29,900 489,463 - ------------------------------------------------------------------------------------------------------------------------------------ OYO Geospace Corp. 1,2 2,400 170,208 - ------------------------------------------------------------------------------------------------------------------------------------ Park Electrochemical Corp. 14,400 390,528 - ------------------------------------------------------------------------------------------------------------------------------------ Paxar Corp. 1 29,300 840,910 - ------------------------------------------------------------------------------------------------------------------------------------ PC Connection, Inc. 1,2 13,400 191,620 - ------------------------------------------------------------------------------------------------------------------------------------ Plexus Corp. 1 30,700 526,505 - ------------------------------------------------------------------------------------------------------------------------------------ RadiSys Corp. 1,2 10,500 171,570 - ------------------------------------------------------------------------------------------------------------------------------------ Rofin-Sinar Technologies, Inc. 1,2 35,700 2,112,726 - ------------------------------------------------------------------------------------------------------------------------------------ Rogers Corp. 1,2 16,500 731,775 - ------------------------------------------------------------------------------------------------------------------------------------ SYNNEX Corp. 1 6,200 131,688 - ------------------------------------------------------------------------------------------------------------------------------------ Tech Data Corp. 1 11,600 415,396 - ------------------------------------------------------------------------------------------------------------------------------------ Technitrol, Inc. 1,500 39,285 - ------------------------------------------------------------------------------------------------------------------------------------ TTM Technologies, Inc. 1 15,000 143,100 - ------------------------------------------------------------------------------------------------------------------------------------ Vishay Intertechnology, Inc. 1 27,600 385,848 - ------------------------------------------------------------------------------------------------------------------------------------ Zygo Corp. 1,2 12,300 196,923 --------------- 17,416,738 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--2.1% AsiaInfo Holdings, Inc. 1 19,100 131,217 - ------------------------------------------------------------------------------------------------------------------------------------ CMGI, Inc. 1,2 256,400 543,568 - ------------------------------------------------------------------------------------------------------------------------------------ Digital River, Inc. 1 7,200 397,800 - ------------------------------------------------------------------------------------------------------------------------------------ EarthLink, Inc. 1 200,800 1,475,880 - ------------------------------------------------------------------------------------------------------------------------------------ eCollege.com, Inc. 1,2 2,900 52,055 - ------------------------------------------------------------------------------------------------------------------------------------ Internap Network Services Corp. 1,2 2,200 34,650 - ------------------------------------------------------------------------------------------------------------------------------------ Interwoven, Inc. 1 31,100 525,590 - ------------------------------------------------------------------------------------------------------------------------------------ j2 Global Communications, Inc. 1,2 41,000 1,136,520 - ------------------------------------------------------------------------------------------------------------------------------------ National Information Consortium, Inc. 2 4,700 25,192 - ------------------------------------------------------------------------------------------------------------------------------------ Open Text Corp. 1,2 59,900 1,315,404 - ------------------------------------------------------------------------------------------------------------------------------------ RealNetworks, Inc. 1 41,383 324,857 - ------------------------------------------------------------------------------------------------------------------------------------ S1 Corp. 1 21,600 129,600 - ------------------------------------------------------------------------------------------------------------------------------------ Savvis, Inc. 1,2 6,046 289,482 - ------------------------------------------------------------------------------------------------------------------------------------ Sohu.com, Inc. 1 22,200 475,746 - ------------------------------------------------------------------------------------------------------------------------------------ SonicWALL, Inc. 1 27,300 228,228 - ------------------------------------------------------------------------------------------------------------------------------------ Switch & Data Facilities Co. 1 11,970 216,896 - ------------------------------------------------------------------------------------------------------------------------------------ TheStreet.com, Inc. 2 26,400 323,400 - ------------------------------------------------------------------------------------------------------------------------------------ Travelzoo, Inc. 1 9,800 360,346 - ------------------------------------------------------------------------------------------------------------------------------------ United Online, Inc. 152,000 2,132,560 - ------------------------------------------------------------------------------------------------------------------------------------ ValueClick, Inc. 1 42,600 1,113,138
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ VeriSign, Inc. 1 39,700 $ 997,264 - ------------------------------------------------------------------------------------------------------------------------------------ Vignette Corp. 1 21,700 402,969 - ------------------------------------------------------------------------------------------------------------------------------------ WebEx Communications, Inc. 1 56,900 3,235,334 - ------------------------------------------------------------------------------------------------------------------------------------ webMethods, Inc. 1 3,400 24,446 - ------------------------------------------------------------------------------------------------------------------------------------ Websense, Inc. 1,2 52,300 1,202,377 --------------- 17,094,519 - ------------------------------------------------------------------------------------------------------------------------------------ IT SERVICES--2.9% Acxiom Corp. 29,600 633,144 - ------------------------------------------------------------------------------------------------------------------------------------ BISYS Group, Inc. (The) 1 179,100 2,052,486 - ------------------------------------------------------------------------------------------------------------------------------------ Ceridian Corp. 1 16,300 567,892 - ------------------------------------------------------------------------------------------------------------------------------------ CIBER, Inc. 1,2 30,900 243,183 - ------------------------------------------------------------------------------------------------------------------------------------ Computer Sciences Corp. 1 26,400 1,376,232 - ------------------------------------------------------------------------------------------------------------------------------------ Convergys Corp. 1 43,200 1,097,712 - ------------------------------------------------------------------------------------------------------------------------------------ Covansys Corp. 1 48,400 1,194,512 - ------------------------------------------------------------------------------------------------------------------------------------ CSG Systems International, Inc. 1 95,000 2,376,900 - ------------------------------------------------------------------------------------------------------------------------------------ DST Systems, Inc. 1,2 14,800 1,112,960 - ------------------------------------------------------------------------------------------------------------------------------------ Fiserv, Inc. 1 29,900 1,586,494 - ------------------------------------------------------------------------------------------------------------------------------------ Forrester Research, Inc. 1,2 14,300 405,548 - ------------------------------------------------------------------------------------------------------------------------------------ Gartner, Inc., Cl. A 1 29,400 704,130 - ------------------------------------------------------------------------------------------------------------------------------------ infoUSA, Inc. 2 22,500 216,450 - ------------------------------------------------------------------------------------------------------------------------------------ Integral Systems, Inc. 2 1,100 26,587 - ------------------------------------------------------------------------------------------------------------------------------------ Keane, Inc. 1,2 22,900 310,982 - ------------------------------------------------------------------------------------------------------------------------------------ Lightbridge, Inc. 1,2 26,500 465,605 - ------------------------------------------------------------------------------------------------------------------------------------ ManTech International Corp. 1 34,900 1,166,009 - ------------------------------------------------------------------------------------------------------------------------------------ MPS Group, Inc. 1 150,400 2,128,160 - ------------------------------------------------------------------------------------------------------------------------------------ NCI, Inc., Cl. A 1 13,100 193,225 - ------------------------------------------------------------------------------------------------------------------------------------ Perot Systems Corp., Cl. A 1 111,700 1,996,079 - ------------------------------------------------------------------------------------------------------------------------------------ Sabre Holdings Corp. 31,200 1,021,800 - ------------------------------------------------------------------------------------------------------------------------------------ Sykes Enterprises, Inc. 1 37,300 680,352 - ------------------------------------------------------------------------------------------------------------------------------------ Syntel, Inc. 2 7,800 270,270 - ------------------------------------------------------------------------------------------------------------------------------------ TNS, Inc. 1 400 6,436 - ------------------------------------------------------------------------------------------------------------------------------------ Total System Services, Inc. 2 23,600 751,660 - ------------------------------------------------------------------------------------------------------------------------------------ Tyler Technologies, Inc. 1,2 32,500 412,750 - ------------------------------------------------------------------------------------------------------------------------------------ Wright Express Corp. 1 2,600 78,858 --------------- 23,076,416 - ------------------------------------------------------------------------------------------------------------------------------------ LIFE SCIENCES TOOLS & SERVICES--0.1% Dionex Corp. 1,2 16,100 1,096,571 - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.0% Actel Corp. 1 17,000 280,840 - ------------------------------------------------------------------------------------------------------------------------------------ Advanced Energy Industries, Inc. 1,2 83,000 1,746,320 - ------------------------------------------------------------------------------------------------------------------------------------ Agere Systems, Inc. 1 56,400 1,275,768 - ------------------------------------------------------------------------------------------------------------------------------------ AMIS Holdings, Inc. 1 67,700 741,315 - ------------------------------------------------------------------------------------------------------------------------------------ Amkor Technology, Inc. 1,2 217,300 2,711,904
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Applied Micro Circuits Corp. 1,2 120,800 $ 440,920 - ------------------------------------------------------------------------------------------------------------------------------------ Asyst Technologies, Inc. 1,2 39,600 278,388 - ------------------------------------------------------------------------------------------------------------------------------------ Atheros Communications, Inc. 1,2 21,000 502,530 - ------------------------------------------------------------------------------------------------------------------------------------ Atmel Corp. 1 44,300 222,829 - ------------------------------------------------------------------------------------------------------------------------------------ ATMI, Inc. 1,2 56,800 1,736,376 - ------------------------------------------------------------------------------------------------------------------------------------ Axcelis Technologies, Inc. 1 48,800 372,832 - ------------------------------------------------------------------------------------------------------------------------------------ Brooks Automation, Inc. 1,2 36,100 619,115 - ------------------------------------------------------------------------------------------------------------------------------------ Cirrus Logic, Inc. 1 33,900 259,674 - ------------------------------------------------------------------------------------------------------------------------------------ Cohu, Inc. 2 5,700 107,160 - ------------------------------------------------------------------------------------------------------------------------------------ Credence Systems Corp. 1,2 25,700 85,067 - ------------------------------------------------------------------------------------------------------------------------------------ Cymer, Inc. 1 59,700 2,480,535 - ------------------------------------------------------------------------------------------------------------------------------------ Exar Corp. 1 9,300 123,132 - ------------------------------------------------------------------------------------------------------------------------------------ Fairchild Semiconductor International, Inc., Cl. A 1 46,700 780,824 - ------------------------------------------------------------------------------------------------------------------------------------ FEI Co. 1,2 25,100 905,106 - ------------------------------------------------------------------------------------------------------------------------------------ Hittite Microwave Corp. 1,2 29,700 1,193,049 - ------------------------------------------------------------------------------------------------------------------------------------ Integrated Device Technology, Inc. 1 28,600 441,012 - ------------------------------------------------------------------------------------------------------------------------------------ Intevac, Inc. 1,2 21,100 556,407 - ------------------------------------------------------------------------------------------------------------------------------------ Kulicke & Soffa Industries, Inc. 1,2 47,400 438,450 - ------------------------------------------------------------------------------------------------------------------------------------ LTX Corp. 1 72,800 445,536 - ------------------------------------------------------------------------------------------------------------------------------------ Mattson Technology, Inc. 1 9,800 89,180 - ------------------------------------------------------------------------------------------------------------------------------------ Micrel, Inc. 1,2 179,300 1,975,886 - ------------------------------------------------------------------------------------------------------------------------------------ MIPS Technologies, Inc., Cl. A 1,2 6,300 56,259 - ------------------------------------------------------------------------------------------------------------------------------------ MKS Instruments, Inc. 1 84,900 2,166,648 - ------------------------------------------------------------------------------------------------------------------------------------ Novellus Systems, Inc. 1 31,300 1,002,226 - ------------------------------------------------------------------------------------------------------------------------------------ ON Semiconductor Corp. 1,2 93,300 832,236 - ------------------------------------------------------------------------------------------------------------------------------------ RF Micro Devices, Inc. 1,2 2,700 16,821 - ------------------------------------------------------------------------------------------------------------------------------------ Silicon Image, Inc. 1 109,600 894,336 - ------------------------------------------------------------------------------------------------------------------------------------ Silicon Storage Technology, Inc. 1,2 70,600 348,058 - ------------------------------------------------------------------------------------------------------------------------------------ Supertex, Inc. 1,2 7,200 239,112 - ------------------------------------------------------------------------------------------------------------------------------------ Teradyne, Inc. 1 46,000 760,840 - ------------------------------------------------------------------------------------------------------------------------------------ Tessera Technologies, Inc. 1 43,300 1,720,742 - ------------------------------------------------------------------------------------------------------------------------------------ TriQuint Semiconductor, Inc. 1,2 10,100 50,500 - ------------------------------------------------------------------------------------------------------------------------------------ Varian Semiconductor Equipment Associates, Inc. 1 19,700 1,051,586 - ------------------------------------------------------------------------------------------------------------------------------------ Veeco Instruments, Inc. 1,2 3,700 72,150 - ------------------------------------------------------------------------------------------------------------------------------------ Verigy Ltd. 1 50,200 1,178,194 - ------------------------------------------------------------------------------------------------------------------------------------ Zoran Corp. 1 47,700 811,854 --------------- 32,011,717 - ------------------------------------------------------------------------------------------------------------------------------------ SOFTWARE--4.2% Actuate Corp. 1 56,800 296,496 - ------------------------------------------------------------------------------------------------------------------------------------ Advent Software, Inc. 1,2 24,200 843,854 - ------------------------------------------------------------------------------------------------------------------------------------ Altiris, Inc. 1 16,000 526,560 - ------------------------------------------------------------------------------------------------------------------------------------ Ansoft Corp. 1,2 24,300 768,852
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SOFTWARE CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Aspen Technology, Inc. 1,2 34,800 $ 452,400 - ------------------------------------------------------------------------------------------------------------------------------------ BEA Systems, Inc. 1 13,500 156,465 - ------------------------------------------------------------------------------------------------------------------------------------ Blackbaud, Inc. 78,189 1,909,375 - ------------------------------------------------------------------------------------------------------------------------------------ BMC Software, Inc. 1 43,600 1,342,444 - ------------------------------------------------------------------------------------------------------------------------------------ Cadence Design Systems, Inc. 1 59,200 1,246,752 - ------------------------------------------------------------------------------------------------------------------------------------ Cognos, Inc. 1 17,400 685,386 - ------------------------------------------------------------------------------------------------------------------------------------ Compuware Corp. 1 106,000 1,005,940 - ------------------------------------------------------------------------------------------------------------------------------------ Double-Take Software, Inc. 1 3,800 51,338 - ------------------------------------------------------------------------------------------------------------------------------------ Epicor Software Corp. 1 17,600 244,816 - ------------------------------------------------------------------------------------------------------------------------------------ FactSet Research Systems, Inc. 2,400 150,840 - ------------------------------------------------------------------------------------------------------------------------------------ Fair Isaac Corp. 27,600 1,067,568 - ------------------------------------------------------------------------------------------------------------------------------------ FalconStor Software, Inc. 1 11,000 114,620 - ------------------------------------------------------------------------------------------------------------------------------------ Glu Mobile, Inc. 1 6,070 60,700 - ------------------------------------------------------------------------------------------------------------------------------------ Henry (Jack) & Associates, Inc. 25,100 603,655 - ------------------------------------------------------------------------------------------------------------------------------------ Hyperion Solutions Corp. 1 24,700 1,280,201 - ------------------------------------------------------------------------------------------------------------------------------------ i2 Technoloogies, Inc. 1,2 13,400 321,600 - ------------------------------------------------------------------------------------------------------------------------------------ Interactive Intelligence, Inc. 1 6,900 105,156 - ------------------------------------------------------------------------------------------------------------------------------------ Intuit, Inc. 1 16,000 437,760 - ------------------------------------------------------------------------------------------------------------------------------------ JDA Software Group, Inc. 1 7,800 117,234 - ------------------------------------------------------------------------------------------------------------------------------------ Kronos, Inc. 1 22,700 1,214,450 - ------------------------------------------------------------------------------------------------------------------------------------ Magma Design Automation, Inc. 1 10,400 124,384 - ------------------------------------------------------------------------------------------------------------------------------------ Manhattan Associates, Inc. 1,2 43,200 1,184,976 - ------------------------------------------------------------------------------------------------------------------------------------ MapInfo Corp. 1,2 10,600 213,378 - ------------------------------------------------------------------------------------------------------------------------------------ McAfee, Inc. 1 40,000 1,163,200 - ------------------------------------------------------------------------------------------------------------------------------------ Mentor Graphics Corp. 1,2 146,200 2,388,908 - ------------------------------------------------------------------------------------------------------------------------------------ MICROS Systems, Inc. 1 19,700 1,063,603 - ------------------------------------------------------------------------------------------------------------------------------------ MicroStrategy, Inc., Cl. A 1,2 20,000 2,527,800 - ------------------------------------------------------------------------------------------------------------------------------------ OPNET Technologies, Inc. 1,2 5,400 72,954 - ------------------------------------------------------------------------------------------------------------------------------------ Parametric Technology Corp. 1 34,000 649,060 - ------------------------------------------------------------------------------------------------------------------------------------ Quality Systems, Inc. 2 14,800 592,000 - ------------------------------------------------------------------------------------------------------------------------------------ Quest Software, Inc. 1 57,500 935,525 - ------------------------------------------------------------------------------------------------------------------------------------ Sonic Solutions, Inc. 1,2 1,200 16,920 - ------------------------------------------------------------------------------------------------------------------------------------ Sourcefire, Inc. 1 9,200 162,196 - ------------------------------------------------------------------------------------------------------------------------------------ SPSS, Inc. 1,2 13,800 498,180 - ------------------------------------------------------------------------------------------------------------------------------------ Sybase, Inc. 1 41,100 1,039,008 - ------------------------------------------------------------------------------------------------------------------------------------ Synchronoss Technologies, Inc. 1,2 8,700 151,380 - ------------------------------------------------------------------------------------------------------------------------------------ Synopsys, Inc. 1 42,100 1,104,283 - ------------------------------------------------------------------------------------------------------------------------------------ The9 Ltd., ADR 1,2 18,000 607,320 - ------------------------------------------------------------------------------------------------------------------------------------ TIBCO Software, Inc. 1 295,200 2,515,104 - ------------------------------------------------------------------------------------------------------------------------------------ Transaction Systems Architects, Inc., Cl. A 1 11,700 378,963 - ------------------------------------------------------------------------------------------------------------------------------------ Ultimate Software Group, Inc. (The) 1,2 12,500 327,375 - ------------------------------------------------------------------------------------------------------------------------------------ VA Software Corp. 1 31,000 124,930 - ------------------------------------------------------------------------------------------------------------------------------------ Vasco Data Security International, Inc. 1,2 15,900 284,133
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SOFTWARE CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Verint Systems, Inc. 1 1,400 $ 45,010 - ------------------------------------------------------------------------------------------------------------------------------------ Wind River Systems, Inc. 1 45,700 454,258 --------------- 33,629,310 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS--8.3% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS--3.8% Albemarle Corp. 23,600 975,624 - ------------------------------------------------------------------------------------------------------------------------------------ Arch Chemicals, Inc. 2 15,200 474,544 - ------------------------------------------------------------------------------------------------------------------------------------ Ashland, Inc. 15,800 1,036,480 - ------------------------------------------------------------------------------------------------------------------------------------ Cabot Corp. 22,200 1,059,606 - ------------------------------------------------------------------------------------------------------------------------------------ Celanese Corp., Series A 17,900 552,036 - ------------------------------------------------------------------------------------------------------------------------------------ CF Industries Holdings, Inc. 57,600 2,220,480 - ------------------------------------------------------------------------------------------------------------------------------------ Ferro Corp. 13,800 298,218 - ------------------------------------------------------------------------------------------------------------------------------------ FMC Corp. 2,700 203,661 - ------------------------------------------------------------------------------------------------------------------------------------ Fuller (H.B.) Co. 65,300 1,780,731 - ------------------------------------------------------------------------------------------------------------------------------------ Hercules, Inc. 1 120,100 2,346,754 - ------------------------------------------------------------------------------------------------------------------------------------ Innophos Holdings, Inc. 17,600 304,304 - ------------------------------------------------------------------------------------------------------------------------------------ Innospec, Inc. 2 4,600 265,144 - ------------------------------------------------------------------------------------------------------------------------------------ International Flavors & Fragrances, Inc. 15,000 708,300 - ------------------------------------------------------------------------------------------------------------------------------------ Koppers Holdings, Inc. 9,200 236,072 - ------------------------------------------------------------------------------------------------------------------------------------ Landec Corp. 1,2 8,700 123,366 - ------------------------------------------------------------------------------------------------------------------------------------ Lubrizol Corp. (The) 19,200 989,376 - ------------------------------------------------------------------------------------------------------------------------------------ Lyondell Chemical Co. 41,300 1,237,761 - ------------------------------------------------------------------------------------------------------------------------------------ MacDermid, Inc. 13,300 463,771 - ------------------------------------------------------------------------------------------------------------------------------------ Nalco Holding Co. 31,900 762,410 - ------------------------------------------------------------------------------------------------------------------------------------ NewMarket Corp. 2 35,300 1,435,651 - ------------------------------------------------------------------------------------------------------------------------------------ OM Group, Inc. 1 41,200 1,840,816 - ------------------------------------------------------------------------------------------------------------------------------------ Omnova Solutions, Inc. 1,2 5,700 31,122 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Cos., Inc. 1 13,000 359,320 - ------------------------------------------------------------------------------------------------------------------------------------ PolyOne Corp. 1,2 111,900 682,590 - ------------------------------------------------------------------------------------------------------------------------------------ Rockwood Holdings, Inc. 1,2 31,100 860,848 - ------------------------------------------------------------------------------------------------------------------------------------ Schulman (A.), Inc. 2 6,700 157,852 - ------------------------------------------------------------------------------------------------------------------------------------ Sensient Technologies Corp. 83,100 2,142,318 - ------------------------------------------------------------------------------------------------------------------------------------ Spartech Corp. 74,600 2,188,764 - ------------------------------------------------------------------------------------------------------------------------------------ Stepan Co. 2 4,300 112,875 - ------------------------------------------------------------------------------------------------------------------------------------ Terra Industries, Inc. 1,2 49,400 864,500 - ------------------------------------------------------------------------------------------------------------------------------------ Tronox, Inc., Cl. A 2 20,600 296,640 - ------------------------------------------------------------------------------------------------------------------------------------ Valspar Corp. (The) 18,100 503,723 - ------------------------------------------------------------------------------------------------------------------------------------ W.R. Grace & Co. 1,2 125,700 3,320,994 --------------- 30,836,651 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.1% Eagle Materials, Inc. 2 3,100 138,353 - ------------------------------------------------------------------------------------------------------------------------------------ Headwaters, Inc. 1,2 20,100 439,185 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Concrete, Inc. 1,2 7,200 56,304 --------------- 633,842
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING--1.2% AEP Industries, Inc. 1 6,400 $ 275,200 - ------------------------------------------------------------------------------------------------------------------------------------ AptarGroup, Inc. 10,100 675,993 - ------------------------------------------------------------------------------------------------------------------------------------ Chesapeake Corp. 2 2,500 37,750 - ------------------------------------------------------------------------------------------------------------------------------------ Crown Holdings, Inc. 1 33,200 812,072 - ------------------------------------------------------------------------------------------------------------------------------------ Graphic Packaging Corp. 1,2 24,900 118,026 - ------------------------------------------------------------------------------------------------------------------------------------ Greif, Inc., Cl. A 16,300 1,811,093 - ------------------------------------------------------------------------------------------------------------------------------------ Myers Industries, Inc. 19,900 371,732 - ------------------------------------------------------------------------------------------------------------------------------------ Packaging Corp. of America 26,100 636,840 - ------------------------------------------------------------------------------------------------------------------------------------ Pactiv Corp. 1 36,600 1,234,884 - ------------------------------------------------------------------------------------------------------------------------------------ Rock-Tenn Co., Cl. A 65,200 2,164,640 - ------------------------------------------------------------------------------------------------------------------------------------ Sealed Air Corp. 10,600 334,960 - ------------------------------------------------------------------------------------------------------------------------------------ Silgan Holdings, Inc. 19,500 996,645 - ------------------------------------------------------------------------------------------------------------------------------------ Sonoco Products Co. 20,900 785,422 --------------- 10,255,257 - ------------------------------------------------------------------------------------------------------------------------------------ METALS & MINING--2.9% A. M. Castle & Co. 2 2,800 82,208 - ------------------------------------------------------------------------------------------------------------------------------------ AK Steel Holding Corp. 1,2 100,600 2,353,034 - ------------------------------------------------------------------------------------------------------------------------------------ Amerigo Resources Ltd. 66,000 140,061 - ------------------------------------------------------------------------------------------------------------------------------------ Brush Engineered Materials, Inc. 1,2 3,600 174,492 - ------------------------------------------------------------------------------------------------------------------------------------ Century Aluminum Co. 1,2 48,600 2,278,368 - ------------------------------------------------------------------------------------------------------------------------------------ Chaparral Steel Co. 2 48,000 2,792,160 - ------------------------------------------------------------------------------------------------------------------------------------ Cleveland-Cliffs, Inc. 2 46,800 2,995,668 - ------------------------------------------------------------------------------------------------------------------------------------ Commercial Metals Co. 3,200 100,320 - ------------------------------------------------------------------------------------------------------------------------------------ Compass Minerals International, Inc. 2 42,700 1,426,180 - ------------------------------------------------------------------------------------------------------------------------------------ Dynatec Corp. 1 17,300 50,049 - ------------------------------------------------------------------------------------------------------------------------------------ FNX Mining Co., Inc. 1 3,100 67,934 - ------------------------------------------------------------------------------------------------------------------------------------ Gibraltar Industries, Inc. 6,200 140,244 - ------------------------------------------------------------------------------------------------------------------------------------ Hecla Mining Co. 1,2 147,600 1,337,256 - ------------------------------------------------------------------------------------------------------------------------------------ Inmet Mining Corp. 2,500 137,505 - ------------------------------------------------------------------------------------------------------------------------------------ LionOre Mining International Ltd. 1 24,300 404,544 - ------------------------------------------------------------------------------------------------------------------------------------ Meridian Gold, Inc. 1 900 22,981 - ------------------------------------------------------------------------------------------------------------------------------------ Metal Management, Inc. 51,500 2,379,300 - ------------------------------------------------------------------------------------------------------------------------------------ Pearl Exploration & Production Ltd. 1 72,404 260,266 - ------------------------------------------------------------------------------------------------------------------------------------ Quanex Corp. 47,223 1,999,894 - ------------------------------------------------------------------------------------------------------------------------------------ RTI International Metals, Inc. 1 6,800 618,868 - ------------------------------------------------------------------------------------------------------------------------------------ Schnitzer Steel Industries, Inc. 2 18,700 751,179 - ------------------------------------------------------------------------------------------------------------------------------------ Steel Dynamics, Inc. 24,500 1,058,400 - ------------------------------------------------------------------------------------------------------------------------------------ Steel Technologies, Inc. 2 500 14,790 - ------------------------------------------------------------------------------------------------------------------------------------ United States Steel Corp. 14,600 1,447,882 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Stainless & Alloy Products, Inc. 1 3,400 161,398 --------------- 23,194,981 - ------------------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--0.3% Bowater, Inc. 2 47,400 1,129,068 - ------------------------------------------------------------------------------------------------------------------------------------ Buckeye Technologies, Inc. 1,2 27,500 356,950 - ------------------------------------------------------------------------------------------------------------------------------------ Mercer International, Inc. 1,2 11,400 136,344
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Neenah Paper, Inc. 2 10,400 $ 413,296 - ------------------------------------------------------------------------------------------------------------------------------------ Schweitzer-Mauduit International, Inc. 7,600 188,860 --------------- 2,224,518 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--2.1% - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--1.6% Alaska Communications Systems Group, Inc. 2 29,600 436,600 - ------------------------------------------------------------------------------------------------------------------------------------ Aruba Networks, Inc. 1,2 8,000 117,360 - ------------------------------------------------------------------------------------------------------------------------------------ Atlantic Tele-Network, Inc. 2,400 62,712 - ------------------------------------------------------------------------------------------------------------------------------------ BigBand Networks, Inc. 1 29,500 531,295 - ------------------------------------------------------------------------------------------------------------------------------------ Cbeyond, Inc. 1,2 38,100 1,117,473 - ------------------------------------------------------------------------------------------------------------------------------------ CenturyTel, Inc. 27,900 1,260,801 - ------------------------------------------------------------------------------------------------------------------------------------ Cincinnati Bell, Inc. 1 489,600 2,301,120 - ------------------------------------------------------------------------------------------------------------------------------------ Citizens Communications Co. 76,191 1,139,055 - ------------------------------------------------------------------------------------------------------------------------------------ Cogent Communications Group, Inc. 1 57,700 1,363,451 - ------------------------------------------------------------------------------------------------------------------------------------ Consolidated Communications Holdings, Inc. 17,070 339,522 - ------------------------------------------------------------------------------------------------------------------------------------ CT Communications, Inc. 2 14,600 351,860 - ------------------------------------------------------------------------------------------------------------------------------------ Embarq Corp. 27,000 1,521,450 - ------------------------------------------------------------------------------------------------------------------------------------ FairPoint Communications, Inc. 16,100 309,281 - ------------------------------------------------------------------------------------------------------------------------------------ General Communication, Inc., Cl. A 1,2 52,000 728,000 - ------------------------------------------------------------------------------------------------------------------------------------ Golden Telecom, Inc. 2 12,100 670,098 - ------------------------------------------------------------------------------------------------------------------------------------ IDT Corp., Cl. B 2 6,000 68,100 - ------------------------------------------------------------------------------------------------------------------------------------ Iowa Telecommunications Services, Inc. 2 20,400 408,000 - ------------------------------------------------------------------------------------------------------------------------------------ North Pittsburgh Systems, Inc. 2 5,100 111,027 - ------------------------------------------------------------------------------------------------------------------------------------ Premiere Global Services, Inc. 1 16,200 181,764 --------------- 13,018,969 - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--0.5% Cellcom Israel Ltd. 1 29,580 539,539 - ------------------------------------------------------------------------------------------------------------------------------------ Centennial Communications Corp. 1 12,600 103,698 - ------------------------------------------------------------------------------------------------------------------------------------ Dobson Communications Corp., Cl. A 1 124,500 1,069,455 - ------------------------------------------------------------------------------------------------------------------------------------ Syniverse Holdings, Inc. 1,2 2,600 27,404 - ------------------------------------------------------------------------------------------------------------------------------------ Telephone & Data Systems, Inc. 23,000 1,371,260 - ------------------------------------------------------------------------------------------------------------------------------------ USA Mobility, Inc. 2 18,100 360,733 --------------- 3,472,089 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES--3.0% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.9% ALLETE, Inc. 2 8,300 386,946 - ------------------------------------------------------------------------------------------------------------------------------------ Central Vermont Public Service Corp. 1,800 51,876 - ------------------------------------------------------------------------------------------------------------------------------------ Cleco Corp. 21,600 557,928 - ------------------------------------------------------------------------------------------------------------------------------------ El Paso Electric Co. 1 37,100 977,585 - ------------------------------------------------------------------------------------------------------------------------------------ IDACORP, Inc. 2 43,700 1,478,808 - ------------------------------------------------------------------------------------------------------------------------------------ Otter Tail Corp. 11,100 380,064 - ------------------------------------------------------------------------------------------------------------------------------------ Portland General Electric Co. 2 3,900 113,880 - ------------------------------------------------------------------------------------------------------------------------------------ UIL Holdings Corp. 2 19,366 672,000 - ------------------------------------------------------------------------------------------------------------------------------------ UniSource Energy Corp. 57,300 2,151,615
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES CONTINUED Westar Energy, Inc. 18,200 $ 500,864 --------------- 7,271,566 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS--0.2% Canadian Hydro Developers, Inc. 1 14,000 76,397 - ------------------------------------------------------------------------------------------------------------------------------------ Mirant Corp. 1 5,400 218,484 - ------------------------------------------------------------------------------------------------------------------------------------ NRG Energy, Inc. 1,2 15,700 1,131,028 --------------- 1,425,909 - ------------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.9% Atmos Energy Corp. 18,800 588,064 - ------------------------------------------------------------------------------------------------------------------------------------ Cascade Natural Gas Corp. 2 1,200 31,620 - ------------------------------------------------------------------------------------------------------------------------------------ Laclede Group, Inc. (The) 2 10,500 326,340 - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey Resources Corp. 2 29,600 1,481,480 - ------------------------------------------------------------------------------------------------------------------------------------ Nicor, Inc. 2 12,100 585,882 - ------------------------------------------------------------------------------------------------------------------------------------ Northwest Natural Gas Co. 2 10,500 479,535 - ------------------------------------------------------------------------------------------------------------------------------------ ONEOK, Inc. 27,500 1,237,500 - ------------------------------------------------------------------------------------------------------------------------------------ Piedmont Natural Gas Co., Inc. 3,800 100,244 - ------------------------------------------------------------------------------------------------------------------------------------ South Jersey Industries, Inc. 2 7,400 281,570 - ------------------------------------------------------------------------------------------------------------------------------------ Southwest Gas Corp. 2 34,600 1,344,902 - ------------------------------------------------------------------------------------------------------------------------------------ UGI Corp. 24,200 646,382 - ------------------------------------------------------------------------------------------------------------------------------------ WGL Holdings, Inc. 2 20,100 642,798 --------------- 7,746,317 - ------------------------------------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--1.0% Alliant Energy Corp. 2,300 103,086 - ------------------------------------------------------------------------------------------------------------------------------------ Avista Corp. 2 92,600 2,243,698 - ------------------------------------------------------------------------------------------------------------------------------------ Black Hills Corp. 14,900 547,873 - ------------------------------------------------------------------------------------------------------------------------------------ CenterPoint Energy, Inc. 70,700 1,268,358 - ------------------------------------------------------------------------------------------------------------------------------------ CH Energy Group, Inc. 2 8,800 428,472 - ------------------------------------------------------------------------------------------------------------------------------------ Energy East Corp. 19,000 462,840 - ------------------------------------------------------------------------------------------------------------------------------------ Integrys Energy Group, Inc. 215 11,935 - ------------------------------------------------------------------------------------------------------------------------------------ NiSource, Inc. 31,100 760,084 - ------------------------------------------------------------------------------------------------------------------------------------ OGE Energy Corp. 7,900 306,520 - ------------------------------------------------------------------------------------------------------------------------------------ PNM Resources, Inc. 20,400 658,920 - ------------------------------------------------------------------------------------------------------------------------------------ Xcel Energy, Inc. 38,900 960,437 --------------- 7,752,223 --------------- Total Common Stocks (Cost $686,980,872) 797,454,589 - ------------------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ Simon Property Group, Inc., 6% Cv., Non-Vtg. (Cost $3,213) 60 5,310 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS IN AFFILIATED COMPANIES--1.6% - ------------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 5,6 (Cost $12,949,724) 12,949,724 12,949,724
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $699,933,809) $ 810,409,623 - ------------------------------------------------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--23.4% 7 - ------------------------------------------------------------------------------------------------------------------------------------ ASSET BACKED FLOATING NOTE--1.1% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.38%, 4/25/07 $ 1,135,106 1,135,106 - ------------------------------------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.43%, 4/25/07 627,444 627,444 - ------------------------------------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 5.39%, 4/25/07 1,111,541 1,111,541 - ------------------------------------------------------------------------------------------------------------------------------------ GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.41%, 4/25/07 1,109,499 1,109,499 - ------------------------------------------------------------------------------------------------------------------------------------ Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 5.40%, 4/25/07 1,501,509 1,501,509 - ------------------------------------------------------------------------------------------------------------------------------------ Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 5.41%, 4/25/07 769,880 769,880 - ------------------------------------------------------------------------------------------------------------------------------------ Whitehawk CDO Funding Corp., 5.41%, 6/15/07 2,250,000 2,250,000 --------------- 8,504,979 - ------------------------------------------------------------------------------------------------------------------------------------ BANK FLOATING RATE NOTE--0.7% Wachovia Bank NA, 5.36%, 4/2/07 6,000,000 6,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER--0.6% Kommunalkredit International Bank, 5.35%, 4/16/07 4,934,063 4,934,063 - ------------------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--5.6% Undivided interest of 0.30% in joint repurchase agreement (Principal Amount/Value $3,500,000,000, with a maturity value of $3,501,591,771) with Bank of America NA, 5.4575%, dated 3/30/07, to be repurchased at $10,382,111 on 4/2/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 9/1/33-6/1/35, with a value of $3,570,000,000 10,377,391 10,377,391 - ------------------------------------------------------------------------------------------------------------------------------------ Undivided interest of 0.67% in joint repurchase agreement (Principal Amount/Value $1,500,000,000 with a maturity value of $1,500,684,688) with Barclays Capital, 5.4775%, dated 3/30/07, to be repurchased at $10,004,565 on 4/2/07, collateralized by Private Label CMOs, 0.00%, 5/25/35-2/25/47, with a value of $1,575,000,000 10,000,000 10,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Undivided interest of 3.33% in joint repurchase agreement (Principal Amount/Value $750,000,000 with a maturity value of $750,342,344) with Barclays Capital, 5.4775%, dated 3/30/07, to be repurchased at $25,011,411 on 4/2/07, collateralized by AAA Asset-Backed Securities, 0.00%, 9/15/10-11/25/46, with a value of $772,500,000 25,000,000 25,000,000 --------------- 45,377,391 - ------------------------------------------------------------------------------------------------------------------------------------ MASTER FLOATING NOTE--0.4% CDC Financial Products, Inc., 5.49%, 4/2/07 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIUM-TERM FLOATING NOTE--14.5% American Express Credit Corp., 5.33%, 4/16/07 4,000,000 4,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ American General Finance Corp., 5.31%, 4/10/07 6,569,223 6,569,223 - ------------------------------------------------------------------------------------------------------------------------------------ American Honda Finance Corp., 5.35%, 6/11/07 6,506,240 6,506,240 - ------------------------------------------------------------------------------------------------------------------------------------ ANZ National (Int'l) Ltd., 5.37%, 4/2/07 7,995,794 7,995,794 - ------------------------------------------------------------------------------------------------------------------------------------ Bear Stearns, 5.37%, 4/2/07 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Beta Finance, Inc., 5.37%, 4/2/07 2,999,566 2,999,566 - ------------------------------------------------------------------------------------------------------------------------------------ Beta Finance, Inc., 5.39%, 4/2/07 4,996,439 4,996,439 - ------------------------------------------------------------------------------------------------------------------------------------ Caixa Catal, 5.40%, 6/7/07 8,000,000 8,000,000
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CAM US Finance SA Unipersonal, 5.41%, 5/1/07 $ 6,000,000 $ 6,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.37%, 4/2/07 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.37%, 4/2/07 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.39%, 4/2/07 4,496,787 4,496,787 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Funding, Inc., 5.36%, 4/2/07 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dorada Finance, Inc., 5.37%, 4/2/07 7,500,000 7,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc., 5.60%, 4/2/07 7,000,000 7,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ HSBC Finance Corp., 5.33%, 4/10/07 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ K2 (USA) LLC, 5.39%, 4/2/07 2,999,250 2,999,250 - ------------------------------------------------------------------------------------------------------------------------------------ LINKS Finance LLC, 5.37%, 4/2/07 3,000,180 3,000,180 - ------------------------------------------------------------------------------------------------------------------------------------ MBIA Global Funding LLC, 5.33%, 4/30/07 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ MBIA Global Funding LLC, 5.37%, 4/2/07 2,500,000 2,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ MBIA Global Funding LLC, 5.37%, 4/2/07 4,000,000 4,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Metropolitan Life Global Funding, 5.31%, 4/23/07 7,250,000 7,250,000 - ------------------------------------------------------------------------------------------------------------------------------------ Nationwide Global Fund I, 5.35%, 6/15/07 7,008,284 7,008,284 - ------------------------------------------------------------------------------------------------------------------------------------ Sigma Finance, Inc., 5.37%, 4/2/07 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tango Finance Corp., 5.38%, 4/2/07 3,499,296 3,499,296 --------------- 117,321,059 - ------------------------------------------------------------------------------------------------------------------------------------ YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.5% Natexis Banques Populaires NY, 5.37%, 4/2/07 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Natexis Banques Populaires NY, 5.39%, 4/2/07 1,999,806 1,999,806 --------------- 3,999,806 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $189,137,298) 189,137,298 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $889,071,107) 123.9% 999,546,921 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (23.9) (193,089,771) ------------------------------------- NET ASSETS 100.0% $ 806,457,150 =====================================
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 $160,444 or 0.02% of the Fund's net assets as of March 31, 2007. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2007 was $34,132, which represents less than 0.01% of the Fund's net assets, all of which is considered restricted. See accompanying Notes. 5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ----------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 7,142,041 60,481,464 54,673,781 12,949,724
DIVIDEND VALUE INCOME - ----------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $12,949,724 $ 89,612
6. Rate shown is the 7-day yield as of March 31, 2007. 7. 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. 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 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 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / 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. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations in the annual and semiannual reports. As of March 31, 2007, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE (000S) MARCH 31, 2007 DEPRECIATION - -------------------------------------------------------------------------------------------------- CONTRACTS TO SELL Canadian Dollar (CAD) 4/2/07 14,168 CAD $12,272 $28
ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2007, 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 DATE COST MARCH 31, 2007 DEPRECIATION - --------------------------------------------------------------------------------------------- Tusk Energy Corp. 11/15/04 $38,148 $34,132 $4,016
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 March 31, 2007, the Fund had on loan securities valued at 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- $185,780,960, 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 $189,162,796 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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 $ 891,129,604 ============== Gross unrealized appreciation $ 120,077,414 Gross unrealized depreciation (11,660,097) -------------- Net unrealized appreciation $ 108,417,317 ============== 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--97.7% - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--20.3% - ------------------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--2.7% Bayerische Motoren Werke AG 635,930 $ 37,573,550 - ------------------------------------------------------------------------------------------------------------------------------------ Porsche AG, Preference 19,480 29,731,207 - ------------------------------------------------------------------------------------------------------------------------------------ Toyota Motor Corp. 575,000 36,840,207 --------------- 104,144,964 - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.5% Carnival Corp. 999,400 46,831,884 - ------------------------------------------------------------------------------------------------------------------------------------ International Game Technology 524,500 21,179,310 - ------------------------------------------------------------------------------------------------------------------------------------ McDonald's Corp. 549,400 24,750,470 - ------------------------------------------------------------------------------------------------------------------------------------ Scientific Games Corp., Cl. A 1 125,831 4,131,032 --------------- 96,892,696 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--2.5% Koninklijke (Royal) Philips Electronics NV 2 1,178,000 44,989,941 - ------------------------------------------------------------------------------------------------------------------------------------ Sony Corp. 1,033,800 52,225,619 --------------- 97,215,560 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.3% Sega Sammy Holdings, Inc. 520,600 12,149,100 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA--5.4% Getty Images, Inc. 1 231,800 11,272,434 - ------------------------------------------------------------------------------------------------------------------------------------ Grupo Televisa SA, Sponsored GDR 1,543,296 45,990,221 - ------------------------------------------------------------------------------------------------------------------------------------ Pearson plc 1,044,058 17,915,630 - ------------------------------------------------------------------------------------------------------------------------------------ Singapore Press Holdings Ltd. 3,040,840 8,779,131 - ------------------------------------------------------------------------------------------------------------------------------------ Sirius Satellite Radio, Inc. 1 9,396,210 30,067,872 - ------------------------------------------------------------------------------------------------------------------------------------ Walt Disney Co. (The) 1,078,500 37,132,755 - ------------------------------------------------------------------------------------------------------------------------------------ Wire & Wireless India Ltd. 1 2,085,150 4,267,206 - ------------------------------------------------------------------------------------------------------------------------------------ WPP Group plc 1,371,500 20,781,530 - ------------------------------------------------------------------------------------------------------------------------------------ Zee Entertainment Enterprises Ltd. 1 4,170,300 28,328,718 - ------------------------------------------------------------------------------------------------------------------------------------ Zee News Ltd. 1 1,885,392 1,683,037 --------------- 206,218,534 - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--4.1% H&M Hennes & Mauritz AB, B Shares 1,376,950 79,271,052 - ------------------------------------------------------------------------------------------------------------------------------------ Industria de Diseno Textil SA 663,000 41,209,995 - ------------------------------------------------------------------------------------------------------------------------------------ Tiffany & Co. 783,300 35,624,484 --------------- 156,105,531 - ------------------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--2.8% Bulgari SpA 1,284,618 18,550,502 - ------------------------------------------------------------------------------------------------------------------------------------ Burberry Group plc 1,299,628 16,700,259 - ------------------------------------------------------------------------------------------------------------------------------------ Coach, Inc. 1 371,400 18,588,570 - ------------------------------------------------------------------------------------------------------------------------------------ LVMH Moet Hennessey Louis Vuitton 471,570 52,316,874 --------------- 106,156,205 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--8.7% - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES--2.4% Companhia de Bebidas das Americas, ADR, Preference 477,115 26,222,240 - ------------------------------------------------------------------------------------------------------------------------------------ Diageo plc 1,088,380 22,049,456 - ------------------------------------------------------------------------------------------------------------------------------------ Fomento Economico Mexicano SA de CV, UBD 2,497,100 27,549,370
1 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES CONTINUED Grupo Modelo SA de CV, Series C 3,449,300 $ 17,671,091 --------------- 93,492,157 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--2.1% Seven & I Holdings Co. Ltd. 431,053 13,057,626 - ------------------------------------------------------------------------------------------------------------------------------------ Tesco plc 3,919,983 34,269,092 - ------------------------------------------------------------------------------------------------------------------------------------ Wal-Mart Stores, Inc. 743,300 34,897,935 --------------- 82,224,653 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--1.3% Cadbury Schweppes plc 3,749,214 48,103,736 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--2.8% Colgate-Palmolive Co. 379,200 25,326,768 - ------------------------------------------------------------------------------------------------------------------------------------ Hindustan Lever Ltd. 3,934,500 18,516,885 - ------------------------------------------------------------------------------------------------------------------------------------ Reckitt Benckiser plc 1,224,988 63,784,132 --------------- 107,627,785 - ------------------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.1% Avon Products, Inc. 105,493 3,930,669 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY--5.7% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--2.5% GlobalSantaFe Corp. 169,400 10,448,592 - ------------------------------------------------------------------------------------------------------------------------------------ Technip SA 597,970 43,642,272 - ------------------------------------------------------------------------------------------------------------------------------------ Transocean, Inc. 1 527,500 43,096,750 --------------- 97,187,614 - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS--3.2% BP plc, ADR 437,669 28,339,068 - ------------------------------------------------------------------------------------------------------------------------------------ Chevron Corp. 354,244 26,199,886 - ------------------------------------------------------------------------------------------------------------------------------------ Husky Energy, Inc. 622,515 43,492,473 - ------------------------------------------------------------------------------------------------------------------------------------ Neste Oil Oyj 2 105,900 3,649,822 - ------------------------------------------------------------------------------------------------------------------------------------ Total SA 286,310 20,060,326 --------------- 121,741,575 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS--14.0% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--3.4% Credit Suisse Group 770,953 55,324,118 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley 515,600 40,608,656 - ------------------------------------------------------------------------------------------------------------------------------------ Northern Trust Corp. 597,300 35,921,622 --------------- 131,854,396 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--4.3% HSBC Holdings plc 2,049,283 35,616,898 - ------------------------------------------------------------------------------------------------------------------------------------ ICICI Bank Ltd., Sponsored ADR 236,450 8,689,538 - ------------------------------------------------------------------------------------------------------------------------------------ Resona Holdings, Inc. 5,213 13,929,123 - ------------------------------------------------------------------------------------------------------------------------------------ Royal Bank of Scotland Group plc (The) 1,612,493 62,955,037 - ------------------------------------------------------------------------------------------------------------------------------------ Societe Generale, Cl. A 200,478 34,646,253 - ------------------------------------------------------------------------------------------------------------------------------------ Sumitomo Mitsui Financial Group, Inc. 1,157 10,505,686 --------------- 166,342,535 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--0.6% Credit Saison Co. Ltd. 687,700 22,643,211 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--1.1% Investor AB, B Shares 2 936,738 22,268,790
2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES CONTINUED JPMorgan Chase & Co. 385,963 $ 18,672,890 --------------- 40,941,680 - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE--4.6% ACE Ltd. 397,571 22,685,401 - ------------------------------------------------------------------------------------------------------------------------------------ Allianz SE 237,151 48,786,724 - ------------------------------------------------------------------------------------------------------------------------------------ Berkshire Hathaway, Inc., Cl. B 1 6,110 22,240,400 - ------------------------------------------------------------------------------------------------------------------------------------ Everest Re Group Ltd. 104,800 10,078,616 - ------------------------------------------------------------------------------------------------------------------------------------ Manulife Financial Corp. 559,426 19,237,083 - ------------------------------------------------------------------------------------------------------------------------------------ Prudential plc 2,472,137 34,904,821 - ------------------------------------------------------------------------------------------------------------------------------------ XL Capital Ltd., Cl. A 255,900 17,902,764 --------------- 175,835,809 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--8.8% - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--2.3% 3SBio, Inc., ADS 1 73,100 805,562 - ------------------------------------------------------------------------------------------------------------------------------------ Amgen, Inc. 1 256,000 14,305,280 - ------------------------------------------------------------------------------------------------------------------------------------ Genentech, Inc. 1 186,300 15,298,956 - ------------------------------------------------------------------------------------------------------------------------------------ Gilead Sciences, Inc. 1 436,160 33,366,240 - ------------------------------------------------------------------------------------------------------------------------------------ InterMune, Inc. 1 271,600 6,697,656 - ------------------------------------------------------------------------------------------------------------------------------------ NicOx SA 1 202,812 5,369,311 - ------------------------------------------------------------------------------------------------------------------------------------ Nuvelo, Inc. 1 191,700 705,456 - ------------------------------------------------------------------------------------------------------------------------------------ Regeneron Pharmaceuticals, Inc. 1 176,802 3,822,459 - ------------------------------------------------------------------------------------------------------------------------------------ Theravance, Inc. 1 271,000 7,994,500 --------------- 88,365,420 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--1.5% Boston Scientific Corp. 1 1,465,353 21,306,233 - ------------------------------------------------------------------------------------------------------------------------------------ Medtronic, Inc. 257,400 12,628,044 - ------------------------------------------------------------------------------------------------------------------------------------ Smith & Nephew plc 1,874,897 23,834,218 --------------- 57,768,495 - ------------------------------------------------------------------------------------------------------------------------------------ LIFE SCIENCES TOOLS & SERVICES--0.3% Affymetrix, Inc. 1 322,800 9,706,596 - ------------------------------------------------------------------------------------------------------------------------------------ Nektar Therapeutics 1 314,361 4,105,555 --------------- 13,812,151 - ------------------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--4.7% AtheroGenics, Inc. 1 736,200 2,068,722 - ------------------------------------------------------------------------------------------------------------------------------------ Chugai Pharmaceutical Co. Ltd. 647,500 16,374,321 - ------------------------------------------------------------------------------------------------------------------------------------ Johnson & Johnson 141,300 8,514,738 - ------------------------------------------------------------------------------------------------------------------------------------ Novartis AG 341,694 19,301,553 - ------------------------------------------------------------------------------------------------------------------------------------ Novo Nordisk AS, Cl. B 139,600 12,739,259 - ------------------------------------------------------------------------------------------------------------------------------------ Roche Holdings AG 266,433 47,140,760 - ------------------------------------------------------------------------------------------------------------------------------------ Sanofi-Aventis SA 639,504 55,613,501 - ------------------------------------------------------------------------------------------------------------------------------------ Shionogi & Co. Ltd. 980,000 17,630,686 --------------- 179,383,540 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--9.6% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--4.3% Boeing Co. 286,600 25,481,606
3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Aerospace & Defense Continued Empresa Brasileira de Aeronautica SA, ADR 833,734 $ 38,235,041 - ------------------------------------------------------------------------------------------------------------------------------------ European Aeronautic Defence & Space Co. 1,247,910 38,708,065 - ------------------------------------------------------------------------------------------------------------------------------------ Lockheed Martin Corp. 229,600 22,275,792 - ------------------------------------------------------------------------------------------------------------------------------------ Northrop Grumman Corp. 248,200 18,421,404 - ------------------------------------------------------------------------------------------------------------------------------------ Raytheon Co. 414,100 21,723,686 --------------- 164,845,594 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--0.6% Experian Group Ltd. 646,239 7,445,794 - ------------------------------------------------------------------------------------------------------------------------------------ Secom Co. Ltd. 378,000 17,472,043 --------------- 24,917,837 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--1.0% Emerson Electric Co. 856,200 36,893,658 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--3.0% 3M Co. 456,700 34,905,581 - ------------------------------------------------------------------------------------------------------------------------------------ Hutchison Whampoa Ltd. 1,377,000 13,243,943 - ------------------------------------------------------------------------------------------------------------------------------------ Siemens AG 623,739 66,665,808 --------------- 114,815,332 - ------------------------------------------------------------------------------------------------------------------------------------ MACHINERY--0.7% Fanuc Ltd. 104,500 9,654,428 - ------------------------------------------------------------------------------------------------------------------------------------ Hyundai Heavy Industries Co. Ltd. 89,299 17,844,613 --------------- 27,499,041 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--25.9% - ------------------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--6.9% Cisco Systems, Inc. 1 621,100 15,856,683 - ------------------------------------------------------------------------------------------------------------------------------------ Corning, Inc. 1 1,742,100 39,615,354 - ------------------------------------------------------------------------------------------------------------------------------------ Juniper Networks, Inc. 1 2,164,200 42,591,456 - ------------------------------------------------------------------------------------------------------------------------------------ Tandberg ASA 1 1,110,150 23,103,945 - ------------------------------------------------------------------------------------------------------------------------------------ Telefonaktiebolaget LM Ericsson, B Shares 38,566,000 143,127,286 --------------- 264,294,724 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.1% Benq Corp. 1 11,647,000 4,645,848 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--2.9% Hoya Corp. 850,600 28,053,274 - ------------------------------------------------------------------------------------------------------------------------------------ Keyence Corp. 82,640 18,647,298 - ------------------------------------------------------------------------------------------------------------------------------------ Kyocera Corp. 203,700 19,079,717 - ------------------------------------------------------------------------------------------------------------------------------------ Murata Manufacturing Co. Ltd. 508,500 36,856,690 - ------------------------------------------------------------------------------------------------------------------------------------ Nidec Corp. 138,200 8,860,587 --------------- 111,497,566 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--1.8% eBay, Inc. 1 1,826,400 60,545,160 - ------------------------------------------------------------------------------------------------------------------------------------ Yahoo!, Inc. 1 250,100 7,825,629 --------------- 68,370,789 - ------------------------------------------------------------------------------------------------------------------------------------ IT SERVICES--2.2% Automatic Data Processing, Inc. 903,100 43,710,040 - ------------------------------------------------------------------------------------------------------------------------------------ Infosys Technologies Ltd. 896,126 41,484,329 --------------- 85,194,369
4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE ELECTRONICS--0.4% Canon, Inc. 269,450 $ 14,474,020 - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.8% Advanced Micro Devices, Inc. 1 2,378,000 31,056,680 - ------------------------------------------------------------------------------------------------------------------------------------ Altera Corp. 1 1,173,000 23,448,270 - ------------------------------------------------------------------------------------------------------------------------------------ Cree, Inc. 1 821,900 13,528,474 - ------------------------------------------------------------------------------------------------------------------------------------ International Rectifier Corp. 1 355,100 13,568,371 - ------------------------------------------------------------------------------------------------------------------------------------ Linear Technology Corp. 493,096 15,576,903 - ------------------------------------------------------------------------------------------------------------------------------------ Maxim Integrated Products, Inc. 964,165 28,346,451 - ------------------------------------------------------------------------------------------------------------------------------------ MediaTek, Inc. 2,692,700 30,778,782 - ------------------------------------------------------------------------------------------------------------------------------------ Samsung Electronics Co. 37,722 22,573,858 - ------------------------------------------------------------------------------------------------------------------------------------ Taiwan Semiconductor Manufacturing Co. Ltd. 11,269,837 23,124,076 - ------------------------------------------------------------------------------------------------------------------------------------ Xilinx, Inc. 783,700 20,164,601 --------------- 222,166,466 - ------------------------------------------------------------------------------------------------------------------------------------ SOFTWARE--5.8% Adobe Systems, Inc. 1 1,174,100 48,959,970 - ------------------------------------------------------------------------------------------------------------------------------------ Enix Corp. 542,500 13,920,807 - ------------------------------------------------------------------------------------------------------------------------------------ Intuit, Inc. 1 1,232,100 33,710,256 - ------------------------------------------------------------------------------------------------------------------------------------ Microsoft Corp. 2,322,000 64,714,140 - ------------------------------------------------------------------------------------------------------------------------------------ Nintendo Co. Ltd. 71,000 20,636,032 - ------------------------------------------------------------------------------------------------------------------------------------ SAP AG 907,185 40,488,186 --------------- 222,429,391 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS--0.2% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS--0.2% Syngenta AG 1 47,067 8,976,611 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--3.8% - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--3.8% KDDI Corp. 5,409 42,991,986 - ------------------------------------------------------------------------------------------------------------------------------------ SK Telecom Co. Ltd., ADR 1,368,460 32,049,333 - ------------------------------------------------------------------------------------------------------------------------------------ Vodafone Group plc 26,831,562 71,544,495 --------------- 146,585,814 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES--0.7% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.7% Fortum Oyj 2 840,200 24,501,484 --------------- Total Common Stocks (Cost $2,534,416,729) 3,752,246,560 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS IN AFFILIATED COMPANIES--2.2% - ------------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 3,4 (Cost $82,571,191) 82,571,191 82,571,191 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--2.6% 5 - ------------------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--2.6% Undivided interest of 0.65% in joint repurchase agreement (Principal Amount/Value $1,500,000,000 with a maturity value of $1,500,684,688) with Barclays Capital, 5.4775%, dated 3/30/07, to be repurchased at $9,774,460 on 4/2/07, collateralized by Private Label CMOs, 0.00%, 5/25/35-2/25/47, with a value of $1,575,000,000 $ 9,770,000 9,770,000 - ------------------------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Undivided interest of 1.33% in joint repurchase agreement (Principal Amount/Value $750,000,000 with a maturity value of $750,342,344) with Barclays Capital, 5.4775%, dated 3/30/07, to be repurchased at $10,004,565 on 4/2/07, collateralized by AAA Asset-Backed Securities, 0.00%, 9/15/10-11/25/46, with a value of $772,500,000 $ 10,000,000 $ 10,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Undivided interest of 2.28% in joint repurchase agreement (Principal Amount/Value $3,500,000,000, with a maturity value of $3,501,591,771) with Bank of America NA, 5.4575%, dated 3/30/07, to be repurchased at $79,949,369 on 4/2/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 9/1/33-6/1/35, with a value of $3,570,000,000 79,913,025 79,913,025 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $99,683,025) 99,683,025 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $2,716,670,945) 102.5% 3,934,500,776 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (2.5) (94,150,895) ------------------------------------- NET ASSETS 100.0 $ 3,840,349,881 =====================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 51,475,095 107,295,352 76,199,256 82,571,191
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $82,571,191 $ 883,625
4. Rate shown is the 7-day yield as of March 31, 2007. 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. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: GEOGRAPHIC HOLDINGS VALUE PERCENT - ------------------------------------------------------------------------------- United States $ 1,466,169,203 37.3% United Kingdom 480,798,372 12.2 Japan 426,002,461 10.8 Sweden 244,667,128 6.2 Germany 223,245,475 5.7 France 211,648,537 5.4 Switzerland 130,743,042 3.3 India 102,969,713 2.6 Mexico 91,210,682 2.3 The Netherlands 83,698,006 2.1 Korea, Republic of South 72,467,804 1.9 Brazil 64,457,281 1.6 Canada 62,729,556 1.6 Taiwan 58,548,706 1.5 Cayman Islands 51,036,757 1.3 Spain 41,209,995 1.1 Finland 28,151,306 0.7 Norway 23,103,945 0.6 Italy 18,550,502 0.5 Hong Kong 13,243,943 0.3 Denmark 12,739,259 0.3 Bermuda 10,078,616 0.3 Singapore 8,779,131 0.2 Jersey, Channel Islands 7,445,794 0.2 China 805,562 0.0 ---------------------------- Total $ 3,934,500,776 100.0% ============================ 6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. 7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations in the annual and semiannual reports. As of March 31, 2007, the Fund had outstanding foreign currency contracts as follows:
CONTRACT EXPIRATION AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) MARCH 31, 2007 APPRECIATION DEPRECIATION - ----------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE British Pound Sterling (GBP) 4/2/07 2,048 GBP $ 4,029,589 $ 10,332 $ -- Euro (EUR) 4/2/07 2,185 EUR 2,918,693 6,166 -- Japanese Yen (JPY) 4/3/07 126,283 JPY 1,072,116 453 -- Mexican Nuevo Peso (MXN) 4/2/07 19,578 MXN 1,773,686 1,485 -- Norwegian Krone (NOK) 4/3/07 8,574 NOK 1,410,719 2,649 -- Swedish Krone (SEK) 4/2/07 3,658 SEK 523,811 555 -- ---------------------------- 21,640 -- ---------------------------- CONTRACTS TO SELL Swedish Krone (SEK) 4/3/07 10,074 SEK 1,442,924 -- (2,245) ---------------------------- Total unrealized appreciation and depreciation $ 21,640 $ (2,245) ============================
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 8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- the form of a substitute payment received from the borrower. As of March 31, 2007, the Fund had on loan securities valued at $93,744,764, 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 $99,683,025 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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 $ 2,727,248,119 Federal tax cost of other investments 3,639,612 ----------------- Total federal tax cost $ 2,730,887,731 ================= Gross unrealized appreciation $ 1,251,257,778 Gross unrealized depreciation (44,034,236) ----------------- Net unrealized appreciation $ 1,207,223,542 ================= 9 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--83.7% - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--27.4% - ------------------------------------------------------------------------------------------------------------------------------------ AUTO COMPONENTS--1.4% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 $ 800,000 $ 818,000 - ------------------------------------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,250,000 1,314,063 9% Sr. Unsec. Nts., 7/1/15 445,000 490,613 - ------------------------------------------------------------------------------------------------------------------------------------ Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 900,000 957,375 - ------------------------------------------------------------------------------------------------------------------------------------ Tenneco Automotive, Inc., 10.25% Sr. Sec. Nts., Series B, 7/15/13 900,000 985,500 - ------------------------------------------------------------------------------------------------------------------------------------ United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 400,000 416,000 - ------------------------------------------------------------------------------------------------------------------------------------ Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 800,000 704,000 8.25% Sr. Unsec. Nts., 8/1/10 1,800,000 1,845,000 --------------- 7,530,551 - ------------------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--0.4% General Motors Acceptance Corp., 8% Bonds, 11/1/31 2,250,000 2,419,045 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTORS--0.1% SGS International, Inc., 12% Sr. Unsec. Sub. Nts., 12/15/13 745,000 793,425 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES--0.2% Education Management LLC/Education Management Corp., 10.25% Sr. Unsec. Sub. Nts., 6/1/16 830,000 904,700 - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--6.5% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 1,300,000 1,358,500 - ------------------------------------------------------------------------------------------------------------------------------------ Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 1,200,000 1,258,500 - ------------------------------------------------------------------------------------------------------------------------------------ Buffets, Inc., 12.50% Sr. Unsec. Nts., 11/1/14 315,000 329,175 - ------------------------------------------------------------------------------------------------------------------------------------ CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 1 1,340,000 1,353,400 - ------------------------------------------------------------------------------------------------------------------------------------ French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 1 1,310,000 1,106,950 - ------------------------------------------------------------------------------------------------------------------------------------ Gaylord Entertainment Co.: 6.75% Sr. Unsec. Unsub. Nts., 11/15/14 500,000 489,375 8% Sr. Nts., 11/15/13 700,000 720,125 - ------------------------------------------------------------------------------------------------------------------------------------ Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 1 1,435,000 1,542,625 - ------------------------------------------------------------------------------------------------------------------------------------ Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 1,150,000 1,132,750 9% Sr. Sub. Nts., 3/15/12 600,000 628,500 - ------------------------------------------------------------------------------------------------------------------------------------ Mandalay Resort Group: 9.375% Sr. Sub. Nts., 2/15/10 41,000 44,383 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 800,000 814,000 - ------------------------------------------------------------------------------------------------------------------------------------ MGM Mirage, Inc.: 6.75% Sr. Unsec. Nts., 4/1/13 510,000 508,725 8.375% Sr. Unsec. Sub. Nts., 2/1/11 3,200,000 3,384,000 9.75% Sr. Unsec. Sub. Nts., 6/1/07 800,000 808,000 - ------------------------------------------------------------------------------------------------------------------------------------ Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 440,000 435,600 6.375% Sr. Sub. Nts., 7/15/09 800,000 800,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 915,000 917,288 8% Sr. Sub. Nts., 4/1/12 1,700,000 1,772,250 - ------------------------------------------------------------------------------------------------------------------------------------ NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 800,000 796,000 - ------------------------------------------------------------------------------------------------------------------------------------ Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 1,000,000 1,050,000 - ------------------------------------------------------------------------------------------------------------------------------------ Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 145,000 141,375 6.875% Sr. Sub. Nts., 12/1/11 150,000 150,750
1 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 $ 2,350,000 $ 2,432,250 - ------------------------------------------------------------------------------------------------------------------------------------ Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 1 610,000 675,575 - ------------------------------------------------------------------------------------------------------------------------------------ Six Flags, Inc.: 9.625% Sr. Nts., 6/1/14 957,000 904,365 9.75% Sr. Nts., 4/15/13 850,000 813,875 - ------------------------------------------------------------------------------------------------------------------------------------ Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 1,800,000 1,665,000 6.875% Sr. Unsec. Sub. Nts., 3/1/16 480,000 442,200 - ------------------------------------------------------------------------------------------------------------------------------------ Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 1,500,000 1,522,500 - ------------------------------------------------------------------------------------------------------------------------------------ Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 1,000,000 1,063,750 - ------------------------------------------------------------------------------------------------------------------------------------ Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,108,250 - ------------------------------------------------------------------------------------------------------------------------------------ Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 2,500,000 2,487,500 --------------- 34,657,536 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--1.6% Beazer Homes USA, Inc.: 6.875% Sr. Unsec. Nts., 7/15/15 300,000 269,250 8.375% Sr. Nts., 4/15/12 500,000 483,750 - ------------------------------------------------------------------------------------------------------------------------------------ D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 300,000 332,045 - ------------------------------------------------------------------------------------------------------------------------------------ K. Hovnanian Enterprises, Inc.: 6.50% Sr. Nts., 1/15/14 300,000 270,000 7.75% Sr. Unsec. Sub. Nts., 5/15/13 900,000 823,500 8.875% Sr. Sub. Nts., 4/1/12 800,000 774,000 - ------------------------------------------------------------------------------------------------------------------------------------ KB Home: 8.625% Sr. Sub. Nts., 12/15/08 150,000 154,125 9.50% Sr. Unsec. Sub. Nts., 2/15/11 350,000 359,188 - ------------------------------------------------------------------------------------------------------------------------------------ Meritage Homes Corp., 6.25% Sr. Unsec. Nts., 3/15/15 300,000 272,250 - ------------------------------------------------------------------------------------------------------------------------------------ Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 460,000 486,450 - ------------------------------------------------------------------------------------------------------------------------------------ Standard Pacific Corp.: 6.25% Sr. Unsec. Unsub. Nts., 4/1/14 600,000 531,000 7.75% Sr. Nts., 3/15/13 650,000 627,250 9.25% Sr. Sub. Nts., 4/15/12 700,000 675,500 - ------------------------------------------------------------------------------------------------------------------------------------ Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 500,000 520,625 - ------------------------------------------------------------------------------------------------------------------------------------ WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 800,000 798,000 - ------------------------------------------------------------------------------------------------------------------------------------ William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 1,150,000 1,115,500 --------------- 8,492,433 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.3% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 1,245,000 1,263,675 - ------------------------------------------------------------------------------------------------------------------------------------ Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 2 275,000 272,250 --------------- 1,535,925 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA--14.5% Adelphia Communications Corp.: 7.875% Escrow Shares, Series B, 5/1/09 3,4 360,000 117,900 8.125% Escrow Shares, Series B, 7/15/03 3,4 575,000 194,063 8.375% Escrow Shares, Series B, 2/1/08 3,4 1,000,000 337,500 10.25% Escrow Shares, Series B, 6/15/11 3,4 1,000,000 350,000 10.875% Escrow Shares, Series B, 10/1/10 3,4 1,000,000 337,500 - ------------------------------------------------------------------------------------------------------------------------------------ Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 721,000 - ------------------------------------------------------------------------------------------------------------------------------------ AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 1,050,000 1,073,625
2 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 $ 900,000 $ 821,250 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,450,000 1,377,500 - ------------------------------------------------------------------------------------------------------------------------------------ Block Communications, Inc., 8.25% Sr. Nts., 12/15/15 1 625,000 637,500 - ------------------------------------------------------------------------------------------------------------------------------------ Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.: 10.25% Sr. Unsec. Nts., 9/15/10 2,050,000 2,173,000 10.25% Sr. Unsec. Nts., Series B, 9/15/10 1,845,000 1,953,394 - ------------------------------------------------------------------------------------------------------------------------------------ Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 1 2,450,000 2,563,313 - ------------------------------------------------------------------------------------------------------------------------------------ Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 5 2,700,000 2,484,000 - ------------------------------------------------------------------------------------------------------------------------------------ CSC Holdings, Inc.: 7.625% Sr. Unsec. Debs., 7/15/18 1,500,000 1,522,500 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 900,000 927,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 800,000 838,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 700,000 734,125 9.875% Sr. Sub. Nts., 8/15/13 1,772,000 1,942,555 - ------------------------------------------------------------------------------------------------------------------------------------ Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 5 500,000 468,125 8% Unsec. Nts., 11/15/13 2,250,000 2,368,125 - ------------------------------------------------------------------------------------------------------------------------------------ DirecTV Holdings LLC/DirecTV Financing Co., Inc.: 6.375% Sr. Unsec. Nts., 6/15/15 1,100,000 1,050,500 8.375% Sr. Unsec. Nts., 3/15/13 1,800,000 1,905,750 - ------------------------------------------------------------------------------------------------------------------------------------ EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 2,800,000 2,824,500 7% Sr. Unsec. Nts., 10/1/13 640,000 662,400 7.125% Sr. Unsec. Nts., 2/1/16 800,000 830,000 - ------------------------------------------------------------------------------------------------------------------------------------ Gray Television, Inc., 9.25% Sr. Sub. Nts., 12/15/11 500,000 524,375 - ------------------------------------------------------------------------------------------------------------------------------------ Idearc, Inc., 8% Sr. Nts., 11/15/16 1 2,300,000 2,377,625 - ------------------------------------------------------------------------------------------------------------------------------------ Lamar Media Corp.: 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,357,000 1,329,860 7.25% Sr. Unsec. Sub. Nts., 1/1/13 200,000 203,500 - ------------------------------------------------------------------------------------------------------------------------------------ Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 785,000 772,244 - ------------------------------------------------------------------------------------------------------------------------------------ Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 5 2,200,000 1,941,500 - ------------------------------------------------------------------------------------------------------------------------------------ Mediacom Broadband LLC/Mediacom Broadband Corp.: 8.50% Sr. Nts., 10/15/15 1 1,465,000 1,505,288 8.50% Sr. Unsec. Nts., 10/15/15 280,000 287,700 - ------------------------------------------------------------------------------------------------------------------------------------ Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 957,000 989,299 - ------------------------------------------------------------------------------------------------------------------------------------ MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,400,000 1,235,500 6.875% Sr. Unsec. Sub. Nts., 10/1/13 800,000 732,000 - ------------------------------------------------------------------------------------------------------------------------------------ Nielsen Finance LLC/Nielsen Finance Co.: 0%/12.50% Sr. Sub. Disc. Nts., 8/1/16 1,5 1,090,000 768,450 10% Sr. Nts., 8/1/14 1 3,230,000 3,536,850 - ------------------------------------------------------------------------------------------------------------------------------------ Paxson Communications Corp., 11.61% Sr. Sec. Nts., 1/15/13 1,6 1,165,000 1,220,338 - ------------------------------------------------------------------------------------------------------------------------------------ PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 1,100,000 1,144,000 8.875% Sr. Unsec. Nts., 5/15/11 1,157,000 1,194,603
3 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 1 $ 460,000 $ 468,050 - ------------------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 4,135,000 4,041,963 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,960,000 1,915,900 6.875% Sr. Nts., 1/15/13 2,700,000 2,639,250 8.875% Sr. Unsec. Nts., Series A-3, 1/15/16 2,855,000 3,047,713 - ------------------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 1 1,000,000 1,085,000 - ------------------------------------------------------------------------------------------------------------------------------------ Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 829,000 - ------------------------------------------------------------------------------------------------------------------------------------ Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 1 900,000 961,875 - ------------------------------------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 4,300,000 4,472,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13 730,000 736,388 - ------------------------------------------------------------------------------------------------------------------------------------ Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 1,400,000 1,431,500 10.875% Sr. Unsec. Nts., Series B, 6/15/09 400,000 406,000 - ------------------------------------------------------------------------------------------------------------------------------------ Warner Music Group, 7.375% Sr. Sub. Bonds, 4/15/14 800,000 766,000 - ------------------------------------------------------------------------------------------------------------------------------------ WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 5 2,365,000 1,821,050 - ------------------------------------------------------------------------------------------------------------------------------------ XM Satellite Radio Holdings, Inc., 9.75% Sr. Unsec. Nts., 5/1/14 1,500,000 1,520,625 --------------- 77,120,571 - ------------------------------------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--0.8% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 1,800,000 1,941,750 - ------------------------------------------------------------------------------------------------------------------------------------ Neiman Marcus Group, Inc. (The): 9% Sr. Unsec. Nts., 10/15/15 1,345,000 1,479,500 10.375% Sr. Unsec. Sub. Nts., 10/15/15 625,000 700,000 --------------- 4,121,250 - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--0.6% Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 550,000 547,250 - ------------------------------------------------------------------------------------------------------------------------------------ Gamestop Corp., 8% Sr. Unsec. Nts., 10/1/12 900,000 958,500 - ------------------------------------------------------------------------------------------------------------------------------------ Linens 'N Things, Inc., 10.985% Sr. Sec. Nts., 1/15/14 6 1,335,000 1,248,225 - ------------------------------------------------------------------------------------------------------------------------------------ Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 350,000 354,375 --------------- 3,108,350 - ------------------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--1.0% Invista, Inc., 9.25% Sr. Nts., 5/1/12 1 1,075,000 1,150,250 - ------------------------------------------------------------------------------------------------------------------------------------ Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 2,270,000 2,502,675 - ------------------------------------------------------------------------------------------------------------------------------------ Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 2 500,000 520,000 - ------------------------------------------------------------------------------------------------------------------------------------ Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 975,000 923,813 --------------- 5,096,738 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--5.9% - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES--0.3% Constellation Brands, Inc.: 7.25% Sr. Nts., 9/1/16 1,035,000 1,053,113 8.125% Sr. Sub. Nts., 1/15/12 500,000 520,000 --------------- 1,573,113 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--1.9% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 1,370,000 1,403,125 - ------------------------------------------------------------------------------------------------------------------------------------ Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 4,373,000 5,276,116 - ------------------------------------------------------------------------------------------------------------------------------------ Jean Coutu Group (PJC), Inc. (The), 8.50% Sr. Sub. Nts., 8/1/14 1,200,000 1,308,000 - ------------------------------------------------------------------------------------------------------------------------------------ Real Time Data Co., 11% Disc. Nts., 5/31/09 2,3,4,7 476,601 -- - ------------------------------------------------------------------------------------------------------------------------------------ Rite Aid Corp., 8.125% Sr. Sec. Nts., 5/1/10 900,000 929,250
4 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING CONTINUED Supervalu, Inc., 7.50% Sr. Nts., 11/15/14 $ 1,170,000 $ 1,225,575 --------------- 10,142,066 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--1.6% Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 350,000 347,813 8.625% Sr. Sub. Nts., 12/15/12 1,000,000 1,045,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 420,000 403,200 8.625% Sr. Nts., 5/1/09 687,000 688,718 8.875% Sr. Unsec. Nts., 3/15/11 146,000 144,905 - ------------------------------------------------------------------------------------------------------------------------------------ Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 1,200,000 978,000 - ------------------------------------------------------------------------------------------------------------------------------------ Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.: 9.25% Sr. Nts., 4/1/15 2,8 350,000 346,063 10.625% Sr. Sub. Nts., 4/1/17 2,8 2,122,000 2,098,128 - ------------------------------------------------------------------------------------------------------------------------------------ Smithfield Foods, Inc.: 7% Sr. Nts., 8/1/11 300,000 305,625 7.625% Sr. Unsec. Sub. Nts., 2/15/08 925,000 938,875 8% Sr. Nts., Series B, 10/15/09 2 900,000 942,750 --------------- 8,239,077 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.5% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 900,000 882,000 - ------------------------------------------------------------------------------------------------------------------------------------ Nutro Products, Inc., 10.75% Sr. Sub. Nts., 4/15/14 1 460,000 499,100 - ------------------------------------------------------------------------------------------------------------------------------------ Spectrum Brands, Inc., 7.375% Sr. Unsec. Sub. Nts., 2/1/15 1,900,000 1,529,500 --------------- 2,910,600 - ------------------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--1.2% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,150,000 1,178,750 - ------------------------------------------------------------------------------------------------------------------------------------ Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 1,000,000 1,050,000 9.375% Sr. Unsec. Sub. Nts., 6/1/11 2 1,295,000 1,345,181 - ------------------------------------------------------------------------------------------------------------------------------------ Sally Holdings LLC: 9.25% Sr. Nts., 11/15/14 1 1,630,000 1,682,975 10.50% Sr. Sub. Nts., 11/15/16 1 1,002,000 1,034,565 --------------- 6,291,471 - ------------------------------------------------------------------------------------------------------------------------------------ TOBACCO--0.4% Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 2,265,000 2,384,841 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY--8.2% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--0.7% Basic Energy Services, Inc., 7.125% Sr. Unsec. Nts., 4/15/16 455,000 445,900 - ------------------------------------------------------------------------------------------------------------------------------------ Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 700,000 738,500 - ------------------------------------------------------------------------------------------------------------------------------------ Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 223,210 - ------------------------------------------------------------------------------------------------------------------------------------ PHI, Inc., 7.125% Sr. Unsec. Nts., 4/15/13 545,000 523,200 - ------------------------------------------------------------------------------------------------------------------------------------ RathGibson, Inc., 11.25% Sr. Unsec. Nts., 2/15/14 660,000 699,600 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 800,000 815,000 --------------- 3,445,410 - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS--7.5% Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 900,000 889,875 - ------------------------------------------------------------------------------------------------------------------------------------ Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 450,000 465,750 - ------------------------------------------------------------------------------------------------------------------------------------ Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 260,000 260,000
5 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 $ 1,150,000 $ 1,150,000 6.875% Sr. Unsec. Nts., 1/15/16 1,920,000 1,953,600 7.50% Sr. Nts., 6/15/14 700,000 736,750 - ------------------------------------------------------------------------------------------------------------------------------------ Clayton Williams Energy, Inc., 7.75% Sr. Unsec. Nts., 8/1/13 195,000 184,275 - ------------------------------------------------------------------------------------------------------------------------------------ Compton Petroleum Finance Corp., 7.625% Sr. Nts., 12/1/13 1,400,000 1,375,500 - ------------------------------------------------------------------------------------------------------------------------------------ Copano Energy LLC, 8.125% Sr. Unsec. Nts., 3/1/16 425,000 442,000 - ------------------------------------------------------------------------------------------------------------------------------------ El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 3,000,000 3,150,000 - ------------------------------------------------------------------------------------------------------------------------------------ Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,000,000 1,020,000 - ------------------------------------------------------------------------------------------------------------------------------------ Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 850,000 864,875 - ------------------------------------------------------------------------------------------------------------------------------------ Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 450,000 451,125 - ------------------------------------------------------------------------------------------------------------------------------------ Inergy LP/Inergy Finance Corp., 8.25% Sr. Unsec. Nts., 3/1/16 1,165,000 1,229,075 - ------------------------------------------------------------------------------------------------------------------------------------ Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 4,612,000 4,997,070 - ------------------------------------------------------------------------------------------------------------------------------------ Massey Energy Co., 6.625% Sr. Nts., 11/15/10 400,000 406,000 - ------------------------------------------------------------------------------------------------------------------------------------ Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,600,000 1,608,000 - ------------------------------------------------------------------------------------------------------------------------------------ Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 195,000 195,308 - ------------------------------------------------------------------------------------------------------------------------------------ Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 1,200,000 1,227,000 - ------------------------------------------------------------------------------------------------------------------------------------ Pogo Producing Co.: 6.875% Sr. Unsec. Sub. Nts., 10/1/17 200,000 196,000 7.875% Sr. Unsec. Sub. Nts., 5/1/13 440,000 445,500 - ------------------------------------------------------------------------------------------------------------------------------------ Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 1,000,000 1,080,269 - ------------------------------------------------------------------------------------------------------------------------------------ Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 1,515,000 1,499,850 - ------------------------------------------------------------------------------------------------------------------------------------ Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 745,000 737,550 7.375% Sr. Sub. Nts., 7/15/13 400,000 410,500 7.50% Sr. Sub. Nts., 5/15/16 1,760,000 1,821,600 - ------------------------------------------------------------------------------------------------------------------------------------ Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 1 1,300,000 1,313,000 7.50% Sr. Sec. Nts., 11/30/16 1 2,600,000 2,626,000 - ------------------------------------------------------------------------------------------------------------------------------------ Stone Energy Corp.: 6.75% Sr. Unsec. Sub. Nts., 12/15/14 860,000 808,400 8.25% Sr. Unsec. Sub. Nts., 12/15/11 1,300,000 1,301,625 - ------------------------------------------------------------------------------------------------------------------------------------ Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 1 950,000 973,750 - ------------------------------------------------------------------------------------------------------------------------------------ Teekay Shipping Corp., 8.875% Sr. Nts., 7/15/11 375,000 405,938 - ------------------------------------------------------------------------------------------------------------------------------------ Tesoro Corp.: 6.25% Sr. Unsec. Nts., 11/1/12 515,000 524,656 6.625% Sr. Unsec. Nts., 11/1/15 515,000 524,013 - ------------------------------------------------------------------------------------------------------------------------------------ Whiting Petroleum Corp.: 7.25% Sr. Sub. Nts., 5/1/12 800,000 790,000 7.25% Sr. Unsec. Sub. Nts., 5/1/13 350,000 345,625 - ------------------------------------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 150,000 157,875 8.75% Unsec. Nts., 3/15/32 900,000 1,041,750 - ------------------------------------------------------------------------------------------------------------------------------------ Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 2 300,000 302,625 --------------- 39,912,729 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS--2.1% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--0.6% Berry Plastics Holding Corp.: 8.875% Sr. Sec. Nts., 9/15/14 735,000 755,213
6 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ 9.23% Sr. Sec. Nts., 9/15/14 6 $ 735,000 $ 757,050 - ------------------------------------------------------------------------------------------------------------------------------------ E*TRADE Financial Corp.: 691,000 725,550 7.375% Sr. Unsec. Nts., 9/15/13 8% Sr. Nts., 6/15/11 825,000 872,438 --------------- 3,110,251 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--0.1% Bank Plus Corp., 12% Sr. Nts., 7/18/07 2 517,000 533,156 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--0.1% Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 2 785,000 812,475 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--0.5% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 5 200,000 180,500 - ------------------------------------------------------------------------------------------------------------------------------------ JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 865,000 886,625 - ------------------------------------------------------------------------------------------------------------------------------------ Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 1 920,000 963,700 - ------------------------------------------------------------------------------------------------------------------------------------ Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 270,000 279,788 10.11% Sr. Unsec. Nts., 5/1/10 6 270,000 279,788 --------------- 2,590,401 - ------------------------------------------------------------------------------------------------------------------------------------ REAL ESTATE--0.8% Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 6 837,000 900,821 - ------------------------------------------------------------------------------------------------------------------------------------ Host Hotels & Resorts LP, 6.875% Sr. Unsub. Nts., 11/1/14 260,000 265,200 - ------------------------------------------------------------------------------------------------------------------------------------ Host Marriott LP: 6.375% Sr. Nts., Series O, 3/15/15 2,025,000 2,019,938 6.75% Sr. Nts., Series Q, 6/1/16 500,000 506,250 - ------------------------------------------------------------------------------------------------------------------------------------ Ventas Realty LP/Ventas Capital Corp., 6.75% Sr. Nts., 4/1/17 550,000 572,000 --------------- 4,264,209 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--4.1% - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--0.1% Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 455,000 422,013 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--0.3% Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 2 600,000 628,500 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 800,000 854,000 --------------- 1,482,500 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--3.6% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 700,000 752,500 - ------------------------------------------------------------------------------------------------------------------------------------ Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 900,000 931,500 - ------------------------------------------------------------------------------------------------------------------------------------ DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 890,000 894,450 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,910,000 1,941,038 - ------------------------------------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 1,600,000 1,624,000 - ------------------------------------------------------------------------------------------------------------------------------------ Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 400,000 427,000 - ------------------------------------------------------------------------------------------------------------------------------------ HCA, Inc., 6.375% Nts., 1/15/15 3,698,000 3,166,413 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHSOUTH Corp., 10.75% Sr. Nts., 6/15/16 1 505,000 551,713 - ------------------------------------------------------------------------------------------------------------------------------------ Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 185,000 186,619 6.875% Sr. Sub. Nts., 12/15/15 285,000 288,919 - ------------------------------------------------------------------------------------------------------------------------------------ Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 485,000 494,700 - ------------------------------------------------------------------------------------------------------------------------------------ Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,450,000 1,312,250
7 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 $ 974,000 $ 915,560 7.375% Nts., 2/1/13 77,000 71,899 9.875% Sr. Nts., 7/1/14 1,950,000 1,979,250 - ------------------------------------------------------------------------------------------------------------------------------------ US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 650,000 697,125 10.75% Sr. Unsec. Sub. Nts., 8/15/14 650,000 728,000 - ------------------------------------------------------------------------------------------------------------------------------------ Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 5 2,777,000 2,270,198 --------------- 19,233,134 - ------------------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--0.1% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 2 800,000 778,000 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--7.3% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--1.2% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 910,000 914,550 - ------------------------------------------------------------------------------------------------------------------------------------ BE Aerospace, Inc., 8.875% Sr. Unsec. Sub. Nts., 5/1/11 57,000 58,782 - ------------------------------------------------------------------------------------------------------------------------------------ Bombardier, Inc., 8% Sr. Nts., 11/15/14 1 455,000 473,200 - ------------------------------------------------------------------------------------------------------------------------------------ DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 735,000 746,025 6.875% Sr. Unsec. Sub. Nts., 11/1/13 300,000 304,500 7.625% Sr. Sub. Nts., 2/1/18 320,000 334,400 - ------------------------------------------------------------------------------------------------------------------------------------ L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 684,000 667,755 6.125% Sr. Unsec. Sub. Nts., 1/15/14 1,100,000 1,086,250 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,280,000 1,275,200 7.625% Sr. Sub. Nts., 6/15/12 500,000 517,500 --------------- 6,378,162 - ------------------------------------------------------------------------------------------------------------------------------------ AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 2,3,4 1,575,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--0.5% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 700,000 731,500 - ------------------------------------------------------------------------------------------------------------------------------------ Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 100,000 102,875 - ------------------------------------------------------------------------------------------------------------------------------------ Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 1,060,000 1,070,600 - ------------------------------------------------------------------------------------------------------------------------------------ Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 600,000 586,500 --------------- 2,491,475 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--1.3% Allied Waste North America, Inc.: 7.375% Sr. Sec. Nts., Series B, 4/15/14 2,850,000 2,907,000 9.25% Sr. Sec. Debs., Series B, 9/1/12 283,000 299,980 - ------------------------------------------------------------------------------------------------------------------------------------ American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05 2,3,4 200,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ ARAMARK Corp., 8.50% Sr. Nts., 2/1/15 1 730,000 762,850 - ------------------------------------------------------------------------------------------------------------------------------------ Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,100,000 1,083,500 - ------------------------------------------------------------------------------------------------------------------------------------ Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 890,000 894,450 7.50% Sr. Nts., 5/1/11 500,000 516,250 - ------------------------------------------------------------------------------------------------------------------------------------ FTI Consulting, Inc., 7.75% Sr. Unsec. Nts., 10/1/16 640,000 675,200 --------------- 7,139,230 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION & ENGINEERING--0.0% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 250,000 249,375
8 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--0.2% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 $ 650,000 $ 667,875 - ------------------------------------------------------------------------------------------------------------------------------------ UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 277,000 292,235 --------------- 960,110 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.3% Covalence Specialty Materials Corp., 10.25% Sr. Sub. Nts., 3/1/16 1 1,475,000 1,482,375 - ------------------------------------------------------------------------------------------------------------------------------------ MACHINERY--1.2% Case New Holland, Inc.: 7.125% Sr. Unsec. Nts., 3/1/14 730,000 762,850 9.25% Sr. Nts., 8/1/11 800,000 844,000 - ------------------------------------------------------------------------------------------------------------------------------------ Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 1 600,000 561,000 - ------------------------------------------------------------------------------------------------------------------------------------ Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 740,000 754,800 - ------------------------------------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The): 7.125% Sr. Nts., 11/1/13 150,000 153,750 10.50% Sr. Sub. Nts., 8/1/12 520,000 555,750 - ------------------------------------------------------------------------------------------------------------------------------------ Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 1,700,000 1,657,500 - ------------------------------------------------------------------------------------------------------------------------------------ Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 1,000,000 995,000 --------------- 6,284,650 - ------------------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL--1.3% Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: 7.625% Sr. Nts., 5/15/14 800,000 820,000 7.75% Sr. Nts., 5/15/16 1 455,000 465,238 7.86% Sr. Nts., 5/15/14 1,6 180,000 184,500 - ------------------------------------------------------------------------------------------------------------------------------------ Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 90,000 97,425 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,570,000 1,797,650 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 500,000 513,750 - ------------------------------------------------------------------------------------------------------------------------------------ Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 149,250 7.50% Sr. Unsec. Nts., 11/1/13 928,000 946,560 - ------------------------------------------------------------------------------------------------------------------------------------ TDS Investor Corp., 11.875% Sr. Sub. Nts., 9/1/16 1 1,800,000 1,982,250 --------------- 6,956,623 - ------------------------------------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--1.2% Ashtead Capital, Inc., 9% Nts., 8/15/16 1 440,000 470,800 - ------------------------------------------------------------------------------------------------------------------------------------ H&E Equipment Services, Inc., 8.375% Sr. Unsec. Nts., 7/15/16 480,000 512,400 - ------------------------------------------------------------------------------------------------------------------------------------ Interline Brands, Inc., 8.125% Sr. Sub. Nts., 6/15/14 575,000 596,563 - ------------------------------------------------------------------------------------------------------------------------------------ United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 9 5,000,000 5,012,500 --------------- 6,592,263 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.1% Horizon Lines LLC, 9% Nts., 11/1/12 473,000 499,015 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--3.0% - ------------------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--0.7% NXP BV/NXP Funding LLC, 9.50% Sr. Bonds, 10/15/15 1 3,837,000 3,980,888 - ------------------------------------------------------------------------------------------------------------------------------------ Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 3,4 1,150,000 12 --------------- 3,980,900 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.1% RBS Global & Rexnord Corp.: 9.50% Sr. Nts., 8/1/14 1 75,000 78,375
9 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED 11.75% Sr. Sub. Nts., 8/1/16 1 $ 265,000 $ 285,869 --------------- 364,244 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 2,3,4 [EUR] 846,550 -- - ------------------------------------------------------------------------------------------------------------------------------------ NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 2,3,4 240,208 -- - ------------------------------------------------------------------------------------------------------------------------------------ PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 2,3,4 [EUR] 1,000,000 -- --------------- -- - ------------------------------------------------------------------------------------------------------------------------------------ IT SERVICES--1.3% DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 2 1,186,000 1,269,020 - ------------------------------------------------------------------------------------------------------------------------------------ iPayment Holdings, Inc., 9.75% Sr. Unsec. Sub. Nts., 5/15/14 750,000 772,500 - ------------------------------------------------------------------------------------------------------------------------------------ Iron Mountain, Inc.: 7.75% Sr. Sub. Nts., 1/15/15 200,000 205,000 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,000,000 1,034,000 - ------------------------------------------------------------------------------------------------------------------------------------ SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 700,000 754,250 10.25% Sr. Unsec. Sub. Nts., 8/15/15 2,490,000 2,729,663 --------------- 6,764,433 - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.9% Conexant Systems, Inc., 9.11% Sr. Sec. Nts., 11/15/10 1,6 455,000 472,063 - ------------------------------------------------------------------------------------------------------------------------------------ Freescale Semiconductor, Inc., 10.125% Sr. Sub. Nts., 12/15/16 1 4,036,000 4,066,270 --------------- 4,538,333 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS--9.4% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS--2.7% BCP Crystal US Holdings Corp., 9.625% Sr. Sub. Nts., 6/15/14 1,580,000 1,802,654 - ------------------------------------------------------------------------------------------------------------------------------------ Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp., 0%/10.50% Sr. Unsec. Disc. Nts., Series B, 10/1/14 5 1,600,000 1,494,000 - ------------------------------------------------------------------------------------------------------------------------------------ Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 400,000 419,000 10.125% Sr. Unsec. Nts., 9/1/08 57,000 60,278 10.625% Sr. Unsec. Nts., 5/1/11 1,400,000 1,484,000 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia Gulf Corp., 10.75% Sr. Sub. Nts., 10/15/16 1,465,000 1,413,725 - ------------------------------------------------------------------------------------------------------------------------------------ Huntsman International LLC: 7.875% Sr. Unsec. Sub. Nts., 11/13/14 1 260,000 270,075 8.375% Sr. Sub. Nts., 1/1/15 1,6 420,000 428,400 - ------------------------------------------------------------------------------------------------------------------------------------ Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 6 332,000 372,670 11.625% Sr. Unsec. Nts., 10/15/10 37,000 40,284 - ------------------------------------------------------------------------------------------------------------------------------------ Ineos Group Holdings plc, 8.50% Nts., 2/15/16 1 590,000 567,875 - ------------------------------------------------------------------------------------------------------------------------------------ Innophos, Inc., 8.875% Sr. Unsec. Sub. Nts., 8/15/14 280,000 291,200 - ------------------------------------------------------------------------------------------------------------------------------------ KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 5 750,000 634,688 - ------------------------------------------------------------------------------------------------------------------------------------ Lyondell Chemical Co.: 8% Sr. Unsec. Nts., 9/15/14 1,375,000 1,447,188 8.25% Sr. Unsec. Nts., 9/15/16 735,000 790,125 10.50% Sr. Sec. Nts., 6/1/13 800,000 880,000 11.125% Sr. Sec. Nts., 7/15/12 300,000 322,500
10 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS CONTINUED Mosaic Global Holdings, Inc.: 7.375% Sr. Nts., 12/1/14 1 $ 365,000 $ 382,338 7.625% Sr. Nts., 12/1/16 1 365,000 386,900 - ------------------------------------------------------------------------------------------------------------------------------------ Rockwood Specialties Group, Inc.: 7.50% Sr. Sub. Nts., 11/15/14 400,000 408,000 10.625% Sr. Unsec. Sub. Nts., 5/15/11 291,000 308,460 - ------------------------------------------------------------------------------------------------------------------------------------ Tronox Worldwide LLC/Tronox Finance Corp., 9.50% Sr. Unsec. Nts., 12/1/12 195,000 207,675 --------------- 14,412,035 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.3% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 5 2,420,000 1,766,600 - ------------------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING--3.4% Ball Corp., 6.625% Sr. Nts., 3/15/18 910,000 906,588 - ------------------------------------------------------------------------------------------------------------------------------------ Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 760,000 794,200 - ------------------------------------------------------------------------------------------------------------------------------------ Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 3,500,000 3,587,500 - ------------------------------------------------------------------------------------------------------------------------------------ Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 1,000,000 1,045,000 9.50% Sr. Sub. Nts., 8/15/13 950,000 1,015,313 - ------------------------------------------------------------------------------------------------------------------------------------ Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 350,000 341,250 8.25% Sr. Unsec. Nts., 10/1/12 1,750,000 1,758,750 - ------------------------------------------------------------------------------------------------------------------------------------ MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 294,000 313,845 - ------------------------------------------------------------------------------------------------------------------------------------ Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 500,000 518,750 8.25% Sr. Unsec. Nts., 5/15/13 1,657,000 1,735,708 8.75% Sr. Sec. Nts., 11/15/12 1,350,000 1,427,625 8.875% Sr. Sec. Nts., 2/15/09 2 264,000 270,600 - ------------------------------------------------------------------------------------------------------------------------------------ Pliant Corp., 11.85% Sr. Sec. Nts., 6/15/09 4,7 605,424 688,670 - ------------------------------------------------------------------------------------------------------------------------------------ Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 1,100,000 941,875 - ------------------------------------------------------------------------------------------------------------------------------------ Stone Container Corp., 8.375% Sr. Nts., 7/1/12 220,000 221,650 - ------------------------------------------------------------------------------------------------------------------------------------ Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 1 290,000 326,250 - ------------------------------------------------------------------------------------------------------------------------------------ TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 2,300,000 2,308,625 --------------- 18,202,199 - ------------------------------------------------------------------------------------------------------------------------------------ METALS & MINING--1.7% AK Steel Corp., 7.75% Sr. Unsec. Nts., 6/15/12 1,107,000 1,130,524 - ------------------------------------------------------------------------------------------------------------------------------------ Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 1,000,000 1,032,500 - ------------------------------------------------------------------------------------------------------------------------------------ Gibraltar Industries, Inc., 8% Sr. Unsec. Sub. Nts., Series B, 12/1/15 1,075,000 1,091,125 - ------------------------------------------------------------------------------------------------------------------------------------ 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 1,507,270 - ------------------------------------------------------------------------------------------------------------------------------------ Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 2 614,000 669,260 - ------------------------------------------------------------------------------------------------------------------------------------ Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15 6 1,915,000 2,034,688 - ------------------------------------------------------------------------------------------------------------------------------------ Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 400,000 409,500 - ------------------------------------------------------------------------------------------------------------------------------------ United States Steel Corp., 9.75% Sr. Nts., 5/15/10 505,000 532,775 --------------- 8,728,642 - ------------------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--1.3% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15 1,200,000 1,134,000 - ------------------------------------------------------------------------------------------------------------------------------------ Abitibi-Consolidated, Inc.: 8.55% Nts., 8/1/10 600,000 610,500 8.85% Unsec. Bonds, 8/1/30 500,000 447,500
11 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 $ 380,000 $ 392,350 - ------------------------------------------------------------------------------------------------------------------------------------ Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 350,000 367,500 - ------------------------------------------------------------------------------------------------------------------------------------ Domtar, Inc., 7.125% Nts., 8/15/15 800,000 800,000 - ------------------------------------------------------------------------------------------------------------------------------------ JSG Holding plc, 11.50% Sr. Nts., 10/1/15 1,7 [EUR] 325,525 468,552 - ------------------------------------------------------------------------------------------------------------------------------------ Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 440,000 443,300 - ------------------------------------------------------------------------------------------------------------------------------------ Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 1,000,000 972,500 - ------------------------------------------------------------------------------------------------------------------------------------ Verso Paper Holdings LLC/Verson Paper, Inc.: 9.11% Sr. Sec. Nts., 8/1/14 1,6 530,000 545,900 11.375% Sr. Sub. Nts., 8/1/16 1 530,000 557,825 --------------- 6,739,927 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--10.3% - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--5.2% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 1 3,500,000 3,491,250 - ------------------------------------------------------------------------------------------------------------------------------------ Intelsat Bermuda Ltd., 11.25% Sr. Nts., 6/15/16 1 430,000 490,200 - ------------------------------------------------------------------------------------------------------------------------------------ Intelsat Subsidiary Holding Co. Ltd.: 8.25% Sr. Nts., 1/15/13 6 1,300,000 1,361,750 8.625% Sr. Nts., 1/15/15 625,000 671,875 - ------------------------------------------------------------------------------------------------------------------------------------ Level 3 Financing, Inc.: 8.75% Sr. Nts., 2/15/17 1 481,000 487,013 9.25% Sr. Nts., 11/1/14 1 2,075,000 2,142,438 - ------------------------------------------------------------------------------------------------------------------------------------ Nordic Telephone Co. Holdings ApS, 8.875% Sr. Nts., 5/1/16 1 455,000 489,125 - ------------------------------------------------------------------------------------------------------------------------------------ NTL Cable plc, 9.125% Sr. Nts., 8/15/16 395,000 418,700 - ------------------------------------------------------------------------------------------------------------------------------------ PanAmSat Corp.: 9% Sr. Nts., 6/15/16 1 495,000 547,594 9% Sr. Unsec. Nts., 8/15/14 1,300,000 1,413,750 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Capital Funding, Inc.: 7.25% Unsec. Unsub. Nts., 2/15/11 900,000 925,875 7.90% Unsec. Nts., 8/15/10 757,000 792,958 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 6 600,000 617,250 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Corp.: 7.50% Sr. Unsec. Nts., 10/1/14 880,000 932,800 8.875% Unsec. Unsub. Nts., 3/15/12 3,700,000 4,107,000 - ------------------------------------------------------------------------------------------------------------------------------------ Teligent, Inc., 11.50% Sr. Nts., 12/1/07 2,3,4 400,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Telecom Holdings, Inc., 9.25% Sr. Unsec. Unsub. Nts., 2/15/14 2,650,000 2,848,750 - ------------------------------------------------------------------------------------------------------------------------------------ Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 445,000 481,713 - ------------------------------------------------------------------------------------------------------------------------------------ West Corp.: 9.50% Sr. Nts., 10/15/14 1 1,040,000 1,081,600 11% Sr. Sub. Nts., 10/15/16 1 935,000 991,100 - ------------------------------------------------------------------------------------------------------------------------------------ Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 655,000 712,313 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 2,555,000 2,807,306 - ------------------------------------------------------------------------------------------------------------------------------------ Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 2,3,4 1,000,000 -- --------------- 27,812,360 - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--5.1% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 500,000 529,552
12 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ 11% Sr. Unsec. Nts., 7/31/10 $ 57,000 $ 60,925 - ------------------------------------------------------------------------------------------------------------------------------------ American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 348,000 370,185 - ------------------------------------------------------------------------------------------------------------------------------------ American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 500,000 517,500 7.50% Sr. Nts., 5/1/12 1,450,000 1,511,625 - ------------------------------------------------------------------------------------------------------------------------------------ CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 2,3,4 1,834,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 2,200,000 2,387,000 - ------------------------------------------------------------------------------------------------------------------------------------ Centennial Communications Corp., 10% Sr. Unsec. Nts., 1/1/13 300,000 325,125 - ------------------------------------------------------------------------------------------------------------------------------------ Cricket Communications, Inc., 9.375% Sr. Nts., 11/1/14 1 1,170,000 1,246,050 - ------------------------------------------------------------------------------------------------------------------------------------ Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 470,000 501,138 - ------------------------------------------------------------------------------------------------------------------------------------ Dobson Communications Corp.: 8.875% Sr. Nts., 10/1/13 769,000 795,915 9.61% Sr. Unsec. Nts., 10/15/12 6 290,000 299,788 - ------------------------------------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,590,000 3,716,548 - ------------------------------------------------------------------------------------------------------------------------------------ Nextel Partners, Inc., 8.125% Sr. Nts., 7/1/11 700,000 731,214 - ------------------------------------------------------------------------------------------------------------------------------------ Rogers Wireless, Inc.: 6.375% Sec. Nts., 3/1/14 700,000 721,000 7.50% Sec. Nts., 3/15/15 900,000 979,875 8% Sr. Sub. Nts., 12/15/12 600,000 639,000 - ------------------------------------------------------------------------------------------------------------------------------------ Rural Cellular Corp.: 9.75% Sr. Sub. Nts., 1/15/10 3,357,000 3,474,495 9.875% Sr. Nts., 2/1/10 600,000 636,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sprint Capital Corp., 8.75% Nts., 3/15/32 5,830,000 6,895,759 - ------------------------------------------------------------------------------------------------------------------------------------ US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 500,000 546,147 --------------- 26,884,841 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES--6.0% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--2.0% Edison Mission Energy: 7.50% Sr. Unsec. Nts., 6/15/13 445,000 461,688 7.75% Sr. Unsec. Nts., 6/15/16 525,000 549,938 - ------------------------------------------------------------------------------------------------------------------------------------ ESI Tractebel Acquisition Corp., 7.99% Sec. Bonds, Series B, 12/30/11 782,000 802,979 - ------------------------------------------------------------------------------------------------------------------------------------ Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 4,420,000 4,817,800 - ------------------------------------------------------------------------------------------------------------------------------------ Reliant Energy, Inc.: 6.75% Sr. Sec. Nts., 12/15/14 600,000 636,750 9.25% Sr. Sec. Nts., 7/15/10 457,000 483,849 9.50% Sr. Sec. Nts., 7/15/13 1,825,000 1,996,094 - ------------------------------------------------------------------------------------------------------------------------------------ Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 1,081,000 1,108,891 --------------- 10,857,989 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS--3.6% AES Corp. (The): 7.75% Sr. Unsec. Unsub. Nts., 3/1/14 200,000 211,000 8.75% Sr. Sec. Nts., 5/15/13 1 1,550,000 1,658,500 - ------------------------------------------------------------------------------------------------------------------------------------ AES Red Oak LLC: 8.54% Sr. Sec. Bonds, Series A, 11/30/19 2 568,041 620,584 9.20% Sr. Sec. Bonds, Series B, 11/30/29 2 500,000 572,500 - ------------------------------------------------------------------------------------------------------------------------------------ Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 1,501,000 1,512,258 8.75% Sr. Nts., 2/15/12 1,042,000 1,112,335
13 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS CONTINUED Mirant Americas Generation LLC: 8.30% Sr. Unsec. Nts., 5/1/11 $ 4,400,000 $ 4,532,000 9.125% Sr. Unsec. Nts., 5/1/31 1,200,000 1,284,000 - ------------------------------------------------------------------------------------------------------------------------------------ Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 1,129,345 1,196,400 - ------------------------------------------------------------------------------------------------------------------------------------ NRG Energy, Inc.: 7.375% Sr. Nts., 1/15/17 2,300,000 2,366,125 7.375% Sr. Nts., 2/1/16 4,140,000 4,264,200 --------------- 19,329,902 - ------------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.1% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 400,000 405,104 - ------------------------------------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.3% CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 357,000 368,156 7.75% Sr. Nts., 8/1/10 400,000 426,000 - ------------------------------------------------------------------------------------------------------------------------------------ NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 580,000 573,008 --------------- 1,367,164 --------------- Total Corporate Bonds and Notes (Cost $437,986,077) 445,093,921 SHARES - ------------------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.6% - ------------------------------------------------------------------------------------------------------------------------------------ AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 2,3,7 13,764 -- - ------------------------------------------------------------------------------------------------------------------------------------ Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 2,3 8,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 2,3,7 342 -- - ------------------------------------------------------------------------------------------------------------------------------------ ION Media Networks, Inc.: 14.25% Cum., Non-Vtg. 2,3,7 229 1,785,826 9.75% Cv., Series AI 2,3,7 1 936 - ------------------------------------------------------------------------------------------------------------------------------------ Loral Skynet Corp., 12% Cum., Series A, Non-Vtg. 2,7 600 124,125 - ------------------------------------------------------------------------------------------------------------------------------------ Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 2 10,000 1,558,500 --------------- Total Preferred Stocks (Cost $4,088,542) 3,469,387 - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--0.5% - ------------------------------------------------------------------------------------------------------------------------------------ Adelphia Contingent Value Vehicle 2,3 3,858,003 385,800 - ------------------------------------------------------------------------------------------------------------------------------------ ATA Holdings Corp. 2,3 4,647 69,705 - ------------------------------------------------------------------------------------------------------------------------------------ Cebridge Connections Holding LLC 2,3 18,668 -- - ------------------------------------------------------------------------------------------------------------------------------------ Gulfstream Holding, Inc. 2,3 56 -- - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Cable, Inc., Cl. A 3 58,439 2,189,678 - ------------------------------------------------------------------------------------------------------------------------------------ WRC Media Corp. 2,3 1,353 14 --------------- Total Common Stocks (Cost $2,829,488) 2,645,197 UNITS - ------------------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ ATA Holdings Corp. Wts., Exp. 2/28/11 3 570 4,090 - ------------------------------------------------------------------------------------------------------------------------------------ DeCrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 2,3 1,750 --
14 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
UNITS VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Long Distance International, Inc. Wts., Exp. 4/13/08 2,3 800 $ -- --------------- Total Rights, Warrants and Certificates (Cost $4,339) 4,090 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ STRUCTURED NOTES--0.4% - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2006-1, 7.55%, 5/1/16 2,10 (Cost $1,881,102) $ 1,860,000 1,937,618 SHARES - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS IN AFFILIATED COMPANIES--13.7% - ------------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 11,12,13 (Cost $72,877,611) 72,877,611 72,877,611 TOTAL INVESTMENTS, AT VALUE (COST $519,667,159) 98.9% 526,027,824 - ------------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS NET OF LIABILITIES 1.1 5,909,640 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS 100.0% $ 531,937,464 =====================================
FOOTNOTES TO STATEMENT OF INVESTMENTS Principal amount is reported in U.S. Dollars, except for those denoted in the following currency: EUR Euro 1. 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 $62,422,555 or 11.73% of the Fund's net assets as of March 31, 2007. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2007 was $17,843,616, which represents 3.35% of the Fund's net assets. See accompanying Notes. 3. Non-income producing security. 4. Issue is in default. See accompanying Notes. 5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 6. Represents the current interest rate for a variable or increasing rate security. 7. Interest or dividend is paid-in-kind, when applicable. 8. When-issued security or forward commitment to be delivered and settled after March 31, 2007. See accompanying Notes. 9. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $1,002,500. See accompanying Notes. 10. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 11. Rate shown is the 7-day yield as of March 31, 2007. 12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 29,765,155 73,018,042 29,905,586 72,877,611
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $72,877,611 $ 682,796
13. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National 15 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. CONCENTRATION OF RISKS. The Fund from time to time may have elements of concentration risk due to the value of certain securities held compared to the overall net investments value of the Fund. Such concentrations may subject the Fund to additional risks. 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 take place generally at least ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2007, the Fund had purchased $4,187,436 of securities issued on a when-issued basis or forward commitment and sold $1,726,297 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 March 31, 2007, securities with an aggregate market value of $2,025,645, representing 0.38% 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. 16 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS WITH OFF BALANCE SHEET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and 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 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. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2007, the Fund had outstanding futures contracts as follows: 17 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2007 (DEPRECIATION) - ------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Treasury Nts., 2yr. 6/29/07 164 $ 33,602,063 $ 12,207 -------------- CONTRACTS TO SELL U.S. Treasury Nts., 10yr. 6/20/07 643 69,524,375 (239,212) U.S. Treasury Nts., 30yr. 6/20/07 99 11,013,750 189,496 -------------- (49,716) -------------- $ (37,509) ==============
CREDIT DEFAULT SWAP CONTRACTS A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps to hedge an existing position or to obtain exposure to a security or market by purchasing or selling credit protection. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. The periodic interest fees are accrued daily as a component of unrealized appreciation (depreciation) and are recorded as realized loss (gain) upon payment. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security and the notional amount is recorded as realized gain (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 and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. 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, adverse pricing when purchasing bonds to satisfy its delivery obligation, and the need to fund the delivery obligation (either cash or defaulted securities depending on whether the Fund is the purchaser or seller of the credit default swap contract, respectively). Information regarding such credit default swaps as of March 31, 2007 is as follows:
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE TERMINATION PREMIUM COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATES PAID/(RECEIVED) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc: Dow Jones CDX North America Crossover Index Sell $ 910 1.650% 12/20/11 $ 15,275 $ 8,476 Residential Capital LLC Sell 1,801 1.220 3/20/08 -- 104 Residential Capital LLC Sell 901 1.200 3/20/08 -- (133)
18 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Residential Capital LLC Sell 1,328 1.750 3/20/08 -- 7,034 Smithfield Foods, Inc. Sell 910 1.500 3/20/12 -- (7,170) - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Allied Waste North America, Inc. Sell 980 1.880 3/20/12 -- (16,209) Ford Motor Credit Co. Sell 1,700 2.320 3/20/12 -- (59,604) Univision Communications, Inc. Sell 442 1.100 6/20/08 -- (14) Williams Cos., Inc. Sell 400 1.110 3/20/12 -- 1,885 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc.: Dow Jones CDX North America Crossover Index Sell 3,655 1.650 12/20/11 57,490 30,958 Dow Jones CDX North America Crossover Index Sell 1,370 1.650 12/20/11 23,361 11,645 Dow Jones CDX North America High Yield Index Sell 1,370 3.250 12/20/11 50,804 37,974 Ford Motor Credit Co. Sell 4,100 2.385 3/20/12 -- (134,277) Ford Motor Credit Co. Sell 875 2.550 3/20/12 -- (22,072) GMAC LLC Sell 1,810 1.390 3/20/17 -- (90,794) HCA, Inc. Buy 870 0.750 6/20/08 -- 357 HCA, Inc. Sell 870 3.250 6/20/12 -- 6,257 Inco Ltd. Buy 445 0.580 3/20/17 -- (20) Residential Capital LLC Sell 885 1.300 3/20/08 -- 819 Smithfield Foods, Inc. Sell 900 1.490 3/20/12 -- (6,154) Vale Overseas Ltd. Sell 445 1.030 3/20/17 -- 928 Williams Cos., Inc. Sell 3,000 1.150 3/20/12 -- 18,030 Williams Cos., Inc. Sell 600 1.140 3/20/12 -- 3,866 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Dow Jones CDX North America Crossover Index Sell 7,305 1.650 12/20/11 116,434 71,788 Dow Jones CDX North America Crossover Index Sell 3,645 1.650 12/20/11 57,452 35,820 Dow Jones CDX North America Crossover Index Sell 1,375 1.650 12/20/11 23,737 13,512 Dow Jones CDX North America High Yield Index Sell 3,835 3.250 12/20/11 142,214 113,889 El Paso Corp. Sell 370 1.030 3/20/12 -- 1,690 Ford Motor Co. Buy 1,865 3.650 12/20/08 -- (10,897)
19 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Ford Motor Co. Buy 2,760 3.300 12/20/08 -- (336) Ford Motor Co. Buy 2,200 3.050 12/20/08 -- 8,723 Ford Motor Co. Sell 2,335 6.000 12/20/16 -- (119,943) Ford Motor Co. Sell 3,440 5.850 12/20/16 -- (201,716) Ford Motor Co. Sell 2,750 5.800 12/20/16 -- (167,921) Ford Motor Credit Co. Sell 2,805 2.390 3/20/12 -- (89,498) Ford Motor Credit Co. Sell 1,360 2.340 3/20/12 -- (45,913) General Motors Corp. Buy 1,865 2.550 12/20/08 -- (3,518) General Motors Corp. Buy 2,200 2.030 12/20/08 -- 14,669 General Motors Corp. Sell 1,865 4.750 12/20/16 -- (56,670) General Motors Corp. Sell 2,200 4.680 12/20/16 -- (75,013) GMAC LLC Sell 1,820 1.370 3/20/17 -- (94,966) Inco Ltd. Buy 910 0.420 3/20/17 -- 4,838 Inco Ltd. Buy 840 0.630 3/20/17 -- (5,248) Vale Oversees Ltd. Sell 910 1.000 3/20/17 -- 9,937 Vale Oversees Ltd. Sell 840 1.050 3/20/17 -- 12,472 Williams Cos., Inc. Sell 990 1.020 3/20/12 -- 3,254 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: General Motors Corp. Buy 1,865 2.700 12/20/08 -- (20,426) General Motors Corp. Sell 1,865 4.950 12/20/16 -- (32,086) GMAC LLC Sell 910 1.390 3/20/17 -- (49,124) GMAC LLC Sell 1,095 1.390 3/20/17 -- (59,111) GMAC LLC Sell 1,030 1.370 3/20/17 -- (56,853) GMAC LLC Sell 2,290 1.390 3/20/17 -- (123,620) K. Hovnanian Enterprises, Inc. Sell 1,097 2.000 6/20/08 -- (3,084) K. Hovnanian Enterprises, Inc. Sell 1,775 2.000 6/20/08 -- (4,990) K. Hovnanian Enterprises, Inc. Sell 1,775 1.800 6/20/08 -- (4,990) Residential Capital LLC Sell 900 1.180 3/20/08 -- (1,035) Residential Capital LLC Sell 879 1.360 3/20/08 -- 507 Standard-Pacific Corp. Sell 3,410 2.200 6/20/08 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
20 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- JPMorgan Chase Bank: Ford Motor Co. Buy 1,865 3.600 12/20/08 -- (17,984) Ford Motor Co. Sell 2,335 6.000 12/20/16 -- (115,445) General Motors Corp. Buy 2,760 2.350 12/20/08 -- (4,044) General Motors Corp. Sell 2,760 4.750 12/20/16 -- (80,502) Inco Ltd. Buy 460 0.520 3/20/17 -- 700 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: Allied Waste North America, Inc. Sell 840 1.880 3/20/12 -- (11,396) Allied Waste North America, Inc. Sell 330 1.880 3/20/12 -- (4,477) Dow Jones CDX North American High Yield Index Sell 899 3.250 12/20/11 17,406 24,329 Dow Jones CDX North American High Yield Index Sell 899 3.250 12/20/11 17,406 24,329 GMAC LLC Sell 910 1.400 3/20/17 -- (48,798) GMAC LLC Sell 975 1.400 3/20/17 -- (52,284) HCA, Inc. Buy 885 0.725 3/20/08 -- (355) HCA, Inc. Sell 885 3.225 3/20/12 -- 15,450 Smithfield Foods, Inc. Sell 1,190 1.580 3/20/12 -- (3,846) Univision Communications, Inc. Sell 442 1.100 6/20/08 -- (260) Univision Communications, Inc. Sell 884 1.150 6/20/08 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Dow Jones CDX North America Crossover Index Sell 910 1.650 12/20/11 15,272 8,470 Ford Motor Co. Buy 1,865 3.700 12/20/08 -- (15,544) Ford Motor Co. Buy 120 2.450 12/20/08 -- 1,452 Ford Motor Co. Sell 2,335 6.150 12/20/16 -- (97,968) Ford Motor Co. Sell 150 5.900 12/20/16 -- (8,114) General Motors Corp. Buy 1,865 2.700 12/20/08 -- (8,587) General Motors Corp. Buy 120 1.650 12/20/08 -- 1,525 General Motors Corp. Sell 1,865 4.900 12/20/16 -- (41,100) General Motors Corp. Sell 120 4.620 12/20/16 -- (4,477) Inco Ltd. Buy 895 0.520 3/20/17 -- 2,584 Inco Ltd. Buy 905 0.520 3/20/17 -- 2,613
21 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Inco Ltd. Buy 880 0.600 3/20/17 -- (3,158) Smithfield Foods, Inc. Sell 140 1.510 3/20/12 -- (648) Vale Overseas Ltd. Sell 460 1.060 3/20/17 -- 2,725 Vale Overseas Ltd. Sell 895 0.970 3/20/17 -- (778) Vale Overseas Ltd. Sell 905 0.920 3/20/17 -- (4,202) Vale Overseas Ltd. Sell 880 1.040 3/20/17 -- 4,331 -------------------------- $ 536,851 $(1,579,432) ==========================
ILLIQUID SECURITIES As of March 31, 2007, 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. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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 $ 520,383,232 Federal tax cost of other investments (46,361,703) -------------- Total federal tax cost $ 474,021,529 ============== Gross unrealized appreciation $ 15,367,143 Gross unrealized depreciation (11,876,342) -------------- Net unrealized appreciation $ 3,490,801 ============== 22 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES--1.3% - ------------------------------------------------------------------------------------------------------------------------------------ Ace Securities Corp. Home Equity Loan Trust, Asset-Backed Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 5.50%, 11/25/35 1 $ 420,000 $ 420,370 - ------------------------------------------------------------------------------------------------------------------------------------ Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 5.38%, 4/20/08 1 200,000 200,090 - ------------------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.80%, 5/25/34 1 1,394,659 1,400,033 - ------------------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 5.42%, 9/25/36 1,2 530,000 529,379 - ------------------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 5.42%, 5/26/36 1 810,000 809,732 - ------------------------------------------------------------------------------------------------------------------------------------ BMW Vehicle Owner Trust 2006-A, Automobile Asset-Backed Securities, Series 2006-A, Cl. A2, 5.30%, 5/26/09 1,000,000 1,000,110 - ------------------------------------------------------------------------------------------------------------------------------------ Capital Auto Receivables Asset Trust 2004-2, Automobile Asset-Backed Securities, Series 2004-2, Cl. A3, 3.58%, 1/15/09 740,000 734,685 - ------------------------------------------------------------------------------------------------------------------------------------ Centex Home Equity Loan Trust 2005-D, Asset-Backed Certificates, Series 2005-D, Cl. AF1, 5.04%, 10/25/35 100,984 100,660 - ------------------------------------------------------------------------------------------------------------------------------------ Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 5.42%, 5/16/36 1 1,000,000 1,000,231 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 5.42%, 10/31/36 1,2 620,000 619,613 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-10, Asset-Backed Certificates, Series 2005-10, Cl. AF1, 5.48%, 2/25/36 1 126,256 126,344 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 1,530,000 1,525,447 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates: Series 2005-17, Cl. 1AF1, 5.52%, 5/25/36 1 242,647 242,813 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 200,000 199,373 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 5.44%, 12/25/29 1 1,050,000 1,049,761 - ------------------------------------------------------------------------------------------------------------------------------------ DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates, Series 2006-C, Cl. A2, 5.33%, 5/8/09 1,760,000 1,758,979 - ------------------------------------------------------------------------------------------------------------------------------------ Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 2,3,4 1,820,063 18,201 - ------------------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 5.53%, 11/25/35 1 1,170,000 1,171,049 - ------------------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 5.41%, 7/25/36 1 840,000 840,005 - ------------------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2006-FF5, Mtg. Pass-Through Certificates, Series 2006-FF5, Cl. 2A1, 5.37%, 5/15/36 1 326,885 327,103 - ------------------------------------------------------------------------------------------------------------------------------------ First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 5.43%, 7/7/36 1 430,000 430,100 - ------------------------------------------------------------------------------------------------------------------------------------ Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A3, 3.48%, 11/17/08 202,941 202,051 - ------------------------------------------------------------------------------------------------------------------------------------ Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates: Series 2005-3, Cl. A1, 5.58%, 1/20/35 1 347,470 347,536 Series 2006-4, Cl. A2V, 5.43%, 3/20/36 1,2 390,000 389,921
1 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 $ 395,022 $ 392,698 Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 1 329,086 327,878 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 300,191 299,094 - ------------------------------------------------------------------------------------------------------------------------------------ Mastr Asset Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 5.42%, 8/25/36 1,2 1,310,000 1,310,039 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley ABS Capital I, Mtg. Pass-Through Certificates, Series 2005-WMC6, Cl. A2B, 5.58%, 7/25/35 1 480,000 480,706 - ------------------------------------------------------------------------------------------------------------------------------------ NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 0.64%, 1/25/29 2 66,744 14,016 - ------------------------------------------------------------------------------------------------------------------------------------ Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 5.42%, 7/1/36 1 1,420,000 1,420,089 - ------------------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 1 230,170 228,793 - ------------------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 320,000 321,297 - ------------------------------------------------------------------------------------------------------------------------------------ RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 348,197 346,125 - ------------------------------------------------------------------------------------------------------------------------------------ RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 5.40%, 7/25/36 1 380,649 380,886 - ------------------------------------------------------------------------------------------------------------------------------------ RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 5.42%, 9/25/36 1 1,070,000 1,070,084 - ------------------------------------------------------------------------------------------------------------------------------------ Specialty Underwriting & Residential Finance Trust, Home Equity Asset-Backed Obligations, Series 2005-BC3, Cl. A2B, 5.57%, 6/25/36 1 3,530,000 3,537,403 - ------------------------------------------------------------------------------------------------------------------------------------ Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 22.36%, 6/7/11 1,2 950,000 950,000 - ------------------------------------------------------------------------------------------------------------------------------------ Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1, 5.38%, 4/25/36 1 1,064,930 1,065,338 - ------------------------------------------------------------------------------------------------------------------------------------ Structured Asset Securities Corp., Mtg. Pass-Through Certificates: Series 2003-25XS, Cl. A4, 4.51%, 8/25/33 9,611 9,584 Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 363,453 362,841 - ------------------------------------------------------------------------------------------------------------------------------------ Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 8.62%, 11/14/13 1,2 655,000 655,000 - ------------------------------------------------------------------------------------------------------------------------------------ Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 5.42%, 7/25/36 1 840,000 839,829 --------------- Total Asset-Backed Securities (Cost $31,325,066) 29,455,286 - ------------------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS--19.9% - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 690,000 677,819 Series 2006-5, Cl. A2, 5.348%, 10/10/11 1,700,000 1,711,761 - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 434,159 442,073 - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 371,429 375,376 Series 2005-E, Cl. 2A2, 4.972%, 6/25/35 1 20,300 20,284 - ------------------------------------------------------------------------------------------------------------------------------------ ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 5.42%, 8/25/08 1,2 579,994 580,512
2 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 $ 260,000 $ 259,284 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 2,710,000 2,723,550 - ------------------------------------------------------------------------------------------------------------------------------------ Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,082,501 1,097,386 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB1, Cl. A2A, 5.50%, 2/25/36 1,642,166 1,633,684 Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 1,062,374 1,059,536 Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 356,875 357,186 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 2,755,987 2,761,284 - ------------------------------------------------------------------------------------------------------------------------------------ DLJ Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-CF2, Class A1B, 6.24%, 11/12/31 1,568,764 1,586,160 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp.: 4.50%, 12/1/18-7/1/19 4,382,388 4,254,319 5%, 9/1/33 3,666,582 3,553,999 6%, 5/1/18-10/1/29 5,815,355 5,910,297 6.50%, 4/1/18-6/1/35 5,863,613 6,023,491 6.50%, 3/1/18 5 2,258,332 2,336,097 7%, 3/1/31-10/1/31 566,358 588,520 7.50%, 4/1/36 1,799,031 1,886,414 11%, 11/1/14 16,981 17,681 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Gtd. Multiclass Mtg. Participation Certificates: Series 1897, Cl. K, 7%, 9/15/26 2,448,957 2,523,770 Series 2191, Cl. MF, 5.92%, 12/17/27 1 68,487 68,572 Series 2410, Cl. PF, 6.30%, 2/15/32 1 3,921,368 4,017,149 Series 2435, Cl. EQ, 6%, 5/15/31 2,100,000 2,114,906 Series 2453, Cl. BD, 6%, 5/15/17 350,610 357,428 Series 2641, Cl. CE, 3.50%, 9/15/25 1,112,158 1,086,250 Series 2727, Cl. UA, 3.50%, 10/15/22 629,475 619,109 Series 2736, Cl. DB, 3.30%, 11/15/26 4,850,544 4,707,393 Series 2777, Cl. PJ, 4%, 5/15/24 649,245 640,686 Series 2934, Cl. NA, 5%, 4/15/24 1,682,610 1,675,849 Series 3105, Cl. BD, 5.50%, 1/15/26 1,500,000 1,499,297 Series 3138, Cl. PA, 5.50%, 2/15/27 6,373,065 6,397,718 - ------------------------------------------------------------------------------------------------------------------------------------ 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 2,164,800 2,287,595 Series 1674, Cl. Z, 6.75%, 2/15/24 1,575,237 1,635,545 Series 2002-66, Cl. FG, 6.32%, 9/25/32 1 2,638,707 2,686,287 Series 2002-84, Cl. FB, 6.32%, 12/25/32 1 2,638,709 2,713,374 Series 2003-11, Cl. FA, 6.32%, 9/25/32 1 2,638,621 2,713,208 Series 2006-11, Cl. PS, 5.06%, 3/25/36 1 869,932 872,440 Series 2043, Cl. ZP, 6.50%, 4/15/28 1,082,059 1,115,110 Series 2055, Cl. ZM, 6.50%, 5/15/28 194,293 198,114 Series 2080, Cl. Z, 6.50%, 8/15/28 123,541 126,638 Series 2106, Cl. FG, 5.77%, 12/15/28 1 2,726,492 2,757,310 Series 2116, Cl. ZA, 6%, 1/15/29 1,071,751 1,094,380 Series 2135, Cl. OH, 6.50%, 3/15/29 1,595,714 1,644,238 Series 2173, Cl. Z, 6.50%, 7/15/29 921,896 951,275 Series 2195, Cl. LH, 6.50%, 10/15/29 1,169,498 1,200,161
3 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Series 2326, Cl. ZP, 6.50%, 6/15/31 $ 202,512 $ 207,856 Series 2344, Cl. FP, 6.27%, 8/15/31 1 824,123 841,474 Series 2368, Cl. PR, 6.50%, 10/15/31 791,431 813,646 Series 2387, Cl. PD, 6%, 4/15/30 48,127 48,158 Series 2412, Cl. GF, 6.27%, 2/15/32 1 1,918,013 1,963,065 Series 2451, Cl. FD, 6.32%, 3/15/32 1 617,085 631,714 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,578,282 1,656,516 Series 2464, Cl. FI, 6.32%, 2/15/32 1 616,287 632,340 Series 2470, Cl. AF, 6.32%, 3/15/32 1 1,059,134 1,086,808 Series 2470, Cl. LF, 6.32%, 2/15/32 1 630,681 647,551 Series 2471, Cl. FD, 6.32%, 3/15/32 1 1,143,311 1,175,110 Series 2500, Cl. FD, 5.82%, 3/15/32 1 61,161 61,780 Series 2517, Cl. GF, 6.32%, 2/15/32 1 548,344 565,228 Series 2526, Cl. FE, 5.72%, 6/15/29 1 88,628 89,459 Series 2551, Cl. FD, 5.72%, 1/15/33 1 68,962 69,628 Series 2583, Cl. KA, 5.50%, 3/15/22 63,256 63,167 Series 2939, Cl. PE, 5%, 2/15/35 1,585,000 1,486,556 Series 3025, Cl. SJ, 5.243%, 8/15/35 1 1,099,220 1,118,781 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 54,172 54,034 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. IO, 12.456%, 7/1/26 6 230,991 50,848 Series 192, Cl. IO, 13.749%, 2/1/28 6 60,306 14,328 Series 200, Cl. IO, 12.107%, 1/1/29 6 71,401 15,930 Series 216, Cl. IO, 12.223%, 12/1/31 6 533,596 115,043 Series 2003-118, Cl. S, 8.73%, 12/25/33 6 1,488,465 177,520 Series 2003-13, Cl. IO, 7.68%, 3/25/33 6 1,324,497 303,550 Series 2003-26, Cl. IO, 7.763%, 4/25/33 6 1,066,826 249,698 Series 2005-87, Cl. SE, 5.397%, 10/25/35 6 14,282,936 556,767 Series 2005-87, Cl. SG, 9.456%, 10/25/35 6 3,834,152 228,685 Series 205, Cl. IO, 9.041%, 9/1/29 6 304,714 68,863 Series 2074, Cl. S, (0.522)%, 7/17/28 6 77,407 7,819 Series 2079, Cl. S, (1.176)%, 7/17/28 6 125,023 13,859 Series 208, Cl. IO, (17.168)%, 6/1/30 6 347,066 76,622 Series 2177, Cl. S, 6.303%, 8/15/29 6 3,702,647 315,889 Series 224, Cl. IO, 7.682%, 3/1/33 6 1,535,258 344,394 Series 243, Cl. 6, 26.368%, 12/15/32 6 957,987 217,293 Series 2437, Cl. SB, 8.794%, 4/15/32 6 5,904,353 485,536 Series 2526, Cl. SE, 1.18%, 6/15/29 6 165,697 8,090 Series 2802, Cl. AS, 1.619%, 4/15/33 6 1,676,447 99,220 Series 2920, Cl. S, (4.235)%, 1/15/35 6 1,372,070 64,981 Series 3000, Cl. SE, (4.548)%, 7/15/25 6 1,567,269 60,856 Series 3110, Cl. SL, 4.408%, 2/15/26 6 858,479 30,411 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn.: 4.50%, 5/1/18-12/1/20 30,603,950 29,690,083
4 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ 5%, 12/1/17-3/1/34 $ 44,826,806 $ 43,817,444 5%, 12/1/17-4/1/22 7 28,292,763 27,934,425 5.50%, 3/1/33-1/1/34 18,802,956 18,654,754 5.50%, 4/1/22-4/1/37 7 31,901,000 31,611,998 6%, 10/1/16-4/1/33 18,240,474 18,488,791 6%, 4/1/22-4/1/37 7 37,603,000 38,091,700 6.50%, 3/1/17-1/1/34 17,480,428 17,959,044 6.50%, 4/1/37 7 11,444,000 11,676,451 7%, 11/1/17-6/1/34 8,642,583 9,020,443 7%, 4/1/36 7 1,180,000 1,217,243 7.50%, 2/1/27-3/1/33 5,122,988 5,373,813 8.50%, 7/1/32 10,218 11,016 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 1,180,000 1,218,176 Trust 2001-44, Cl. QC, 6%, 9/25/16 2,565,527 2,611,552 Trust 2001-50, Cl. NE, 6%, 8/25/30 30,424 30,477 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 600,537 615,235 Trust 2001-69, Cl. PF, 6.32%, 12/25/31 1 1,260,000 1,289,049 Trust 2001-70, Cl. LR, 6%, 9/25/30 63,577 63,583 Trust 2001-72, Cl. NH, 6%, 4/25/30 7,066 7,050 Trust 2001-74, Cl. PD, 6%, 5/25/30 5,602 5,586 Trust 2001-80, Cl. ZB, 6%, 1/25/32 1,423,952 1,449,982 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 568,112 588,398 Trust 2002-12, Cl. PG, 6%, 3/25/17 1,070,361 1,090,503 Trust 2002-29, Cl. F, 6.32%, 4/25/32 1 667,848 689,020 Trust 2002-56, Cl. KW, 6%, 4/25/23 2,810,000 2,839,558 Trust 2002-60, Cl. FH, 6.32%, 8/25/32 1 1,390,282 1,432,319 Trust 2002-64, Cl. FJ, 6.32%, 4/25/32 1 205,652 210,688 Trust 2002-68, Cl. FH, 5.82%, 10/18/32 1 477,522 485,002 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,121,607 1,142,708 Trust 2002-9, Cl. PR, 6%, 3/25/17 1,373,354 1,399,191 Trust 2003-116, Cl. FA, 5.72%, 11/25/33 1 177,521 178,842 Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 1,452,000 1,427,701 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 890,000 874,693 Trust 2003-81, Cl. PW, 4%, 3/25/25 1,335,657 1,314,000 Trust 2003-84, Cl. AJ, 3%, 4/25/13 1,692,258 1,662,324 Trust 2003-84, Cl. PW, 3%, 6/25/22 843,243 831,385 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 619,958 Trust 2004-52, Cl. JR, 4.50%, 7/25/24 2,576,515 2,551,608 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 520,000 503,428 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,107,974 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 551,831 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 448,030 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 2,220,000 2,225,852 Trust 2006-46, Cl. SW, 4.693%, 6/25/36 1 1,485,784 1,462,105 Trust 2006-50, Cl. KS, 4.693%, 6/25/36 1 646,067 630,628 Trust 2006-50, Cl. SA, 4.693%, 6/25/36 1 443,238 432,589 Trust 2006-50, Cl. SK, 4.693%, 6/25/36 1 1,207,868 1,175,634 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 2,571,330 2,576,950
5 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 8.447%, 11/18/31 6 $ 778,586 $ 78,458 Trust 2001-63, Cl. SD, 1.791%, 12/18/31 6 176,079 17,751 Trust 2001-68, Cl. SC, 1.169%, 11/25/31 6 122,322 11,828 Trust 2001-81, Cl. S, 0.36%, 1/25/32 6 146,628 14,286 Trust 2002-28, Cl. SA, (0.509)%, 4/25/32 6 85,318 7,872 Trust 2002-38, Cl. IO, (5.08)%, 4/25/32 6 425,536 24,675 Trust 2002-48, Cl. S, (0.163)%, 7/25/32 6 137,213 13,205 Trust 2002-52, Cl. SL, (0.128)%, 9/25/32 6 85,730 8,314 Trust 2002-56, Cl. SN, 0.843%, 7/25/32 6 188,548 19,061 Trust 2002-77, Cl. IS, (0.147)%, 12/18/32 6 724,987 66,182 Trust 2002-77, Cl. SH, 0.601%, 12/18/32 6 187,700 18,472 Trust 2002-9, Cl. MS, (0.158)%, 3/25/32 6 182,165 17,829 Trust 2003-33, Cl. SP, 9.60%, 5/25/33 6 1,229,223 155,454 Trust 2003-4, Cl. S, 7.067%, 2/25/33 6 378,109 44,070 Trust 2005-105, Cl. S, 8.513%, 12/25/35 6 3,658,809 216,853 Trust 2005-40, Cl. SA, (4.234)%, 5/25/35 6 3,877,984 190,264 Trust 2005-40, Cl. SB, (2.161)%, 5/25/35 6 936,786 50,759 Trust 2005-71, Cl. SA, 3.17%, 8/25/25 6 994,542 58,125 Trust 2005-83, Cl. SL, 7.325%, 10/25/35 6 5,378,490 309,234 Trust 2005-85, Cl. SA, 3.345%, 10/25/35 6 14,669,557 657,507 Trust 2006-119, Cl. MS, 8.231%, 12/25/36 6 2,923,566 174,843 Trust 2006-33, Cl. SP, 12.46%, 5/25/36 6 3,349,961 288,541 Trust 2006-34, Cl. SK, 12.011%, 5/25/36 6 6,073,756 518,431 Trust 2006-90, Cl. SX, 11.453%, 9/25/36 6 3,826,909 229,592 Trust 214, Cl. 2, 16.026%, 3/1/23 6 947,699 222,941 Trust 221, Cl. 2, 11.121%, 5/1/23 6 103,072 24,368 Trust 240, Cl. 2, 19.278%, 9/1/23 6 195,420 45,367 Trust 254, Cl. 2, 4.934%, 1/1/24 6 1,577,532 375,944 Trust 2682, Cl. TQ, 12.706%, 10/15/33 6 1,435,832 84,062 Trust 2981, Cl. BS, 12.391%, 5/15/35 6 2,720,068 139,902 Trust 301, Cl. 2, 4.029%, 4/1/29 6 425,249 96,597 Trust 313, Cl. 2, (14.519)%, 6/1/31 6 459,158 106,528 Trust 319, Cl. 2, 9.968%, 2/1/32 6 138,965 32,722 Trust 321, Cl. 2, 9.70%, 4/1/32 6 616,997 145,385 Trust 324, Cl. 2, 4.109%, 7/1/32 6 1,078,358 252,407 Trust 329, Cl. 2, 8.245%, 1/1/33 6 3,379,315 775,645 Trust 334, Cl. 12, 5.41%, 2/1/33 6 1,997,593 465,641 Trust 342, Cl. 2, 8.84%, 9/1/33 6 7,733,138 1,780,942 Trust 344, Cl. 2, 6.063%, 12/1/33 6 3,536,017 811,521 Trust 346, Cl. 2, 11.829%, 12/1/33 6 4,716,996 1,077,248 Trust 350, Cl. 2, 10.052%, 3/1/34 6 9,378,989 2,143,192 Trust 362, Cl. 12, 5.575%, 8/1/35 6 1,443,273 321,563 Trust 362, Cl. 13, 5.609%, 8/1/35 6 862,773 189,798
6 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 $ 812,985 $ 820,021 - ------------------------------------------------------------------------------------------------------------------------------------ GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 390,000 384,538 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 430,000 427,009 - ------------------------------------------------------------------------------------------------------------------------------------ GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 68,392 68,393 Series 1998-C1, Cl. F, 7.084%, 5/15/30 1 1,567,000 1,655,796 - ------------------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn.: 6.125%, 11/20/25 1 9,941 10,072 7%, 3/15/28-7/15/28 461,638 483,062 7.50%, 2/15/27 45,829 47,904 8%, 11/15/25-5/15/26 122,513 130,029 - ------------------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., CMO, Series 2001-62, Cl. KZ, 6.50%, 12/16/31 2,618,279 2,723,563 - ------------------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,836,679 1,985,553 Series 2000-12, Cl. ZA, 8%, 2/16/30 4,466,283 4,816,140 - ------------------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, (0.921)%, 7/16/28 6 251,072 26,485 Series 1998-6, Cl. SA, (0.406)%, 3/16/28 6 152,061 15,485 Series 2001-21, Cl. SB, (3.762)%, 1/16/27 6 1,193,495 84,936 Series 2006-47, Cl. SA, 14.663%, 8/16/36 6 2,334,151 142,878 - ------------------------------------------------------------------------------------------------------------------------------------ Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 500,000 490,669 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,725,000 1,726,622 Series 2007-GG9, Cl. A2, 5.381%, 7/10/12 2 1,990,000 2,006,333 - ------------------------------------------------------------------------------------------------------------------------------------ GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A2, 5.479%, 11/10/39 1 1,702,000 1,724,865 - ------------------------------------------------------------------------------------------------------------------------------------ JP Morgan Mortgage Trust, CMO Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.716%, 2/25/32 1 2,181,142 2,208,789 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 160,000 157,549 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 2,225,000 2,202,659 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 2,380,000 2,384,831 - ------------------------------------------------------------------------------------------------------------------------------------ LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2005-C5, Cl. A2, 4.885%, 9/15/30 520,000 517,579 Series 2007-C1, Cl. A2, 5.318%, 1/15/12 2,210,000 2,227,007 - ------------------------------------------------------------------------------------------------------------------------------------ Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-6, Cl. 10A1, 6%, 7/25/34 535,304 535,219 Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 271,704 269,436 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 1997-XL1, Cl. G, 7.695%, 10/3/30 390,000 361,547 - ------------------------------------------------------------------------------------------------------------------------------------ Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 2,857,674 2,883,817
7 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ 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 $ 591,966 - ------------------------------------------------------------------------------------------------------------------------------------ RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 1,584,510 1,581,274 - ------------------------------------------------------------------------------------------------------------------------------------ RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 1,322,396 1,319,365 - ------------------------------------------------------------------------------------------------------------------------------------ Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,613,285 1,609,142 - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Obligations, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 820,000 812,665 - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Asset-Backed Securities, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 1,357,000 1,362,581 - ------------------------------------------------------------------------------------------------------------------------------------ WAMU Mortgage Pass-Through Certificates: Series 2005-AR5, Cl. A1, 4.675%, 5/25/35 1 167,059 166,924 Series 2005-AR8, Cl. 2AB1, 5.57%, 7/25/45 1 199,252 199,370 --------------- Total Mortgage-Backed Obligations (Cost $449,099,358) 450,015,854 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--5.0% - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Bank Unsec. Bonds, Series 2, 5%, 2/20/09 8 1,000,000 1,002,404 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp. Unsec. Nts.: 4.125%, 7/12/10 2,066,000 2,025,223 4.75%, 3/5/12 31,550,000 31,446,895 5.208%, 2/4/08 9 10,880,000 10,429,002 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn. Unsec. Nts.: 4.25%, 7/15/07 8 2,198,000 2,191,727 4.75%, 12/15/10 8 1,715,000 1,712,136 5%, 10/15/11-2/13/17 8 13,200,000 13,264,804 6%, 5/15/11 8,10 13,060,000 13,629,991 7.25%, 1/15/10 5,077,000 5,398,729 - ------------------------------------------------------------------------------------------------------------------------------------ Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.155%, 1/15/21 8,9 5,667,000 2,823,979 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bills, 4.965%, 7/26/07 8,11,12 27,000,000 26,582,364 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds: 4.50%, 2/15/36 8 50,000 47,156 STRIPS, 4.201%, 2/15/11 8,9,10 900,000 759,069 STRIPS, 4.808%, 2/15/16 9,10 4,491,000 2,974,376 --------------- Total U.S. Government Obligations (Cost $114,261,802) 114,287,855 - ------------------------------------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT OBLIGATIONS--24.8% - ------------------------------------------------------------------------------------------------------------------------------------ ARGENTINA--2.1% Argentina (Republic of) Bonds: 2%, 9/30/14 [ARP] 1,802,000 644,766 5.475%, 8/3/12 1 10,639,500 10,087,842 Series V, 7%, 3/28/11 19,768,000 19,264,463 Series VII, 7%, 9/12/13 11,595,000 11,119,605 - ------------------------------------------------------------------------------------------------------------------------------------ Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 2,4 [ARP] 105 42 - ------------------------------------------------------------------------------------------------------------------------------------ Central Bank of Argentina Bonds, 2%, 2/4/18 [ARP] 12,152,000 5,848,646
8 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Neuquen (Province Del) Sr. Sec. Nts., 8.656%, 10/18/14 2 $ 1,635,000 $ 1,700,400 --------------- 48,665,764 - ------------------------------------------------------------------------------------------------------------------------------------ AUSTRALIA--1.1% New South Wales Treasury Corp., Sr. Unsec. Nts., Series 17RG, 5.50%, 3/1/17 [AUD] 8,455,000 6,523,883 - ------------------------------------------------------------------------------------------------------------------------------------ New South Wales Treasury Corp. Gtd. Bonds, 8%, 3/1/08 [AUD] 21,295,000 17,467,365 --------------- 23,991,248 - ------------------------------------------------------------------------------------------------------------------------------------ BELGIUM--0.6% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 [EUR] 2,720,000 4,044,010 - ------------------------------------------------------------------------------------------------------------------------------------ Belgium (Kingdom of) Treasury Bills, 3.631%, 5/10/07 9 [EUR] 7,785,000 10,359,856 --------------- 14,403,866 - ------------------------------------------------------------------------------------------------------------------------------------ BRAZIL--2.3% Brazil (Federal Republic of) Bonds: 6%, 1/17/17 8,070,000 8,150,014 8%, 1/15/18 11,415,000 12,921,780 8.75%, 2/4/25 5,930,000 7,634,875 8.875%, 10/14/19 8,885,000 11,243,968 10.25%, 1/10/28 [BRR] 8,930,000 4,320,234 10.50%, 7/14/14 6,288,000 8,095,800 - ------------------------------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 130,000 148,330 --------------- 52,515,001 - ------------------------------------------------------------------------------------------------------------------------------------ BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 740,000 878,750 8.25%, 1/15/15 13 710,000 843,125 --------------- 1,721,875 - ------------------------------------------------------------------------------------------------------------------------------------ CANADA--0.8% Canada (Government of) Bonds, 5.25%, 6/1/12 [CAD] 13,050,000 11,943,717 - ------------------------------------------------------------------------------------------------------------------------------------ Canada (Government of) Treasury Bills, 4.06%, 5/3/07 9 [CAD] 6,875,000 5,933,849 --------------- 17,877,566 - ------------------------------------------------------------------------------------------------------------------------------------ COLOMBIA--1.0% Colombia (Republic of) Bonds: 7.375%, 9/18/37 4,790,000 5,225,890 10.75%, 1/15/13 1,390,000 1,730,550 12%, 10/22/15 [COP] 26,687,000,000 14,070,906 - ------------------------------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Nts.: 8.25%, 12/22/14 933,000 1,064,087 11.75%, 3/1/10 [COP] 2,617,240,000 1,265,453 --------------- 23,356,886 - ------------------------------------------------------------------------------------------------------------------------------------ COSTA RICA--0.1% Costa Rica (Republic of) Unsec. Bonds, 9.995%, 8/1/20 1,323,000 1,742,391 - ------------------------------------------------------------------------------------------------------------------------------------ DENMARK--0.1% Denmark (Kingdom of) Bonds: 4%, 11/15/10 [DKK] 5,870,000 1,051,643 4%, 11/15/15 [DKK] 4,335,000 775,792
9 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ 7%, 11/10/24 [DKK] 1,580,000 $ 380,798 - ------------------------------------------------------------------------------------------------------------------------------------ Denmark (Kingdom of) Nts., 4%, 8/15/08 [DKK] 6,245,000 1,117,522 --------------- 3,325,755 - ------------------------------------------------------------------------------------------------------------------------------------ DOMINICAN REPUBLIC--0.1% Dominican Republic Unsec. Unsub. Bonds, Series REGS, 9.04%, 1/23/18 1,721,439 1,996,869 - ------------------------------------------------------------------------------------------------------------------------------------ Dominican Republic Unsec. Unsub. Nts., 9.50%, 9/27/11 13 395,226 425,263 --------------- 2,422,132 - ------------------------------------------------------------------------------------------------------------------------------------ EL SALVADOR--0.1% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 13 590,000 682,925 7.65%, 6/15/35 13 2,190,000 2,507,550 --------------- 3,190,475 - ------------------------------------------------------------------------------------------------------------------------------------ FRANCE--1.2% France (Government of) Bonds, 3.25%, 4/25/16 [EUR] 8,110,000 10,171,437 - ------------------------------------------------------------------------------------------------------------------------------------ France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 4/25/55 [EUR] 7,445,000 9,464,854 - ------------------------------------------------------------------------------------------------------------------------------------ France (Government of) Treasury Bills, 3.575%, 5/10/07 9 [EUR] 5,195,000 6,912,510 --------------- 26,548,801 - ------------------------------------------------------------------------------------------------------------------------------------ GERMANY--2.2% Germany (Federal Republic of) Bonds: Series 03, 3.75% 7/4/13 [EUR] 8,610,000 11,326,798 Series 05, 4%, 1/4/37 [EUR] 10,610,000 13,593,624 - ------------------------------------------------------------------------------------------------------------------------------------ Germany (Federal Republic of) Treasury Bills, Series 0107, 3.802%, 7/18/07 9 [EUR] 18,435,000 24,355,285 --------------- 49,275,707 - ------------------------------------------------------------------------------------------------------------------------------------ GREECE--0.4% Greece (Republic of) Bonds, 4.60%, 5/20/13 [EUR] 6,300,000 8,619,148 - ------------------------------------------------------------------------------------------------------------------------------------ GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 2 250,000 293,125 10.25%, 11/8/11 2 95,000 111,388 --------------- 404,513 - ------------------------------------------------------------------------------------------------------------------------------------ INDONESIA--0.5% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 13 3,740,000 3,908,300 7.25%, 4/20/15 13 4,215,000 4,568,006 - ------------------------------------------------------------------------------------------------------------------------------------ Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 13 2,070,000 2,540,925 --------------- 11,017,231 - ------------------------------------------------------------------------------------------------------------------------------------ ISRAEL--0.4% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 34,853,000 9,486,085 - ------------------------------------------------------------------------------------------------------------------------------------ ITALY--1.1% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 4%, 7/1/09 1 [EUR] 18,225,000 24,469,933
10 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ JAPAN--2.0% Japan (Government of) Bonds: 2 yr., Series 252, 0.80%, 1/15/09 [JPY] 2,043,000,000 $ 17,345,302 10 yr., Series 245, 0.90%, 12/20/12 [JPY] 960,000,000 7,899,796 10 yr., Series 268, 1.50%, 3/20/15 [JPY] 1,004,000,000 8,533,659 30 yr., Series 25, 2.30%, 12/20/36 [JPY] 1,385,000,000 11,670,717 --------------- 45,449,474 - ------------------------------------------------------------------------------------------------------------------------------------ MALAYSIA--0.2% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 2 [MYR] 7,980,000 2,596,529 - ------------------------------------------------------------------------------------------------------------------------------------ Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 [MYR] 8,950,000 2,762,787 --------------- 5,359,316 - ------------------------------------------------------------------------------------------------------------------------------------ MEXICO--0.4% United Mexican States Bonds: Series M20, 10%, 12/5/24 1 [MXN] 45,000,000 5,017,134 Series M30, 10%, 11/20/36 [MXN] 36,660,000 4,276,053 --------------- 9,293,187 - ------------------------------------------------------------------------------------------------------------------------------------ NIGERIA--0.4% Nigeria (Federal Republic of) Bonds, Series 5Y, 13.50%, 9/11/11 [NGN] 184,190,000 1,612,292 - ------------------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Nts., Series 3Y2S, 12.50%, 2/24/09 [NGN] 60,500,000 500,644 - ------------------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 141,615 126,341 - ------------------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Treasury Bonds: Series 5Y13, 12.99%, 9/29/11 [NGN] 142,800,000 1,244,408 Series 7Y16, 11.99%, 12/22/13 2 [NGN] 236,500,000 1,968,523 Series 7YR, 12.74%, 10/27/13 2 [NGN] 317,100,000 2,732,339 --------------- 8,184,547 - ------------------------------------------------------------------------------------------------------------------------------------ PANAMA--0.4% Panama (Republic of) Bonds: 6.70%, 1/26/36 7 3,740,000 3,900,820 7.25%, 3/15/15 4,485,000 4,879,680 9.375%, 4/1/29 655,000 876,063 --------------- 9,656,563 - ------------------------------------------------------------------------------------------------------------------------------------ PERU--1.2% Peru (Republic of) Bonds: 7.84%, 8/12/20 [PEN] 45,800,000 16,480,301 8.20%, 8/12/26 2 [PEN] 11,825,000 4,510,220 9.91%, 5/5/15 [PEN] 8,101,000 3,202,988 Series 7, 8.60%, 8/12/17 [PEN] 3,450,000 1,293,444 Series 8-1, 12.25%, 8/10/11 [PEN] 1,427,000 561,153 - ------------------------------------------------------------------------------------------------------------------------------------ Peru (Republic of) Sr. Nts., 4.533%, 2/28/16 9 614,792 363,133 --------------- 26,411,239 - ------------------------------------------------------------------------------------------------------------------------------------ PHILIPPINES--0.6% Philippines (Republic of the) Sr. Unsec. Bonds, 6.375%, 1/15/32 1,710,000 1,669,388 - ------------------------------------------------------------------------------------------------------------------------------------ Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 5,762,000 6,525,465
11 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ 9%, 2/15/13 $ 3,855,000 $ 4,457,344 --------------- 12,652,197 - ------------------------------------------------------------------------------------------------------------------------------------ POLAND--0.5% Poland (Republic of) Bonds: Series 0K0807, 4.243%, 8/12/07 9 [PLZ] 1,200,000 408,436 Series DS1013, 5%, 10/24/13 [PLZ] 20,240,000 6,954,052 Series WS0922, 5.75%, 9/23/22 [PLZ] 1,000,000 360,996 Series 0511, 4.25%, 5/24/11 [PLZ] 10,010,000 3,367,184 --------------- 11,090,668 - ------------------------------------------------------------------------------------------------------------------------------------ SPAIN--0.6% Spain (Government of) Bonds, 3.80%, 1/31/17 [EUR] 3,385,000 4,414,726 - ------------------------------------------------------------------------------------------------------------------------------------ Spain (Government of) Treasury Bills, 3.713%, 10/19/07 9 [EUR] 7,225,000 9,447,591 --------------- 13,862,317 - ------------------------------------------------------------------------------------------------------------------------------------ TURKEY--1.8% Turkey (Republic of) Bonds, 7%, 9/26/16 14,300,000 14,621,750 - ------------------------------------------------------------------------------------------------------------------------------------ Turkey (Republic of) Nts.: 7.25%, 3/15/15 5,635,000 5,874,488 9.50%, 1/15/14 770,000 898,436 11%, 1/14/13 1,730,000 2,124,648 16%, 3/7/12 [TRY] 9,640,000 6,538,995 20.493%, 8/13/08 9 [TRY] 2,680,000 1,501,021 20.536%, 7/16/08 9 [TRY] 16,225,000 9,213,725 --------------- 40,773,063 - ------------------------------------------------------------------------------------------------------------------------------------ UKRAINE--0.4% Ukraine (Government of) Bonds, 7.65%, 6/11/13 8,329,000 9,078,610 - ------------------------------------------------------------------------------------------------------------------------------------ UNITED KINGDOM--1.3% United Kingdom Treasury Bonds: 5%, 3/7/08 [GBP] 4,470,000 8,756,686 6%, 12/7/28 [GBP] 5,115,000 11,947,179 - ------------------------------------------------------------------------------------------------------------------------------------ United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 4,560,000 8,739,080 --------------- 29,442,945 - ------------------------------------------------------------------------------------------------------------------------------------ URUGUAY--0.8% Uruguay (Oriental Republic of) Bonds: 4.25%, 4/5/27 [UYU] 48,300,000 2,027,920 7.625%, 3/21/36 6,270,000 6,944,025 - ------------------------------------------------------------------------------------------------------------------------------------ Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 [UYU] 54,110,000 2,535,920 8%, 11/18/22 6,450,000 7,353,000 --------------- 18,860,865 --------------- Total Foreign Government Obligations (Cost $540,273,494) 563,149,368 - ------------------------------------------------------------------------------------------------------------------------------------ LOAN PARTICIPATIONS--0.5% - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International, Export-Import Bank of Ukraine Loan Participation Nts., 8.40%, 2/9/16 1,740,000 1,809,600 - ------------------------------------------------------------------------------------------------------------------------------------ Dali Capital plc/Bank of Moscow Loan Participation Nts., Series 28, Tranche 1, 7.25%, 11/25/09 [RUR] 137,800,000 5,361,620
12 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Dali Capital SA (ROSBANK) Loan Participation Nts., Series 23, Tranche 1, 8%, 9/30/09 [RUR] 85,800,000 $ 3,321,857 --------------- Total Loan Participations (Cost $10,197,424) 10,493,077 - ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--22.7% - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--5.4% - ------------------------------------------------------------------------------------------------------------------------------------ AUTO COMPONENTS--0.4% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 700,000 715,750 - ------------------------------------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,125,000 1,182,656 9% Sr. Unsec. Nts., 7/1/15 1,045,000 1,152,113 - ------------------------------------------------------------------------------------------------------------------------------------ Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 1,200,000 1,276,500 - ------------------------------------------------------------------------------------------------------------------------------------ Tenneco Automotive, Inc.: 8.625% Sr. Unsec. Sub. Nts., 11/15/14 900,000 942,750 10.25% Sr. Sec. Nts., Series B, 7/15/13 650,000 711,750 - ------------------------------------------------------------------------------------------------------------------------------------ United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 200,000 208,000 - ------------------------------------------------------------------------------------------------------------------------------------ Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 1,125,000 990,000 8.25% Sr. Unsec. Nts., 8/1/10 1,700,000 1,742,500 --------------- 8,922,019 - ------------------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--0.1% General Motors Acceptance Corp., 8% Bonds, 11/1/31 2,253,000 2,422,270 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTORS--0.0% SGS International, Inc., 12% Sr. Unsec. Sub. Nts., 12/15/13 580,000 617,700 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES--0.1% Education Management LLC/Education Management Corp., 10.25% Sr. Unsec. Sub. Nts., 6/1/16 1,140,000 1,242,600 - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--1.4% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 500,000 522,500 - ------------------------------------------------------------------------------------------------------------------------------------ Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 500,000 524,375 - ------------------------------------------------------------------------------------------------------------------------------------ Buffets, Inc., 12.50% Sr. Unsec. Nts., 11/1/14 185,000 193,325 - ------------------------------------------------------------------------------------------------------------------------------------ CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 13 1,040,000 1,050,400 - ------------------------------------------------------------------------------------------------------------------------------------ French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 13 1,460,000 1,233,700 - ------------------------------------------------------------------------------------------------------------------------------------ Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 900,000 925,875 - ------------------------------------------------------------------------------------------------------------------------------------ Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 13 1,335,000 1,435,125 - ------------------------------------------------------------------------------------------------------------------------------------ Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 2,100,000 2,068,500 9% Sr. Sub. Nts., 3/15/12 500,000 523,750 - ------------------------------------------------------------------------------------------------------------------------------------ Mandalay Resort Group, 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 650,000 661,375 - ------------------------------------------------------------------------------------------------------------------------------------ MGM Mirage, Inc.: 6.75% Sr. Unsec. Nts., 4/1/13 650,000 648,375 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,300,000 2,432,250 9.75% Sr. Unsec. Sub. Nts., 6/1/07 350,000 353,500 - ------------------------------------------------------------------------------------------------------------------------------------ Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 225,000 222,750 6.375% Sr. Sub. Nts., 7/15/09 250,000 250,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 515,000 516,288 7.125% Sr. Unsec. Sub. Nts., 8/15/14 500,000 510,000 8% Sr. Sub. Nts., 4/1/12 1,200,000 1,251,000 - ------------------------------------------------------------------------------------------------------------------------------------ NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 800,000 796,000 - ------------------------------------------------------------------------------------------------------------------------------------ Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 800,000 840,000
13 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE CONTINUED Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 $ 230,000 $ 224,250 6.875% Sr. Sub. Nts., 12/1/11 500,000 502,500 - ------------------------------------------------------------------------------------------------------------------------------------ Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,900,000 1,966,500 - ------------------------------------------------------------------------------------------------------------------------------------ Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 13 525,000 581,438 - ------------------------------------------------------------------------------------------------------------------------------------ Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 2,3,4 250,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 574,000 581,175 9.625% Sr. Nts., 6/1/14 669,000 632,205 9.75% Sr. Nts., 4/15/13 400,000 383,000 - ------------------------------------------------------------------------------------------------------------------------------------ Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 2,203,000 2,037,775 6.875% Sr. Unsec. Sub. Nts., 3/1/16 235,000 216,494 - ------------------------------------------------------------------------------------------------------------------------------------ Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 3,100,000 3,146,500 - ------------------------------------------------------------------------------------------------------------------------------------ Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 500,000 531,875 - ------------------------------------------------------------------------------------------------------------------------------------ Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,108,250 - ------------------------------------------------------------------------------------------------------------------------------------ Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 2,274,000 2,262,630 --------------- 31,133,680 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--0.2% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 400,000 387,000 - ------------------------------------------------------------------------------------------------------------------------------------ D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 400,000 442,726 - ------------------------------------------------------------------------------------------------------------------------------------ K. Hovnanian Enterprises, Inc., 7.75% Sr. Unsec. Sub. Nts., 5/15/13 300,000 274,500 - ------------------------------------------------------------------------------------------------------------------------------------ KB Home: 8.625% Sr. Sub. Nts., 12/15/08 250,000 256,875 9.50% Sr. Unsec. Sub. Nts., 2/15/11 400,000 410,500 - ------------------------------------------------------------------------------------------------------------------------------------ Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 450,000 475,875 - ------------------------------------------------------------------------------------------------------------------------------------ Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 200,000 193,000 - ------------------------------------------------------------------------------------------------------------------------------------ WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 800,000 798,000 - ------------------------------------------------------------------------------------------------------------------------------------ William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 900,000 873,000 --------------- 4,111,476 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.1% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 825,000 837,375 - ------------------------------------------------------------------------------------------------------------------------------------ Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 2 785,000 777,150 --------------- 1,614,525 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA--2.6% Adelphia Communications Corp.: 7.875% Escrow Shares, Series B, 5/1/09 3,4 350,000 114,625 10.25% Escrow Shares, Series B, 6/15/11 3,4 200,000 70,000 10.875% Escrow Shares, Series B, 10/1/10 3,4 400,000 135,000 - ------------------------------------------------------------------------------------------------------------------------------------ Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 1,100,000 1,133,000 - ------------------------------------------------------------------------------------------------------------------------------------ AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 650,000 664,625 - ------------------------------------------------------------------------------------------------------------------------------------ American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 150,000 136,875 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,250,000 1,187,500 - ------------------------------------------------------------------------------------------------------------------------------------ Block Communications, Inc., 8.25% Sr. Nts., 12/15/15 13 405,000 413,100 - ------------------------------------------------------------------------------------------------------------------------------------ Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.: 10.25% Sr. Unsec. Nts., 9/15/10 1,100,000 1,166,000 10.25% Sr. Unsec. Nts., Series B, 9/15/10 1,735,000 1,836,931
14 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 13 $ 2,653,000 $ 2,775,701 - ------------------------------------------------------------------------------------------------------------------------------------ Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 14 1,500,000 1,380,000 - ------------------------------------------------------------------------------------------------------------------------------------ CSC Holdings, Inc.: 7.625% Sr. Unsec. Debs., 7/15/18 1,000,000 1,015,000 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,106,000 1,139,180 - ------------------------------------------------------------------------------------------------------------------------------------ Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 200,000 209,500 - ------------------------------------------------------------------------------------------------------------------------------------ Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 300,000 314,625 9.875% Sr. Sub. Nts., 8/15/13 586,000 642,403 - ------------------------------------------------------------------------------------------------------------------------------------ Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 14 300,000 280,875 0%/9% Unsec. Disc. Nts., 11/15/13 14 400,000 374,500 8% Unsec. Nts., 11/15/13 3,575,000 3,762,688 - ------------------------------------------------------------------------------------------------------------------------------------ DirecTV Holdings LLC/DirecTV Financing Co., Inc.: 6.375% Sr. Unsec. Nts., 6/15/15 450,000 429,750 8.375% Sr. Unsec. Nts., 3/15/13 1,100,000 1,164,625 - ------------------------------------------------------------------------------------------------------------------------------------ EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 1,427,000 1,439,486 7% Sr. Unsec. Nts., 10/1/13 535,000 553,725 7.125% Sr. Unsec. Nts., 2/1/16 1,400,000 1,452,500 - ------------------------------------------------------------------------------------------------------------------------------------ Idearc, Inc., 8% Sr. Nts., 11/15/16 13 1,930,000 1,995,138 - ------------------------------------------------------------------------------------------------------------------------------------ Lamar Media Corp., 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,275,000 1,249,500 - ------------------------------------------------------------------------------------------------------------------------------------ Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 550,000 541,063 - ------------------------------------------------------------------------------------------------------------------------------------ Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 14 1,600,000 1,412,000 - ------------------------------------------------------------------------------------------------------------------------------------ Mediacom Broadband LLC/Mediacom Broadband Corp.: 8.50% Sr. Nts., 10/15/15 13 1,220,000 1,253,550 8.50% Sr. Unsec. Nts., 10/15/15 280,000 287,700 - ------------------------------------------------------------------------------------------------------------------------------------ Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 969,000 1,001,704 - ------------------------------------------------------------------------------------------------------------------------------------ MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,300,000 1,147,250 6.875% Sr. Unsec. Sub. Nts., 10/1/13 700,000 640,500 - ------------------------------------------------------------------------------------------------------------------------------------ Nielsen Finance LLC/Nielsen Finance Co.: 0%/12.50% Sr. Sub. Disc. Nts., 8/1/16 13,14 1,725,000 1,216,125 10% Sr. Nts., 8/1/14 13 2,195,000 2,403,525 - ------------------------------------------------------------------------------------------------------------------------------------ Paxson Communications Corp., 11.61% Sr. Sec. Nts., 1/15/13 1,13 760,000 796,100 - ------------------------------------------------------------------------------------------------------------------------------------ PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 900,000 936,000 8.875% Sr. Unsec. Nts., 5/15/11 319,000 329,368 - ------------------------------------------------------------------------------------------------------------------------------------ Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 13 315,000 320,513 - ------------------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 2,730,000 2,668,575 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,865,000 1,823,038 6.875% Sr. Nts., 1/15/13 1,300,000 1,270,750 8.875% Sr. Unsec. Nts., Series A-3, 1/15/16 3,540,000 3,778,950 - ------------------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 13 400,000 434,000 - ------------------------------------------------------------------------------------------------------------------------------------ Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 621,750 - ------------------------------------------------------------------------------------------------------------------------------------ Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 13 900,000 961,875
15 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Shaw Communications, Inc., 8.54% Debs., 9/30/27 [CAD] 340,000 $ 303,821 - ------------------------------------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 2,775,000 2,886,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13 390,000 393,413 - ------------------------------------------------------------------------------------------------------------------------------------ Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 700,000 715,750 10.875% Sr. Unsec. Nts., Series B, 6/15/09 800,000 812,000 - ------------------------------------------------------------------------------------------------------------------------------------ Warner Music Group, 7.375% Sr. Sub. Bonds, 4/15/14 500,000 478,750 - ------------------------------------------------------------------------------------------------------------------------------------ WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 14 2,057,000 1,583,890 - ------------------------------------------------------------------------------------------------------------------------------------ XM Satellite Radio Holdings, Inc., 9.75% Sr. Unsec. Nts., 5/1/14 930,000 942,788 --------------- 58,997,600 - ------------------------------------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--0.2% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 1,980,000 2,135,925 - ------------------------------------------------------------------------------------------------------------------------------------ Neiman Marcus Group, Inc. (The): 9% Sr. Unsec. Nts., 10/15/15 2,020,000 2,222,000 10.375% Sr. Unsec. Sub. Nts., 10/15/15 660,000 739,200 --------------- 5,097,125 - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--0.1% Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 1,308,000 1,301,460 - ------------------------------------------------------------------------------------------------------------------------------------ Gamestop Corp., 8% Sr. Unsec. Nts., 10/1/12 300,000 319,500 - ------------------------------------------------------------------------------------------------------------------------------------ Linens 'N Things, Inc., 10.985% Sr. Sec. Nts., 1/15/14 1 1,480,000 1,383,800 - ------------------------------------------------------------------------------------------------------------------------------------ Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 550,000 556,875 --------------- 3,561,635 - ------------------------------------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--0.2% Invista, Inc., 9.25% Sr. Nts., 5/1/12 13 1,067,000 1,141,690 - ------------------------------------------------------------------------------------------------------------------------------------ Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 1,919,000 2,115,698 - ------------------------------------------------------------------------------------------------------------------------------------ Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 2 250,000 260,000 - ------------------------------------------------------------------------------------------------------------------------------------ Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 610,000 577,975 --------------- 4,095,363 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--1.1% - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES--0.0% Constellation Brands, Inc.: 7.25% Sr. Nts., 9/1/16 685,000 696,988 8.125% Sr. Sub. Nts., 1/15/12 300,000 312,000 --------------- 1,008,988 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--0.4% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 1,238,000 1,267,934 - ------------------------------------------------------------------------------------------------------------------------------------ Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 4,112,000 4,961,214 - ------------------------------------------------------------------------------------------------------------------------------------ Jean Coutu Group (PJC), Inc. (The), 8.50% Sr. Sub. Nts., 8/1/14 1,600,000 1,744,000 - ------------------------------------------------------------------------------------------------------------------------------------ Real Time Data Co., 11% Disc. Nts., 5/31/09 2,3,4,15 142,981 -- - ------------------------------------------------------------------------------------------------------------------------------------ Rite Aid Corp., 8.125% Sr. Sec. Nts., 5/1/10 450,000 464,625 - ------------------------------------------------------------------------------------------------------------------------------------ Supervalu, Inc., 7.50% Sr. Nts., 11/15/14 945,000 989,888 --------------- 9,427,661 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--0.3% Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 180,000 178,875 8.625% Sr. Sub. Nts., 12/15/12 400,000 418,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 100,000 96,000
16 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS CONTINUED 8.625% Sr. Nts., 5/1/09 $ 306,000 $ 306,765 8.875% Sr. Unsec. Nts., 3/15/11 71,000 70,468 - ------------------------------------------------------------------------------------------------------------------------------------ Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 1,300,000 1,059,500 - ------------------------------------------------------------------------------------------------------------------------------------ MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11 13 1,360,000 1,407,600 - ------------------------------------------------------------------------------------------------------------------------------------ Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.: 9.25% Sr. Nts., 4/1/15 2,7 368,000 363,860 10.625% Sr. Sub. Nts., 4/1/17 2,7 2,246,000 2,220,733 - ------------------------------------------------------------------------------------------------------------------------------------ Smithfield Foods, Inc.: 7% Sr. Nts., 8/1/11 300,000 305,625 7.625% Sr. Unsec. Sub. Nts., 2/15/08 400,000 406,000 --------------- 6,833,426 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.1% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 350,000 343,000 - ------------------------------------------------------------------------------------------------------------------------------------ Nutro Products, Inc., 10.75% Sr. Sub. Nts., 4/15/14 13 370,000 401,450 - ------------------------------------------------------------------------------------------------------------------------------------ Spectrum Brands, Inc., 7.375% Sr. Unsec. Sub. Nts., 2/1/15 900,000 724,500 --------------- 1,468,950 - ------------------------------------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.2% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,175,000 1,204,375 - ------------------------------------------------------------------------------------------------------------------------------------ Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 500,000 525,000 9.375% Sr. Unsec. Sub. Nts., 6/1/11 2 740,000 768,675 - ------------------------------------------------------------------------------------------------------------------------------------ Sally Holdings LLC: 9.25% Sr. Nts., 11/15/14 13 1,531,000 1,580,758 10.50% Sr. Sub. Nts., 11/15/16 13 936,000 966,420 --------------- 5,045,228 - ------------------------------------------------------------------------------------------------------------------------------------ TOBACCO--0.1% Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 1,805,000 1,900,503 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY--2.0% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--0.1% Basic Energy Services, Inc., 7.125% Sr. Unsec. Nts., 4/15/16 335,000 328,300 - ------------------------------------------------------------------------------------------------------------------------------------ Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 800,000 844,000 - ------------------------------------------------------------------------------------------------------------------------------------ Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 223,210 - ------------------------------------------------------------------------------------------------------------------------------------ PHI, Inc., 7.125% Sr. Unsec. Nts., 4/15/13 400,000 384,000 - ------------------------------------------------------------------------------------------------------------------------------------ RathGibson, Inc., 11.25% Sr. Unsec. Nts., 2/15/14 300,000 318,000 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 400,000 407,500 --------------- 2,505,010 - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS--1.9% Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 700,000 692,125 - ------------------------------------------------------------------------------------------------------------------------------------ Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 290,000 300,150 - ------------------------------------------------------------------------------------------------------------------------------------ Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 370,000 370,000 - ------------------------------------------------------------------------------------------------------------------------------------ Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 250,000 250,000 6.875% Sr. Unsec. Nts., 1/15/16 1,822,000 1,853,885 7.50% Sr. Nts., 6/15/14 300,000 315,750 - ------------------------------------------------------------------------------------------------------------------------------------ Clayton Williams Energy, Inc., 7.75% Sr. Unsec. Nts., 8/1/13 85,000 80,325 - ------------------------------------------------------------------------------------------------------------------------------------ Compton Petroleum Finance Corp., 7.625% Sr. Nts., 12/1/13 1,310,000 1,287,075 - ------------------------------------------------------------------------------------------------------------------------------------ Copano Energy LLC, 8.125% Sr. Unsec. Nts., 3/1/16 180,000 187,200 - ------------------------------------------------------------------------------------------------------------------------------------ El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 1,319,000 1,384,950
17 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 $ 300,000 $ 306,000 - ------------------------------------------------------------------------------------------------------------------------------------ Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 550,000 559,625 - ------------------------------------------------------------------------------------------------------------------------------------ Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 700,000 701,750 - ------------------------------------------------------------------------------------------------------------------------------------ Gaz Capital SA, 8.625% Sr. Unsec. Nts., 4/28/34 13 2,065,000 2,658,688 - ------------------------------------------------------------------------------------------------------------------------------------ Inergy LP/Inergy Finance Corp., 8.25% Sr. Unsec. Nts., 3/1/16 880,000 928,400 - ------------------------------------------------------------------------------------------------------------------------------------ Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 4,327,000 4,688,274 - ------------------------------------------------------------------------------------------------------------------------------------ Massey Energy Co.: 6.625% Sr. Nts., 11/15/10 200,000 203,000 6.875% Sr. Unsec. Nts., 12/15/13 285,000 271,819 - ------------------------------------------------------------------------------------------------------------------------------------ National Gas Co., 6.05% Nts., 1/15/36 13 1,510,000 1,467,314 - ------------------------------------------------------------------------------------------------------------------------------------ Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,900,000 1,909,500 - ------------------------------------------------------------------------------------------------------------------------------------ Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 100,000 100,158 - ------------------------------------------------------------------------------------------------------------------------------------ Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 700,000 715,750 - ------------------------------------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 13 3,404,854 3,333,951 - ------------------------------------------------------------------------------------------------------------------------------------ Pogo Producing Co., 7.875% Sr. Unsec. Sub. Nts., 5/1/13 365,000 369,563 - ------------------------------------------------------------------------------------------------------------------------------------ Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 835,000 902,025 - ------------------------------------------------------------------------------------------------------------------------------------ Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 1,340,000 1,326,600 - ------------------------------------------------------------------------------------------------------------------------------------ Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 430,000 425,700 7.375% Sr. Sub. Nts., 7/15/13 200,000 205,250 7.50% Sr. Sub. Nts., 5/15/16 1,505,000 1,557,675 - ------------------------------------------------------------------------------------------------------------------------------------ Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 13 1,335,000 1,348,350 7.50% Sr. Sec. Nts., 11/30/16 13 2,770,000 2,797,700 - ------------------------------------------------------------------------------------------------------------------------------------ Stone Energy Corp., 6.75% Sr. Unsec. Sub. Nts., 12/15/14 1,020,000 958,800 - ------------------------------------------------------------------------------------------------------------------------------------ Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 13 525,000 538,125 - ------------------------------------------------------------------------------------------------------------------------------------ Tengizchevroil LLP, 6.124% Nts., 11/15/14 13 2,123,000 2,123,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tesoro Corp.: 6.25% Sr. Unsec. Nts., 11/1/12 405,000 412,594 6.625% Sr. Unsec. Nts., 11/1/15 905,000 920,838 - ------------------------------------------------------------------------------------------------------------------------------------ Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 1,500,000 1,481,250 - ------------------------------------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 900,000 947,250 8.75% Unsec. Nts., 3/15/32 1,619,000 1,873,993 --------------- 42,754,402 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS--4.2% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--0.8% Berry Plastics Holding Corp.: 8.875% Sr. Sec. Nts., 9/15/14 600,000 616,500 9.23% Sr. Sec. Nts., 9/15/14 1 600,000 618,000 - ------------------------------------------------------------------------------------------------------------------------------------ E*TRADE Financial Corp.: 7.375% Sr. Unsec. Nts., 9/15/13 1,146,000 1,203,300 8% Sr. Nts., 6/15/11 410,000 433,575 - ------------------------------------------------------------------------------------------------------------------------------------ HBOS Treasury Services plc: 4.375% Sr. Sec. Nts., 7/13/16 [EUR] 6,290,000 8,444,854 4.50% Sr. Sec. Nts., 7/13/21 [EUR] 5,885,000 7,904,566 --------------- 19,220,795
18 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--0.8% African Development Bank, 9.25% Bonds, 1/18/08 [NGN] 218,200,000 $ 1,743,042 - ------------------------------------------------------------------------------------------------------------------------------------ Banco Bilbao Vizcaya Argentaria SA, 4.25% Sec. Bonds, 7/15/14 [EUR] 1,650,000 2,203,593 - ------------------------------------------------------------------------------------------------------------------------------------ Banco BMG SA, 9.15% Nts., 1/15/16 13 2,980,000 3,203,500 - ------------------------------------------------------------------------------------------------------------------------------------ Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21 1,2 1,345,000 1,341,638 - ------------------------------------------------------------------------------------------------------------------------------------ Bank Plus Corp., 12% Sr. Nts., 7/18/07 2 7,000 7,219 - ------------------------------------------------------------------------------------------------------------------------------------ HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10 2,9 2,510,000 1,532,355 12.278% Sr. Unsec. Nts., 3/9/09 2,9 1,960,000 1,342,796 9.751% Sr. Unsec. Nts., 7/8/09 2,9 1,960,000 1,416,100 - ------------------------------------------------------------------------------------------------------------------------------------ ICICI Bank Ltd., 6.375% Bonds, 4/30/22 1,13 2,795,000 2,775,396 - ------------------------------------------------------------------------------------------------------------------------------------ Inter-American Development Bank: 6.26% Nts., 12/8/09 1 [BRR] 920,000 449,551 7.889% Nts., 1/25/12 1 [COP] 883,571,436 425,810 - ------------------------------------------------------------------------------------------------------------------------------------ Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 2,3,4 90,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Salisbury International Investments Ltd., 9.51% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 1,2 1,100,000 1,100,000 --------------- 17,541,000 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--0.0% Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 2 250,000 258,750 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--1.2% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 14 100,000 90,250 - ------------------------------------------------------------------------------------------------------------------------------------ Astana-finance: 7.625% Unsec. Bonds, 2/16/09 1,210,000 1,214,967 9% Sr. Unsec. Unsub. Bonds, 11/16/11 910,000 929,024 - ------------------------------------------------------------------------------------------------------------------------------------ Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 2 3,856,019 4,068,100 - ------------------------------------------------------------------------------------------------------------------------------------ Cloverie plc, 9.60% Sec. Nts., Series 2005-93, 12/20/10 1,2 1,100,000 1,108,800 - ------------------------------------------------------------------------------------------------------------------------------------ Depfa ACS Bank, 3.50% Sec. Nts., 3/16/11 [EUR] 2,220,000 2,896,403 - ------------------------------------------------------------------------------------------------------------------------------------ Halyk Savings Bank Kazakhstan Europe BV, 7.75% Nts., 5/13/13 13 1,625,000 1,712,344 - ------------------------------------------------------------------------------------------------------------------------------------ JP Morgan Hipotecaria su Casita, 6.56% Sec. Nts., 8/26/35 7,13 [MXN] 7,112,700 644,368 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan, Red Square Capital Ltd., 9% CDO Nts., 11/20/08 7 [RUR] 62,000,000 2,362,232 - ------------------------------------------------------------------------------------------------------------------------------------ JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 330,000 338,250 - ------------------------------------------------------------------------------------------------------------------------------------ Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 13 850,000 890,375 - ------------------------------------------------------------------------------------------------------------------------------------ Piazza Vittoria Finance SrL, 4.454% Asset-Backed Nts., 7/20/10 1 [EUR] 6,913,760 9,218,162 - ------------------------------------------------------------------------------------------------------------------------------------ Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 14 2,695,000 1,134,751 - ------------------------------------------------------------------------------------------------------------------------------------ Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 130,000 134,713 10.11% Sr. Unsec. Nts., 5/1/10 1 130,000 134,713 --------------- 26,877,452 - ------------------------------------------------------------------------------------------------------------------------------------ REAL ESTATE--0.1% Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 1 925,000 995,531 - ------------------------------------------------------------------------------------------------------------------------------------ Host Hotels & Resorts LP, 6.875% Sr. Unsub. Nts., 11/1/14 375,000 382,500 - ------------------------------------------------------------------------------------------------------------------------------------ Host Marriott LP: 6.375% Sr. Nts., Series O, 3/15/15 730,000 728,175 6.75% Sr. Nts., Series Q, 6/1/16 500,000 506,250 - ------------------------------------------------------------------------------------------------------------------------------------ Ventas Realty LP/Ventas Capital Corp., 6.75% Sr. Nts., 4/1/17 450,000 468,000 --------------- 3,080,456
19 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ THRIFTS & MORTGAGE FINANCE--1.3% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 2 $ 2,340,000 $ 2,480,400 - ------------------------------------------------------------------------------------------------------------------------------------ WM Covered Bond Program: 3.875% Sec. Nts., Series1, 9/27/11 [EUR] 7,760,000 10,208,952 4% Sec. Mtg. Nts., Series 2, 9/27/16 [EUR] 12,640,000 16,424,284 --------------- 29,113,636 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--0.8% - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--0.0% Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 325,000 301,438 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--0.0% Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 2 650,000 680,875 - ------------------------------------------------------------------------------------------------------------------------------------ Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 300,000 320,250 --------------- 1,001,125 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--0.8% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 300,000 322,500 - ------------------------------------------------------------------------------------------------------------------------------------ Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 400,000 414,000 - ------------------------------------------------------------------------------------------------------------------------------------ DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 465,000 467,325 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,975,000 2,007,094 - ------------------------------------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 900,000 913,500 - ------------------------------------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust III, 7.375% Nts., 2/1/08 [DEM] 25,000 17,439 - ------------------------------------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust IV, 7.875% Trust Preferred Securities, 6/15/11 600,000 633,000 - ------------------------------------------------------------------------------------------------------------------------------------ Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 200,000 213,500 - ------------------------------------------------------------------------------------------------------------------------------------ HCA, Inc., 6.375% Nts., 1/15/15 3,877,000 3,319,681 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHSOUTH Corp., 10.75% Sr. Nts., 6/15/16 13 875,000 955,938 - ------------------------------------------------------------------------------------------------------------------------------------ Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 230,000 232,013 6.875% Sr. Sub. Nts., 12/15/15 285,000 288,919 - ------------------------------------------------------------------------------------------------------------------------------------ Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 220,000 224,400 - ------------------------------------------------------------------------------------------------------------------------------------ Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,319,000 1,193,695 - ------------------------------------------------------------------------------------------------------------------------------------ Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 1,282,000 1,205,080 7.375% Nts., 2/1/13 119,000 111,116 9.875% Sr. Nts., 7/1/14 1,932,000 1,960,980 - ------------------------------------------------------------------------------------------------------------------------------------ US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 300,000 321,750 10.75% Sr. Unsec. Sub. Nts., 8/15/14 300,000 336,000 - ------------------------------------------------------------------------------------------------------------------------------------ Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 14 2,615,000 2,137,763 --------------- 17,275,693 - ------------------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--0.0% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 2 350,000 340,375 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--1.6% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--0.2% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 1,335,000 1,341,675 - ------------------------------------------------------------------------------------------------------------------------------------ BE Aerospace, Inc., 8.875% Sr. Unsec. Sub. Nts., 5/1/11 219,000 225,846 - ------------------------------------------------------------------------------------------------------------------------------------ Bombardier, Inc., 8% Sr. Nts., 11/15/14 13 400,000 416,000 - ------------------------------------------------------------------------------------------------------------------------------------ DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 970,000 984,550 7.625% Sr. Sub. Nts., 2/1/18 205,000 214,225
20 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE CONTINUED L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 $ 583,000 $ 569,154 6.125% Sr. Unsec. Sub. Nts., 1/15/14 400,000 395,000 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 515,000 513,069 7.625% Sr. Sub. Nts., 6/15/12 500,000 517,500 --------------- 5,177,019 - ------------------------------------------------------------------------------------------------------------------------------------ AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 2,3,4 735,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--0.1% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 200,000 209,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 200,000 205,750 - ------------------------------------------------------------------------------------------------------------------------------------ Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 816,000 824,160 - ------------------------------------------------------------------------------------------------------------------------------------ Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 1,250,000 1,221,875 --------------- 2,460,785 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--0.2% Allied Waste North America, Inc.: 7.375% Sr. Sec. Nts., Series B, 4/15/14 1,300,000 1,326,000 9.25% Sr. Sec. Debs., Series B, 9/1/12 434,000 460,040 - ------------------------------------------------------------------------------------------------------------------------------------ ARAMARK Corp., 8.50% Sr. Nts., 2/1/15 13 685,000 715,825 - ------------------------------------------------------------------------------------------------------------------------------------ Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,500,000 1,477,500 - ------------------------------------------------------------------------------------------------------------------------------------ Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 460,000 462,300 7.50% Sr. Nts., 5/1/11 200,000 206,500 - ------------------------------------------------------------------------------------------------------------------------------------ FTI Consulting, Inc., 7.75% Sr. Unsec. Nts., 10/1/16 535,000 564,425 --------------- 5,212,590 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION & ENGINEERING--0.4% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 120,000 119,700 - ------------------------------------------------------------------------------------------------------------------------------------ IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24 13 6,797,719 8,021,309 --------------- 8,141,009 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--0.1% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 325,000 333,938 - ------------------------------------------------------------------------------------------------------------------------------------ Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 2 [BRR] 1,115,000 633,184 - ------------------------------------------------------------------------------------------------------------------------------------ UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 207,000 218,385 --------------- 1,185,507 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.1% Covalence Specialty Materials Corp., 10.25% Sr. Sub. Nts., 3/1/16 13 1,280,000 1,286,400 - ------------------------------------------------------------------------------------------------------------------------------------ MACHINERY--0.1% Case New Holland, Inc.: 7.125% Sr. Unsec. Nts., 3/1/14 500,000 522,500 9.25% Sr. Nts., 8/1/11 200,000 211,000 - ------------------------------------------------------------------------------------------------------------------------------------ Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 13 700,000 654,500 - ------------------------------------------------------------------------------------------------------------------------------------ Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 380,000 387,600 - ------------------------------------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The), 10.50% Sr. Sub. Nts., 8/1/12 325,000 347,344 - ------------------------------------------------------------------------------------------------------------------------------------ Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 700,000 682,500 - ------------------------------------------------------------------------------------------------------------------------------------ Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 300,000 298,500 --------------- 3,103,944
21 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL--0.2% Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: 7.75% Sr. Nts., 5/15/16 13 $ 335,000 $ 342,538 7.86% Sr. Nts., 5/15/14 1,13 135,000 138,375 - ------------------------------------------------------------------------------------------------------------------------------------ Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 610,000 660,325 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,135,000 1,299,575 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 411,000 - ------------------------------------------------------------------------------------------------------------------------------------ Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 149,250 7.50% Sr. Unsec. Nts., 11/1/13 387,000 394,740 - ------------------------------------------------------------------------------------------------------------------------------------ TDS Investor Corp., 11.875% Sr. Sub. Nts., 9/1/16 13 1,000,000 1,101,250 --------------- 4,497,053 - ------------------------------------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--0.2% Ashtead Capital, Inc., 9% Nts., 8/15/16 13 385,000 411,950 - ------------------------------------------------------------------------------------------------------------------------------------ H&E Equipment Services, Inc., 8.375% Sr. Unsec. Nts., 7/15/16 420,000 448,350 - ------------------------------------------------------------------------------------------------------------------------------------ Interline Brands, Inc., 8.125% Sr. Sub. Nts., 6/15/14 570,000 591,375 - ------------------------------------------------------------------------------------------------------------------------------------ United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 10 4,000,000 4,010,000 --------------- 5,461,675 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.0% Horizon Lines LLC, 9% Nts., 11/1/12 236,000 248,980 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--0.7% - ------------------------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--0.2% NXP BV/NXP Funding LLC, 9.50% Sr. Bonds, 10/15/15 13 3,613,000 3,748,488 - ------------------------------------------------------------------------------------------------------------------------------------ Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 3,4 675,000 7 --------------- 3,748,495 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.1% RBS Global & Rexnord Corp.: 9.50% Sr. Nts., 8/1/14 13 585,000 611,325 11.75% Sr. Sub. Nts., 8/1/16 13 930,000 1,003,238 --------------- 1,614,563 - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 2,3,4 [EUR] 338,620 -- - ------------------------------------------------------------------------------------------------------------------------------------ NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 2,3,4 200,173 -- - ------------------------------------------------------------------------------------------------------------------------------------ PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 2,3,4 [EUR] 100,000 -- --------------- -- - ------------------------------------------------------------------------------------------------------------------------------------ IT SERVICES--0.2% DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 2 607,000 649,490 - ------------------------------------------------------------------------------------------------------------------------------------ iPayment Holdings, Inc., 9.75% Sr. Unsec. Sub. Nts., 5/15/14 415,000 427,450 - ------------------------------------------------------------------------------------------------------------------------------------ Iron Mountain, Inc., 7.75% Sr. Sub. Nts., 1/15/15 400,000 410,000 - ------------------------------------------------------------------------------------------------------------------------------------ SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 1,535,000 1,653,963 10.25% Sr. Unsec. Sub. Nts., 8/15/15 2,035,000 2,230,869 --------------- 5,371,772 - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.2% Conexant Systems, Inc., 9.11% Sr. Sec. Nts., 11/15/10 1,13 400,000 415,000
22 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Freescale Semiconductor, Inc., 10.125% Sr. Sub. Nts., 12/15/16 13 $ 3,842,000 $ 3,870,815 --------------- 4,285,815 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS--2.6% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS--0.5% BCP Crystal US Holdings Corp., 9.625% Sr. Sub. Nts., 6/15/14 913,000 1,041,660 - ------------------------------------------------------------------------------------------------------------------------------------ Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp., 0%/10.50% Sr. Unsec. Disc. Nts., Series B, 10/1/14 14 570,000 532,238 - ------------------------------------------------------------------------------------------------------------------------------------ Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 550,000 576,125 10.125% Sr. Unsec. Nts., 9/1/08 19,000 20,093 10.625% Sr. Unsec. Nts., 5/1/11 600,000 636,000 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia Gulf Corp., 10.75% Sr. Sub. Nts., 10/15/16 1,220,000 1,177,300 - ------------------------------------------------------------------------------------------------------------------------------------ Huntsman International LLC: 7.875% Sr. Unsec. Sub. Nts., 11/13/14 13 375,000 389,531 8.375% Sr. Sub. Nts., 1/1/15 1,13 790,000 805,800 - ------------------------------------------------------------------------------------------------------------------------------------ Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 1 198,000 222,255 11.625% Sr. Unsec. Nts., 10/15/10 13,000 14,154 - ------------------------------------------------------------------------------------------------------------------------------------ Ineos Group Holdings plc, 8.50% Nts., 2/15/16 13 1,230,000 1,183,875 - ------------------------------------------------------------------------------------------------------------------------------------ Innophos, Inc., 8.875% Sr. Unsec. Sub. Nts., 8/15/14 250,000 260,000 - ------------------------------------------------------------------------------------------------------------------------------------ KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 14 350,000 296,188 - ------------------------------------------------------------------------------------------------------------------------------------ Lyondell Chemical Co.: 8% Sr. Unsec. Nts., 9/15/14 1,125,000 1,184,063 8.25% Sr. Unsec. Nts., 9/15/16 600,000 645,000 10.50% Sr. Sec. Nts., 6/1/13 600,000 660,000 - ------------------------------------------------------------------------------------------------------------------------------------ Mosaic Global Holdings, Inc.: 7.375% Sr. Nts., 12/1/14 13 325,000 340,438 7.625% Sr. Nts., 12/1/16 13 325,000 344,500 - ------------------------------------------------------------------------------------------------------------------------------------ Rockwood Specialties Group, Inc., 7.50% Sr. Sub. Nts., 11/15/14 200,000 204,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tronox Worldwide LLC/Tronox Finance Corp., 9.50% Sr. Unsec. Nts., 12/1/12 237,000 252,405 --------------- 10,785,625 - ------------------------------------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.2% C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs. 13,16 4,270,000 4,218,871 - ------------------------------------------------------------------------------------------------------------------------------------ NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 14 1,225,000 894,250 --------------- 5,113,121 - ------------------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING--0.9% Ball Corp., 6.625% Sr. Nts., 3/15/18 1,035,000 1,031,119 - ------------------------------------------------------------------------------------------------------------------------------------ Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 1,435,000 1,499,575 - ------------------------------------------------------------------------------------------------------------------------------------ Graham Packaging Co., Inc.: 8.50% Sr. Unsec. Nts., 10/15/12 200,000 204,000 9.875% Sr. Unsec. Sub. Nts., 10/15/14 1,800,000 1,845,000 - ------------------------------------------------------------------------------------------------------------------------------------ Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 800,000 836,000 9.50% Sr. Sub. Nts., 8/15/13 1,050,000 1,122,188 - ------------------------------------------------------------------------------------------------------------------------------------ Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 300,000 292,500 8.25% Sr. Unsec. Nts., 10/1/12 1,450,000 1,457,250
23 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 $ 147,000 $ 156,923 - ------------------------------------------------------------------------------------------------------------------------------------ Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 450,000 466,875 8.25% Sr. Unsec. Nts., 5/15/13 1,719,000 1,800,653 8.75% Sr. Sec. Nts., 11/15/12 928,000 981,360 8.875% Sr. Sec. Nts., 2/15/09 2 176,000 180,400 - ------------------------------------------------------------------------------------------------------------------------------------ Pliant Corp., 11.85% Sr. Sec. Nts., 6/15/09 4,15 403,615 459,112 - ------------------------------------------------------------------------------------------------------------------------------------ Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 1,675,000 1,434,219 - ------------------------------------------------------------------------------------------------------------------------------------ Stone Container Corp., 8.375% Sr. Nts., 7/1/12 470,000 473,525 - ------------------------------------------------------------------------------------------------------------------------------------ Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 13 125,000 140,625 - ------------------------------------------------------------------------------------------------------------------------------------ TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 1,300,000 1,304,875 - ------------------------------------------------------------------------------------------------------------------------------------ Vitro SA de CV: 8.625% Sr. Unsec. Unsub. Nts., 2/1/12 13 1,415,000 1,436,225 9.125% Sr. Unsec. Nts., 2/1/17 13 2,405,000 2,453,100 --------------- 19,575,524 - ------------------------------------------------------------------------------------------------------------------------------------ METALS & MINING--0.8% AK Steel Corp.: 7.75% Sr. Unsec. Nts., 6/15/12 1,019,000 1,040,654 7.875% Sr. Unsec. Nts., 2/15/09 50,000 50,250 - ------------------------------------------------------------------------------------------------------------------------------------ Alrosa Finance SA, 8.875% Nts., 11/17/14 13 11,230,000 12,942,575 - ------------------------------------------------------------------------------------------------------------------------------------ Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 600,000 619,500 - ------------------------------------------------------------------------------------------------------------------------------------ Gibraltar Industries, Inc., 8% Sr. Unsec. Sub. Nts., Series B, 12/1/15 635,000 644,525 - ------------------------------------------------------------------------------------------------------------------------------------ International Utility Structures, Inc., 13% Unsec. Sub. Nts., 2/1/08 2,3,4 71,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 585,000 646,447 - ------------------------------------------------------------------------------------------------------------------------------------ Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 2 204,000 222,360 - ------------------------------------------------------------------------------------------------------------------------------------ Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15 1 1,575,000 1,673,438 - ------------------------------------------------------------------------------------------------------------------------------------ Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 200,000 204,750 - ------------------------------------------------------------------------------------------------------------------------------------ United States Steel Corp., 9.75% Sr. Nts., 5/15/10 336,000 354,480 --------------- 18,398,979 - ------------------------------------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--0.2% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15 1,000,000 945,000 - ------------------------------------------------------------------------------------------------------------------------------------ Abitibi-Consolidated, Inc.: 8.55% Nts., 8/1/10 600,000 610,500 8.85% Unsec. Bonds, 8/1/30 400,000 358,000 - ------------------------------------------------------------------------------------------------------------------------------------ Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 190,000 196,175 - ------------------------------------------------------------------------------------------------------------------------------------ Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 100,000 105,000 - ------------------------------------------------------------------------------------------------------------------------------------ Catalyst Paper Corp., 8.625% Sr. Unsec. Nts., Series D, 6/15/11 500,000 510,000 - ------------------------------------------------------------------------------------------------------------------------------------ Domtar, Inc., 7.125% Nts., 8/15/15 500,000 500,000 - ------------------------------------------------------------------------------------------------------------------------------------ JSG Holding plc, 11.50% Sr. Nts., 10/1/15 13,15 [EUR] 168,790 242,952 - ------------------------------------------------------------------------------------------------------------------------------------ Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 225,000 226,688 - ------------------------------------------------------------------------------------------------------------------------------------ Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 700,000 680,750 - ------------------------------------------------------------------------------------------------------------------------------------ Verso Paper Holdings LLC/Verson Paper, Inc.: 9.11% Sr. Sec. Nts., 8/1/14 1,13 460,000 473,800 11.375% Sr. Sub. Nts., 8/1/16 13 460,000 484,150 --------------- 5,333,015
24 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--2.5% - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--1.2% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 13 $ 3,200,000 $ 3,192,000 - ------------------------------------------------------------------------------------------------------------------------------------ Intelsat Bermuda Ltd., 11.25% Sr. Nts., 6/15/16 13 530,000 604,200 - ------------------------------------------------------------------------------------------------------------------------------------ Intelsat Subsidiary Holding Co. Ltd.: 8.25% Sr. Nts., 1/15/13 1 1,000,000 1,047,500 8.625% Sr. Nts., 1/15/15 815,000 876,125 - ------------------------------------------------------------------------------------------------------------------------------------ Level 3 Financing, Inc.: 8.75% Sr. Nts., 2/15/17 13 906,000 917,325 9.25% Sr. Nts., 11/1/14 13 1,605,000 1,657,163 - ------------------------------------------------------------------------------------------------------------------------------------ Nordic Telephone Co. Holdings ApS, 8.875% Sr. Nts., 5/1/16 13 345,000 370,875 - ------------------------------------------------------------------------------------------------------------------------------------ NTL Cable plc, 9.125% Sr. Nts., 8/15/16 355,000 376,300 - ------------------------------------------------------------------------------------------------------------------------------------ PanAmSat Corp.: 9% Sr. Nts., 6/15/16 13 900,000 995,625 9% Sr. Unsec. Nts., 8/15/14 1,350,000 1,468,125 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Capital Funding, Inc.: 7.25% Unsec. Unsub. Nts., 2/15/11 2,100,000 2,160,375 7.90% Unsec. Nts., 8/15/10 1,719,000 1,800,653 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 1 300,000 308,625 - ------------------------------------------------------------------------------------------------------------------------------------ Qwest Corp.: 7.50% Sr. Unsec. Nts., 10/1/14 765,000 810,900 8.875% Unsec. Unsub. Nts., 3/15/12 2,300,000 2,553,000 - ------------------------------------------------------------------------------------------------------------------------------------ Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 2 [PEN] 3,290,100 1,153,784 - ------------------------------------------------------------------------------------------------------------------------------------ Teligent, Inc., 11.50% Sr. Nts., 12/1/07 2,3,4 500,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Telecom Holdings, Inc., 9.25% Sr. Unsec. Unsub. Nts., 2/15/14 1,700,000 1,827,500 - ------------------------------------------------------------------------------------------------------------------------------------ Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 225,000 243,563 - ------------------------------------------------------------------------------------------------------------------------------------ West Corp.: 9.50% Sr. Nts., 10/15/14 13 1,080,000 1,123,200 11% Sr. Sub. Nts., 10/15/16 13 470,000 498,200 - ------------------------------------------------------------------------------------------------------------------------------------ Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 575,000 625,313 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 875,000 961,406 - ------------------------------------------------------------------------------------------------------------------------------------ Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 2,3,4 250,000 -- --------------- 25,571,757 - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--1.3% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 700,000 741,373 11% Sr. Unsec. Nts., 7/31/10 19,000 20,308 - ------------------------------------------------------------------------------------------------------------------------------------ America Movil SAB de CV, 8.46% Bonds, 12/18/36 2 [MXN] 52,700,000 4,833,509 - ------------------------------------------------------------------------------------------------------------------------------------ American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 185,000 196,794 - ------------------------------------------------------------------------------------------------------------------------------------ American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 250,000 258,750 7.50% Sr. Nts., 5/1/12 400,000 417,000 - ------------------------------------------------------------------------------------------------------------------------------------ CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 2,3,4 400,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 2,014,000 2,185,190 - ------------------------------------------------------------------------------------------------------------------------------------ Centennial Communications Corp., 10% Sr. Unsec. Nts., 1/1/13 200,000 216,750
25 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Cricket Communications, Inc., 9.375% Sr. Nts., 11/1/14 13 $ 935,000 $ 995,775 - ------------------------------------------------------------------------------------------------------------------------------------ Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 280,000 298,550 - ------------------------------------------------------------------------------------------------------------------------------------ Dobson Communications Corp.: 8.875% Sr. Nts., 10/1/13 859,000 889,065 9.61% Sr. Unsec. Nts., 10/15/12 1 145,000 149,894 - ------------------------------------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,378,000 3,497,075 - ------------------------------------------------------------------------------------------------------------------------------------ Nextel Partners, Inc., 8.125% Sr. Nts., 7/1/11 500,000 522,296 - ------------------------------------------------------------------------------------------------------------------------------------ Rogers Wireless, Inc.: 7.50% Sec. Nts., 3/15/15 882,000 960,278 8% Sr. Sub. Nts., 12/15/12 800,000 852,000 - ------------------------------------------------------------------------------------------------------------------------------------ Rural Cellular Corp.: 9.75% Sr. Sub. Nts., 1/15/10 2,419,000 2,503,665 9.875% Sr. Nts., 2/1/10 1,400,000 1,484,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sprint Capital Corp., 8.75% Nts., 3/15/32 7,165,000 8,474,805 - ------------------------------------------------------------------------------------------------------------------------------------ US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 250,000 273,073 --------------- 29,770,150 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES--1.8% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.9% Edison Mission Energy: 7.50% Sr. Unsec. Nts., 6/15/13 360,000 373,500 7.75% Sr. Unsec. Nts., 6/15/16 500,000 523,750 - ------------------------------------------------------------------------------------------------------------------------------------ ISA Capital do Brasil SA: 7.875% Sr. Nts., 1/30/12 13 1,130,000 1,160,228 8.80% Sr. Nts., 1/30/17 13 1,410,000 1,501,298 - ------------------------------------------------------------------------------------------------------------------------------------ Majapahit Holding BV: 7.25% Nts., 10/17/11 13 1,990,000 2,049,700 7.75% Nts., 10/17/16 13 1,835,000 1,931,338 - ------------------------------------------------------------------------------------------------------------------------------------ Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 2,535,000 2,763,150 - ------------------------------------------------------------------------------------------------------------------------------------ National Power Corp.: 5.875% Unsec. Unsub. Bonds, 12/19/16 [PHP] 109,600,000 2,271,503 6.875% Nts., 11/2/16 13 1,324,000 1,355,445 9.625% Unsec. Bonds, 5/15/28 2,270,000 2,874,388 - ------------------------------------------------------------------------------------------------------------------------------------ Reliant Energy, Inc.: 6.75% Sr. Sec. Nts., 12/15/14 200,000 212,250 9.25% Sr. Sec. Nts., 7/15/10 769,000 814,179 9.50% Sr. Sec. Nts., 7/15/13 690,000 754,688 - ------------------------------------------------------------------------------------------------------------------------------------ Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 1,777,000 1,822,848 --------------- 20,408,265 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS--0.8% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 13 2,000,000 2,140,000 - ------------------------------------------------------------------------------------------------------------------------------------ AES Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 2 2,313,000 2,393,955 - ------------------------------------------------------------------------------------------------------------------------------------ AES Panama SA, 6.35% Sr. Nts., 12/21/16 13 1,100,000 1,099,079 - ------------------------------------------------------------------------------------------------------------------------------------ AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 2 405,114 442,587 - ------------------------------------------------------------------------------------------------------------------------------------ Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 621,000 625,658 8.75% Sr. Nts., 2/15/12 988,000 1,054,690 - ------------------------------------------------------------------------------------------------------------------------------------ Mirant Americas Generation LLC: 8.30% Sr. Unsec. Nts., 5/1/11 3,700,000 3,811,000 9.125% Sr. Unsec. Nts., 5/1/31 500,000 535,000
26 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS CONTINUED - ------------------------------------------------------------------------------------------------------------------------------------ Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 $ 699,118 $ 740,628 - ------------------------------------------------------------------------------------------------------------------------------------ NRG Energy, Inc.: 7.375% Sr. Nts., 1/15/17 10 2,000,000 2,057,500 7.375% Sr. Nts., 2/1/16 3,615,000 3,723,450 --------------- 18,623,547 - ------------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.0% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 150,000 151,914 - ------------------------------------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.1% CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 19,000 19,594 7.75% Sr. Nts., 8/1/10 200,000 213,000 8.50% Sr. Nts., 4/15/11 250,000 273,125 - ------------------------------------------------------------------------------------------------------------------------------------ NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 90,000 88,915 --------------- 594,634 --------------- Total Corporate Bonds and Notes (Cost $503,941,928) 513,893,019 SHARES - ------------------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.1% - ------------------------------------------------------------------------------------------------------------------------------------ AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 2,3,15 4,253 -- - ------------------------------------------------------------------------------------------------------------------------------------ Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 2,3 5,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 2,3,15 151 -- - ------------------------------------------------------------------------------------------------------------------------------------ ION Media Networks, Inc.: 14.25% Cum., Non-Vtg. 2,3,15 124 965,847 9.75% Cv., Series AI 2,3,15 1 6,396 - ------------------------------------------------------------------------------------------------------------------------------------ Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 2 4,600 716,910 ---------- Total Preferred Stocks (Cost $2,004,351) 1,689,153 - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--0.5% - ------------------------------------------------------------------------------------------------------------------------------------ Adelphia Contingent Value Vehicle 2,3 923,634 92,363 - ------------------------------------------------------------------------------------------------------------------------------------ Arco Capital Corp. Ltd. 2,3 690,638 10,359,570 - ------------------------------------------------------------------------------------------------------------------------------------ ATA Holdings Corp. 2,3 2,168 32,520 - ------------------------------------------------------------------------------------------------------------------------------------ Cebridge Connections Holding LLC 2,3 3,734 -- - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The) 2,205 455,619 - ------------------------------------------------------------------------------------------------------------------------------------ Okumura Corp. 78,000 424,862 - ------------------------------------------------------------------------------------------------------------------------------------ Premier Holdings Ltd. 2,3 18,514 -- - ------------------------------------------------------------------------------------------------------------------------------------ Societe des Autoroutes Paris-Rhin-Rhone 3,666 333,990 - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Cable, Inc., Cl. A 3 13,990 524,205 - ------------------------------------------------------------------------------------------------------------------------------------ WRC Media Corp. 2,3 1,082 11 ---------- Total Common Stocks (Cost $12,219,469) 12,223,140 UNITS - ------------------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ ATA Holdings Corp. Wts., Exp. 2/28/11 3 266 1,909 - ------------------------------------------------------------------------------------------------------------------------------------ Long Distance International, Inc. Wts., Exp. 4/13/08 2,3 200 --
27 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
UNITS VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 2,3 2,300 $ 83,950 --------------- Total Rights, Warrants and Certificates (Cost $2,025) 85,859 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ STRUCTURED NOTES--13.7% - ------------------------------------------------------------------------------------------------------------------------------------ Aiolos Ltd. Catastrophe Linked Nts., 8.484%, 4/8/09 1,13 [EUR] 800,000 1,066,351 - ------------------------------------------------------------------------------------------------------------------------------------ Calabash Re Ltd. Catastrophe Linked Nts., Cl. A-1, 13.86%, 6/1/09 1,13 1,750,000 1,810,288 - ------------------------------------------------------------------------------------------------------------------------------------ Cascadia Ltd. Catastrophe Linked Nts.: 8.465%, 6/13/08 1,13 500,000 498,995 9.36%, 8/31/09 1 1,130,000 1,140,961 - ------------------------------------------------------------------------------------------------------------------------------------ Cat-Mex Ltd. Catastrophe Linked Nts., Cl. A, 7.71%, 5/19/09 1,13 1,950,000 1,954,193 - ------------------------------------------------------------------------------------------------------------------------------------ Champlain Ltd. Catastrophe Linked Nts., Series A, 18.11%, 1/7/09 1 940,000 944,019 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Credit Linked Nts., 11.083%, 5/22/08 2,17 [ARP] 840,000 751,426 Argentina (Republic of) Credit Linked Nts., 4%, 5/18/09 2 [ARP] 1,334,000 1,193,034 Argentina (Republic of) Unsec. Credit Linked Nts., 15.40%, 4/16/10 17 [ARP] 1,613,548 849,589 Brazil (Federal Republic of) Credit Linked Nts., 10%, 1/5/10 1 [BRR] 10,670,000 4,981,129 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 2,927,000 1,399,925 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 4,619,000 2,209,175 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.427%, 1/2/09 9 [BRR] 2,231,957 892,165 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.728%, 1/3/08 9 [BRR] 1,948,615 868,937 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10 9 [BRR] 2,480,096 887,793 Colombia (Republic of) Credit Linked Bonds, 11%, 7/24/20 [COP] 1,060,000,000 521,518 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 552,359,546 299,972 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,200,000,000 651,688 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,034,000,000 561,538 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 927,000,000 503,429 Dominican Republic Credit Linked Nts., 11.01%, 9/4/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 48,700,000 1,447,496 Dominican Republic Credit Linked Nts., 22%, 10/3/11 [DOP] 25,600,000 1,002,127 Dominican Republic Credit Linked Nts., Series II, 15.603%, 4/23/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 7,591,000 233,495 Dominican Republic Credit Linked Nts., 14.608%, 5/14/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 18,300,000 561,977 Dominican Republic Credit Linked Nts., 10.105%, 7/2/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 16,200,000 489,771 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 (linked to Dominican Republic Treasury Bills) [DOP] 49,300,000 1,540,827 Dominican Republic Unsec. Credit Linked Nts., 9.696%, 3/10/08 (linked to Dominican Republic Treasury Bills) 9 [DOP] 33,430,000 936,133 Dominican Republic Unsec. Credit Linked Nts., Series II, 15.736%, 4/30/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 15,150,000 465,243 Dominican Republic Unsec. Credit Linked Nts., 15.638%, 4/30/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 6,910,000 212,548 Dominican Republic Unsec. Credit Linked Nts., 11.648%, 9/24/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 65,700,000 1,943,116
28 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Egypt (The Arab Republic of) Credit Linked Nts., 8.226%, 6/28/07 (linked to Egyptian Treasury Bills) 2,9 [EGP] 6,210,000 $ 1,068,180 Egypt (The Arab Republic of) Credit Linked Nts., 8.70%, 7/12/07 (linked to Egyptian Treasury Bills) 2,9 [EGP] 7,610,000 1,304,852 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.376%, 2/28/08 (linked to Egyptian Treasury Bills) 2,9 [EGP] 9,260,000 1,507,675 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 2/16/08 [EGP] 4,450,000 784,497 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 [NGN] 347,000,000 3,098,348 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 [NGN] 265,000,000 2,372,677 Nigeria (Federal Republic of) Credit Linked Nts., 12.474%, 7/22/07 9 [NGN] 219,970,000 1,675,176 Rusfinans Bank Unsec. Credit Linked Nts., 7.50%, 7/2/07 1,2 [RUR] 50,900,000 1,973,597 Russian Federation Credit Linked Nts., 5.315%, 1/20/11 10,000,000 10,175,900 Russian Federation Credit Linked Nts., 7.65%, 12/4/08 1,2 [RUR] 21,350,000 831,933 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 880,000 189,324 Zambia (Republic of) Credit Linked Nts., 8.833%, 2/21/08 (linked to Zambian Treasury Bills) 9 [ZMK] 6,515,000,000 1,390,837 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10 1,7 [UAH] 4,840,000 994,541 EES Total Return Linked Nts., 7.10%, 12/12/08 1 [RUR] 37,100,000 1,432,805 EESRRU Total Return Linked Nts., 8.252%, 6/22/10 1 [RUR] 93,500,000 3,717,129 Gazprom Total Return Linked Nts., 6.79%, 10/29/09 [RUR] 73,800,000 2,926,932 Gazprom Total Return Linked Nts., Series 002, 6.95%, 8/6/09 [RUR] 72,600,000 2,841,592 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 [IDR] 14,800,000,000 1,799,177 Moitk Total Return Linked Nts., 8.966%, 3/26/11 1 [RUR] 59,900,000 2,306,426 NAK Naftogaz of Ukraine, Credit Linked Nts., 5%, 1/20/09 3,890,000 4,021,404 Orenburgskaya IZHK Total Return Linked Nts., 9.24%, 2/21/12 1 [RUR] 116,835,000 4,496,438 Romania (The State of) Total Return Linked Nts., Series 0003, 5.882%, 8/15/07 9 [RON] 12,380,000 4,805,503 Rurail Total Return Linked Nts., 6.67%, 1/22/09 1 [RUR] 49,210,000 1,894,812 South African Rand Interest Bearing Linked Nts., Series FBi 43, 5.245%, 5/23/22 1 825,000 809,243 Turkey (Republic of) Credit Linked Nts., Series EMG 59, 21.41%, 7/16/08 9 [TRY] 3,485,000 1,978,844 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 2,195,000 482,416 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17 2 [VND] 14,609,000,000 961,248 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch): Turkey (Republic of) Credit Linked Nts., Series 2, 20.853%, 7/16/08 9 [TRY] 6,270,000 3,560,216 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 5,650,000 1,241,755 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 661,000 145,274 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 [UAH] 4,170,000 916,481 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 11.077%, 12/21/11 [ARP] 2,990,000 2,643,840 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 2 [MXN] 15,372,382 1,389,165
29 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 2 [MXN] 10,166,360 $ 922,163 Borhis Total Return Linked Nts., 6.45%, 3/15/34 [MXN] 4,430,000 1,484,125 Brazil Real Credit Linked Nts., 6%, 8/18/10 [BRR] 2,065,000 1,564,820 Brazil Real Credit Linked Nts., 13.882%, 3/3/10 9 [BRR] 4,580,760 2,030,137 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/15/14 2 [COP] 2,002,000,000 1,076,934 Colombia (Republic of) Total Return Linked Bonds, Series 002, 11%, 7/28/20 [COP] 6,840,000,000 3,380,236 Egypt (The Arab Republic of) Credit Linked Nts., 9.381%, 2/5/08 (linked to Egyptian Treasury Bills) 2,9 [EGP] 6,230,000 1,016,159 Egypt (The Arab Republic of) Total Return Linked Nts., 10.029%, 9/12/07 (linked to Egyptian Treasury Bills) 2,9 [EGP] 11,720,000 1,969,742 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10 9 705,000 618,426 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 2 2,427,307 2,439,519 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/20/09 [KZT] 258,990,000 2,086,396 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 837,220 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 873,600 1,105,366 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 [NGN] 67,900,000 559,279 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 [NGN] 91,000,000 787,315 OAO Gazprom I Credit Nts., 9.22%, 10/20/07 790,000 839,219 OAO Gazprom II Credit Nts., 8.97%, 4/20/07 790,000 823,862 Peru (Republic of) Credit Linked Nts., 6.665%, 2/20/11 1 875,000 894,304 RosSelkhoz Bank Total Return Linked Nts., 6.926%, 2/22/08 9 [RUR] 57,640,000 2,084,045 Russian Federation Credit Linked Nts., 6.942%, 2/22/08 9 [RUR] 82,600,000 2,987,141 Russian Federation Credit Linked Nts., 7.176%, 2/21/08 9 [RUR] 39,800,000 1,439,018 Russian Federation Credit Linked Nts., 0%, 12/2/09 9 [RUR] 19,221,000 791,523 Russian Federation Total Return Linked Nts., Series II, 9%, 4/22/11 [RUR] 21,590,000 926,627 Russian Railways Total Return Linked Bonds, 6.67%, 1/26/09 1 [RUR] 75,090,000 2,892,756 Russian Unified Energy Systems Total Return Linked Nts., Series FSK3, 7.10%, 12/16/08 1 [RUR] 50,530,000 1,990,404 Sberbank Total Return Linked Nts., 6.593%, 2/20/08 9 [RUR] 57,640,000 2,085,864 Sberbank Total Return Linked Nts., 6.588%, 2/27/08 9 [RUR] 76,860,000 2,777,548 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 885,000 906,674 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 885,000 905,992 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 885,000 905,833 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 885,000 905,435 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 885,000 903,169 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 269,000 60,458 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 955,000 214,637 Ukraine (Republic of) Credit Linked Nts., 5.592%, 5/18/07 [UAH] 2,390,000 483,557 Ukraine (Republic of) Credit Linked Nts., Series A, 5.592%, 5/16/07 [UAH] 2,390,000 483,557 United Mexican States BORHIS Total Return Linked Nts., 6.10%, 9/27/35 [MXN] 3,676,455 1,334,670 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 2 [MXN] 10,178,398 922,103 Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 2 1,630,000 1,639,242 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 7 [VND] 36,800,000,000 2,297,129 - ------------------------------------------------------------------------------------------------------------------------------------ Dow Jones CDX High Yield Index, Pass-Through Certificates, 8.25%, Series 4-T1, 6/29/10 2 5,221,200 5,449,628
30 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.041%, 12/8/11 1 [RUR] 34,190,000 $ 1,317,131 - ------------------------------------------------------------------------------------------------------------------------------------ Eurus Ltd. Catastrophe Linked Nts., 11.61%, 4/8/09 1,2 1,400,000 1,423,800 - ------------------------------------------------------------------------------------------------------------------------------------ Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 9.26%, 8/10/11 1,13 1,630,000 1,670,017 - ------------------------------------------------------------------------------------------------------------------------------------ Foundation Re II Ltd. Catastrophe Linked Nts., 15.16%, 1/8/09 1,2 926,000 879,700 - ------------------------------------------------------------------------------------------------------------------------------------ Foundation Re Ltd. Catastrophe Linked Nts., 9.46%, 11/24/08 1,13 1,000,000 962,190 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17 9 [TRY] 21,980,000 3,567,013 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37 9 [COP] 63,720,800,000 1,269,990 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The), Russag Total Return Linked Nts., 7.25%, 12/23/09 [RUR] 50,540,000 1,942,359 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International, Russian Federation Total Return Linked Nts., 8%, 5/13/09 1 [RUR] 84,500,000 3,324,457 - ------------------------------------------------------------------------------------------------------------------------------------ ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 2 [UAH] 4,689,000 1,051,254 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: Argentina (Republic of) Credit Linked Nts., 11.032%, 12/19/11 2 [ARP] 4,355,000 3,798,811 Brazil (Federal Republic of) Credit Linked Nts., 14.35%, 2/20/12 [BRR] 5,770,000 2,836,690 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 2 [BRR] 5,855,000 4,117,625 Brazil (Federal Republic of) Credit Linked Nts., Series II, 13.553%, 1/2/15 9 [BRR] 8,035,000 1,647,035 Brazil (Federal Republic of) Credit Linked Nts., Series III, 12.184%, 1/2/15 9 [BRR] 8,500,000 1,742,351 Brazil (Federal Republic of) Credit Linked Nts., 12.08%, 1/2/15 9 [BRR] 3,693,700 757,144 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15 9 [BRR] 10,948,600 2,244,272 Brazil (Federal Republic of) Credit Linked Nts., 2.731%, 11/30/12 9 [ARP] 4,550,000 1,406,370 Brazil (Federal Republic of) Credit Linked Nts., 12.683%, 6/1/13 9 [BRR] 5,490,000 1,332,329 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16 2,9 [COP] 12,125,000,000 2,070,881 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 9 [COP] 20,100,000,000 3,748,703 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16 2,9 [COP] 12,177,000,000 2,079,762 Colombia (Republic of) Credit Linked Bonds, 11.198%, 8/3/20 9 [COP] 11,160,000,000 1,484,521 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15 9 [PEN] 3,470,000 618,767 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 1,120,000 1,119,888 - ------------------------------------------------------------------------------------------------------------------------------------ JSC Astana Finance Nts., 9.16%, 3/14/12 2 7,200,000 7,146,350 - ------------------------------------------------------------------------------------------------------------------------------------ Lakeside Re Ltd. Catastrophe Linked Nts., 11.865%, 12/31/09 1,13 2,000,000 2,048,000 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2006-1, 7.55%, 5/1/16 2,18 9,300,000 9,688,089 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers International, Romania (Republic of) Total Return Linked Nts., 7.90%, 2/9/10 (linked to Romanian Treasury Bills) [RON] 821,400 336,176 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: CMS 10 yr. Curve Credit Linked Nts., 6%, 2/5/17 13,350,000 13,855,965 Romania (Republic of) Total Return Linked Nts., 6.50%, 3/9/10 (linked to Romanian Treasury Bills) [RON] 2,228,300 874,423 Romania (Republic of) Total Return Linked Nts., 6.75%, 3/11/08 (linked to Romanian Treasury Bills) [RON] 2,600,000 1,038,946 Romania (Republic of) Total Return Linked Nts., 7.25%, 4/19/10 (linked to Romanian Treasury Bills) [RON] 213,000 90,462
31 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 (linked to Romanian Treasury Bills) [RON] 199,000 $ 85,883 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 (linked to Romanian Treasury Bills) [RON] 512,000 220,964 Romania (Republic of) Total Return Linked Nts., 7.90%, 2/12/08 (linked to Romanian Treasury Bills) [RON] 1,885,100 765,242 - ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch: Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 2 [COP] 1,784,000,000 834,231 Renaissance Capital International Services Ltd. Total Return Linked Nts., 10.50%, 10/4/08 7 [RUR] 80,000,000 3,078,830 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc: Total Return Linked Nts., Series A, 8.375%, 6/30/12 2 [RUR] 31,917,476 1,271,348 Total Return Linked Nts., Series B, 11%, 6/30/12 2 [RUR] 27,691,222 1,103,646 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Bank Center Credit Total Return Linked Nts., 7.52%, 6/6/08 [KZT] 482,000,000 3,922,749 Brazil (Federal Republic of) Linked Nts., 12.551%, 1/5/22 9 [BRR] 28,914,000 2,631,352 Brazil (Federal Republic of) Sr. Linked Nts., 14.40%, 8/4/16 [BRR] 5,793,682 3,512,260 Philippines (Republic of the) Credit Linked Nts., 10.22%, 9/20/15 2 10,300,000 12,434,615 Philippines (Republic of the) Credit Linked Nts., 8.619%, 9/20/15 2 1,230,000 1,428,484 Philippines (Republic of the) Credit Linked Nts., 8.22%, 6/20/16 1,2 1,360,000 1,458,117 Sukhoi Co. Total Return Linked Nts., 7.85%, 3/31/17 [RUR] 107,700,000 4,146,947 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 2,000,000 2,116,405 Venezuela (Republic of) 10 yr. Credit Linked Nts., 7.85%, 11/20/15 1,885,000 2,099,684 WTI Trading Ltd. Total Return Linked Nts., Series A, 0%, 2/6/09 2,9 3,630,000 3,738,900 WTI Trading Ltd. Total Return Linked Nts., Series B, 0%, 2/6/09 2,9 4,850,000 4,995,500 - ------------------------------------------------------------------------------------------------------------------------------------ Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 10.36%, 1/15/10 1,2 890,000 894,895 - ------------------------------------------------------------------------------------------------------------------------------------ Residential Reinsurance Ltd. Catastrophe Linked Nts., Series B, 13.81%, 6/6/08 1 1,300,000 1,206,368 - ------------------------------------------------------------------------------------------------------------------------------------ Successor Cal Quake Parametric Ltd. Catastrophe Linked Nts., Cl. A-I, 10.596%, 6/6/08 1,2 1,040,000 1,050,972 - ------------------------------------------------------------------------------------------------------------------------------------ Successor Euro Wind Ltd. Catastrophe Linked Nts., Series A-I, 22.846%, 6/6/08 1,2 1,450,000 1,498,720 - ------------------------------------------------------------------------------------------------------------------------------------ Successor Japan Quake Ltd. Catastrophe Linked Nts., Series A-I, 9.596%, 6/6/08 1,13 2,450,000 2,483,443 - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG: Congo (Republic of) Credit Linked Nts., 9%, 3/22/12 [XAF] 350,000,000 671,787 Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11 2 [GHC] 12,220,520,000 1,367,726 Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 4,792,700 1,381,040 - ------------------------------------------------------------------------------------------------------------------------------------ VASCO Re 2006 Ltd. Catastrophe Linked Nts., 13.848%, 6/5/09 1,13 1,550,000 1,585,805 ---------------- Total Structured Notes (Cost $291,681,181) 309,856,711
STRIKE DATE PRICE CONTRACTS - ------------------------------------------------------------------------------------------------------------------------------------ OPTIONS PURCHASED--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ Japanese Yen (JPY) Put 3 (Cost $226,440) 7/25/07 $95 26,640,000 129,870
32 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS IN AFFILIATED COMPANIES--14.5% - ------------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 19,20,21 (Cost $329,114,963) 329,114,963 $ 329,114,963 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $2,284,347,501) 2,334,394,155 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--1.5% 22 - ------------------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--1.3% Undivided interest of 0.25% in joint repurchase agreement (Principal Amount/Value $3,500,000,000, with a maturity value of $3,501,591,771) with Bank of America NA, 5.4575%, dated 3/30/07, to be repurchased at $8,862,082 on 4/2/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 9/1/33-6/1/35, with a value of $3,570,000,000 $ 8,858,053 8,858,053 - ------------------------------------------------------------------------------------------------------------------------------------ Undivided interest of 2.67% in joint repurchase agreement (Principal Amount/Value $750,000,000 with a maturity value of $750,342,344) with Barclays Capital, 5.4775%, dated 3/30/07, to be repurchased at $20,009,129 on 4/2/07, collateralized by AAA Asset-Backed Securities, 0.00%, 9/15/10-11/25/46, with a value of $772,500,000 20,000,000 20,000,000 --------------- 28,858,053 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIUM-TERM FLOATING NOTE--0.0% Metropolitan Life Global Funding, 5.31%, 4/23/07 750,000 750,000 - ------------------------------------------------------------------------------------------------------------------------------------ YANKEE CERTIFICATE OF DEPOSIT FLOATING NOTE--0.2% Natexis Banques Populaires NY, 5.34%, 4/2/07 4,000,000 4,000,000 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $33,608,053) 33,608,053 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $2,317,955,554) 104.5% 2,368,002,208 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (4.5) (101,645,974) ------------------------------------- NET ASSETS 100.0% $ 2,266,356,234 =====================================
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 GHC Ghanaian Cedi IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen KZT Kazakhstan Tenge MXN Mexican Nuevo Peso MYR Malaysian Ringgit 33 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- NGN Nigeria Naira PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RON New Romanian Leu RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso VND Vietnam Dong XAF CFA Franc BEAC ZMK Zambian Kwacha 1. Represents the current interest rate for a variable or increasing rate security. 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2007 was $154,570,268, which represents 6.82% of the Fund's net assets. In addition, the Fund has restricted currency of $487,408 which represents 0.02% of the Fund's net asset. See accompanying Notes. 3. Non-income producing security. 4. Issue is in default. See accompanying Notes. 5. A sufficient amount of liquid assets has been designated to cover outstanding written put options, as follows: CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO PUT DATES PRICE RECEIVED VALUE - -------------------------------------------------------------------------------- Japanese Yen (JPY) 206,000,000 4/4/07 $ 117.00 $ 9,948 $ 5,006 Japanese Yen (JPY) 174,000,000 4/5/07 117.35 8,778 6,595 Japanese Yen (JPY) 181,000,000 4/9/07 118.00 9,280 9,280 ------------------- $ 28,006 $ 20,881 =================== 6. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $16,059,365 or 0.71% of the Fund's net assets as of March 31, 2007. 7. When-issued security or forward commitment to be delivered and settled after March 31, 2007. See accompanying Notes. 8. Partial or fully-loaned security. See accompanying Notes. 9. Zero coupon bond reflects effective yield on the date of purchase. 10. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $8,124,237. See accompanying Notes. 11. A sufficient amount of liquid assets has been designated to cover outstanding written call options, as follows: CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO CALL DATES PRICE RECEIVED VALUE - -------------------------------------------------------------------------------- Japanese Yen (JPY) 206,000,000 4/4/07 $ 117.00 $ 10,476 $ 12,628 Japanese Yen (JPY) 174,000,000 4/5/07 117.35 8,407 10,927 Japanese Yen (JPY) 181,000,000 4/9/07 118.00 9,280 9,280 ------------------- $ 28,163 $ 32,835 =================== 12. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 13. 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 $146,157,539 or 6.45% of the Fund's net assets as of March 31, 2007. 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. 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. 17. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 18. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 19. Rate shown is the 7-day yield as of March 31, 2007. 20. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows: 34 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - --------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 349,023,806 258,531,064 278,439,907 329,114,963
DIVIDEND VALUE INCOME - --------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $ 329,114,963 $ 4,399,930
21. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. 22. 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. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. 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 take place generally at least ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2007, the Fund had purchased $138,811,899 of securities issued on a when-issued basis or forward commitment and sold $17,396,561 of securities issued on a when-issued basis or forward commitment. 35 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2007, securities with an aggregate market value of $796,987, representing .04% 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. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 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, options and 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. 36 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations in the annual and semiannual reports. As of March 31, 2007, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) MARCH 31, 2007 APPRECIATION DEPRECIATION - --------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Australian Dollar (AUD) 4/23/07 681 AUD $ 550,632 $ 5,151 $ -- Brazilian Real (BRR) 5/3/07-1/5/10 161,753 BRR 75,597,543 6,368,932 -- British Pound Sterling (GBP) 4/10/07-6/27/07 8,165 GBP 16,066,205 160,332 -- Canadian Dollar (CAD) 4/23/07 2,505 CAD 2,171,256 9,910 -- Chilean Peso (CLP) 5/16/07-6/28/07 3,574,000 CLP 6,624,069 2,513 15,685 Euro (EUR) 4/2/07-9/24/07 30,658 EUR 41,021,507 247,276 1,213 Hungarian Forint (HUF) 4/26/07 1,650,000 HUF 8,877,431 -- 92,886 Indian Rupee (INR) 4/26/07 390,000 INR 8,925,613 29,627 -- Japanese Yen (JPY) 4/2/07-5/31/07 6,349,000 JPY 54,030,758 369,657 129,402 Malaysian Ringgit (MYR) 5/16/07 12,420 MYR 3,600,632 33,205 -- Mexican Nuevo Peso (MXN) 4/2/07-5/25/07 202,982 MXN 18,337,752 -- 77,200 New Turkish Lira (TRY) 4/24/07 12,550 TRY 8,937,390 59,881 -- New Zealand Dollar (NZD) 9/24/07 2,560 NZD 1,805,463 24,010 -- Norwegian Krone (NOK) 9/24/07-1/29/08 24,430 NOK 4,033,625 107,352 -- Polish Zloty (PLZ) 5/7/07 35,280 PLZ 12,204,159 356,088 -- Russian Ruble (RUR) 4/4/07-2/21/08 587,300 RUR 22,596,805 119,955 -- Singapore Dollar (SGD) 2/5/08 10,190 SGD 6,841,074 68,154 242 South African Rand (ZAR) 4/26/07-8/1/07 131,430 ZAR 17,968,975 46,633 88,175 South Korean Won (KRW) 4/12/07-7/2/07 6,733,000 KRW 7,164,925 -- 10,048 Swedish Krone (SEK) 4/10/07 28,410 SEK 4,070,831 8,778 8,711 Swiss Franc (CHF) 4/10/07-4/23/07 4,712 CHF 3,881,658 34,578 788 Ukraine Hryvnia (UAH) 4/5/07 5,011 UAH 994,577 -- 656 Uruguay Peso (UYU) 4/3/07 48,300 UYU 2,000,414 10,303 -- Vietnam Dong (VND) 4/13/07 37,076,000 VND 2,314,357 -- 5,793 -------------------------------- 8,062,335 430,799 -------------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 4/10/07-4/11/07 21,250 AUD 17,188,125 -- 584,788 British Pound Sterling (GBP) 8/6/07 3,330 GBP 6,546,884 -- 10,577 Canadian Dollar (CAD) 8/21/07-9/28/07 6,510 CAD 5,662,119 -- 51,796 Chinese Renminbi (CNY) 4/26/07 69,000 CNY 8,962,225 14,552 --
37 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Czech Koruna (CZK) 4/26/07-1/25/08 489,430 CZK 23,633,444 17,890 243,865 Euro (EUR) 4/2/07-1/29/08 43,363 EUR 58,011,590 -- 1,247,513 Hong Kong Dollar (HKD) 12/19/07-1/25/08 221,945 HKD 28,621,291 116,230 679 Indian Rupee (INR) 4/5/07 6,772 INR 155,641 -- 680 Japanese Yen (JPY) 4/2/07-2/5/08 2,845,000 JPY 24,549,519 6,902 232,540 New Turkish Lira (TRY) 5/7/07-5/8/07 5,105 TRY 3,616,663 -- 92,389 New Zealand Dollar (NZD) 1/16/08 7,970 NZD 5,569,913 -- 160,599 Russian Ruble (RUR) 4/3/07-4/4/07 318,208 RUR 12,246,475 -- 7,697 Swedish Krone (SEK) 4/26/07-9/24/07 69,560 SEK 9,983,860 33,284 -- Swiss Franc (CHF) 4/26/07-1/25/08 29,595 CHF 24,687,091 50,705 142,420 --------------------------------- 239,563 2,775,543 --------------------------------- Total unrealized appreciation and depreciation $ 8,301,898 $ 3,206,342 =================================
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. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2007, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2007 (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE 30 Day Interbank Cash Rate 4/20/07 11 $ 2,154,771 $ 111,935 Canada (Government of) Bonds, 10 yr. 6/20/07 25 2,454,526 (5,013) DAX Index 6/15/07 26 6,051,176 133,106 Euro-Bundesobligation, 10 yr. 6/7/07 28 4,298,428 (44,860) Euro-Schatz 6/7/07 454 62,651,745 (169,862)
38 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Japan (Government of) Bonds, 10 yr. 6/11/07 10 11,384,080 4,555 Japan (Government of) Bonds, 10 yr. 6/8/07 30 3,416,242 2,387 Nikkei 225 Index 6/7/07 5 734,470 (3,888) Standard & Poor's/MIB Index, 10 yr. 6/15/07 8 2,192,228 100,571 Standard & Poor's/Toronto Stock Exchange 60 Index 6/14/07 6 786,003 9,212 U.S. Treasury Nts., 2 yr. 6/29/07 791 162,068,484 331,434 U.S. Treasury Nts., 10 yr. 6/20/07 1,516 163,917,500 210,665 U.S. Treasury Nts., 30 yr. 6/20/07 1,502 167,097,500 (699,762) United Kingdom Long Gilt 6/27/07 6 1,272,920 (3,399) -------------- (22,919) -------------- CONTRACTS TO SELL Australia (Commonwealth of) Bonds, 10 yr. 6/15/07 69 5,634,994 87,072 CAC-40 10 Index 4/20/07 49 3,695,668 (64,260) DAX Index 6/15/07 23 5,352,964 (230,088) Euro-Bundesobligation, 5 yr. 6/7/07 19 2,745,722 19,429 Euro-Bundesobligation, 10 yr. 6/7/07 35 5,373,035 23,121 FTSE 100 Index 6/15/07 84 10,456,816 (302,600) NASDAQ 100 Index 6/15/07 208 7,449,520 16,113 Nikkei 225 Index 6/7/07 58 8,519,857 (221,973) Standard & Poor's 500 E-Mini 6/15/07 540 38,642,400 (376,191) Standard & Poor's/Toronto Stock Exchange 60 Index 6/14/07 18 2,358,008 (70,401) U.S. Treasury Nts., 2 yr. 6/29/07 96 19,699,500 17,842 U.S. Treasury Nts., 5 yr. 6/29/07 1,267 134,044,641 (640,624) U.S. Treasury Nts., 10 yr. 6/20/07 1,011 109,314,375 (161,437) U.S. Treasury Nts., 30 yr. 6/20/07 70 7,787,500 135,589 United Kingdom Long Gilt 6/27/07 5 1,060,767 11,379 -------------- (1,757,029) -------------- $ (1,779,948) ==============
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 39 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended March 31, 2007 was as follows:
CALL OPTIONS PUT OPTIONS ---------------------------- ----------------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS - ---------------------------------------------------------------------------------------- Options outstanding as of December 31, 2006 -- $ -- 25,680,000 $ 253,204 Options written 3,272,000,000 165,825 3,272,000,000 165,629 Options closed or expired (2,162,000,000) (110,655) (753,680,000) (288,544) Options exercised (549,000,000) (27,007) (1,983,000,000) (102,283) ------------------------------------------------------------ Options outstanding as of March 31, 2007 561,000,000 $ 28,163 561,000,000 $ 28,006 ============================================================
CREDIT DEFAULT SWAP CONTRACTS A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps to hedge an existing position or to obtain exposure to a security or market by purchasing or selling credit protection. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. The periodic interest fees are accrued daily as a component of unrealized appreciation (depreciation) and are recorded as realized loss (gain) upon payment. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security and the notional amount is recorded as realized gain (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 and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. 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, adverse pricing when purchasing bonds to satisfy its delivery obligation, and the need to fund the delivery obligation (either cash or defaulted securities depending on whether the Fund is the purchaser or seller of the credit default swap contract, respectively). 40 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Information regarding such credit default swaps as of March 31, 2007 is as follows:
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE TERMINATION PREMIUM COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATES PAID/(RECEIVED) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc: Dow Jones CDX North America Crossover Index Sell $ 885 1.650% 12/20/11 $ 14,855 $ 8,243 Residential Capital LLC Sell 942 1.750 3/20/08 -- 4,989 Residential Capital LLC Sell 1,807 1.220 3/20/08 -- 104 Residential Capital LLC Sell 905 1.200 3/20/08 -- (133) Smithfield Foods, Inc. Sell 855 1.500 3/20/12 -- (6,737) - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Allied Waste North America, Inc. Sell 2,300 1.880 3/20/12 -- (38,041) Ford Motor Credit Co. Sell 1,800 2.320 3/20/12 -- (63,110) Hungary (Republic of) Buy 2,300 0.400 12/20/15 -- (11,633) Univision Communications, Inc. Sell 468 1.100 6/20/08 -- (15) Williams Cos., Inc. Sell 500 1.110 3/20/12 -- 2,356 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc.: Dow Jones CDX North America Crossover Index Sell 1,300 1.650 12/20/11 22,168 11,050 Dow Jones CDX North America Crossover Index Sell 3,440 1.650 12/20/11 54,108 29,137 Dow Jones CDX North America High Yield Index Sell 1,280 3.250 12/20/11 47,467 35,480 Ford Motor Credit Co. Sell 1,150 2.550 3/20/12 -- (29,009) Ford Motor Credit Co. Sell 3,750 2.385 3/20/12 -- (122,814) GMAC LLC Sell 1,690 1.390 3/20/17 -- (84,775) HCA, Inc. Buy 930 0.750 6/20/08 -- 382 HCA, Inc. Sell 930 3.250 6/20/12 -- 6,688 Inco Ltd. Buy 460 0.580 3/20/17 -- (21) NJSC Naftogaz Sell 2,940 3.250 4/20/11 -- -- Residential Capital LLC Sell 900 1.300 3/20/08 -- 833 Smithfield Foods, Inc. Sell 865 1.490 3/20/12 -- (5,915) Vale Overseas Ltd. Sell 460 1.030 3/20/17 -- 959 Williams Cos., Inc. Sell 800 1.150 3/20/12 -- 4,808 Williams Cos., Inc. Sell 400 1.140 3/20/12 -- 2,577 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Coriolanus Ltd. Sell 4,120 3.200 4/20/12 -- -- Dow Jones CDX North America Crossover Index Sell 6,875 1.650 12/20/11 109,580 67,562 Dow Jones CDX North America Crossover Index Sell 1,380 1.650 12/20/11 23,824 13,562 Dow Jones CDX North America Crossover Index Sell 3,460 1.650 12/20/11 54,536 34,002 Dow Jones CDX North America High Yield Index Sell 3,615 3.250 12/20/11 134,056 107,356 El Paso Corp. Sell 3,270 1.030 3/20/12 -- 14,940
41 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Ford Motor Co. Buy 2,035 3.050 12/20/08 -- 8,069 Ford Motor Co. Buy 2,545 3.300 12/20/08 -- (310) Ford Motor Co. Buy 1,650 3.650 12/20/08 -- (9,641) Ford Motor Co. Sell 2,540 5.800 12/20/16 -- (155,098) Ford Motor Co. Sell 3,180 5.850 12/20/16 -- (186,470) Ford Motor Co. Sell 2,065 6.000 12/20/16 -- (106,074) Ford Motor Credit Co. Sell 2,760 2.390 3/20/12 -- (88,062) Ford Motor Credit Co. Sell 1,300 2.340 3/20/12 -- (43,888) General Motors Corp. Buy 2,035 2.030 12/20/08 -- 13,569 General Motors Corp. Buy 1,650 2.550 12/20/08 -- (3,113) General Motors Corp. Sell 2,035 4.680 12/20/16 -- (69,387) General Motors Corp. Sell 1,650 4.750 12/20/16 -- (50,137) GMAC LLC Sell 1,750 1.370 3/20/17 -- (91,314) Inco Ltd. Buy 995 0.630 3/20/17 -- (6,216) Inco Ltd. Buy 865 0.420 3/20/17 -- 4,599 Peru (Republic of) Buy 1,900 1.710 12/20/16 -- (74,714) Peru (Republic of) Sell 405 1.320 4/20/17 -- 1,870 Philippines (Republic of the) Buy 2,000 3.690 9/20/15 -- (248,345) Vale Oversees Ltd. Sell 995 1.050 3/20/17 -- 14,773 Vale Oversees Ltd. Sell 865 1.000 3/20/17 -- 9,445 Williams Cos., Inc. Sell 1,850 1.020 3/20/12 -- 6,081 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: General Motors Corp. Buy 1,650 2.700 12/20/08 -- (18,071) General Motors Corp. Sell 1,650 4.950 12/20/16 -- (28,387) GMAC LLC Sell 1,040 1.390 3/20/17 -- (56,142) GMAC LLC Sell 850 1.390 3/20/17 -- (45,885) GMAC LLC Sell 2,190 1.390 3/20/17 -- (118,222) GMAC LLC Sell 1,200 1.370 3/20/17 -- (66,236) K. Hovnanian Enterprises, Inc. Sell 2,950 2.000 6/20/08 -- (8,294) K. Hovnanian Enterprises, Inc. Sell 1,875 2.000 6/20/08 -- (5,271) K. Hovnanian Enterprises, Inc. Sell 1,880 1.800 6/20/08 -- -- Residential Capital LLC Sell 1,350 1.360 3/20/08 -- 779 Residential Capital LLC Sell 903 1.180 3/20/08 -- (1,038) Standard-Pacific Corp. Sell 5,450 2.200 6/20/08 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: Ford Motor Co. Buy 1,650 3.600 12/20/08 -- (15,911) Ford Motor Co. Sell 2,065 6.000 12/20/16 -- (102,096) General Motors Corp. Buy 2,545 2.350 12/20/08 -- (3,729) General Motors Corp. Sell 2,545 4.750 12/20/16 -- (74,231) Inco Ltd. Buy 435 0.520 3/20/17 -- 662 Russian Federation Buy 730 2.400 10/9/13 -- (81,938) Ukraine (Republic of) Sell 336 1.920 8/20/11 -- 8,610 - ------------------------------------------------------------------------------------------------------------------------------------
42 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Allied Waste North America, Inc. Sell 330 1.880 3/20/12 -- (4,477) Allied Waste North America, Inc. Sell 640 1.880 3/20/12 -- (8,683) Dow Jones CDX North American High Yield Index Sell 908 3.250 12/20/11 17,580 24,573 Dow Jones CDX North American High Yield Index Sell 908 3.250 12/20/11 17,580 24,573 GMAC LLC Sell 850 1.400 3/20/17 -- (45,581) GMAC LLC Sell 970 1.400 3/20/17 -- (52,016) HCA, Inc. Buy 920 0.725 3/20/08 -- (369) HCA, Inc. Sell 920 3.225 3/20/12 -- 16,061 Smithfield Foods, Inc. Sell 1,130 1.580 3/20/12 -- (3,652) Univision Communications, Inc. Sell 468 1.100 6/20/08 -- (275) Univision Communications, Inc. Sell 941 1.150 6/20/08 -- -- Univision Communications, Inc. Sell 2,079 1.200 6/20/08 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Colombia (Republic of) Buy 1,080 3.700 8/20/15 -- (167,739) Dow Jones CDX North America Crossover Index Sell 885 1.650 12/20/11 14,853 8,237 Ford Motor Co. Buy 420 2.450 12/20/08 -- 5,080 Ford Motor Co. Buy 1,650 3.700 12/20/08 -- (13,752) Ford Motor Co. Sell 520 5.900 12/20/16 -- (28,128) Ford Motor Co. Sell 2,065 6.150 12/20/16 -- (86,639) General Motors Corp. Buy 420 1.650 12/20/08 -- 5,338 General Motors Corp. Buy 1,650 2.700 12/20/08 -- (7,597) General Motors Corp. Sell 420 4.620 12/20/16 -- (15,668) General Motors Corp. Sell 1,650 4.900 12/20/16 -- (36,362) Gisad Dis Ticaret AS Sell 10,300 2.000 3/30/08 -- (162) Inco Ltd. Buy 900 0.520 3/20/17 -- 2,598 Inco Ltd. Buy 895 0.520 3/20/17 -- 2,584 Inco Ltd. Buy 975 0.600 3/20/17 -- (3,499) Istanbul Bond Co. SA for Finansbank Sell 5,180 1.300 3/24/13 -- (85,918) Smithfield Foods, Inc. Sell 1,500 1.510 3/20/12 -- (6,946) Turkey (Republic of) Sell 1,145 2.750 11/20/16 -- 24,776 Vale Overseas Ltd. Sell 435 1.060 3/20/17 -- 2,577 Vale Overseas Ltd. Sell 900 0.920 3/20/17 -- (4,179) Vale Overseas Ltd. Sell 895 0.970 3/20/17 -- (778) Vale Overseas Ltd. Sell 975 1.040 3/20/17 -- 4,798 Venezuela (Republic of) Buy 1,885 3.480 11/20/15 (202,205) 170,054 - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG Indonesia (Republic of) Sell 375 2.300 9/20/11 -- 18,698 ------------------------------- $ 308,402 $ (2,309,519) ===============================
43 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. 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. The net change in this amount during the period 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 March 31, 2007, the Fund had entered into the following interest rate swap agreements:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATES VALUE - --------------------------------------------------------------------------------------------------------------------------------- Banco Santander Central Hispano SA 56,000,000 BRR BZDI 12.2900% 1/4/10 $ 10,436 - --------------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc: 5,020,000 EUR EURIBOR 4.1120 6/15/09 107,061 5,050,000 EUR 4.2200% EURIBOR 1/29/10 10,336 3,430,000 GBP 5.5525 BBA LIBOR GBP 6/13/09 222,779 41,700,000 MXN MXN TIIE 9.2700 7/17/26 65,442 41,510,000 NOK NIBOR 5.3850 1/29/10 44,756 - --------------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: 1,260,000 PLZ Six-Month WIBO 5.5200 3/24/10 112,348 2,016,000 PLZ Six-Month WIBO 5.5500 3/25/10 6,856 73,200,000 TWD 2.3200 TWD-telerate 6/27/11 11,548 - --------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International 9,530,000 MXN 28-Day MXN TIIE 10.0000 7/19/15 (30,074) - --------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (Nassau Branch) 3,640,000 PLZ Six-Month WIBO 4.4800 7/1/10 54,680 - --------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International 22,480,000 MXN MXN TIIE 8.3000 12/17/26 55,904 - --------------------------------------------------------------------------------------------------------------------------------- INR MIBOR-OIS Deutsche Bank AG, 5 yr. 73,400,000 INR 7.1750 Compound 6/27/11 162,427 - --------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG 360,000,000 HUF 8.4400 Six-Month BUBOR 7/4/11 24,332 - --------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: 7,990,000 MXN MXN TIIE 10.2900 6/4/15 66,744 18,300,000 CNY 4.0000 CNY-CFXSREPOFIX01 2/16/17 83,654 9,700,000 MXN MXN TIIE Floating Index Rate 9.3300 9/16/26 45,678 8,790,000 BRR BZDI 12.9200 1/2/14 78,089 8,740,000 BRR BZDI 12.6700 1/4/10 87,162 2,630,000 BRR BZDI 12.8400 1/2/14 90,416 4,390,000 BRR BZDI 12.8700 1/2/14 236,393 8,750,000 BRR BZDI 12.7100 1/4/10 190,456
44 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 5,710,000 BRR BZDI 12.7300% 1/2/14 166,064 26,250,000 BRR BZDI 12.6100 1/4/10 (16,477) 9,160,000 MXN MXN TIIE 10.2200 1/30/15 116,978 21,000,000 BRR BZDI 14.5500 1/4/10 141,939 6,910,000 BRR BZDI 12.2600 1/2/15 237,527 3,160,000 BRR BZDI 12.2900 1/2/15 159,143 4,710,000 MXN MXN TIIE 10.0000 6/24/15 934,171 7,875,000 MXN MXN TIIE 10.4300 5/29/15 793,514 7,875,000 MXN MXN TIIE 10.3000 6/1/15 (895) 6,355,197 BRR BZDI 17.1800 1/2/08 469,838 19,400,000 BRR BZDI 12.3900 1/2/12 65,971 - --------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): 22,300,000 MXN MXN TIIE 9.1500 8/27/26 31,561 6,090,000 MXN MXN TIIE 9.4100 8/31/20 335,691 4,100,000 MXN MXN TIIE 10.8500 3/5/15 4,633 9,100,000 MXN MXN TIIE 10.7000 5/8/15 -- 18,300,000 MXN MXN TIIE 9.5100 8/26/25 208,343 12,220,000 MXN MXN TIIE 9.5000 8/28/25 374,235 25,560,000 BRR BZDI 14.8900 1/4/10 127,777 33,400,000 MXN MXN TIIE 9.2900 7/17/26 134,181 4,420,000 BRR BZDI 14.0500 1/2/12 240,764 37,300,000 MXN MXN TIIE 8.7000 2/5/16 173,324 23,010,000 MXN MXN TIIE 9.8400 12/31/09 (348,500) - --------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: 39,520,000 ZAR 8.2900 Three-Month JIBA 6/23/08 110,817 8,750,000 BRR BZDI 13.9100 1/2/12 114,368 9,700,000 MXN MXN TIIE 9.7600 8/17/15 3,738,372 82,000,000 Three-Month LIBOR 5.5700 5/26/16 104,091 19,400,000 BRR BZDI 12.3800 1/2/12 53,305 - --------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: 4,680,000 PLZ Six-Month WIBO 4.5300 7/5/10 (27,100) The greater of 0% and 8*(-0.0031375-(10 yr. CMS Index + 2 yr. CMS 13,350,000 Index) quarterly 400,500 2/5/17 114,146 9,440,000 MXN 28-Day MXN TIIE 9.9900 7/9/15 55,919 - --------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc. 27,500,000 SEK STIBOR SEK 4.1825 1/12/12 111,902 - --------------------------------------------------------------------------------------------------------------------------------- Santander Central Hispano 4,420,000 BRR BZDI 14.0000 1/3/12 106,007 ------------- $ 10,569,032 =============
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CNY Chinese Remnibi EUR Euro GBP British Pound Sterling HUF Hungarian Forint INR Indian Rupee MXN Mexican Nuevo Peso NOK Norwegian Krone 45 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- PLZ Polish Zloty SEK Swedish Krone TWD New Taiwan Dollar ZAR South African Rand Index abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BUBOR Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate CFSREPOFIX01 Chinese Renminbi 7 Days Repurchase Fixing Rates EURIBOR Euro Interbank Offered Rate JIBA South Africa Johannesburg Interbank Agreed Rate LIBOR London-Interbank Offered Rate MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate MIBOR-OIS Mid Market Interest Rate for French Franc/Austrian Schilling and India Swap Composites-Overnight Indexed Swap NIBOR Norwegian Interbank Offered Rate 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 and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. 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. The net change in this amount during the period 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 March 31, 2007, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: $ 1,620,000 Six-Month BBA LIBOR 5.46% 5/13/15 340,544 930,000 Six-Month BBA LIBOR 5.25 6/23/15 163,539 - ------------------------------------------------------------------------------------------------------------------------------------ If negative, the absolute If positive, the absolute value of Lehman Brothers value of Lehman Brothers Goldman Sachs Capital U.S. CMBS Index: U.S. CMBS Index: Aggregate Markets 5,310,000 Aggregate AAA. AAA plus 15 basis points. 9/1/07 2,372 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The): 920,000 Six-Month BBA LIBOR 5.10 1/14/15 191,600 920,000 Six-Month BBA LIBOR 5.08 1/20/15 196,442 - ------------------------------------------------------------------------------------------------------------------------------------
46 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Goldman Sachs International: One-Month BBA LIBOR USD and if negative the absolute value of the If positive, the Total Total Return of the MSCI Return of the MSCI Daily Daily Total Return Net Total Return Net Belgium 325,119 Belgium USD Market Index. USD Market Index. 10/9/07 $ (2,387) One-Month BBA LIBOR USD and if negative the absolute value of the If positive the Total Total Return of the MSCI Return of the MSCI Daily Daily Total Return Net Total Return Net Belgium 1,730,144 Belgium USD Market Index. USD Market Index. 10/8/07 101,278 One-Month BBA LIBOR USD plus spread and if negative, the absolute value of the Total If positive, the Total Return of a custom Return of a custom equity 21,067,093 equity basket. basket. 1/8/08 1,043,545 One-Month USD BBA LIBOR minus spread plus, if negative, the absolute value of the Total If positive, the Total Return of a custom Return of a custom equity 5,373,769 equity basket. basket. 1/8/08 229,627 If negative, the absolute value of the If positive, the Total Total Return of the Return of the BMU/BOVESPA 4,339,262 BRR BMU/BOVESPA 4/07 Index. 4/07 Index. 4/19/07 25,438 If positive, the Total If negative, the absolute Return of the INDF/NSE value of the Total Return INDF/NSE NIFTY Index 4/07 82,122,780 INR NIFTY Index 4/07 Future. Future. 5/3/07 (18,894) If positive, the If negative, the Total absolute value of the Return of the Swiss Market Total Return of the Index 6/07 Future. 6/20/07 (30,243) Swiss Market Index 6/07 2,277,660 CHF Future. If positive, the If negative, the Total absolute value of the Return of the Swiss Market Total Return of the Index 6/07 Future. 6/20/07 33 Swiss Market Index 6/07 360,120 CHF Future. - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc. 271,430,000 RUR BBA LIBOR USD 7.75 12/26/13 3,263 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley International: One-Month BBA LIBOR EUR If positive, the Total and if negative, the Return of a custom basket absolute value of the of securities plus the Total Return of a custom dividends from the basket 6,325,700 EUR basket of securities. of securities. 12/20/07 392,150 One-Month BBA LIBOR GBP If positive, the Total and if negative, the Return of a custom basket absolute value of the of securities plus the Total Return of a custom dividends from the basket 3,309,400 GBP basket of securities. of securities. 10/9/07 397,286 One-Month BBA LIBOR JPY If positive, the Total and if negative, the Return of a custom basket absolute value of the of securities plus the Total Return of a custom dividends from the basket 718,036,700 JPY basket of securities. of securities. 10/9/07 184,859 ---------- $3,220,452 ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real 47 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- CHF Swiss Franc EUR Euro GBP British Pound Sterling INR Indian Rupee JPY Japanese Yen RUR Russian Ruble Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BMU/BOVESPA Bovespa Index that trades on the Sao Paulo Stock Exchange CMBS Commercial Mortgage Backed Securities INDF/NSE NIFTY INDEX Indian National Stock Exchange Nifty Index LIBOR London-Interbank Offered Rate MSCI Morgan Stanley Capital International CURRENCY SWAP CONTRACTS A currency swap is an arrangement under which counterparties agree to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate. Currency swaps are marked-to-market daily using primarily quotations from counterparties and brokers and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. 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. The net change in this amount during the period is included on the Statement of Operations. 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. Currency swap agreements entail exchange rate risk, interest rate risk and credit risk. Due to the exchange of currency at contract termination, changes in currency exchange rates may result in the Fund paying an amount greater than the amount received. There is a risk, based on movements of interest rates or indexes that the periodic payments made by the Fund will be greater than the payments received. Credit risk arises from the possibility that the counterparty will default on its payments to the Fund. The Manager monitors the creditworthiness of counterparties on an ongoing basis. As of March 31, 2007, the Fund entered into the following currency swap arrangements:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT (000S) THE FUND THE FUND DATES VALUE - ------------------------------------------------------------------------------------------------ Credit Suisse: Three-Month 3,170 BBA LIBOR TRY 16.75% 2/26/12 $ (47,316) Three-Month 1,255 BBA LIBOR TRY 17.25 2/7/12 14,926 Three-Month 1,890 BBA LIBOR TRY 17.3 2/9/12 12,473 - ------------------------------------------------------------------------------------------------ Merrill Lynch Three-Month 1,960 BBA LIBOR TRY 17.1 2/6/12 11,007 ----------- $ (8,910) ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: TRY New Turkish Lira Abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY 48 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- As of March 31, 2007, 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 currency is as follows: ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST MARCH 31, 2007 APPRECIATION - ------------------------------------------------------------------------------ CURRENCY Argentine Peso 1/31/07-3/19/07 $ 486,302 $ 487,408 $ 1,106 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 March 31, 2007, the Fund had on loan securities valued at $54,691,002, 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 $33,608,053 was received for the loans, all of which was received in cash and subsequently invested in approved investments. In addition, collateral of $22,162,861 was also received in the form of securities. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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 $ 2,318,657,849 Federal tax cost of other investments 231,930,182 ------------------ Total federal tax cost $ 2,550,588,031 ================== Gross unrealized appreciation $ 77,459,698 Gross unrealized depreciation (18,930,206) ------------------ Net unrealized appreciation $ 58,529,492 ================== 49 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES--4.3% - ------------------------------------------------------------------------------------------------------------------------------------ Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 5.38%, 4/20/08 1 $ 640,000 $ 640,289 - ------------------------------------------------------------------------------------------------------------------------------------ Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.80%, 5/25/34 1 2,227,186 2,235,766 - ------------------------------------------------------------------------------------------------------------------------------------ Centex Home Equity Loan Trust 2005-D, Asset-Backed Certificates, Series 2005-D, Cl. AF1, 5.04%, 10/25/35 160,468 159,953 - ------------------------------------------------------------------------------------------------------------------------------------ Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 303,066 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 1 989,125 982,546 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 6.06%, 2/25/33 1 35,747 35,780 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 670,000 668,006 - ------------------------------------------------------------------------------------------------------------------------------------ CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 440,000 438,621 - ------------------------------------------------------------------------------------------------------------------------------------ Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.58%, 1/20/35 1 828,583 828,739 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 873,207 868,069 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 771,259 768,441 - ------------------------------------------------------------------------------------------------------------------------------------ Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31 2 2,700,408 2,715,584 - ------------------------------------------------------------------------------------------------------------------------------------ NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 0.64%, 1/25/29 2 3,370,016 707,703 - ------------------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 1 700,100 695,911 - ------------------------------------------------------------------------------------------------------------------------------------ Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 690,000 692,796 - ------------------------------------------------------------------------------------------------------------------------------------ RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 779,545 774,907 - ------------------------------------------------------------------------------------------------------------------------------------ Structured Asset Securities Corp., Mtg. Pass-Through Certificates: Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,542,404 2,260,195 Series 2003-25XS, Cl. A4, 4.51%, 8/25/33 23,226 23,160 - ------------------------------------------------------------------------------------------------------------------------------------ Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 1,740,000 1,776,731 --------------- Total Asset-Backed Securities (Cost $20,019,766) 17,576,263 - ------------------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS--69.1% - ------------------------------------------------------------------------------------------------------------------------------------ GOVERNMENT AGENCY--58.8% - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED--58.6% Fannie Mae Whole Loan, CMO Pass-Through Certificates, Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 610,489 631,653 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19 10,625,280 10,310,224 5%, 8/1/33 4,361,715 4,227,788 6%, 7/1/17-10/1/29 9,079,577 9,237,247 6.50%, 4/1/18-4/1/34 1,458,626 1,499,262 7%, 5/1/29-3/1/35 6,944,933 7,210,146 8%, 4/1/16 672,072 708,907
1 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED CONTINUED 9%, 8/1/22-5/1/25 $ 191,992 $ 206,042 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 5.06%, 3/25/36 1 721,689 723,769 Series 2043, Cl. ZP, 6.50%, 4/15/28 1,217,316 1,254,499 Series 2066, Cl. Z, 6.50%, 6/15/28 2,515,304 2,582,078 Series 2195, Cl. LH, 6.50%, 10/15/29 1,462,846 1,501,200 Series 2326, Cl. ZP, 6.50%, 6/15/31 510,331 523,798 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,310,246 1,375,194 Series 2500, Cl. FD, 5.82%, 3/15/32 1 364,151 367,839 Series 2526, Cl. FE, 5.72%, 6/15/29 1 580,901 586,348 Series 2551, Cl. FD, 5.72%, 1/15/33 1 452,306 456,679 Series 3025, Cl. SJ, 5.243%, 8/15/35 1 155,795 158,567 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., CMO Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 36,115 36,024 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 12.719%, 6/1/26 3 653,100 143,405 Series 183, Cl. IO, 9.624%, 4/1/27 3 970,251 222,399 Series 184, Cl. IO, 15.438%, 12/1/26 3 1,070,301 238,068 Series 192, Cl. IO, 13.916%, 2/1/28 3 259,874 61,743 Series 200, Cl. IO, 12.262%, 1/1/29 3 306,708 68,429 Series 2003-118, Cl. S, 8.73%, 12/25/33 3 3,683,826 439,346 Series 2005-87, Cl. SG, 9.456%, 10/25/35 3 5,571,051 332,281 Series 206, Cl. IO, (8.439)%, 12/1/29 3 624,632 148,533 Series 2130, Cl. SC, (2.485)%, 3/15/29 3 695,065 54,518 Series 216, Cl. IO, 12.223%, 12/1/31 3 399,670 86,168 Series 224, Cl. IO, 7.682%, 3/1/33 3 1,218,072 273,241 Series 243, Cl. 6, 26.368%, 12/15/32 3 760,755 172,556 Series 2796, Cl. SD, 0.696%, 7/15/26 3 1,111,458 94,389 Series 2802, Cl. AS, 1.619%, 4/15/33 3 1,231,427 72,881 Series 2920, Cl. S, (4.163)%, 1/15/35 3 4,064,895 192,513 Series 3000, Cl. SE, (3.956)%, 7/15/25 3 4,771,774 185,284 Series 3110, Cl. SL, 4.408%, 2/15/26 3 652,114 23,101 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.571%, 6/1/26 4 266,083 217,315 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn.: 4.50%, 9/1/18-8/1/20 16,721,738 16,225,123 5%, 12/1/17-3/1/34 30,478,500 29,884,466 5%, 12/1/17-4/1/37 5 24,601,782 24,185,420 5.50%, 1/1/33-1/1/34 14,031,235 13,921,249 5.50%, 4/1/22-4/1/37 5 25,684,000 25,505,462 6%, 5/1/29-11/1/33 10,880,049 11,005,005 6%, 4/1/22-4/1/37 5 14,330,000 14,532,617 6.50%, 3/1/11-11/1/31 11,972,883 12,320,060 7%, 11/1/17-7/1/35 4,553,831 4,727,366 7.50%, 1/1/08-1/1/33 30,120 31,443 8%, 5/1/17 8,223 8,617
2 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED CONTINUED 8.50%, 7/1/32 $ 68,000 $ 73,315 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 69,810 74,677 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,489,940 1,533,212 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 1,250,014 1,290,480 Trust 1998-61, Cl. PL, 6%, 11/25/28 693,632 706,287 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 940,000 970,411 Trust 2001-70, Cl. LR, 6%, 9/25/30 277,663 277,690 Trust 2001-72, Cl. NH, 6%, 4/25/30 31,092 31,019 Trust 2001-74, Cl. PD, 6%, 5/25/30 24,507 24,439 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 646,473 669,557 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,590,975 1,620,907 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 3,922,351 Trust 2003-84, Cl. PW, 3%, 6/25/22 1,233,633 1,216,285 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,908,000 1,877,587 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,120,000 1,084,305 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 3,160,000 3,168,330 Trust 2006-46, Cl. SW, 4.693%, 6/25/36 1 546,081 537,378 Trust 2006-50, Cl. KS, 4.693%, 6/25/36 1 1,212,481 1,183,507 Trust 2006-50, Cl. SA, 4.693%, 6/25/36 1 1,558,398 1,520,957 Trust 2006-50, Cl. SK, 4.693%, 6/25/36 1 495,313 482,095 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 3,861,239 3,869,677 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 4,671,000 4,592,926 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 8.532%, 11/25/31 3 2,126,185 213,331 Trust 2001-81, Cl. S, 0.036%, 1/25/32 3 520,954 50,758 Trust 2002-47, Cl. NS, (0.976)%, 4/25/32 3 1,336,361 126,019 Trust 2002-51, Cl. S, (0.857)%, 8/25/32 3 1,226,784 115,660 Trust 2002-52, Cl. SD, (3.547)%, 9/25/32 3 1,406,819 118,255 Trust 2002-77, Cl. SH, 0.601%, 12/18/32 3 631,955 62,192 Trust 2002-84, Cl. SA, 7.369%, 12/25/32 3 1,831,936 189,308 Trust 2003-33, Cl. SP, 9.60%, 5/25/33 3 1,886,334 238,556 Trust 2003-4, Cl. S, 7.067%, 2/25/33 3 1,219,138 142,096 Trust 2004-54, Cl. DS, (7.122)%, 11/25/30 3 1,006,552 61,034 Trust 2005-19, Cl. SA, (4.037)%, 3/25/35 3 10,315,553 535,321 Trust 2005-40, Cl. SA, (4.234)%, 5/25/35 3 2,299,645 112,826 Trust 2005-6, Cl. SE, (3.412)%, 2/25/35 3 2,878,203 147,549 Trust 2005-71, Cl. SA, 3.17%, 8/25/25 3 3,011,251 175,989 Trust 2006-33, Cl. SP, 12.46%, 5/25/36 3 4,202,903 362,007 Trust 222, Cl. 2, 12.439%, 6/1/23 3 2,130,233 473,898 Trust 240, Cl. 2, 14.795%, 9/1/23 3 2,557,906 593,826 Trust 252, Cl. 2, 10.806%, 11/1/23 3 1,663,743 395,986 Trust 273, Cl. 2, 11.453%, 8/1/26 3 482,802 106,354 Trust 303, Cl. IO, (4.596)%, 11/1/29 3 278,879 68,300 Trust 319, Cl. 2, 10.126%, 2/1/32 3 453,813 106,859 Trust 321, Cl. 2, 5.182%, 4/1/32 3 5,000,206 1,178,212
3 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FHLMC/FNMA/SPONSORED CONTINUED Trust 329, Cl. 2, 8.814%, 1/1/33 3 $ 2,309,072 $ 529,995 Trust 331, Cl. 9, 8.664%, 2/1/33 3 1,176,537 270,378 Trust 334, Cl. 17, 23.624%, 2/1/33 3 806,327 197,713 Trust 342, Cl. 2, 9.698%, 9/1/33 3 293,285 67,544 Trust 344, Cl. 2, 4.923%, 12/1/33 3 3,950,168 906,569 Trust 346, Cl. 2, 11.829%, 12/1/33 3 3,448,214 787,489 Trust 350, Cl. 2, 10.052%, 3/1/34 3 2,586,223 590,978 Trust 362, Cl. 12, 5.572%, 8/1/35 3 2,158,484 480,913 Trust 362, Cl. 13, 5.607%, 8/1/35 3 1,199,028 263,769 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 6.015%, 9/25/23 4 603,457 489,614 --------------- 239,856,952 - ------------------------------------------------------------------------------------------------------------------------------------ GNMA/GUARANTEED--0.2% Government National Mortgage Assn.: 7%, 1/15/09-5/15/09 16,531 16,773 8.50%, 8/15/17-12/15/17 283,680 301,835 - ------------------------------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, (3.762)%, 1/16/27 3 1,107,288 78,801 Series 2002-15, Cl. SM, (6.848)%, 2/16/32 3 1,303,222 93,195 Series 2004-11, Cl. SM, (6.628%, 1/17/30 3 932,834 68,150 Series 2006-47, Cl. SA, 14.663%, 8/16/36 3 6,816,701 417,265 --------------- 976,019 - ------------------------------------------------------------------------------------------------------------------------------------ NON-AGENCY--10.3% - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL--8.7% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 1.788%, 4/14/29 3 14,868,307 682,724 - ------------------------------------------------------------------------------------------------------------------------------------ Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1996-MD6, Cl. A3, 6.707%, 11/13/29 1 1,200,000 1,212,864 - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2005-3, Cl. A2, 4.501%, 7/10/43 2,100,000 2,062,928 - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 1,595,628 1,624,711 - ------------------------------------------------------------------------------------------------------------------------------------ Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2005-E, Cl. 2A2, 4.972%, 6/25/35 1 68,283 68,228 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,278,036 1,291,615 - ------------------------------------------------------------------------------------------------------------------------------------ Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 7.236%, 6/22/24 3 17,925,434 706,691 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 460,000 458,734 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 1,510,000 1,517,550 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 1,627,916 1,623,567 Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 523,800 524,256 - ------------------------------------------------------------------------------------------------------------------------------------ GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 1,190,000 1,181,722
4 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL CONTINUED GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 $ 267,868 $ 267,870 - ------------------------------------------------------------------------------------------------------------------------------------ Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 1,460,000 1,432,755 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,290,000 1,291,213 Series 2007-GG9, Cl. A2, 5.381%, 7/10/12 2 1,530,000 1,542,558 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 510,000 502,188 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 1,720,000 1,702,729 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 590,000 591,198 - ------------------------------------------------------------------------------------------------------------------------------------ LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2005-C5, Cl. A2, 4.885%, 9/15/30 1,430,000 1,423,343 Series 2007-C1, Cl. A2, 5.318%, 1/15/12 1,700,000 1,713,082 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 5.457%, 2/18/30 3 14,179,553 261,125 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Structured Securities Corp., CMO, Series 2002-GE1, Cl. A, 2.514%, 7/26/24 2 298,122 231,045 - ------------------------------------------------------------------------------------------------------------------------------------ Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 1,005,019 996,631 Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,803,274 1,802,987 - ------------------------------------------------------------------------------------------------------------------------------------ RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 940,116 940,345 - ------------------------------------------------------------------------------------------------------------------------------------ RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 2,021,130 2,016,496 - ------------------------------------------------------------------------------------------------------------------------------------ Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 2,364,444 2,358,371 - ------------------------------------------------------------------------------------------------------------------------------------ Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, (4.73)%, 5/18/32 3 285,213,207 700,056 - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Obligations, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 2,520,000 2,497,459 - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Asset-Backed Securities, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 355,000 356,460 --------------- 35,583,501 - ------------------------------------------------------------------------------------------------------------------------------------ MULTIFAMILY--0.1% WAMU Mortgage Pass-Through Certificates Series 2005-AR8 Trust, Series 2005-AR8, Cl. 2AB1, 5.57%, 7/25/45 1 507,186 507,487 - ------------------------------------------------------------------------------------------------------------------------------------ OTHER--0.0% Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 73.184%, 10/23/17 3 11,478 2,006 - ------------------------------------------------------------------------------------------------------------------------------------ Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 5.954%, 10/23/17 4 16,987 15,523 --------------- 17,529 - ------------------------------------------------------------------------------------------------------------------------------------ RESIDENTIAL--1.5% Countrywide Alternative Loan Trust, CMO: Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 2,781,092 2,819,332 Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 2,490,231 2,542,697
5 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ RESIDENTIAL CONTINUED WAMU Mortgage Pass-Through Certificates Series 2005-AR5 Trust, Series 2005-AR5, Cl. A1, 4.675%, 5/25/35 1 $ 541,863 $ 541,423 --------------- 5,903,452 --------------- Total Mortgage-Backed Obligations (Cost $283,165,475) 282,844,940 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--4.2% - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds, 4.50%, 2/15/36 6 3,124,000 2,946,326 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts.: 3.875%, 2/15/13 6 2,030,000 1,961,408 4.625%, 12/31/11-2/15/17 6 8,613,000 8,627,244 4.75%, 1/31/12 6 3,767,000 3,800,993 --------------- Total U.S. Government Obligations (Cost $17,286,424) 17,335,971 - ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--34.2% - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--14.0% - ------------------------------------------------------------------------------------------------------------------------------------ AUTOMOBILES--2.4% DaimlerChrysler North America Holding Corp.: 5.69% Nts., Series E, 3/13/09 1 770,000 771,764 7.30% Nts., 1/15/12 1,930,000 2,085,421 - ------------------------------------------------------------------------------------------------------------------------------------ Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 6,7 3,860,000 4,068,857 - ------------------------------------------------------------------------------------------------------------------------------------ General Motors Acceptance Corp., 8% Bonds, 11/1/31 6 1,660,000 1,784,717 - ------------------------------------------------------------------------------------------------------------------------------------ Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 7 1,115,000 1,114,222 --------------- 9,824,981 - ------------------------------------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.6% Caesars Entertainment, Inc., 7.50% Sr. Unsec. Nts., 9/1/09 2 2,250,000 2,352,539 - ------------------------------------------------------------------------------------------------------------------------------------ Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 2 1,475,000 1,594,844 - ------------------------------------------------------------------------------------------------------------------------------------ Hyatt Equities LLC, 6.875% Nts., 6/15/07 7 1,965,000 1,968,458 - ------------------------------------------------------------------------------------------------------------------------------------ MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 6 2,390,000 2,404,938 - ------------------------------------------------------------------------------------------------------------------------------------ Royal Caribbean Cruises Ltd., 7% Sr. Unsec. Unsub. Nts., 10/15/07 545,000 550,265 - ------------------------------------------------------------------------------------------------------------------------------------ Starwood Hotels & Resorts Worldwide, Inc., 7.375% Nts., 5/1/07 300,000 300,237 - ------------------------------------------------------------------------------------------------------------------------------------ Yum! Brands, Inc., 7.70% Sr. Nts., 7/1/12 1,335,000 1,466,691 --------------- 10,637,972 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--2.6% Beazer Homes USA, Inc., 6.875% Sr. Unsec. Nts., 7/15/15 6 1,150,000 1,032,125 - ------------------------------------------------------------------------------------------------------------------------------------ Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 385,000 385,785 - ------------------------------------------------------------------------------------------------------------------------------------ D.R. Horton, Inc.: 5.375% Sr. Unsec. Nts., 6/15/12 1,200,000 1,155,691 6.125% Nts., 1/15/14 1,035,000 1,017,030 8% Sr. Nts., 2/1/09 560,000 581,028 - ------------------------------------------------------------------------------------------------------------------------------------ K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 222,000 199,800 - ------------------------------------------------------------------------------------------------------------------------------------ KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 1,745,000 1,568,638 - ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 1,930,000 2,005,357 - ------------------------------------------------------------------------------------------------------------------------------------ Pulte Homes, Inc., 4.875% Nts., 7/15/09 2,765,000 2,726,041 --------------- 10,671,495 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.1% Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 247,000 240,825
6 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA--4.9% Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 $ 1,315,000 $ 1,363,964 - ------------------------------------------------------------------------------------------------------------------------------------ British Sky Broadcasting Group plc, 8.20% Sr. Unsec. Nts., 7/15/09 1,265,000 1,345,773 - ------------------------------------------------------------------------------------------------------------------------------------ Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 1,540,000 1,596,210 - ------------------------------------------------------------------------------------------------------------------------------------ Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 1,370,000 1,364,561 - ------------------------------------------------------------------------------------------------------------------------------------ Comcast Corp., 6.45% Unsec. Nts., 3/15/37 1,975,000 1,983,793 - ------------------------------------------------------------------------------------------------------------------------------------ Cox Enterprises, Inc., 4.375% Nts., 5/1/08 7 2,015,000 1,984,054 - ------------------------------------------------------------------------------------------------------------------------------------ CSC Holdings, Inc., 7.25% Sr. Unsec. Nts., 7/15/08 654,000 666,263 - ------------------------------------------------------------------------------------------------------------------------------------ EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 2,445,000 2,454,169 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 480,000 505,968 - ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 1,840,000 1,935,086 - ------------------------------------------------------------------------------------------------------------------------------------ Reed Elsevier Capital, Inc., 4.625% Nts., 6/15/12 860,000 831,740 - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 830,000 1,011,846 - ------------------------------------------------------------------------------------------------------------------------------------ Tribune Co., 5.50% Nts., Series E, 10/6/08 1,427,000 1,424,203 - ------------------------------------------------------------------------------------------------------------------------------------ Univision Communications, Inc.: 3.50% Sr. Unsec. Nts., 10/15/07 1,270,000 1,257,300 3.875% Sr. Unsec. Nts., 10/15/08 590,000 573,775 --------------- 20,298,705 - ------------------------------------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--0.5% Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 2 515,000 522,081 - ------------------------------------------------------------------------------------------------------------------------------------ J.C. Penney Co., Inc., 9% Nts., 8/1/12 510,000 587,938 - ------------------------------------------------------------------------------------------------------------------------------------ May Department Stores Co., 7.90% Unsec. Debs., 10/15/07 785,000 793,450 --------------- 1,903,469 - ------------------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--0.9% Gap, Inc. (The): 6.90% Nts., 9/15/07 1,545,000 1,561,609 9.445% Unsub. Nts., 12/15/08 1 466,000 498,392 - ------------------------------------------------------------------------------------------------------------------------------------ Limited Brands, Inc., 6.125% Sr. Unsec. Nts., 12/1/12 8 1,595,000 1,622,241 --------------- 3,682,242 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--2.5% - ------------------------------------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--1.8% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 6 1,675,000 1,715,500 - ------------------------------------------------------------------------------------------------------------------------------------ Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,235,000 1,490,053 - ------------------------------------------------------------------------------------------------------------------------------------ Kroger Co. (The), 5.50% Unsec. Unsub. Nts., 2/1/13 2,065,000 2,061,266 - ------------------------------------------------------------------------------------------------------------------------------------ Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11 1,930,000 2,006,928 --------------- 7,273,747 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--0.4% Earthgrains Co. (The), 6.50% Nts., 4/15/09 600,000 611,664 - ------------------------------------------------------------------------------------------------------------------------------------ Heinz (H.J.) Co., 6.428% Bonds, 12/1/08 7 280,000 284,950 - ------------------------------------------------------------------------------------------------------------------------------------ Sara Lee Corp., 2.75% Unsec. Nts., 6/15/08 845,000 818,979 --------------- 1,715,593 - ------------------------------------------------------------------------------------------------------------------------------------ TOBACCO--0.3% Reynolds American, Inc., 6.50% Sr. Sec. Nts., 6/1/07 1,332,000 1,334,760 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY--4.0% - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS--4.0% El Paso Corp., 6.50% Sr. Unsec. Nts., 6/1/08 390,000 394,875 - ------------------------------------------------------------------------------------------------------------------------------------ Enbridge Energy Partners LP, 5.95% Sr. Unsec. Nts., Series B, 6/1/33 6 505,000 473,482 - ------------------------------------------------------------------------------------------------------------------------------------ Enterprise Products Operating LP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 930,000 998,176
7 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED Kaneb Pipe Line Operating Partnership LP: 5.875% Sr. Unsec. Nts., 6/1/13 $ 1,560,000 $ 1,582,320 7.75% Sr. Unsec. Nts., 2/15/12 180,000 196,941 - ------------------------------------------------------------------------------------------------------------------------------------ Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 1,845,000 1,999,045 - ------------------------------------------------------------------------------------------------------------------------------------ Pemex Project Funding Master Trust, 7.875% Unsec. Unsub. Nts., 2/1/09 2,930,000 3,061,850 - ------------------------------------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 7 2,545,833 2,520,288 - ------------------------------------------------------------------------------------------------------------------------------------ PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 7 1,173,123 1,107,469 - ------------------------------------------------------------------------------------------------------------------------------------ TEPPCO Partners LP: 6.125% Nts., 2/1/13 900,000 918,870 7.625% Sr. Unsec. Nts., 2/15/12 630,000 680,408 - ------------------------------------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The), Credit Linked Certificate Trust, 6.75% Nts., 4/15/09 2 2,330,000 2,388,250 --------------- 16,321,974 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS--6.7% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--0.5% Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 6 2,040,000 2,021,620 - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--3.0% Barclays Bank plc, 6.278% Perpetual Bonds 9 3,480,000 3,351,136 - ------------------------------------------------------------------------------------------------------------------------------------ HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 7,9 3,400,000 3,333,088 - ------------------------------------------------------------------------------------------------------------------------------------ HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 1 2,900,000 2,883,464 - ------------------------------------------------------------------------------------------------------------------------------------ Popular North America, Inc., 4.70% Nts., 6/30/09 2,485,000 2,454,489 --------------- 12,022,177 - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE--2.2% Marsh & McLennan Cos., Inc.: 5.875% Sr. Unsec. Bonds, 8/1/33 1,355,000 1,241,603 7.125% Sr. Unsec. Nts., 6/15/09 1,050,000 1,089,624 - ------------------------------------------------------------------------------------------------------------------------------------ MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 1,055,000 1,013,571 - ------------------------------------------------------------------------------------------------------------------------------------ Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 7 2,400,000 3,028,992 - ------------------------------------------------------------------------------------------------------------------------------------ Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 2,035,000 2,550,486 --------------- 8,924,276 - ------------------------------------------------------------------------------------------------------------------------------------ REAL ESTATE--1.0% iStar Financial, Inc., 5.15% Sr. Unsec. Nts., 3/1/12 2,050,000 2,013,125 - ------------------------------------------------------------------------------------------------------------------------------------ Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 2,225,000 2,224,208 --------------- 4,237,333 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE--0.2% - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--0.2% HCA, Inc., 8.75% Sr. Nts., 9/1/10 940,000 988,175 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS--0.5% - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.4% Textron Financial Corp., 6% Jr. Unsec. Sub. Nts., 2/15/67 1,7 1,505,000 1,513,211 - ------------------------------------------------------------------------------------------------------------------------------------ ROAD & RAIL--0.1% Ryder System, Inc., 5.95% Nts., 5/2/11 495,000 504,549 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--0.8% - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.1% NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 185,000 190,435 - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE ELECTRONICS--0.7% Xerox Corp., 9.75% Sr. Unsec. Nts., 1/15/09 2,830,000 3,049,147
8 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--1.6% - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--1.6% Qwest Corp., 5.625% Unsec. Nts., 11/15/08 2 $ 250,000 $ 251,250 - ------------------------------------------------------------------------------------------------------------------------------------ Telecom Italia Capital SpA, 4% Unsec. Unsub. Nts., 1/15/10 2,535,000 2,450,729 - ------------------------------------------------------------------------------------------------------------------------------------ Telefonos de Mexico SA de CV, 4.50% Nts., 11/19/08 2,035,000 2,020,094 - ------------------------------------------------------------------------------------------------------------------------------------ Telus Corp., 8% Nts., 6/1/11 1,790,000 1,962,194 --------------- 6,684,267 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES--3.9% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--1.9% Duke Energy Field Services Corp., 6.875% Sr. Unsec. Nts., 2/1/11 1,400,000 1,474,609 - ------------------------------------------------------------------------------------------------------------------------------------ FirstEnergy Corp., 7.375% Sr. Unsub. Nts., Series C, 11/15/31 780,000 888,811 - ------------------------------------------------------------------------------------------------------------------------------------ Mission Energy Holding Co., 13.50% Sr. Sec. Nts., 7/15/08 1,985,000 2,173,575 - ------------------------------------------------------------------------------------------------------------------------------------ Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,285,000 1,353,774 - ------------------------------------------------------------------------------------------------------------------------------------ Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 1,635,000 1,702,736 --------------- 7,593,505 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY TRADERS--1.1% IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 1 1,180,000 1,224,250 - ------------------------------------------------------------------------------------------------------------------------------------ TXU Energy Co., 6.125% Nts., 3/15/08 1,430,000 1,440,143 - ------------------------------------------------------------------------------------------------------------------------------------ TXU Energy Co. LLC, 5.85% Sr. Nts., 9/16/08 1,2 1,695,000 1,695,564 --------------- 4,359,957 - ------------------------------------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.9% CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,880,000 1,985,991 - ------------------------------------------------------------------------------------------------------------------------------------ PSEG Funding Trust I, 5.381% Nts., 11/16/07 1,835,000 1,833,650 --------------- 3,819,641 --------------- Total Corporate Bonds and Notes (Cost $138,626,770) 139,814,056 Units - ------------------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc. Wts., Exp. 9/19/10 10 (Cost $14,872) 5,408 324 Shares - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS IN AFFILIATED COMPANIES--3.6% - ------------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 11,12 (Cost $14,749,027) 14,749,027 14,749,027 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $473,862,334) 472,320,581 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--5.5% 13 - ------------------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED FLOATING NOTE--0.3% Whitehawk CDO Funding Corp., 5.40%, 6/15/07 $ 1,500,000 1,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--5.2% Undivided interest of 0.61% in joint repurchase agreement (Principal Amount/Value $3,500,000,000, with a maturity value of $3,501,591,771) with Bank of America NA, 5.4575%, dated 3/30/07, to be repurchased at $21,201,108 on 4/2/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 9/1/33-6/1/35, with a value of $3,570,000,000 21,191,470 21,191,470 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $22,691,470) 22,691,470 - ------------------------------------------------------------------------------------------------------------------------------------
9 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $496,553,804) 120.9% 495,012,051 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (20.9) (85,705,468) ------------------------------------- NET ASSETS 100.0% $ 409,306,583 =====================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Represents the current interest rate for a variable or increasing rate security. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2007 was $14,001,418, which represents 3.42% of the Fund's net assets. See accompanying Notes. 3. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $15,488,552 or 3.78% of the Fund's net assets as of March 31, 2007. 4. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $722,452 or 0.18% of the Fund's net assets as of March 31, 2007. 5. When-issued security or forward commitment to be delivered and settled after March 31, 2007. See accompanying Notes. 6. Partial or fully-loaned security. See accompanying Notes. 7. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $20,923,589 or 5.11% of the Fund's net assets as of March 31, 2007. 8. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $1,596,814. 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. Rate shown is the 7-day yield as of March 31, 2007. 12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2007 by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007 - ------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% 4,562,502 79,064,417 68,877,892 14,749,027
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.23% $ 14,749,027 $ 162,363
13. 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. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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 10 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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 take place generally at least ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2007, the Fund had purchased $70,966,128 of securities issued on a when-issued basis or forward commitment and sold $6,603,745 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. 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. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the 11 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 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, options and 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. 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. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2007, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2007 (DEPRECIATION) - ---------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Treasury Nts. Futures, 5 yr. 6/29/07 211 $ 22,323,141 $ 18,787 U.S. Treasury Nts. Futures, 30 yr. 6/20/07 449 49,951,250 (201,607) -------------- (182,820) -------------- CONTRACTS TO SELL U.S. Treasury Nts. Futures, 2 yr. 6/29/07 574 17,607,219 (302,414) U.S. Treasury Nts. Futures, 10 yr. 6/20/07 288 31,140,000 33,842 -------------- (268,572) -------------- $ (451,392) ==============
12 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps to hedge an existing position or to obtain exposure to a security or market by purchasing or selling credit protection. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. The periodic interest fees are accrued daily as a component of unrealized appreciation (depreciation) and are recorded as realized loss (gain) upon payment. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security and the notional amount is recorded as realized gain (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 and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. 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, adverse pricing when purchasing bonds to satisfy its delivery obligation, and the need to fund the delivery obligation (either cash or defaulted securities depending on whether the Fund is the purchaser or seller of the credit default swap contract, respectively). Information regarding such credit default swaps as of March 31, 2007 is as follows:
BUY/SELL NOTIONAL PREMIUM CREDIT AMOUNT PAY/RECEIVE TERMINATION PAID/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATES (RECEIVED) VALUE - -------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc.: Dow Jones CDX North America Crossover Index Buy $ 2,450 1.650% 12/20/11 $ (45,981) $ (20,830) Dow Jones CDX North America Crossover Index Buy 1,960 1.650 12/20/11 (37,598) (16,663) Dow Jones CDX North America Crossover Index Buy 2,450 1.650 12/20/11 (38,786) (20,830) Ford Motor Credit Co. Sell 1,805 0.500 6/20/07 -- (717) Freescale Semiconductor, Inc. Sell 975 0.600 3/20/08 -- (4,188) Freescale Semiconductor, Inc. Sell 1,085 0.750 3/20/08 -- (3,093) Univision Communications, Inc. Sell 490 0.750 3/20/08 -- (32) - -------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Abitibi-Consolidated Co. of Canada Sell 1,630 1.520 9/20/07 -- 5,369 Allied Waste North America, Inc. Sell 630 2.000 9/20/09 -- 13,034 Allied Waste North America, Inc. Sell 990 2.000 9/20/09 -- 20,481
13 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Bombardier, Inc. Sell 500 0.900 9/20/07 -- 1,082 CDX.NA.IG.7 Buy 3,600 0.400 12/20/11 370 (5,357) Dow Jones CDX North America Crossover Index Buy 2,450 1.650 12/20/11 (39,306) (34,754) Eastman Kodak Co. Sell 1,390 1.000 12/20/08 -- 13,223 GMAC LLC Sell 465 2.300 6/20/07 -- 1,658 J.C. Penney Co., Inc. Buy 590 0.580 3/20/12 -- (2,412) Weyerhaeuser Co. Buy 2,010 0.580 9/20/11 -- (10,139) - -------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Arrow Electronics, Inc. Buy 2,010 0.790 9/20/11 -- (25,327) Arrow Electronics, Inc. Buy 1,000 0.770 9/20/11 -- (11,793) ArvinMeritor, Inc. Sell 555 1.050 9/20/07 -- 951 ArvinMeritor, Inc. Sell 445 1.100 9/20/07 -- 874 Belo Corp. Buy 1,170 0.650 6/20/11 -- (10,311) Belo Corp. Buy 655 0.670 6/20/11 -- (6,275) Belo Corp. Buy 1,295 0.675 6/20/11 -- (12,655) Bombardier, Inc. Sell 550 1.000 9/20/07 -- 2,063 Bombardier, Inc. Sell 555 1.050 9/20/07 -- 2,222 Dow Jones CDX North America Crossover Index Buy 2,450 1.650 12/20/11 (40,827) (22,899) El Paso Corp. Sell 2,050 0.520 3/20/10 -- 187 Ford Motor Co. Buy 980 5.300 12/20/08 -- (33,796) Ford Motor Co. Buy 2,065 5.400 12/20/08 -- (74,588) Ford Motor Co. Sell 980 7.050 12/20/16 -- 1,698 Ford Motor Co. Sell 2,065 7.150 12/20/16 -- 13,603 General Motors Corp. Buy 1,035 4.000 12/20/08 -- (26,951) General Motors Corp. Buy 1,000 3.950 12/20/08 -- (25,215) General Motors Corp. Sell 1,035 5.800 12/20/16 -- 27,982 General Motors Corp. Sell 1,000 5.750 12/20/16 -- 24,309 GMAC LLC Sell 1,355 3.150 6/20/07 -- 8,407 Hyundai Motor Manufacturing Alabama LLC Sell 875 0.400 6/20/07 -- 375 Inco Ltd. Buy 1,015 0.630 3/20/17 -- (5,694) Inco Ltd. Buy 1,030 0.700 3/20/17 -- (5,987) International Paper Co. Buy 2,020 0.409 12/20/11 -- 2,021 J.C. Penney Co., Inc. Sell 2,005 0.610 6/20/13 -- (2,517) Vale Overseas Ltd. Sell 1,015 1.100 3/20/17 -- 9,078 Vale Overseas Ltd. Sell 1,030 1.170 3/20/17 -- 14,655 ------------------------ $ (202,128) $ (219,751) ========================
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 and the value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. 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. The net change in this amount during the period 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 March 31, 2007, the Fund had entered into the following total return swap agreements: 14 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - --------------------------------------------------------------------------------
NOTIONAL SWAP AMOUNT PAID BY RECEIVED BY TERMINATION COUNTERPARTY (000S) THE FUND THE FUND DATE VALUE - ---------------------------------------------------------------------------------------------------------------------- If negative, the If positive, the absolute value absolute value of Lehman of Lehman Brothers U.S. CMBS Goldman Sachs Capital Brothers U.S. CMBS Index: Aggregate AAA plus 15 Markets $ 4,030 Index: Aggregate AAA. basis points. 9/1/07 $ 1,800
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of March 31, 2007, 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 March 31, 2007, the Fund had on loan securities valued at $27,842,980, 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 $28,478,439 was received for the loans, $22,691,470 of which was received in cash and subsequently invested in approved investments. In addition, collateral of $5,786,969 was also received in the form of securities. RECENT ACCOUNTING PRONOUNCEMENTS 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 March 31, 2007, 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. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2007 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. 15 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Federal tax cost of securities $ 496,721,373 Federal tax cost of other investments (76,021,436) --------------- Total federal tax cost $ 420,699,937 =============== Gross unrealized appreciation $ 5,013,512 Gross unrealized depreciation (7,392,177) --------------- Net unrealized depreciation $ (2,378,665) =============== 16 | OPPENHEIMER CORE BOND FUND/VA ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of March 31, 2007, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Variable Account Funds By: /s/ John V. Murphy ------------------ John V. Murphy Principal Executive Officer Date: May 14, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy ------------------ John V. Murphy Principal Executive Officer Date: May 14, 2007 By: /s/ Brian W. Wixted ------------------- Brian W. Wixted Principal Financial Officer Date: May 14, 2007 EX-99.CERT 2 rq620_39495cert302.txt RQ620_39495CERT302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - ------------------ John V. Murphy Principal Executive Officer Date: May 14, 2007 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ------------------- Brian W. Wixted Principal Financial Officer Date: May 14, 2007 -----END PRIVACY-ENHANCED MESSAGE-----