-----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, FtL9SZF84/FUWZ/5nD5FCR1YmP/QiQK/thIq3dMY4WM/LUyTpVXb05Dk/BiADy3Y gyUjyH4Iw3Q2qMmJO80MDg== 0000935069-07-002752.txt : 20071127 0000935069-07-002752.hdr.sgml : 20071127 20071126182843 ACCESSION NUMBER: 0000935069-07-002752 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071127 DATE AS OF CHANGE: 20071126 EFFECTIVENESS DATE: 20071127 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: 071267445 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_42772nq.txt RQ620_42772NQ.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: 09/30/2007 ---------- ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--97.7% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--19.6% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--2.7% Bayerische Motoren Werke (BMW) AG 635,930 $ 41,123,395 - ----------------------------------------------------------------------------------------------------------------------------------- Bayerische Motoren Werke (BMW) AG, Preference 205,513 10,971,790 - ----------------------------------------------------------------------------------------------------------------------------------- Porsche AG, Preference 16,811 35,909,124 - ----------------------------------------------------------------------------------------------------------------------------------- Toyota Motor Corp. 459,300 26,887,409 ---------------- 114,891,718 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.7% Carnival Corp. 1,067,500 51,699,025 - ----------------------------------------------------------------------------------------------------------------------------------- International Game Technology 575,700 24,812,670 - ----------------------------------------------------------------------------------------------------------------------------------- McDonald's Corp. 570,700 31,086,029 - ----------------------------------------------------------------------------------------------------------------------------------- Shuffle Master, Inc. 1 296,600 4,434,170 ---------------- 112,031,894 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.6% Koninklijke (Royal) Philips Electronics NV 1,165,400 52,595,802 - ----------------------------------------------------------------------------------------------------------------------------------- Sony Corp. 1,138,200 54,731,680 ---------------- 107,327,482 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.2% Sega Sammy Holdings, Inc. 520,600 6,934,384 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA--4.6% Dish TV India Ltd. 1 2,397,922 4,432,226 - ----------------------------------------------------------------------------------------------------------------------------------- Getty Images, Inc. 1 188,700 5,253,408 - ----------------------------------------------------------------------------------------------------------------------------------- Grupo Televisa SA, Sponsored GDR 1,583,996 38,285,183 - ----------------------------------------------------------------------------------------------------------------------------------- Pearson plc 1,104,328 17,115,322 - ----------------------------------------------------------------------------------------------------------------------------------- Sirius Satellite Radio, Inc. 1 9,396,210 32,792,773 - ----------------------------------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 1,240,100 42,647,039 - ----------------------------------------------------------------------------------------------------------------------------------- Wire & Wireless India Ltd. 1 2,278,650 2,579,010 - ----------------------------------------------------------------------------------------------------------------------------------- WPP Group plc 1,371,500 18,576,254 - ----------------------------------------------------------------------------------------------------------------------------------- Zee Entertainment Enterprises Ltd. 3,781,500 32,441,327 ---------------- 194,122,542 - ----------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.8% H&M Hennes & Mauritz AB, Cl. B 1,176,800 74,598,904 - ----------------------------------------------------------------------------------------------------------------------------------- Industria de Diseno Textil SA 684,400 46,121,781 - ----------------------------------------------------------------------------------------------------------------------------------- Tiffany & Co. 783,300 41,005,755 ---------------- 161,726,440 - ----------------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--3.0% Bulgari SpA 1,363,818 21,469,792 - ----------------------------------------------------------------------------------------------------------------------------------- Burberry Group plc 1,383,058 18,591,315 - ----------------------------------------------------------------------------------------------------------------------------------- Coach, Inc. 1 296,000 13,991,920 - ----------------------------------------------------------------------------------------------------------------------------------- LVMH Moet Hennessey Louis Vuitton 485,990 58,260,034 - ----------------------------------------------------------------------------------------------------------------------------------- Tod's SpA 143,089 12,015,730 ---------------- 124,328,791 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--7.8% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES--2.3% Companhia de Bebidas das Americas, ADR, Preference 453,815 33,187,491 - ----------------------------------------------------------------------------------------------------------------------------------- Diageo plc 950,477 20,885,758 - ----------------------------------------------------------------------------------------------------------------------------------- Fomento Economico Mexicano SA de CV, UBD 7,491,300 27,903,849 - -----------------------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES CONTINUED Grupo Modelo SA de CV, Series C 3,449,300 $ 16,556,791 ---------------- 98,533,889 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.9% Seven & I Holdings Co. Ltd. 431,053 11,089,206 - ----------------------------------------------------------------------------------------------------------------------------------- Tesco plc 4,110,195 36,938,439 - ----------------------------------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 767,200 33,488,280 ---------------- 81,515,925 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.9% Cadbury Schweppes plc 3,248,644 37,686,823 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--2.7% Colgate-Palmolive Co. 452,200 32,250,904 - ----------------------------------------------------------------------------------------------------------------------------------- Hindustan Unilever Ltd. 4,157,500 23,016,362 - ----------------------------------------------------------------------------------------------------------------------------------- Reckitt Benckiser plc 951,648 55,919,737 ---------------- 111,187,003 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY--5.9% - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.5% Technip SA 527,480 47,160,228 - ----------------------------------------------------------------------------------------------------------------------------------- Transocean, Inc. 1 518,400 58,605,120 ---------------- 105,765,348 - ----------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--3.4% BP plc, ADR 454,169 31,496,620 - ----------------------------------------------------------------------------------------------------------------------------------- Chevron Corp. 367,644 34,404,126 - ----------------------------------------------------------------------------------------------------------------------------------- Husky Energy, Inc. 1,215,630 50,658,889 - ----------------------------------------------------------------------------------------------------------------------------------- Total SA 286,310 23,165,492 ---------------- 139,725,127 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIALS--13.5% - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--3.2% Credit Suisse Group 906,764 60,204,301 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley 515,600 32,482,800 - ----------------------------------------------------------------------------------------------------------------------------------- Northern Trust Corp. 650,700 43,121,889 ---------------- 135,808,990 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--4.4% BNP Paribas SA 91,750 10,039,919 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC Holdings plc 2,158,687 39,486,907 - ----------------------------------------------------------------------------------------------------------------------------------- ICICI Bank Ltd., Sponsored ADR 236,450 12,465,644 - ----------------------------------------------------------------------------------------------------------------------------------- Resona Holdings, Inc. 5,213 8,905,231 - ----------------------------------------------------------------------------------------------------------------------------------- Royal Bank of Scotland Group plc (The) 4,929,469 52,949,735 - ----------------------------------------------------------------------------------------------------------------------------------- Societe Generale, Cl. A 206,938 34,725,240 - ----------------------------------------------------------------------------------------------------------------------------------- Sumitomo Mitsui Financial Group, Inc. 3,015 23,366,765 ---------------- 181,939,441 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.4% Credit Saison Co. Ltd. 687,700 17,721,604 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.6% Investor AB, B Shares 979,408 25,153,555 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE--4.9% ACE Ltd. 397,571 24,080,875 - ----------------------------------------------------------------------------------------------------------------------------------- AFLAC, Inc. 491,200 28,018,048 - ----------------------------------------------------------------------------------------------------------------------------------- Allianz SE 242,969 56,767,487 - -----------------------------------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- American International Group, Inc. 467,900 $ 31,653,435 - ----------------------------------------------------------------------------------------------------------------------------------- Manulife Financial Corp. 54,526 2,248,139 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential plc 2,544,557 39,124,204 - ----------------------------------------------------------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 272,200 21,558,240 ---------------- 203,450,428 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--6.4% - ----------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--2.1% 3SBio, Inc., ADS 1 168,800 2,435,784 - ----------------------------------------------------------------------------------------------------------------------------------- Acadia Pharmaceuticals, Inc. 1 302,500 4,552,625 - ----------------------------------------------------------------------------------------------------------------------------------- Genentech, Inc. 1 186,300 14,535,126 - ----------------------------------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 850,120 34,744,404 - ----------------------------------------------------------------------------------------------------------------------------------- InterMune, Inc. 1 271,600 5,195,708 - ----------------------------------------------------------------------------------------------------------------------------------- NicOx SA 1 212,570 5,092,296 - ----------------------------------------------------------------------------------------------------------------------------------- Pharmion Corp. 1 74,400 3,432,816 - ----------------------------------------------------------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1 176,802 3,147,076 - ----------------------------------------------------------------------------------------------------------------------------------- Seattle Genetics, Inc. 1 423,328 4,758,207 - ----------------------------------------------------------------------------------------------------------------------------------- Theravance, Inc. 1 409,000 10,670,810 ---------------- 88,564,852 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.7% Hospira, Inc. 1 105,000 4,352,250 - ----------------------------------------------------------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 37,500 4,109,625 - ----------------------------------------------------------------------------------------------------------------------------------- Smith & Nephew plc 1,688,877 20,646,207 ---------------- 29,108,082 - ----------------------------------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--0.1% Nektar Therapeutics 1 314,361 2,775,808 - ----------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--3.5% Chugai Pharmaceutical Co. Ltd. 647,500 10,693,488 - ----------------------------------------------------------------------------------------------------------------------------------- Johnson & Johnson 148,300 9,743,310 - ----------------------------------------------------------------------------------------------------------------------------------- Novo Nordisk AS, Cl. B 96,600 11,659,481 - ----------------------------------------------------------------------------------------------------------------------------------- Roche Holding AG 275,019 49,866,018 - ----------------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis SA 463,505 39,246,142 - ----------------------------------------------------------------------------------------------------------------------------------- Shionogi & Co. Ltd. 1,787,000 27,552,144 ---------------- 148,760,583 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--11.5% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.2% Boeing Co. 257,900 27,076,921 - ----------------------------------------------------------------------------------------------------------------------------------- Empresa Brasileira de Aeronautica SA, ADR 835,283 36,685,629 - ----------------------------------------------------------------------------------------------------------------------------------- European Aeronautic Defense & Space Co. 1,247,910 38,364,927 - ----------------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 236,100 25,614,489 - ----------------------------------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 261,900 20,428,200 - ----------------------------------------------------------------------------------------------------------------------------------- Raytheon Co. 432,900 27,627,678 ---------------- 175,797,844 - ----------------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.4% TNT NV 316,300 13,260,163 - ----------------------------------------------------------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 19,600 1,471,960 ---------------- 14,732,123
3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--1.0% Assa Abloy AB, Cl. B 2,025,085 $ 42,031,489 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.6% Experian Group Ltd. 646,239 6,835,780 - ----------------------------------------------------------------------------------------------------------------------------------- Secom Co. Ltd. 419,000 20,172,115 ---------------- 27,007,895 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.6% Emerson Electric Co. 883,800 47,035,836 - ----------------------------------------------------------------------------------------------------------------------------------- Mitsubishi Electric Corp. 1,497,000 18,695,534 ---------------- 65,731,370 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--3.1% 3M Co. 476,100 44,553,438 - ----------------------------------------------------------------------------------------------------------------------------------- Siemens AG 635,601 87,234,377 ---------------- 131,787,815 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY--0.6% Fanuc Ltd. 104,500 10,653,332 - ----------------------------------------------------------------------------------------------------------------------------------- Hyundai Heavy Industries Co. Ltd. 29,846 13,794,644 ---------------- 24,447,976 - ----------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--27.5% - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--7.9% Cisco Systems, Inc. 1 621,100 20,564,621 - ----------------------------------------------------------------------------------------------------------------------------------- Corning, Inc. 1,798,300 44,328,095 - ----------------------------------------------------------------------------------------------------------------------------------- Juniper Networks, Inc. 1 2,112,900 77,353,269 - ----------------------------------------------------------------------------------------------------------------------------------- Tandberg ASA 1,020,150 24,551,720 - ----------------------------------------------------------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, B Shares 41,330,900 165,474,965 ---------------- 332,272,670 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.1% Qisda Corp. 1 9,821,000 4,963,737 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.7% Hoya Corp. 850,600 28,929,832 - ----------------------------------------------------------------------------------------------------------------------------------- Keyence Corp. 82,640 18,346,058 - ----------------------------------------------------------------------------------------------------------------------------------- Kyocera Corp. 203,700 19,034,221 - ----------------------------------------------------------------------------------------------------------------------------------- Murata Manufacturing Co. Ltd. 522,200 37,478,656 - ----------------------------------------------------------------------------------------------------------------------------------- Nidec Corp. 138,200 9,690,919 ---------------- 113,479,686 - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.8% eBay, Inc. 1 1,885,300 73,564,406 - ----------------------------------------------------------------------------------------------------------------------------------- IT SERVICES--2.3% Automatic Data Processing, Inc. 1,019,000 46,802,670 - ----------------------------------------------------------------------------------------------------------------------------------- Infosys Technologies Ltd. 1,012,426 48,090,076 ---------------- 94,892,746 - ----------------------------------------------------------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.4% Canon, Inc. 269,450 14,596,131 - ----------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--6.3% Advanced Micro Devices, Inc. 1 2,459,400 32,464,080 - ----------------------------------------------------------------------------------------------------------------------------------- Altera Corp. 1,227,600 29,560,608 - ----------------------------------------------------------------------------------------------------------------------------------- Cree, Inc. 1 821,900 25,561,090 - ----------------------------------------------------------------------------------------------------------------------------------- Linear Technology Corp. 493,096 17,253,429 - -----------------------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Maxim Integrated Products, Inc. 1,139,165 $ 33,434,493 - ----------------------------------------------------------------------------------------------------------------------------------- MediaTek, Inc. 2,827,335 50,784,156 - ----------------------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co. 34,698 21,799,989 - ----------------------------------------------------------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing Co. Ltd. 11,926,176 23,242,065 - ----------------------------------------------------------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing Co. Ltd., ADR 947,412 9,587,809 - ----------------------------------------------------------------------------------------------------------------------------------- Xilinx, Inc. 824,700 21,557,658 ---------------- 265,245,377 - ----------------------------------------------------------------------------------------------------------------------------------- SOFTWARE--6.0% Adobe Systems, Inc. 1 1,009,463 44,073,155 - ----------------------------------------------------------------------------------------------------------------------------------- Enix Corp. 542,500 17,947,155 - ----------------------------------------------------------------------------------------------------------------------------------- Intuit, Inc. 1 1,418,800 42,989,640 - ----------------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 2,083,500 61,379,910 - ----------------------------------------------------------------------------------------------------------------------------------- Nintendo Co. Ltd. 62,200 32,199,088 - ----------------------------------------------------------------------------------------------------------------------------------- SAP AG 933,110 54,592,969 ---------------- 253,181,917 - ----------------------------------------------------------------------------------------------------------------------------------- MATERIALS--0.5% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS--0.5% Praxair, Inc. 150,600 12,614,256 - ----------------------------------------------------------------------------------------------------------------------------------- Syngenta AG 47,067 10,177,620 ---------------- 22,791,876 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--4.3% - ----------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--4.3% KDDI Corp. 5,583 41,411,361 - ----------------------------------------------------------------------------------------------------------------------------------- SK Telecom Co. Ltd., ADR 1,368,460 40,643,262 - ----------------------------------------------------------------------------------------------------------------------------------- Vodafone Group plc 26,616,832 96,410,047 ---------------- 178,464,670 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES--0.7% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.7% Fortum Oyj 840,200 30,838,524 ---------------- Total Common Stocks (Cost $2,636,606,719) 4,094,888,961 - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--1.8% - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 2,3 (Cost $75,684,714) 75,684,714 75,684,714 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,712,291,433) 99.5% 4,170,573,675 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.5 20,563,614 ------------------------------ NET ASSETS 100.0% $ 4,191,137,289 ==============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Rate shown is the 7-day yield as of September 30, 2007. 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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: 5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS SEPTEMBER 30, 2007 - --------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 51,475,095 406,981,637 382,772,018 75,684,714 DIVIDEND VALUE INCOME - --------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 75,684,714 $ 2,841,497
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT - --------------------------------------------------------------------------------------------------------------------------------- United States $ 1,496,759,772 35.9% United Kingdom 485,827,368 11.6 Japan 457,036,313 10.9 Sweden 307,258,913 7.4 Germany 286,599,142 6.9 France 217,689,351 5.2 India 123,024,645 2.9 Switzerland 120,247,939 2.9 The Netherlands 104,220,892 2.5 Taiwan 88,577,767 2.1 Mexico 82,745,823 2.0 Korea, Republic of South 76,237,895 1.8 Brazil 69,873,120 1.7 Canada 52,907,028 1.3 Spain 46,121,781 1.1 Cayman Islands 45,639,115 1.1 Italy 33,485,522 0.8 Finland 30,838,524 0.7 Norway 24,551,720 0.6 Denmark 11,659,481 0.3 Jersey, Channel Islands 6,835,780 0.2 China 2,435,784 0.1 ------------------------------------- Total $ 4,170,573,675 100.0% =====================================
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 6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 funds. 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, if applicable. 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. 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 funds. As of September 30, 2007, the Fund had outstanding foreign currency contracts as follows: 7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) SEPTEMBER 30, 2007 APPRECIATION DEPRECIATION - ---------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Euro (EUR) 10/1/07-10/2/07 3,943 EUR $ 5,622,054 $ 51,398 $ -- Swedish Krone (SEK) 10/1/07-10/2/07 26,404 SEK 4,097,441 56,374 -- ---------------------------- 107,772 -- ---------------------------- CONTRACTS TO SELL Canadian Dollar (CAD) 10/1/07 2,645 CAD 2,658,798 -- 20,306 Singapore Dollar (SGD) 10/1/07-10/2/07 4,518 SGD 3,041,560 -- 18,097 ---------------------------- -- 38,403 ---------------------------- Total unrealized appreciation and depreciation $ 107,772 $ 38,403 ============================
RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 2,722,868,607 Federal tax cost of other investments 5,285,791 ----------------- Total federal tax cost $ 2,728,154,398 ================= Gross unrealized appreciation $ 1,477,731,632 Gross unrealized depreciation (29,827,346) ----------------- Net unrealized appreciation $ 1,447,904,286 ================= 8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--99.4% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--10.5% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.2% Las Vegas Sands Corp. 1 375,600 $ 50,112,552 - -------------------------------------------------------------------------------- MEDIA--2.8% Comcast Corp., Cl. A Special, Non-Vtg. 1 1,177,040 28,201,878 - -------------------------------------------------------------------------------- Liberty Global, Inc., Series A 1 429,200 17,605,784 - -------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc., Cl. A 1 1,301,840 18,447,073 --------------- 64,254,735 - -------------------------------------------------------------------------------- MULTILINE RETAIL--2.3% J.C. Penney Co., Inc. (Holding Co.) 462,600 29,314,962 - -------------------------------------------------------------------------------- Target Corp. 355,400 22,592,778 --------------- 51,907,740 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--1.9% Abercrombie & Fitch Co., Cl. A 140,140 11,309,298 - -------------------------------------------------------------------------------- Staples, Inc. 796,000 17,106,040 - -------------------------------------------------------------------------------- Tiffany & Co. 258,100 13,511,535 --------------- 41,926,873 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.3% Polo Ralph Lauren Corp., Cl. A 378,500 29,428,375 - -------------------------------------------------------------------------------- CONSUMER STAPLES--6.9% - -------------------------------------------------------------------------------- BEVERAGES--0.5% Fomento Economico Mexicano SA de CV, UBD 2,956,200 11,011,354 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.5% Costco Wholesale Corp. 664,600 40,786,502 - -------------------------------------------------------------------------------- Sysco Corp. 431,970 15,373,812 --------------- 56,160,314 - -------------------------------------------------------------------------------- FOOD PRODUCTS--2.8% Cadbury Schweppes plc 2,588,380 30,027,242 - -------------------------------------------------------------------------------- Nestle SA 74,250 33,354,305 --------------- 63,381,547 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.1% Reckitt Benckiser plc 448,470 26,352,521 - -------------------------------------------------------------------------------- ENERGY--7.6% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--4.1% Schlumberger Ltd. 532,600 55,923,000 - -------------------------------------------------------------------------------- Smith International, Inc. 502,800 35,899,920 --------------- 91,822,920 - -------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--3.5% Occidental Petroleum Corp. 481,400 30,848,112 - -------------------------------------------------------------------------------- Range Resources Corp. 657,880 26,749,401 - -------------------------------------------------------------------------------- XTO Energy, Inc. 343,300 21,229,672 --------------- 78,827,185 - -------------------------------------------------------------------------------- FINANCIALS--11.5% - -------------------------------------------------------------------------------- CAPITAL MARKETS--6.5% Fortress Investment Group LLC, Cl. A 946,690 20,183,431 - -------------------------------------------------------------------------------- Franklin Resources, Inc. 141,200 18,003,000 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 207,200 44,908,528 - -------------------------------------------------------------------------------- 1 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- CAPITAL MARKETS CONTINUED - -------------------------------------------------------------------------------- Northern Trust Corp. 256,000 $ 16,965,120 - -------------------------------------------------------------------------------- Schwab (Charles) Corp. 619,700 13,385,520 - -------------------------------------------------------------------------------- UBS AG 601,193 32,325,258 --------------- 145,770,857 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.9% CME Group, Inc. 66,800 39,234,980 - -------------------------------------------------------------------------------- Moody's Corp. 69,100 3,482,640 --------------- 42,717,620 - -------------------------------------------------------------------------------- INSURANCE--1.7% AMBAC Financial Group, Inc. 139,470 8,774,058 - -------------------------------------------------------------------------------- Prudential Financial, Inc. 311,800 30,425,444 --------------- 39,199,502 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.8% CB Richard Ellis Group, Inc., Cl. A 1 679,050 18,904,752 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.6% Freddie Mac 242,260 14,295,763 - -------------------------------------------------------------------------------- HEALTH CARE--13.3% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--3.0% Celgene Corp. 1 314,800 22,448,388 - -------------------------------------------------------------------------------- Genentech, Inc. 1 276,600 21,580,332 - -------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 540,700 22,098,409 --------------- 66,127,129 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.2% Bard (C.R.), Inc. 111,190 9,805,846 - -------------------------------------------------------------------------------- St. Jude Medical, Inc. 1 397,000 17,495,790 --------------- 27,301,636 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.9% Medco Health Solutions, Inc. 1 286,400 25,887,696 - -------------------------------------------------------------------------------- Schein (Henry), Inc. 1 214,240 13,034,362 - -------------------------------------------------------------------------------- WellPoint, Inc. 1 336,700 26,572,364 --------------- 65,494,422 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--1.9% Covance, Inc. 1 218,727 17,038,833 - -------------------------------------------------------------------------------- Thermo Fisher Scientific, Inc. 1 457,080 26,382,658 --------------- 43,421,491 - -------------------------------------------------------------------------------- PHARMACEUTICALS--4.3% Abbott Laboratories 302,600 16,225,412 - -------------------------------------------------------------------------------- Allergan, Inc. 215,500 13,893,285 - -------------------------------------------------------------------------------- Merck & Co., Inc. 373,330 19,297,428 - -------------------------------------------------------------------------------- Roche Holding AG 169,879 30,802,196 - -------------------------------------------------------------------------------- Shire plc 687,830 16,901,625 --------------- 97,119,946 - -------------------------------------------------------------------------------- INDUSTRIALS--9.9% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--6.2% Boeing Co. 450,320 47,279,097 - -------------------------------------------------------------------------------- Empresa Brasileira de Aeronautica SA, ADR 122,100 5,362,632 - -------------------------------------------------------------------------------- 2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE CONTINUED - -------------------------------------------------------------------------------- General Dynamics Corp. 322,000 $ 27,199,340 - -------------------------------------------------------------------------------- Lockheed Martin Corp. 43,020 4,667,240 - -------------------------------------------------------------------------------- Precision Castparts Corp. 92,700 13,717,746 - -------------------------------------------------------------------------------- United Technologies Corp. 512,800 41,270,144 --------------- 139,496,199 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.2% Corporate Executive Board Co. (The) 258,150 19,165,056 - -------------------------------------------------------------------------------- Robert Half International, Inc. 253,160 7,559,358 --------------- 26,724,414 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.1% ABB Ltd. 978,692 25,651,016 - -------------------------------------------------------------------------------- MACHINERY--0.5% Joy Global, Inc. 232,580 11,829,019 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.9% Fastenal Co. 424,100 19,258,381 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--30.8% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--10.3% Cisco Systems, Inc. 1 2,364,200 78,278,662 - -------------------------------------------------------------------------------- Corning, Inc. 1,604,300 39,545,995 - -------------------------------------------------------------------------------- F5 Networks, Inc. 1 288,000 10,710,720 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 701,100 29,628,486 - -------------------------------------------------------------------------------- Research in Motion Ltd. 1 481,900 47,491,245 - -------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, Sponsored ADR 684,200 27,231,160 --------------- 232,886,268 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--4.7% Apple, Inc. 1 350,000 53,739,000 - -------------------------------------------------------------------------------- EMC Corp. 1 1,724,300 35,865,440 - -------------------------------------------------------------------------------- Network Appliance, Inc. 1 637,100 17,144,361 --------------- 106,748,801 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--5.5% eBay, Inc. 1 1,084,200 42,305,484 - -------------------------------------------------------------------------------- Google, Inc., Cl. A 1 144,700 82,083,969 --------------- 124,389,453 - -------------------------------------------------------------------------------- IT SERVICES--2.3% Affiliated Computer Services, Inc., Cl. A 1 583,380 29,309,011 - -------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 265,500 21,178,935 --------------- 50,487,946 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.7% ASML Holding NV 1 602,100 19,785,006 - -------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 683,900 24,921,316 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 462,200 16,787,104 --------------- 61,493,426 - -------------------------------------------------------------------------------- SOFTWARE--5.3% Adobe Systems, Inc. 1 630,000 27,505,800 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 631,340 23,479,535 - -------------------------------------------------------------------------------- 3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- SOFTWARE CONTINUED - -------------------------------------------------------------------------------- Autodesk, Inc. 1 533,900 $ 26,678,983 - -------------------------------------------------------------------------------- Microsoft Corp. 707,700 20,848,842 - -------------------------------------------------------------------------------- Red Hat, Inc. 1 443,300 8,808,371 - -------------------------------------------------------------------------------- Salesforce.com, Inc. 1 238,100 12,219,292 --------------- 119,540,823 - -------------------------------------------------------------------------------- MATERIALS--4.7% - -------------------------------------------------------------------------------- CHEMICALS--4.1% Monsanto Co. 660,300 56,614,122 - -------------------------------------------------------------------------------- Praxair, Inc. 430,500 36,058,680 --------------- 92,672,802 - -------------------------------------------------------------------------------- METALS & MINING--0.6% Allegheny Technologies, Inc. 123,710 13,601,915 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--4.2% - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--4.2% America Movil SAB de CV, ADR, Series L 355,100 22,726,400 - -------------------------------------------------------------------------------- American Tower Corp. 1 550,200 23,955,708 - -------------------------------------------------------------------------------- Crown Castle International Corp. 1 594,800 24,166,724 - -------------------------------------------------------------------------------- NII Holdings, Inc. 1 298,700 24,538,203 --------------- 95,387,035 --------------- Total Common Stocks (Cost $1,631,664,704) 2,245,706,732 - -------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--0.6% - -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 2,3 (Cost $14,519,218) 14,519,218 14,519,218 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,646,183,922) 100.0% 2,260,225,950 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS 0.0 (186,710) ---------------------------- NET ASSETS 100.0% $2,260,039,240 ============================ FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - ------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E 15,177,546 217,500,749 218,159,077 14,519,218
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E $14,519,218 $ 708,575
3. Rate shown is the 7-day yield as of September 30, 2007. 4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 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, if applicable. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will 5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 1,652,460,795 ================ Gross unrealized appreciation $ 630,205,292 Gross unrealized depreciation (22,440,137) ---------------- Net unrealized appreciation $ 607,765,155 ================ 6 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2007 / Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - -------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--95.2% - -------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--7.7% - -------------------------------------------------------------------------------------------------------------------- MEDIA--7.7% Cinemark Holdings, Inc. 4,000 $ 74,240 - -------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 10,948 423,250 - -------------------------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. A 7,882 173,325 ----------------- 670,815 CONSUMER STAPLES--8.7% - -------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--4.8% Costco Wholesale Corp. 5,669 347,907 - -------------------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 1,731 67,526 ----------------- 415,433 - -------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.1% ConAgra Foods, Inc. 3,600 94,068 - -------------------------------------------------------------------------------------------------------------------- TOBACCO--2.8% Altria Group, Inc. 3,511 244,120 ENERGY--12.2% - -------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.0% Halliburton Co. 2,360 90,624 - -------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--11.2% Exxon Mobil Corp. 4,626 428,183 - -------------------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 3,000 209,670 - -------------------------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, ADR 2,820 212,910 - -------------------------------------------------------------------------------------------------------------------- Total SA, Sponsored ADR 1,457 118,061 ----------------- 968,824 FINANCIALS--26.2% - -------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--9.4% Credit Suisse Group, ADR 2,000 132,660 - -------------------------------------------------------------------------------------------------------------------- E*TRADE Financial Corp. 1 21,469 280,385 - -------------------------------------------------------------------------------------------------------------------- UBS AG 7,616 405,552 ----------------- 818,597 - -------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--4.6% Wachovia Corp. 7,884 395,383 - -------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--6.4% Bank of America Corp. 6,840 343,847 - -------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 4,569 213,235 ----------------- 557,082 - -------------------------------------------------------------------------------------------------------------------- INSURANCE--3.1% Everest Re Group Ltd. 1,607 177,156 - -------------------------------------------------------------------------------------------------------------------- National Financial Partners Corp. 1,670 88,477 ----------------- 265,633 - -------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--2.7% Freddie Mac 3,939 232,440 HEALTH CARE--7.3% - -------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.2% Vanda Pharmaceuticals, Inc. 1 915 12,728 - -------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.0% Medco Health Solutions, Inc. 1 1,020 92,198 - --------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2007 / Unaudited - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED WellPoint, Inc. 1 1,043 $ 82,314 ----------------- 174,512 - -------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--5.1% Johnson & Johnson 4,250 279,225 - -------------------------------------------------------------------------------------------------------------------- Medicines Co. (The) 1 1,263 22,494 - -------------------------------------------------------------------------------------------------------------------- Novartis AG, ADR 2,565 140,972 ----------------- 442,691 INDUSTRIALS--13.4% - -------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--8.0% Alliant Techsystems, Inc. 1 819 89,517 - -------------------------------------------------------------------------------------------------------------------- Boeing Co. 4,094 429,829 - -------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 2,149 172,952 ----------------- 692,298 - -------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--2.1% Siemens AG, Sponsored ADR 1,294 177,602 - -------------------------------------------------------------------------------------------------------------------- MACHINERY--3.3% Deere & Co. 1,010 149,904 - -------------------------------------------------------------------------------------------------------------------- Navistar International Corp. 1 2,253 139,010 ----------------- 288,914 INFORMATION TECHNOLOGY--6.2% - -------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.6% Telefonaktiebolaget LM Ericsson, Sponsored ADR 3,360 133,728 - -------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.0% Applied Materials, Inc. 4,000 82,800 - -------------------------------------------------------------------------------------------------------------------- Lam Research Corp. 1 3,330 177,356 ----------------- 260,156 - -------------------------------------------------------------------------------------------------------------------- SOFTWARE--1.6% Take-Two Interactive Software, Inc. 1 8,260 141,081 MATERIALS--4.5% - -------------------------------------------------------------------------------------------------------------------- CHEMICALS--2.8% BASF AG, Sponsored ADR 890 121,930 - -------------------------------------------------------------------------------------------------------------------- Lubrizol Corp. (The) 1,877 122,118 ----------------- 244,048 - -------------------------------------------------------------------------------------------------------------------- METALS & MINING--1.7% Carpenter Technology Corp. 1,090 141,711 TELECOMMUNICATION SERVICES--1.5% - -------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.5% AT&T, Inc. 3,130 132,430 UTILITIES--7.5% - -------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--7.0% Exelon Corp. 3,266 246,126 - -------------------------------------------------------------------------------------------------------------------- FirstEnergy Corp. 5,750 364,201 ----------------- 610,327 - -------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.5% Dynegy, Inc., Cl. A 1 4,263 39,390 ----------------- Total Common Stocks (Cost $7,423,286) 8,244,635
2 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2007 / Unaudited - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--5.1% - -------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 2,3 (Cost $439,837) 439,837 $ 439,837 - -------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $7,863,123) 100.3% 8,684,472 - -------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.3) (25,347) ----------------------------------- NET ASSETS 100.0% $ 8,659,125 ===================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Rate shown is the 7-day yield as of September 30, 2007. 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - -------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 183,179 4,599,493 4,342,835 439,837
DIVIDEND VALUE INCOME - -------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 439,837 $ 11,645
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. 3 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 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, if applicable. 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 PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 7,874,752 ================== Gross unrealized appreciation $ 870,360 Gross unrealized depreciation (60,640) ------------------ Net unrealized appreciation $ 809,720 ================== 4 | OPPENHEIMER VALUE FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT--16.5% - ----------------------------------------------------------------------------------------------------------------------------------- ABN AMRO Bank NV, Chicago, 5.15%, 12/27/07 $ 2,000,000 $ 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Barclays US Funding LLC, 5.32%, 10/22/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Calyon, New York, 5.33%, 10/19/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Canadian Imperial Bank of Commerce NY, 5.25%, 10/15/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Governor & Co. of the Bank of Ireland, Stamford CT, 5.48%, 11/19/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Lloyds TSB Bank plc, New York: 5%, 10/31/07 1,500,000 1,500,000 5.45%, 3/10/08 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Royal Bank of Scotland, New York, 5.44%, 3/13/08 1,500,000 1,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- Skandinaviska Enskilda Banken, New York, 5.55%, 11/30/07 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Societe Generale, New York, 5.33%, 10/31/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Swedbank AB, New York, 5.50%, 11/19/07 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Toronto Dominion Bank, New York, 5.15%, 12/27/07 2,500,000 2,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- UBS AG Stamford CT, 5.55%, 2/1/08 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Westpac Banking Corp., New York, 5.32%, 10/10/07 3,000,000 3,000,000 --------------- Total Certificates of Deposit (Cost $31,500,000) 31,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS--26.6% - ----------------------------------------------------------------------------------------------------------------------------------- ABN AMRO North America Finance, Inc., 5.50%, 10/25/07 1,100,000 1,095,967 - ----------------------------------------------------------------------------------------------------------------------------------- Anglo Irish Bank Corp. plc: 5.255%, 10/26/07 1 2,000,000 1,992,701 5.43%, 11/16/07 1 4,000,000 3,972,247 - ----------------------------------------------------------------------------------------------------------------------------------- Barclays US Funding LLC: 5.245%, 10/26/07 2,000,000 1,992,715 5.26%, 10/2/07 2,000,000 1,999,708 - ----------------------------------------------------------------------------------------------------------------------------------- Danske Corp.: 5.365%, 12/21/07 1 1,600,000 1,580,686 5.38%, 3/6/08 1 4,000,000 3,906,149 - ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank Financial LLC, 5.25%, 10/25/07 1,000,000 996,500 - ----------------------------------------------------------------------------------------------------------------------------------- DnB NOR Bank ASA, 5.09%, 12/21/07 3,500,000 3,459,916 - ----------------------------------------------------------------------------------------------------------------------------------- HBOS Treasury Services, 5.26%, 10/5/07 3,500,000 3,497,956 - ----------------------------------------------------------------------------------------------------------------------------------- HBOS Treasury Services plc, Sydney, 5.25%, 10/26/07 1,500,000 1,494,531 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC USA, Inc., 5.30%, 1/31/08 3,000,000 2,946,117 - ----------------------------------------------------------------------------------------------------------------------------------- Nationwide Building Society: 5.25%, 10/22/07 1 2,000,000 1,993,875 5.66%, 12/13/07 1 1,500,000 1,482,784 - ----------------------------------------------------------------------------------------------------------------------------------- Royal Bank of Scotland plc, 5.50%, 10/4/07 2,000,000 1,999,083 - ----------------------------------------------------------------------------------------------------------------------------------- Scotiabanc, Inc., 5.11%, 12/27/07 1 3,000,000 2,962,953 - ----------------------------------------------------------------------------------------------------------------------------------- Skandinaviska Enskilda Banken, New York, 5.09%, 12/28/07 1 1,000,000 987,558 - ----------------------------------------------------------------------------------------------------------------------------------- Societe Generale North America, 5.25%, 10/10/07 2,000,000 1,997,375 - ----------------------------------------------------------------------------------------------------------------------------------- Swedbank Mortgage AB, 5.43%, 11/9/07 2,000,000 1,988,246 - ----------------------------------------------------------------------------------------------------------------------------------- Toronto Dominion Holdings (USA), Inc., 5.41%, 11/23/07 1 2,000,000 1,984,085 - ----------------------------------------------------------------------------------------------------------------------------------- UBS Finance (Delaware) LLC: 5.25%, 10/17/07 1,500,000 1,496,500 5.30%, 11/8/07 3,000,000 2,983,217 - ----------------------------------------------------------------------------------------------------------------------------------- Westpac Banking Corp., 5.25%, 10/18/07 1 2,000,000 1,995,042 --------------- Total Direct Bank Obligations (Cost $50,805,911) 50,805,911
1 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM NOTES--56.0% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.2% Montgomery, AL Industrial Development Board Revenue Bonds, Industrial Bristol Project, Series B, 5.47%, 11/1/07 2 $ 320,000 $ 320,000 - ----------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--24.1% Barton Capital Corp., 5.40%, 10/5/07 1 2,900,000 2,898,260 - ----------------------------------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust 2007-SN1, Automobile Asset-Backed Certificates, Series 2007-SN1, Cl. A1B, 5.75%, 6/16/08 2,3 1,287,218 1,287,218 - ----------------------------------------------------------------------------------------------------------------------------------- Chesham Finance LLC: 5.40%, 10/4/07 1,800,000 1,799,190 5.70%, 10/1/07 3,900,000 3,900,000 - ----------------------------------------------------------------------------------------------------------------------------------- Concord Minutemen Capital Co. LLC: 6.20%, 10/23/07 2,550,000 2,541,040 6.50%, 10/19/07 1,000,000 996,750 - ----------------------------------------------------------------------------------------------------------------------------------- Crown Point Capital Co., 6.45%, 10/18/07 2,500,000 2,492,385 - ----------------------------------------------------------------------------------------------------------------------------------- Fairway Finance Corp., 6.17%, 12/13/07 1 1,000,000 987,489 - ----------------------------------------------------------------------------------------------------------------------------------- Falcon Asset Securitization Co. LLC, 5.30%, 10/9/07 1 2,500,000 2,497,056 - ----------------------------------------------------------------------------------------------------------------------------------- FCAR Owner Trust II, 5.27%, 10/15/07 2,000,000 1,995,901 - ----------------------------------------------------------------------------------------------------------------------------------- Gemini Securitization Corp., 6.15%, 10/11/07 1 1,800,000 1,796,925 - ----------------------------------------------------------------------------------------------------------------------------------- Legacy Capital LLC, 5.40%, 10/16/07 4,000,000 3,991,000 - ----------------------------------------------------------------------------------------------------------------------------------- Lexington Parker Capital Co. LLC: 5.30%, 10/22/07 1 2,000,000 1,993,817 5.48%, 11/9/07 1 1,499,000 1,490,101 - ----------------------------------------------------------------------------------------------------------------------------------- New Center Asset Trust, 6.15%, 10/19/07 2,000,000 1,993,850 - ----------------------------------------------------------------------------------------------------------------------------------- Old Line Funding Corp.: 5.85%, 11/28/07 1 2,500,000 2,476,438 6%, 11/14/07 1 3,000,000 2,978,000 - ----------------------------------------------------------------------------------------------------------------------------------- Park Avenue Receivables Co. LLC, 6.09%, 10/12/07 900,000 898,325 - ----------------------------------------------------------------------------------------------------------------------------------- Saint Germain Holdings, Inc., 5.31%, 11/8/07 4 2,000,000 1,988,790 - ----------------------------------------------------------------------------------------------------------------------------------- Solitaire Funding LLC, 5.28%, 10/29/07 1 2,000,000 1,991,787 - ----------------------------------------------------------------------------------------------------------------------------------- Victory Receivables Corp., 6.50%, 10/17/07 1 1,000,000 997,111 - ----------------------------------------------------------------------------------------------------------------------------------- Yorktown Capital LLC, 5.90%, 11/19/07 1 2,000,000 1,983,939 --------------- 45,975,372 - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.0% Ande Chevrolet Olds, Inc., Series 2004, 5.27%, 10/1/07 2 1,935,000 1,935,000 - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--5.2% Banc of America Securities LLC, 4.99%, 10/1/07 2 5,000,000 5,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Funding, Inc., 5.50%, 8/13/08 2 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers, Inc., 4.65%, 10/1/07 2 1,000,000 1,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., Series C, 5.49%, 10/19/07 2 2,000,000 2,000,148 --------------- 10,000,148 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--2.6% General Electric Capital Services, 5.25%, 11/2/07 500,000 497,667 - ----------------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Holdings, Inc., 4.65%, 11/15/07 2 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Funding LLC: 5.25%, 10/17/07 3 1,500,000 1,496,500
2 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- 5.25%, 10/18/07 3 $ 1,000,000 $ 997,521 --------------- 4,991,688 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.0% Nestle Capital Corp., 5.22%, 3/7/08 1 2,000,000 1,954,180 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--2.0% Alta Mira LLC, Series 2004, 5.23%, 10/1/07 2 2,250,000 2,250,000 - ----------------------------------------------------------------------------------------------------------------------------------- Premier Senior Living LLC, 5.16%, 10/1/07 2 1,500,000 1,500,000 --------------- 3,750,000 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE--4.4% ING America Insurance Holdings, Inc., 5.50%, 11/19/07 2,000,000 1,985,028 - ----------------------------------------------------------------------------------------------------------------------------------- Jackson National Life Global Funding, Series 2004-6, 5.84%, 10/15/07 2,3 2,500,000 2,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Life Global Funding I, Series 2003-5, 5.85%, 9/12/08 2,3 4,000,000 4,000,000 --------------- 8,485,028 - ----------------------------------------------------------------------------------------------------------------------------------- LEASING & FACTORING--2.6% American Honda Finance Corp., 5.33%, 10/30/07 2,4 1,000,000 999,999 - ----------------------------------------------------------------------------------------------------------------------------------- Toyota Motor Credit Corp.: 5.25%, 1/11/08 1,000,000 985,125 5.25%, 1/14/08 1,000,000 984,688 5.674%, 9/15/08 2 2,000,000 2,000,000 --------------- 4,969,812 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY--1.1% Jackson Tube Service, Inc., Series 2000, 5.19%, 10/1/07 2 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL--2.6% Black Property Management LLC, Series 2006, 5.19%, 10/1/07 2 2,515,000 2,515,000 - ----------------------------------------------------------------------------------------------------------------------------------- Columbus, GA Development Authority, MAC Property LLC Project, Series 2007, 5.25%, 10/1/07 2 1,785,000 1,785,000 - ----------------------------------------------------------------------------------------------------------------------------------- Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts., 5.43%, 10/1/07 2 710,000 710,000 --------------- 5,010,000 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.5% St. Johns Cnty., FL Industrial Development Authority Revenue Bonds, 5.70%, 10/3/07 2 1,000,000 1,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL--8.7% Cooperative Assn. of Tractor Dealers, Inc., Series B, 5.28%, 10/1/07 2,732,000 2,732,000 - ----------------------------------------------------------------------------------------------------------------------------------- LINKS Finance LLC: 5.34%, 8/6/08 2,4 2,000,000 1,999,661 5.538%, 8/15/08 2,4 2,000,000 1,999,477 5.548%, 12/20/07 2,4 1,000,000 999,957 - ----------------------------------------------------------------------------------------------------------------------------------- Parkland (USA) LLC: 5.34%, 7/16/08 2,4 2,000,000 1,999,842 5.674%, 12/12/07 2,4 1,000,000 999,961 - ----------------------------------------------------------------------------------------------------------------------------------- RACERS Trust, Series 2004-6-MM, 5.19%, 1/22/08 2,4 1,000,000 1,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Sigma Finance, Inc., 5.25%, 10/24/07 2,000,000 1,993,292
3 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------------------- Ticonderoga Funding LLC: 5.80%, 11/19/07 $ 850,000 $ 843,290 6.10%, 12/7/07 2,000,000 1,977,291 --------------- 16,544,771 --------------- Total Short-Term Notes (Cost $106,935,999) 106,935,999 - --------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $189,241,910) 99.1% 189,241,910 - --------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.9 1,650,770 ------------------------------- NET ASSETS 100.0% $ 190,892,680 ===============================
FOOTNOTES TO STATEMENT OF INVESTMENTS SHORT-TERM NOTES AND DIRECT BANK OBLIGATIONS ARE GENERALLY TRADED ON A DISCOUNT BASIS; THE INTEREST RATE SHOWN IS THE DISCOUNT RATE RECEIVED BY THE FUND AT THE TIME OF PURCHASE. OTHER SECURITIES NORMALLY BEAR INTEREST AT THE RATES SHOWN. 1. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $46,903,183, or 24.57% 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 September 30, 2007 was $10,281,239, which represents 5.39% 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 $11,987,687 or 6.28% of the Fund's net assets as of September 30, 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 September 30, 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 PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--52.9% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--6.3% - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.7% Liberty Media Holding Corp.-Interactive, Series A 1 200,390 $ 3,849,492 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA--5.1% Liberty Global, Inc., Series A 1 338,018 13,865,498 - ----------------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 342,790 13,252,261 ---------------- 27,117,759 - ----------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.5% Office Depot, Inc. 1 132,700 2,736,274 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--6.1% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.0% Costco Wholesale Corp. 171,200 10,506,544 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.3% ConAgra Foods, Inc. 71,900 1,878,747 - ----------------------------------------------------------------------------------------------------------------------------------- TOBACCO--3.8% Altria Group, Inc. 176,030 12,239,366 - ----------------------------------------------------------------------------------------------------------------------------------- Loews Corp./Carolina Group 100,140 8,234,512 ---------------- 20,473,878 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY--3.2% - ----------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--3.2% BP plc, ADR 45,120 3,129,072 - ----------------------------------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 102,610 9,497,582 - ----------------------------------------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, ADR 30,600 2,310,300 - ----------------------------------------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, Preference 69,490 2,249,990 ---------------- 17,186,944 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIALS--8.6% - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--2.5% E*TRADE Financial Corp. 1 200,590 2,619,705 - ----------------------------------------------------------------------------------------------------------------------------------- UBS AG 203,510 10,942,432 ---------------- 13,562,137 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--1.7% Wachovia Corp. 175,445 8,798,567 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.4% Bank of America Corp. 61,538 3,093,515 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 89,400 4,172,298 ---------------- 7,265,813 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE--2.5% AMBAC Financial Group, Inc. 41,100 2,585,601 - ----------------------------------------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 42,480 4,682,995 - ----------------------------------------------------------------------------------------------------------------------------------- National Financial Partners Corp. 54,600 2,892,708 - ----------------------------------------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 94,380 3,393,905 ---------------- 13,555,209 - ----------------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.5% Freddie Mac 48,900 2,885,589 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--6.3% - ----------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.7% deCODE genetics, Inc. 1 193,500 671,445 - -----------------------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Human Genome Sciences, Inc. 1 263,700 $ 2,713,473 - ----------------------------------------------------------------------------------------------------------------------------------- Orexigen Therapeutics, Inc. 1 173,230 2,288,368 - ----------------------------------------------------------------------------------------------------------------------------------- Vanda Pharmaceuticals, Inc. 1 255,000 3,547,050 ---------------- 9,220,336 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.9% Beckman Coulter, Inc. 37,430 2,760,837 - ----------------------------------------------------------------------------------------------------------------------------------- Boston Scientific Corp. 1 140,780 1,963,881 ---------------- 4,724,718 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.5% Medco Health Solutions, Inc. 1 21,200 1,916,268 - ----------------------------------------------------------------------------------------------------------------------------------- Skilled Healthcare Group, Inc., Cl. A 1 93,500 1,472,625 - ----------------------------------------------------------------------------------------------------------------------------------- WellPoint, Inc. 1 55,700 4,395,844 ---------------- 7,784,737 - ----------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--2.2% Abbott Laboratories 56,500 3,029,530 - ----------------------------------------------------------------------------------------------------------------------------------- Medicines Co. (The) 1 184,570 3,287,192 - ----------------------------------------------------------------------------------------------------------------------------------- Novartis AG, ADR 101,460 5,576,242 ---------------- 11,892,964 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.1% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.1% Boeing Co. 56,200 5,900,438 - ----------------------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 1 74,024 1,646,294 - ----------------------------------------------------------------------------------------------------------------------------------- Spirit Aerosystems Holdings, Inc., Cl. A 1 90,440 3,521,734 - ----------------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 139,840 11,254,323 ---------------- 22,322,789 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.2% Sinomem Technology Ltd. 1 985,000 878,651 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.3% Siemens AG, Sponsored ADR 51,900 7,123,275 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY--0.5% Navistar International Corp. 1 43,400 2,677,780 - ----------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--13.2% - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.2% Cisco Systems, Inc. 1 155,250 5,140,328 - ----------------------------------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 32,650 1,379,789 ---------------- 6,520,117 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.9% International Business Machines Corp. 39,310 4,630,718 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.0% CalAmp Corp. 1 19 66 - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.8% eBay, Inc. 1 122,690 4,787,364 - ----------------------------------------------------------------------------------------------------------------------------------- Google, Inc., Cl. A 1 3,300 1,871,991 - ----------------------------------------------------------------------------------------------------------------------------------- Yahoo!, Inc. 1 114,820 3,081,769 ---------------- 9,741,124
2 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.9% Texas Instruments, Inc. 135,130 $ 4,944,407 - ----------------------------------------------------------------------------------------------------------------------------------- SOFTWARE--8.4% Microsoft Corp. 501,800 14,783,028 - ----------------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 1 568,740 4,345,174 - ----------------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 272,520 7,379,842 - ----------------------------------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 1,083,450 18,505,326 ---------------- 45,013,370 - ----------------------------------------------------------------------------------------------------------------------------------- MATERIALS--2.2% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS--0.3% Lubrizol Corp. (The) 26,400 1,717,584 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.5% Texas Industries, Inc. 15,060 1,182,210 - ----------------------------------------------------------------------------------------------------------------------------------- Vulcan Materials Co. 16,180 1,442,447 ---------------- 2,624,657 - ----------------------------------------------------------------------------------------------------------------------------------- METALS & MINING--1.4% Carpenter Technology Corp. 24,400 3,172,244 - ----------------------------------------------------------------------------------------------------------------------------------- Companhia Vale do Rio Doce, Sponsored ADR 147,340 4,191,823 ---------------- 7,364,067 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.0% XO Holdings, Inc. 1 85 289 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES--0.9% - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.9% AES Corp. (The) 1 149,600 2,997,984 - ----------------------------------------------------------------------------------------------------------------------------------- Dynegy, Inc., Cl. A 1 176,900 1,634,556 ---------------- 4,632,540 ---------------- Total Common Stocks (Cost $213,518,126) 283,631,142 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 8,881 93 - ----------------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc.: Series A Wts., Exp. 1/16/10 1 171 75 Series B Wts., Exp. 1/16/10 1 128 32 Series C Wts., Exp. 1/16/10 1,2 128 19 ---------------- Total Rights, Warrants and Certificates (Cost $0) 219 PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--2.1% - ----------------------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005- 1A, Cl. A2, 5.556%, 4/20/08 3,4 $ 370,000 369,780 - ----------------------------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.611%, 5/25/34 3 830,484 820,147 - ----------------------------------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 5.773%, 4/15/11 3 2,490,000 2,477,310 - -----------------------------------------------------------------------------------------------------------------------------------
3 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 $ 180,000 $ 169,585 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2005-WF2, Asset-Backed Pass- Through Certificates, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 3 122,664 122,397 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 5.871%, 2/25/33 3 18,836 17,856 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-11, Asset-Backed Certificates, Series 2005-11, Cl. AF2, 4.657%, 2/25/36 320,000 317,156 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 3 360,000 356,028 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 3 240,000 237,648 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 5.251%, 12/25/29 3 480,000 469,843 - ----------------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A3, 3.48%, 11/17/08 36,207 36,183 - ----------------------------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-2, Cl. A4, 4.15%, 10/15/10 460,000 456,349 - ----------------------------------------------------------------------------------------------------------------------------------- Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates: Series 2005-3, Cl. A1, 5.798%, 1/20/35 3 370,234 361,428 Series 2006-4, Cl. A2V, 5.606%, 3/20/36 2,3 180,000 177,543 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 3 335,981 336,005 - ----------------------------------------------------------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 7.103%, 3/15/16 3 1,710,000 1,692,480 - ----------------------------------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006- 2, Cl. 2A2, 5.231%, 7/1/36 3 1,100,000 1,084,777 - ----------------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 3 57,395 57,190 - ----------------------------------------------------------------------------------------------------------------------------------- RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 98,311 97,877 - ----------------------------------------------------------------------------------------------------------------------------------- RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass- Through Certificates, Series 2006-KS7, Cl. A2, 5.231%, 9/25/36 3 800,000 786,368 - ----------------------------------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 5.171%, 9/25/36 3 513,363 509,240 - ----------------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 279,593 280,036 --------------- Total Asset-Backed Securities (Cost $11,418,575) 11,233,226 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--33.4% - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--22.4% - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--22.3% Federal Home Loan Mortgage Corp.: 4.50%, 5/15/19-7/15/19 1,911,506 1,842,315 5%, 12/15/32-12/15/34 3,268,449 3,130,074 6%, 3/15/33 297,815 299,537 6.50%, 4/15/18-4/15/34 2,863,466 2,940,372 7%, 5/15/29-11/15/32 1,227,718 1,275,033 - -----------------------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Multiclass Mtg. Participation Certificates, Series 3094, Cl. HS, 3.291%, 6/15/34 3 $ 230,483 $ 234,940 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 5.752%, 3/25/36 3 368,829 383,491 Series 2043, Cl. ZP, 6.50%, 4/15/28 602,796 620,385 Series 2055, Cl. ZM, 6.50%, 5/15/28 346,107 355,077 Series 2075, Cl. D, 6.50%, 8/15/28 838,477 865,689 Series 2080, Cl. Z, 6.50%, 8/15/28 226,224 233,524 Series 2387, Cl. PD, 6%, 4/15/30 9,556 9,537 Series 2461, Cl. PZ, 6.50%, 6/15/32 730,813 752,830 Series 2500, Cl. FD, 6.253%, 3/15/32 3 105,837 106,621 Series 2526, Cl. FE, 6.153%, 6/15/29 3 158,136 158,888 Series 2538, Cl. F, 6.353%, 12/15/32 3 1,618,209 1,630,886 Series 2551, Cl. FD, 6.153%, 1/15/33 3 121,434 121,883 Series 2676, Cl. KY, 5%, 9/15/23 298,000 280,573 Series 3025, Cl. SJ, 3.658%, 8/15/35 3 121,542 126,107 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 7.368%, 6/1/26 5 214,523 53,378 Series 183, Cl. IO, 5.073%, 4/1/27 5 339,460 84,139 Series 184, Cl. IO, 10.66%, 12/1/26 5 368,838 94,046 Series 192, Cl. IO, 11.506%, 2/1/28 5 101,149 25,942 Series 200, Cl. IO, 10.555%, 1/1/29 5 121,886 31,781 Series 2003-118, Cl. S, 8.002%, 12/25/33 5 1,778,168 235,746 Series 2005-87, Cl. SE, (1.002)%, 10/25/35 5 2,720,268 120,160 Series 2005-87, Cl. SG, 6.707%, 10/25/35 5 2,704,437 173,252 Series 2130, Cl. SC, (5.224)%, 3/15/29 5 266,091 21,250 Series 216, Cl. IO, 11.766%, 12/1/31 5 190,888 47,700 Series 224, Cl. IO, 7.36%, 3/1/33 5 600,854 151,462 Series 243, Cl. 6, 9.324%, 12/15/32 5 371,291 93,992 Series 2796, Cl. SD, (6.077)%, 7/15/26 5 384,038 30,759 Series 2802, Cl. AS, (3.83)%, 4/15/33 5 586,152 34,432 Series 2920, Cl. S, (10.235)%, 1/15/35 5 2,116,074 109,982 Series 3000, Cl. SE, (11.239)%, 7/15/25 5 2,178,630 90,904 Series 3110, Cl. SL, 8.703%, 2/15/26 5 311,733 12,546 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 5.494%, 6/1/26 6 94,410 74,455 Series 192, Cl. PO, 6.729%, 2/1/28 6 101,149 77,785 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 5/25/18-8/25/20 9,872,559 9,529,400 5%, 12/25/17-9/25/35 24,402,607 23,709,786 5.50%, 9/25/20-11/25/34 18,548,442 18,237,386 5.50%, 4/25/34 7 3,276,800 3,219,263 5.50%, 10/1/36 8 1,430,000 1,400,729 6%, 5/25/21-10/25/33 12,777,789 12,878,175
5 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED 6%, 10/1/21-8/25/34 8 $ 2,243,794 $ 2,266,329 6.50%, 6/25/17-10/25/30 5,157,345 5,301,979 7%, 11/25/17-11/25/35 2,739,935 2,847,264 7.50%, 1/25/33 374,394 392,859 8.50%, 7/25/32 13,316 14,318 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Grantor Trust, CMO, Trust 2002-T1, Cl. A2, 7%, 11/25/31 730,092 757,616 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-215, Cl. ZQ, 6.50%, 11/25/23 707,975 724,744 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 633,733 658,332 Trust 1998-61, Cl. PL, 6%, 11/25/28 333,912 339,711 Trust 2001-50, Cl. NE, 6%, 8/25/30 20,722 20,615 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 867,391 888,080 Trust 2001-70, Cl. LR, 6%, 9/25/30 83,946 84,180 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 309,635 317,925 Trust 2002-9, Cl. PC, 6%, 3/25/17 745,059 765,450 Trust 2003-130, Cl. CS, 3.838%, 12/25/33 3 206,225 190,426 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,052,000 1,028,360 Trust 2003-84, Cl. PW, 3%, 6/25/22 358,248 355,177 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,087,122 Trust 2005-59, Cl. NQ, 4.047%, 5/25/35 3 382,333 357,020 Trust 2006-24, Cl. DB, 5.50%, 4/25/26 1,000,000 988,433 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 1,508,609 1,515,551 Trust 2006-46, Cl. SW, 5.385%, 6/25/36 3 273,506 281,235 Trust 2006-50, Cl. KS, 5.385%, 6/25/36 3 720,955 703,729 Trust 2006-50, Cl. SA, 5.385%, 6/25/36 3 218,641 214,246 Trust 2006-50, Cl. SK, 5.385%, 6/25/36 3 684,915 687,567 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 1,840,814 1,848,665 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 2,983,000 2,888,861 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 6.436%, 11/25/31 5 992,352 110,764 Trust 2001-81, Cl. S, 0.438%, 1/25/32 5 214,438 22,854 Trust 2002-47, Cl. NS, (0.243)%, 4/25/32 5 467,195 45,170 Trust 2002-51, Cl. S, (0.127)%, 8/25/32 5 428,995 41,837 Trust 2002-52, Cl. SD, (3.302)%, 9/25/32 5 475,514 46,049 Trust 2002-77, Cl. SH, 1.334%, 12/18/32 5 286,088 28,704 Trust 2002-84, Cl. SA, 7.669%, 12/25/32 5 870,577 85,400 Trust 2002-9, Cl. MS, 0.62%, 3/25/32 5 318,141 30,841 Trust 2003-33, Cl. SP, 9.355%, 5/25/33 5 949,788 121,010 Trust 2003-4, Cl. S, 7.308%, 2/25/33 5 551,512 65,045 Trust 2003-46, Cl. IH, 6.956%, 6/25/33 5 3,245,313 650,807 Trust 2004-54, Cl. DS, (7.686)%, 11/25/30 5 413,349 27,026 Trust 2005-19, Cl. SA, (4.891)%, 3/25/35 5 5,526,444 310,797 Trust 2005-40, Cl. SA, (5.36)%, 5/25/35 5 1,168,791 61,987 Trust 2005-6, Cl. SE, (3.497)%, 2/25/35 5 1,496,892 74,554 Trust 2005-71, Cl. SA, (2.258)%, 8/25/25 5 1,376,330 90,024 Trust 2006-33, Cl. SP, 10.711%, 5/25/36 5 2,932,351 244,412
6 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 222, Cl. 2, 14.478%, 6/1/23 5 $ 766,311 $ 180,871 Trust 233, Cl. 2, 13.199%, 8/1/23 5 663,823 174,214 Trust 240, Cl. 2, 19.271%, 9/1/23 5 1,228,439 330,001 Trust 252, Cl. 2, 13.134%, 11/1/23 5 577,401 155,433 Trust 273, Cl. 2, 14.134%, 8/1/26 5 163,759 41,489 Trust 319, Cl. 2, 12.249%, 2/1/32 5 212,514 53,100 Trust 321, Cl. 2, 7.458%, 4/1/32 5 2,195,647 555,030 Trust 331, Cl. 9, 8.867%, 2/1/33 5 597,266 142,123 Trust 334, Cl. 17, 22.711%, 2/1/33 5 344,555 86,403 Trust 339, Cl. 7, 7.555%, 7/1/33 5 2,266,492 523,726 Trust 342, Cl. 2, 11.434%, 9/1/33 5 243,696 62,322 Trust 344, Cl. 2, 8.332%, 12/1/33 5 4,139,646 1,059,865 Trust 345, Cl. 9, 8.716%, 1/1/34 5 810,840 188,968 Trust 362, Cl. 12, 6.807%, 8/1/35 5 1,402,138 321,038 Trust 362, Cl. 13, 6.827%, 8/1/35 5 778,445 178,987 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.468%, 9/25/23 6 264,153 225,919 --------------- 119,768,776 - ----------------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.1% Government National Mortgage Assn., 8%, 4/15/23 142,031 150,862 - ----------------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.- Backed Security: Series 2001-21, Cl. SB, (2.531)%, 1/16/27 5 441,015 35,417 Series 2002-15, Cl. SM, (4.595)%, 2/16/32 5 525,502 41,873 Series 2002-76, Cl. SY, (7.317)%, 12/16/26 5 1,076,747 76,759 Series 2004-11, Cl. SM, (6.242)%, 1/17/30 5 361,447 26,520 --------------- 331,431 - ----------------------------------------------------------------------------------------------------------------------------------- NON-AGENCY--11.0% - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL--4.8% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass- Through Certificates, Series 2005-3, Cl. A2, 4.501%, 7/10/43 1,050,000 1,035,867 - ----------------------------------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 665,226 675,094 - ----------------------------------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 545,442 550,504 - ----------------------------------------------------------------------------------------------------------------------------------- ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 5.231%, 8/25/08 3 299,588 299,288 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass- Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 260,000 259,487 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 2 570,000 568,052 - ----------------------------------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A5, Mtg. Pass-Through Certificates, Series 2006-A5, Cl. 1A1, 5.531%, 10/25/36 3 1,524,311 1,511,378 - ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 550,098 550,283 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 1,054,068 1,050,750
7 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 $ 161,822 $ 162,054 - ----------------------------------------------------------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 536,364 535,540 - ----------------------------------------------------------------------------------------------------------------------------------- First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 330,513 331,120 - ----------------------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 620,000 617,291 - ----------------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass- Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 890,000 877,439 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 680,000 681,675 Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 2 2,240,000 2,246,877 - ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 260,000 256,939 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 890,000 883,793 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 210,000 209,619 Series 2006-CB14, Cl. A4, 5.481%, 12/12/44 1,140,000 1,139,648 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 510,000 519,421 - ----------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2005-C5, Cl. A2, 4.885%, 9/15/30 740,000 738,288 Series 2007-C1, Cl. A2, 5.318%, 1/15/12 910,000 911,701 - ----------------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-9, Cl. A3, 4.70%, 8/25/34 3 193,899 193,297 Series 2004-6, Cl. 10A1, 6%, 7/25/34 866,400 868,376 - ----------------------------------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 229,187 230,055 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 2 983,000 1,053,768 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 398,301 399,954 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 738,291 740,287 - ----------------------------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,070,476 1,071,501 - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 1,450,000 1,442,209 - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 256,000 256,170 - ----------------------------------------------------------------------------------------------------------------------------------- WAMU, Mtg. Pass-Through Certificates: Series 2003-AR9, Cl. 2A, 4.048%, 9/25/33 3 735,914 728,430 Series 2006-AR8, Cl. 2A1, 6.134%, 8/25/36 3 2,172,592 2,188,650 --------------- 25,784,805 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING--0.7% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass- Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 3 1,682,739 1,704,078 - -----------------------------------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING CONTINUED Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass- Through Certificates, Series 2006-AR2, Cl. 2A5, 5.095%, 3/25/36 3 $ 1,962,616 $ 1,946,604 --------------- 3,650,682 - ----------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY--3.8% Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates: Series 2003-E, Cl. 2A2, 4.35%, 6/25/33 3 1,252,419 1,264,357 Series 2005-F, Cl. 2A3, 4.718%, 7/25/35 3 1,413,244 1,399,288 - ----------------------------------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.81%, 10/25/36 3 777,885 783,170 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-AR5, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 1A3A, 5.903%, 7/25/36 3 579,649 588,403 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, CMO: Series 2008-85CB, Cl. 2A3, 5.50%, 2/25/36 860,000 841,042 Series 2004-28CB, Cl. 2A4, 5.75%, 1/25/35 1,166,000 1,092,736 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.702%, 4/25/37 3 1,402,675 1,402,801 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, CMO: Series 2003-46, Cl. 1A2, 4.129%, 1/19/34 3 1,031,551 1,035,377 Series 2005-HYB1, Cl. 5A1, 5.001%, 3/25/35 3 1,324,940 1,298,856 - ----------------------------------------------------------------------------------------------------------------------------------- GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates: Series 2005-AR4, Cl. 2A1, 5.295%, 7/19/35 3 1,596,362 1,597,901 Series 2004-J4, Cl. A7, 5.50%, 9/25/34 800,000 756,704 - ----------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.161%, 11/25/35 3 2,260,270 2,254,265 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 6.009%, 6/25/37 3,8 1,893,508 1,930,756 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass- Through Certificates, Series 2004-AA, Cl. 2A, 4.995%, 12/25/34 3 461,861 457,788 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.539%, 9/25/34 3 384,818 377,833 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass- Through Certificates, Series 2005-AR2, Cl. 2A2, 4.545%, 3/25/35 3 287,481 284,500 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR4, Trust, Mtg. Pass- Through Certificates, Series 2005-AR4, Cl. 2A2, 4.524%, 4/25/35 3 471,481 466,573 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust: Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 4A1, 5.56%, 7/25/36 3 938,567 934,329 Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 2A1, 5.645%, 7/25/36 3 717,068 716,181 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass- Through Certificates, Series 2006-AR2. Cl. 2A6, 5.091%, 3/25/36 3 379,329 377,337 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass- Through Certificates, Series 2006-AR6, Cl. 3A1, 5.094%, 3/25/36 3 422,321 421,150 --------------- 20,281,347 - ----------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL--1.7% Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,210,310 1,224,849 - -----------------------------------------------------------------------------------------------------------------------------------
9 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.424%, 6/25/36 3 $ 530,000 $ 524,904 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 747,067 747,678 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 678,248 678,419 - ----------------------------------------------------------------------------------------------------------------------------------- WAMU, Mtg. Pass-Through Certificates: Series 2007-HY6, Cl. 2A1, 5.704%, 6/25/37 3 1,324,665 1,313,593 Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 3 2,079,592 2,070,168 - ----------------------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Loan Trust,, Mtg. Pass-Through Certificates, 2007-A, Cl. 1A8, 6%, 2/25/37 2,022,277 2,045,317 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2003-6 Trust, Mtg. Pass-Through Certificates, Series 2003-6, Cl. 1A1, 5%, 6/25/18 796,260 776,262 --------------- 9,381,190 --------------- Total Mortgage-Backed Obligations (Cost $178,481,300) 179,198,231 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--0.3% - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Bank Unsec. Bonds, 3.50%, 11/15/07 650,000 648,839 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 4.75%, 2/15/37 683,000 674,303 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 4.75%, 8/15/17 216,000 218,936 --------------- Total U.S. Government Obligations (Cost $1,536,769) 1,542,078 - ----------------------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--9.5% - ----------------------------------------------------------------------------------------------------------------------------------- ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 400,000 437,287 - ----------------------------------------------------------------------------------------------------------------------------------- Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 880,000 897,724 - ----------------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc, 6.278% Perpetual Bonds 9 2,340,000 2,059,106 - ----------------------------------------------------------------------------------------------------------------------------------- Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 1,520,000 1,557,635 - ----------------------------------------------------------------------------------------------------------------------------------- Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 1,195,000 1,124,348 - ----------------------------------------------------------------------------------------------------------------------------------- Caesars Entertainment, Inc., 7.50% Sr. Unsec. Nts., 9/1/09 2 1,195,000 1,225,415 - ----------------------------------------------------------------------------------------------------------------------------------- Capmark Financial Group, Inc., 5.875% Nts., 5/10/12 4 585,000 533,295 - ----------------------------------------------------------------------------------------------------------------------------------- Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 705,000 694,097 - ----------------------------------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 845,000 858,779 - ----------------------------------------------------------------------------------------------------------------------------------- CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 670,000 643,999 - ----------------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 710,000 651,191 - ----------------------------------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 426,794 - ----------------------------------------------------------------------------------------------------------------------------------- Cox Enterprises, Inc., 4.375% Nts., 5/1/08 4 1,075,000 1,068,460 - ----------------------------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc., 7.25% Sr. Unsec. Nts., 7/15/08 845,000 849,225 - ----------------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc.: 6.125% Nts., 1/15/14 525,000 467,400 8% Sr. Nts., 2/1/09 285,000 283,016 - ----------------------------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 606,000 725,021 - ----------------------------------------------------------------------------------------------------------------------------------- Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 275,000 271,219 - ----------------------------------------------------------------------------------------------------------------------------------- Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 2 131,000 127,725 - ----------------------------------------------------------------------------------------------------------------------------------- EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 1,285,000 1,288,213 - ----------------------------------------------------------------------------------------------------------------------------------- El Paso Corp., 6.50% Sr. Unsec. Nts., 6/1/08 210,000 211,474 - ----------------------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 2,030,000 2,071,763 - ----------------------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The), 9.80% Unsub. Nts., 12/15/08 3 141,000 148,964 - ----------------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 930,000 914,806 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,850,000 1,729,060 - -----------------------------------------------------------------------------------------------------------------------------------
10 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 4,9 $ 2,300,000 $ 2,042,467 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 3 1,600,000 1,520,893 - ----------------------------------------------------------------------------------------------------------------------------------- Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 4 610,000 609,227 - ----------------------------------------------------------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 2,3 540,000 553,500 - ----------------------------------------------------------------------------------------------------------------------------------- Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 830,000 835,453 - ----------------------------------------------------------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 645,000 677,855 - ----------------------------------------------------------------------------------------------------------------------------------- Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 1,010,000 1,040,040 - ----------------------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 290,000 299,889 - ----------------------------------------------------------------------------------------------------------------------------------- Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 950,000 973,997 - ----------------------------------------------------------------------------------------------------------------------------------- MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 565,000 459,513 - ----------------------------------------------------------------------------------------------------------------------------------- MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/36 3 1,710,000 1,631,369 - ----------------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 1,305,000 1,301,738 - ----------------------------------------------------------------------------------------------------------------------------------- Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,030,000 1,089,604 - ----------------------------------------------------------------------------------------------------------------------------------- NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 855,000 884,080 - ----------------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 785,000 798,405 - ----------------------------------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 4 304,313 291,676 - ----------------------------------------------------------------------------------------------------------------------------------- Popular North America, Inc., 4.70% Nts., 6/30/09 1,360,000 1,354,534 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 4 1,285,000 1,581,203 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 4 1,110,000 1,363,763 - ----------------------------------------------------------------------------------------------------------------------------------- PSEG Funding Trust I, 5.381% Nts., 11/16/07 690,000 689,012 - ----------------------------------------------------------------------------------------------------------------------------------- Pulte Homes, Inc., 4.875% Nts., 7/15/09 450,000 420,208 - ----------------------------------------------------------------------------------------------------------------------------------- Qwest Corp., 5.625% Unsec. Nts., 11/15/08 131,000 131,491 - ----------------------------------------------------------------------------------------------------------------------------------- R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 525,030 - ----------------------------------------------------------------------------------------------------------------------------------- Rogers Wireless, Inc., 9.625% Sr. Sec. Nts., 5/1/11 960,000 1,082,013 - ----------------------------------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd., 7% Sr. Unsec. Unsub. Nts., 10/15/07 2 294,000 294,000 - ----------------------------------------------------------------------------------------------------------------------------------- SLM Corp., 4% Nts., 1/15/09 895,000 862,699 - ----------------------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp., 5.125% Sr. Unsec. Unsub. Nts., 4/1/09 470,000 399,500 - ----------------------------------------------------------------------------------------------------------------------------------- TEPPCO Partners LP, 6.125% Nts., 2/1/13 490,000 494,132 - ----------------------------------------------------------------------------------------------------------------------------------- Tribune Co., 5.50% Nts., Series E, 10/6/08 2 765,000 722,925 - ----------------------------------------------------------------------------------------------------------------------------------- TXU Energy Co. LLC: 6.125% Nts., 3/15/08 755,000 760,140 6.194% Sr. Nts., 9/16/08 3,4 865,000 866,503 - ----------------------------------------------------------------------------------------------------------------------------------- Univision Communications, Inc.: 3.50% Sr. Unsec. Nts., 10/15/07 670,000 666,650 3.875% Sr. Unsec. Nts., 10/15/08 315,000 307,125 - ----------------------------------------------------------------------------------------------------------------------------------- Valero Logistics Operations LP, 6.05% Nts., 3/15/13 210,000 211,027 - ----------------------------------------------------------------------------------------------------------------------------------- Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 985,000 1,007,378 - ----------------------------------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The) Credit Linked Certificate Trust, 6.75% Nts., 4/15/09 2 1,210,000 1,222,100 --------------- Total Non-Convertible Corporate Bonds and Notes (Cost $51,699,920) 51,237,155 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--2.0% - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.20% 10,11 (Cost $10,810,121) 10,810,121 10,810,121
11 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- VALUE - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $467,464,811) 100.2% $ 537,652,172 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.2) (1,148,008) ------------------------------- NET ASSETS 100.0% $ 536,504,164 ===============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid security. The aggregate value of illiquid securities as of September 30, 2007 was $8,191,924, which represents 1.53% of the Fund's net assets. See accompanying Notes. 3. Represents the current interest rate for a variable or increasing rate security. 4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $8,726,374 or 1.63% of the Fund's net assets as of September 30, 2007. 5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $7,702,891 or 1.44% of the Fund's net assets as of September 30, 2007. 6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $378,159 or 0.07% of the Fund's net assets as of September 30, 2007. 7. 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 $2,992,807. See accompanying Notes. 8. When-issued security or forward commitment to be delivered and settled after September 30, 2007. 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. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - ------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E 15,913,062 244,694,183 249,797,124 10,810,121
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E $ 10,810,121 $ 777,983
11. Rate shown is the 7-day yield as of September 30, 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 12 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 September 30, 2007, the Fund had purchased $8,968,695 of securities issued on a when-issued basis or forward commitment and sold $3,362,241 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, if applicable. 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. 13 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 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 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 September 30, 2007, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2007 (DEPRECIATION) - ----------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 12/19/07 244 $ 27,167,875 $ 79,488 U.S. Treasury Nts., 5 yr. 12/31/07 102 10,917,188 69,454 ------------- 148,942 ------------- CONTRACTS TO SELL U.S. Treasury Nts., 2 yr. 12/31/07 285 59,008,359 (236,297) U.S. Treasury Nts., 10 yr. 12/19/07 193 21,091,281 (68,392) ------------- (304,689) ------------- $ (155,747) =============
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. 14 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Contracts subject to call or put, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended September 30, 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 closed or expired (526) (195,960) ---------------------------- Options outstanding as of September 30, 2007 - $ - ============================ 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 gain (loss) 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 primarily quotations from counterparties and brokers. 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 15 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 September 30, 2007 is as follows:
BUY/SELL NOTIONAL PREMIUM CREDIT AMOUNT PAY/RECEIVE TERMINATION PAID/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATES (RECEIVED) VALUE - -------------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc: Beazer Homes USA, Inc. Sell $ 305 2.1000% 6/20/08 $ - $ (22,102) Capmark Financial Group, Inc. Sell 520 1.0000 6/20/12 - (45,292) Countrywide Home Loans, Inc. Sell 675 0.7500 9/20/08 - (26,542) Lear Corp. Sell 875 1.0000 6/20/08 - 2,352 Lehman Brothers Holdings, Inc. Sell 1,110 0.4900 9/20/10 - (7,785) Merrill Lynch & Co., Inc. Sell 2,090 0.6800 9/20/08 - 7,079 Toys "R" Us, Inc. Sell 550 1.4500 9/20/08 - (6,949) - -------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: ArvinMeritor, Inc. Sell 885 1.5500 9/20/08 - 1,194 Belo Corp. Buy 1,645 0.9000 6/20/13 - 26,030 CDX.NA.HY.8 Index Sell 470 2.7500 6/20/12 (37,597) (9,998) CDX.NA.HY.8 Index Sell 895 2.7500 6/20/12 7,228 (19,038) CDX.NA.HY.8 Index Buy 895 2.7500 6/20/14 12,909 40,355 CDX.NA.HY.8 Index Sell 2,550 2.7500 6/20/12 14,361 (54,243) CDX.NA.HY.8-V1 Index Buy 2,550 2.7500 6/20/14 46,201 114,979 Freescale Semiconductor, Inc. Sell 515 0.6000 3/20/08 - (3,589) Freescale Semiconductor, Inc. Sell 545 0.7500 3/20/08 - (3,393) Intelsat Ltd. Sell 570 3.4500 9/20/08 - 818 Quebecor World, Inc. Sell 560 2.6000 9/20/08 - 4,652 Rite Aid Corp. Sell 860 0.8750 6/20/08 - (9,832) Saks, Inc. Sell 900 2.0000 9/20/08 - 7,617 The Goodyear Tire & Rubber Co. Sell 850 1.5500 9/20/08 - 8,677 Univision Communications, Inc. Sell 250 0.7500 3/20/08 - (612) - -------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 240 0.1700 5/25/46 (28,798) (25,207) Allied Waste North America, Inc. Sell 340 2.0000 9/20/09 - 2,486 Allied Waste North America, Inc. Sell 530 2.0000 9/20/09 - 3,876 CDX.NA.HY.8 Index Sell 430 2.7500 6/20/12 (29,598) (9,307) CDX.NA.HY.8 Index Sell 475 2.7500 6/20/12 (41,226) (10,280) CDX.NA.HY.8 Index Sell 475 2.7500 6/20/12 (28,757) (10,280) CDX.NA.HY.8 Index Sell 220 2.7500 6/20/12 (17,702) (4,761) CDX.NA.HY.8 Index Sell 2,555 2.7500 6/20/12 12,207 (55,298) CDX.NA.HY.8 Index Sell 1,510 2.7500 6/20/12 13,968 (32,681) CDX.NA.HY.8 Index Sell 2,550 2.7500 6/20/12 16,150 (55,190) CDX.NA.HY.8 Index Sell 2,525 2.7500 6/20/12 17,763 (54,649) CDX.NA.HY.8 Index Buy 1,510 2.7500 6/20/14 20,008 70,502 CDX.NA.HY.8 Index Buy 2,525 2.7500 6/20/14 39,050 117,892 CDX.NA.HY.8 Index Buy 2,550 2.7500 6/20/14 42,819 119,059 CDX.NA.HY.8 Index Buy 2,555 2.7500 6/20/14 50,071 119,292 Centex Corp. Sell 135 1.5500 9/20/09 - (4,297) Countrywide Home Loans, Inc. Sell 435 3.2500 9/20/08 - (7,087) Dillard's, Inc. Sell 225 0.7500 9/20/08 - (2,371) Dow Jones CDX.NA.IG.7 Index Buy 4,700 0.4000 12/20/11 483 27,364 Eastman Kodak Co. Sell 735 1.0000 12/20/08 - 7,277 Georgia-Pacific Corp. Sell 850 1.7500 9/20/08 - 9,703 Intelsat Ltd. Sell 230 2.8500 9/20/08 - 1,031
16 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. Sell 1,005 1.4100 9/20/08 - 5,854 Levi Strauss & Co. Sell 375 0.9000 9/20/08 - 538 Levi Strauss & Co. Sell 500 1.0000 9/20/08 - 1,212 MBIA, Inc. Sell 555 0.5200 9/20/08 - (5,750) MBIA, Inc. Sell 555 0.6000 9/20/08 - (5,336) Owens-Illinois, Inc. Sell 475 1.2500 9/20/08 - 2,786 Tenet Healthcare Corp. Sell 870 1.6000 3/20/09 - (35,216) The Bear Stearns Cos. Sell 2,090 2.3500 9/20/08 - 27,203 - -------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 85 0.1700 5/25/46 (7,003) (8,499) Capmark Financial Group, Inc. Sell 535 0.9500 6/20/12 - (52,015) Citigroup, Inc. Sell 635 1.2500 9/20/08 - (6,629) Dole Food Co., Inc. Sell 850 3.8800 9/20/08 - 1,869 First Data Corp. Sell 545 1.1500 9/20/08 - (7,539) K. Hovnanian Enterprises, Inc. Sell 310 6.7500 9/20/08 - (8,689) Pulte Homes, Inc. Sell 800 2.7500 9/20/09 - (26,238) Quebecor World, Inc. Sell 255 3.0000 9/20/08 - 2,386 Sara Lee Corp. Buy 695 0.4190 9/20/12 - (4,194) Smurfit-Stone Container Enterprises, Inc. Sell 845 1.4500 9/20/08 - 3,735 Standard Pacific Corp. Sell 425 6.6250 9/20/08 - (27,627) - -------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs International Amkor Technology, Inc. Sell 80 2.6500 9/20/08 - 792 - -------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: D.R. Horton, Inc. Sell 850 4.2000 12/20/08 - (494) Morgan Stanley Sell 2,110 0.6400 9/20/08 - 6,275 Nortel Networks Corp. Sell 135 1.8500 9/20/08 - 193 - -------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 85 0.1700 5/25/46 (6,791) (9,261) ABX.HE.AA.06-2 Index Sell 160 0.1700 5/25/46 (15,999) (17,433) Beazer Homes USA, Inc. Sell 560 2.1500 6/20/08 - (65,483) CDX.NA.HY.8 Index Sell 460 2.7500 6/20/12 (33,675) (9,400) CDX.NA.HY.8 Index Sell 2,495 2.7500 6/20/12 20,255 (50,986) CDX.NA.HY.8 Index Sell 2,425 2.7500 6/20/12 22,431 (49,555) CDX.NA.HY.8 Index Buy 2,425 2.7500 6/20/14 32,131 101,595 CDX.NA.HY.8 Index Buy 2,495 2.7500 6/20/14 35,883 104,528 Countrywide Home Loans, Inc. Sell 435 0.7500 9/20/08 - (15,303) Countrywide Home Loans, Inc. Sell 1,615 0.4200 6/20/09 - (90,958) El Paso Corp. Sell 1,060 0.5200 3/20/10 - (10,110) First Data Corp. Sell 345 1.3500 9/20/08 - (2,952) Ford Motor Co. Buy - 5.3000 12/20/08 - - Ford Motor Co. Sell 525 7.0500 12/20/16 - 28,150 Ford Motor Co. Buy - 5.4000 12/20/08 - - Ford Motor Co. Sell 1,100 7.1500 12/20/16 - 64,622 General Motors Corp. Sell 545 5.8000 12/20/16 - 24,943 General Motors Corp. Buy 545 4.0000 12/20/08 - (3,534) General Motors Corp. Sell 535 5.7500 12/20/16 - 23,027 General Motors Corp. Buy 535 3.9500 12/20/08 - (3,151) Harrah's Operating Co., Inc. Sell 385 2.2000 9/20/08 - 2,006 Inco Ltd. Buy 550 0.6300 3/20/17 - (3,151) Inco Ltd. Buy 545 0.7000 3/20/17 - (5,951) J.C. Penney Co., Inc. Sell 525 1.0700 12/20/17 - (1,584) K. Hovnanian Enterprises, Inc. Sell 270 1.8500 6/20/08 - (13,334) K. Hovnanian Enterprises, Inc. Sell 270 1.8500 6/20/08 - (13,334) Kohl's Corp. Buy 785 0.6600 12/20/17 - (15) Lennar Corp. Sell 535 2.9000 12/20/08 - (4,319) Residential Capital LLC Sell 1,290 6.1200 9/20/08 - (65,591) Sara Lee Corp. Buy 890 0.4180 9/20/12 - (7,885)
17 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- The Kroger Co. Buy 1,110 0.4775 6/20/12 - (9,027) Toys "R" Us, Inc. Sell 325 2.5500 9/20/08 - (2,136) Tribune Co. Sell 505 1.0000 6/20/08 - (22,609) Vale Overseas Ltd. Sell 550 1.1000 3/20/17 - 2,252 Vale Overseas Ltd. Sell 545 1.1700 3/20/17 - 4,956 -------------------------- $ 156,772 $ (44,914) ==========================
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 primarily quotations from counterparties, and brokers. 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 September 30, 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 DATE VALUE - ------------------------------------------------------------------------------------------------------- Three-Month USD BBA Deutsche Bank AG $ 4,300,000 LIBOR 5.529% 8/10/17 $ 108,874
Index abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered 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 primarily quotations from counterparties and brokers. 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 September 30, 2007, the Fund had entered into the following total return swap agreements: 18 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
NOTIONAL TERMINATION SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATES VALUE - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index plus $ 2,900,000 Index 27.5 basis points 11/1/07 $ 20,000 If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index minus 2,300,000 Index 45 basis points 2/1/08 14,473 If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index plus 60 6,680,000 Index basis points 2/1/08 47,878 If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index plus 25 610,000 Index basis points 2/1/08 4,194 - ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index plus 2,380,000 Index 32.5 basis points 11/1/07 16,167 If negative, the absolute value of the If positive, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS 2,840,000 Index AAA 8.5+ Index 2/1/08 (18,526) If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index plus 60 2,429,000 Index basis points 2/1/08 16,587 If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index minus 1,310,000 Index 25 basis points 3/1/08 8,354 - ------------------------------------------------------------------------------------------------------------------------ If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS U.S. CMBS AAA 8.5+ AAA 8.5+ Index plus 60 UBS AG 3,036,000 Index basis points 2/1/08 21,546 ------------- $ 130,673 =============
19 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of September 30, 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 PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 468,342,067 Federal tax cost of other investments (41,702,059) -------------- Total federal tax cost $ 426,640,008 ============== Gross unrealized appreciation $ 80,471,499 Gross unrealized depreciation (11,279,280) -------------- Net unrealized appreciation $ 69,192,219 ============== 20 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--5.3% - ----------------------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 5.556%, 4/20/08 1,2 $ 640,000 $ 639,620 - ----------------------------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.611%, 5/25/34 2 1,476,940 1,458,557 - ----------------------------------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 5.773%, 4/15/11 2 4,930,000 4,904,876 - ----------------------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003- C4, Cl. C4, 5%, 6/10/15 310,000 292,063 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 2 237,095 236,578 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 5.871%, 2/25/33 2 35,747 33,886 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-11, Asset-Backed Certificates, Series 2005-11, Cl. AF2, 4.657%, 2/25/36 640,000 634,312 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 2 670,000 662,607 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 2 440,000 435,688 - ----------------------------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-2, C. A4, 4.15%, 10/15/10 920,000 912,698 - ----------------------------------------------------------------------------------------------------------------------------------- Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates, Series 2005-3, Cl. A1, 5.798%, 1/20/35 2 708,472 691,622 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 744,469 743,997 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 533,753 529,430 - ----------------------------------------------------------------------------------------------------------------------------------- Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31 3 2,361,188 2,349,831 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2006-WMC1, Mtg. Asset-Backed Certificates, Series 2006-WMC1, Cl. A2B, 5.271%, 1/25/37 2 890,000 886,598 - ----------------------------------------------------------------------------------------------------------------------------------- NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 0.274%, 1/25/29 3 3,370,016 707,703 - ----------------------------------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 5.231%, 7/1/36 2 1,250,000 1,232,702 - ----------------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 2 99,758 99,402 - ----------------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 2 690,000 685,419 - ----------------------------------------------------------------------------------------------------------------------------------- RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 196,622 195,754 - ----------------------------------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 5.171%, 9/25/36 2 1,041,975 1,033,605 - ----------------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2002- AL1, Cl. B2, 3.45%, 2/25/32 2,437,465 2,068,572 - ----------------------------------------------------------------------------------------------------------------------------------- Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 1,570,000 1,603,472 --------------- Total Asset-Backed Securities (Cost $25,690,913) 23,038,992
1 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--79.3% - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--53.4% - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--53.2% Fannie Mae Whole Loan, CMO Pass-Through Certificates, Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 $ 536,391 $ 558,496 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 4.50%, 5/15/19 9,889,073 9,539,419 5%, 8/15/33 4,128,033 3,952,031 6%, 7/15/17-3/15/33 8,846,865 8,943,019 6.50%, 4/15/18-4/15/34 1,275,560 1,309,064 7%, 5/15/29-3/15/35 6,021,904 6,248,502 8%, 4/15/16 593,861 627,824 9%, 8/15/22-5/15/25 169,091 181,846 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Multiclass Mtg. Participation Certificates, Series 3094, Cl. HS, 3.291%, 6/15/34 2 425,507 433,736 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 31,477 31,434 Series 2006-11, Cl. PS, 5.752%, 3/25/36 2 681,495 708,587 Series 2043, Cl. ZP, 6.50%, 4/15/28 1,116,946 1,149,537 Series 2066, Cl. Z, 6.50%, 6/15/28 2,339,235 2,384,597 Series 2195, Cl. LH, 6.50%, 10/15/29 1,298,867 1,319,382 Series 2326, Cl. ZP, 6.50%, 6/15/31 455,762 471,383 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,353,410 1,394,184 Series 2500, Cl. FD, 6.253%, 3/15/32 2 324,399 326,801 Series 2526, Cl. FE, 6.153%, 6/15/29 2 532,716 535,249 Series 2538, Cl. F, 6.353%, 12/15/32 2 3,124,701 3,149,179 Series 2551, Cl. FD, 6.153%, 1/15/33 2 410,300 411,818 Series 2676, Cl. KY, 5%, 9/15/23 552,000 519,720 Series 3025, Cl. SJ, 3.658%, 8/15/35 2 145,851 151,329 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 7.445%, 6/1/26 4 579,322 144,148 Series 183, Cl. IO, 5.135%, 4/1/27 4 884,451 219,221 Series 184, Cl. IO, 10.723%, 12/1/26 4 970,852 247,545 Series 192, Cl. IO, 11.573%, 2/1/28 4 234,240 60,077 Series 200, Cl. IO, 10.617%, 1/1/29 4 282,196 73,581 Series 2003-118, Cl. S, 8.002%, 12/25/33 4 3,435,624 455,487 Series 2005-87, Cl. SE, (1.002)%, 10/25/35 4 5,073,787 224,119 Series 2005-87, Cl. SG, 6.707%, 10/25/35 4 5,098,853 326,643 Series 206, Cl. IO, (8.757)%, 12/1/29 4 566,483 157,369 Series 2130, Cl. SC, (5.224)%, 3/15/29 4 623,414 49,786 Series 216, Cl. IO, 11.766%, 12/1/31 4 369,115 92,236 Series 224, Cl. IO, 7.34%, 3/1/33 4 1,130,303 284,924 Series 243, Cl. 6, 9.324%, 12/15/32 4 699,408 177,055 Series 2796, Cl. SD, (6.097)%, 7/15/26 4 1,000,591 80,140 Series 2802, Cl. AS, (3.83)%, 4/15/33 4 1,106,567 65,003 Series 2920, Cl. S, (10.235)%, 1/15/35 4 3,646,979 189,550 Series 3000, Cl. SE, (11.239)%, 7/15/25 4 4,344,519 181,277
2 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Series 3110, Cl. SL, 8.703%, 2/15/26 4 $ 600,656 $ 24,174 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 5.482%, 6/1/26 5 236,025 186,136 Series 192, Cl. PO, 6.729%, 2/1/28 5 234,239 180,134 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 9/25/18-8/25/20 15,448,700 14,908,410 5%, 12/25/17-3/25/34 40,213,220 39,142,261 5%, 10/1/21 6 6,628,000 6,496,474 5%, 6/25/33 7 4,258,782 4,081,883 5.50%, 10/25/19-1/25/34 30,341,988 29,859,650 5.50%, 10/1/21-10/1/36 6 17,585,832 17,262,517 6%, 5/25/29-11/25/33 10,920,470 10,998,528 6%, 10/1/21 6 3,752,000 3,801,830 6.50%, 3/25/11-11/25/31 10,835,635 11,132,866 7%, 11/25/17-7/25/35 3,955,380 4,109,988 7.50%, 1/25/08-1/25/33 25,150 26,333 8%, 5/25/17 6,240 6,555 8.50%, 7/25/32 47,593 51,173 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 59,114 63,871 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,353,500 1,406,038 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 1,159,849 1,203,627 Trust 1998-61, Cl. PL, 6%, 11/25/28 628,539 639,456 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 859,539 891,940 Trust 2001-70, Cl. LR, 6%, 9/25/30 193,166 193,706 Trust 2001-74, Cl. QE, 6%, 12/25/31 1,894,189 1,923,322 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 583,883 599,516 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,419,419 1,458,266 Trust 2003-130, Cl. CS, 3.838%, 12/25/33 2 396,631 366,246 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 3,874,922 Trust 2003-84, Cl. PW, 3%, 6/25/22 681,967 676,120 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,908,000 1,868,675 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,120,000 1,091,096 Trust 2005-59, Cl. NQ, 4.047%, 5/25/35 2 735,255 686,576 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 2,871,810 2,885,025 Trust 2006-46, Cl. SW, 5.385%, 6/25/36 2 516,427 531,022 Trust 2006-50, Cl. KS, 5.385%, 6/25/36 2 1,135,297 1,108,170 Trust 2006-50, Cl. SA, 5.385%, 6/25/36 2 1,450,760 1,421,593 Trust 2006-50, Cl. SK, 5.385%, 6/25/36 2 459,296 461,074 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 3,390,972 3,405,436 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 4,671,000 4,523,591 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 6.436%, 11/25/31 4 1,933,482 215,810 Trust 2001-81, Cl. S, 0.438%, 1/25/32 4 468,971 49,981 Trust 2002-47, Cl. NS, (0.243)%, 4/25/32 4 1,216,085 117,575 Trust 2002-51, Cl. S, (0.127)%, 8/25/32 4 1,116,370 108,871 Trust 2002-52, Cl. SD, (3.434)%, 9/25/32 4 1,242,770 120,350
3 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2002-77, Cl. SH, 1.334%, 12/18/32 4 $ 577,346 $ 57,927 Trust 2002-84, Cl. SA, 7.669%, 12/25/32 4 1,699,808 166,744 Trust 2003-33, Cl. SP, 9.355%, 5/25/33 4 1,745,312 222,366 Trust 2003-4, Cl. S, 7.308%, 2/25/33 4 1,119,244 132,002 Trust 2004-54, Cl. DS, (7.686)%, 11/25/30 4 919,079 60,093 Trust 2005-19, Cl. SA, (4.891)%, 3/25/35 4 9,221,726 518,612 Trust 2005-40, Cl. SA, (5.36)%, 5/25/35 4 2,034,768 107,915 Trust 2005-6, Cl. SE, (3.467)%, 2/25/35 4 2,614,824 130,233 Trust 2005-71, Cl. SA, (2.258)%, 8/25/25 4 2,740,090 179,226 Trust 2006-33, Cl. SP, 10.711%, 5/25/36 4 3,942,935 328,645 Trust 222, Cl. 2, 15.145%, 6/1/23 4 1,935,159 456,753 Trust 240, Cl. 2, 18.058%, 9/1/23 4 2,352,325 631,916 Trust 252, Cl. 2, 13.232%, 11/1/23 4 1,510,545 406,631 Trust 273, Cl. 2, 14.236%, 8/1/26 4 442,260 112,049 Trust 303, Cl. IO, (3.812)%, 11/1/29 4 249,391 67,247 Trust 319, Cl. 2, 12.335%, 2/1/32 4 413,785 103,391 Trust 321, Cl. 2, 7.311%, 4/1/32 4 4,550,173 1,150,221 Trust 331, Cl. 9, 8.942%, 2/1/33 4 1,053,353 250,652 Trust 334, Cl. 17, 22.837%, 2/1/33 4 727,380 182,403 Trust 339, Cl. 7, 8.595%, 7/1/33 4 3,686,574 851,869 Trust 342, Cl. 2, 9.918%, 9/1/33 4 254,129 64,990 Trust 344, Cl. 2, 8.039%, 12/1/33 4 7,221,607 1,848,933 Trust 345, Cl. 9, 8.716%, 1/1/34 4 1,480,878 345,122 Trust 362, Cl. 12, 6.807%, 8/1/35 4 1,990,620 455,778 Trust 362, Cl. 13, 6.827%, 8/1/35 4 1,105,161 254,108 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.452%, 9/25/23 5 558,917 478,018 --------------- 231,099,929 - ----------------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.2% Government National Mortgage Assn.: 7%, 1/30/09-5/29/09 11,175 11,370 8.50%, 8/15/17-12/29/17 250,683 268,132 - ----------------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, (2.496)%, 1/16/27 4 988,493 79,385 Series 2002-15, Cl. SM, (4.595)%, 2/16/32 4 1,218,279 97,074 Series 2004-11, Cl. SM, (6.242)%, 1/17/30 4 825,361 60,559 Series 2006-47, Cl. SA, 14.941%, 8/16/36 4 6,139,463 375,302 --------------- 891,822 - ----------------------------------------------------------------------------------------------------------------------------------- NON-AGENCY--25.9% - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL--10.6% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 1.789%, 4/14/29 4 14,266,295 596,440 - ----------------------------------------------------------------------------------------------------------------------------------- Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1996-MD6, Cl. A3, 7.546%, 11/13/29 2 1,200,000 1,200,605 - -----------------------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2005-3, Cl. A2, 4.501%, 7/10/43 $ 2,100,000 $ 2,071,734 - ----------------------------------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004- 2, Cl. 2A1, 6.50%, 7/20/32 1,466,908 1,488,668 - ----------------------------------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,155,903 1,166,632 - ----------------------------------------------------------------------------------------------------------------------------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, (5.676)%, 6/22/24 4 12,453,391 361,473 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 460,000 459,092 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 3 1,510,000 1,504,840 - ----------------------------------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A5, Mtg. Pass-Through Certificates, Series 2006-A5, Cl. 1A1, 5.531%, 10/25/36 2 3,164,603 3,137,752 - ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 1,008,513 1,008,851 Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 306,787 307,227 - ----------------------------------------------------------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 1,000,000 998,464 - ----------------------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 1,190,000 1,184,801 - ----------------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass- Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 1,460,000 1,439,395 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,290,000 1,293,178 Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 3 4,250,000 4,263,048 - ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 510,000 503,996 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 1,720,000 1,708,004 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 590,000 588,928 Series 2006-CB14, Cl. A4, 5.481%, 12/12/44 2,190,000 2,189,323 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 1,040,000 1,059,211 - ----------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2005-C5, Cl. A2, 4.885%, 9/15/30 1,430,000 1,426,692 Series 2007-C1, Cl. A2, 5.318%, 1/15/12 1,700,000 1,703,177 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 5.628%, 2/18/30 4 11,168,338 194,874 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Structured Securities Corp., CMO, Series 2002-GE1, Cl. A, 2.514%, 7/26/24 3 279,672 215,348 - ----------------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-9, Cl. A3, 4.70%, 8/25/34 2 225,865 225,163 Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,610,898 1,614,573 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 794,015 797,311 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,364,057 1,367,745 - ----------------------------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 2,030,972 2,032,917 - -----------------------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, (4.73)%, 5/18/32 4 $ 265,365,570 $ 445,443 - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 2,520,000 2,506,459 - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 355,000 355,235 - ----------------------------------------------------------------------------------------------------------------------------------- WAMU, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.134%, 8/25/36 2 4,516,705 4,550,089 --------------- 45,966,688 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING--1.8% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass- Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 2 3,494,919 3,539,240 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.095%, 3/25/36 2 4,081,911 4,048,610 --------------- 7,587,850 - ----------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY--9.0% Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates, Series 2005-F, Cl. 2A3, 4.718%, 7/25/35 2 2,864,892 2,836,600 - ----------------------------------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006- 4, Cl. 2A1, 5.81%, 10/25/36 2 1,615,607 1,626,583 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-AR5, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 1A3A, 5.903%, 7/25/36 2,8 1,191,501 1,209,495 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, CMO: Series 2008-85CB, Cl. 2A3, 5.50%, 2/25/36 1,790,000 1,750,541 Series 2004-28CB, Cl. 2A4, 5.75%, 1/25/35 2,316,000 2,170,478 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.702%, 4/25/37 2 2,916,089 2,916,350 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, CMO: Series 2003-46, Cl. 1A2, 4.129%, 1/19/34 2 2,092,763 2,100,524 Series 2005-HYB1, Cl. 5A1, 5.001%, 3/25/35 2 2,705,376 2,652,114 - ----------------------------------------------------------------------------------------------------------------------------------- GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates: Series 2005-AR4, Cl. 2A1, 5.295%, 7/19/35 2 3,318,920 3,322,118 Series 2004-J4, Cl. A7, 5.50%, 9/25/34 1,660,000 1,570,160 - ----------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.161%, 11/25/35 2 4,653,065 4,640,702 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 6.009%, 6/25/37 2,6 3,930,463 4,007,781 - ----------------------------------------------------------------------------------------------------------------------------------- WAMU, Mtg. Pass-Through Certificates, Series 2005-AR8, Cl. 2AB1, 5.57%, 7/25/45 2 133,237 132,811 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.995%, 12/25/34 2 950,891 942,504 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.539%, 9/25/34 2 784,437 770,198 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.545%, 3/25/35 2 595,495 589,322 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.524%, 4/25/35 2 984,564 974,314 - -----------------------------------------------------------------------------------------------------------------------------------
6 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY CONTINUED Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust: Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 4A1, 5.56%, 7/25/36 2 $ 1,944,174 $ 1,935,395 Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 2A1, 5.645%, 7/25/36 2 1,485,355 1,483,519 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2. Cl. 2A6, 5.091%, 3/25/36 2 775,151 771,080 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.094%, 3/25/36 2 869,982 867,568 --------------- 39,270,157 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER--0.0% Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.- Backed Security, Series 1987-3, Cl. B, 74.26%, 10/23/17 4 9,360 1,407 - ----------------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.- Backed Security, Series1987-3, Cl. A, 5.858%, 10/23/17 5 13,852 12,929 --------------- 14,336 - ----------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL--4.5% Countrywide Alternative Loan Trust, CMO: Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 2,334,691 2,362,736 Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 2,171,212 2,211,375 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.424%, 6/25/36 2 1,110,000 1,099,328 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 1,269,449 1,269,768 - ----------------------------------------------------------------------------------------------------------------------------------- WAMU, Mtg. Pass-Through Certificates: Series 2007-HY6, Cl. 2A1, 5.704%, 6/25/37 2 2,746,733 2,723,773 Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 2 4,316,275 4,296,716 - ----------------------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Loan, Trust, Mtg. Pass-Through Certificates, 2007-A, Cl. 1A8, 6%, 2/25/37 3,738,966 3,781,564 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2003-6 Trust, Mtg. Pass-Through Certificates, Series 2003-6, Cl. 1A1, 5%, 6/25/18 1,633,530 1,592,504 --------------- 19,337,764 --------------- Total Mortgage-Backed Obligations (Cost $343,584,916) 344,168,546 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--0.2% - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 4.75%, 2/15/37 (Cost $855,469) 876,000 864,845 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--22.0% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--8.5% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.5% Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 3,860,000 3,939,412 - ----------------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 1,660,000 1,632,879 - ----------------------------------------------------------------------------------------------------------------------------------- Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 1 1,115,000 1,113,587 --------------- 6,685,878 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.2% Caesars Entertainment, Inc., 7.50% Sr. Unsec. Nts., 9/1/09 3 2,250,000 2,307,267 - ----------------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 2,455,000 2,448,863 - -----------------------------------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Royal Caribbean Cruises Ltd., 7% Sr. Unsec. Unsub. Nts., 10/15/07 3 $ 545,000 $ 545,000 --------------- 5,301,130 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.5% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 1,305,000 1,284,818 - ----------------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc.: 6.125% Nts., 1/15/14 1,035,000 921,446 8% Sr. Nts., 2/1/09 615,000 610,719 - ----------------------------------------------------------------------------------------------------------------------------------- Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 1,930,000 1,987,404 - ----------------------------------------------------------------------------------------------------------------------------------- Pulte Homes, Inc., 4.875% Nts., 7/15/09 825,000 770,381 - ----------------------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp., 5.125% Sr. Unsec. Unsub. Nts., 4/1/09 8 865,000 735,250 --------------- 6,310,018 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 3 247,000 240,825 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA--4.0% Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 2,805,000 2,874,452 - ----------------------------------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 1,540,000 1,565,113 - ----------------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 8 1,370,000 1,256,524 - ----------------------------------------------------------------------------------------------------------------------------------- Cox Enterprises, Inc., 4.375% Nts., 5/1/08 1 2,015,000 2,002,741 - ----------------------------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc., 7.25% Sr. Unsec. Nts., 7/15/08 1,635,000 1,643,175 - ----------------------------------------------------------------------------------------------------------------------------------- EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 2,445,000 2,451,113 - ----------------------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 8 480,000 496,368 - ----------------------------------------------------------------------------------------------------------------------------------- Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 1,840,000 1,886,478 - ----------------------------------------------------------------------------------------------------------------------------------- Tribune Co., 5.50% Nts., Series E, 10/6/08 3 1,427,000 1,348,515 - ----------------------------------------------------------------------------------------------------------------------------------- Univision Communications, Inc.: 3.50% Sr. Unsec. Nts., 10/15/07 1,270,000 1,263,650 3.875% Sr. Unsec. Nts., 10/15/08 590,000 575,250 --------------- 17,363,379 - ----------------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.1% Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 515,000 507,919 - ----------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.1% Gap, Inc. (The), 9.80% Unsub. Nts., 12/15/08 2 466,000 492,321 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--0.7% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.7% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 8 1,675,000 1,708,736 - ----------------------------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,141,000 1,365,098 --------------- 3,073,834 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY--2.3% - ----------------------------------------------------------------------------------------------------------------------------------- OIL & GAS--2.3% Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 2,255,000 2,121,678 - ----------------------------------------------------------------------------------------------------------------------------------- El Paso Corp., 6.50% Sr. Unsec. Nts., 6/1/08 390,000 392,737 - ----------------------------------------------------------------------------------------------------------------------------------- Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 1,560,000 1,570,249 - ----------------------------------------------------------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 1,185,000 1,245,362 - ----------------------------------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 1 1,049,351 1,005,774 - ----------------------------------------------------------------------------------------------------------------------------------- TEPPCO Partners LP, 6.125% Nts., 2/1/13 900,000 907,590 - ----------------------------------------------------------------------------------------------------------------------------------- Valero Logistics Operations LP, 6.05% Nts., 3/15/13 390,000 391,908 - -----------------------------------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Williams Cos., Inc. (The), Credit Linked Certificate Trust, 6.75% Nts., 4/15/09 3 $ 2,330,000 $ 2,353,300 --------------- 9,988,598 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIALS--7.0% - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.8% Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 8 3,470,000 3,243,156 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--3.1% Barclays Bank plc, 6.278% Perpetual Bonds 9 4,750,000 4,179,810 - ----------------------------------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 1,9 4,600,000 4,084,933 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 2 3,000,000 2,851,674 - ----------------------------------------------------------------------------------------------------------------------------------- Popular North America, Inc., 4.70% Nts., 6/30/09 2,485,000 2,475,013 --------------- 13,591,430 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.4% SLM Corp., 4% Nts., 1/15/09 1,670,000 1,609,728 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.5% Capmark Financial Group, Inc., 5.875% Nts., 5/10/12 1 1,090,000 993,660 - ----------------------------------------------------------------------------------------------------------------------------------- CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 1,235,000 1,187,073 --------------- 2,180,733 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE--2.2% MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 1,055,000 858,029 - ----------------------------------------------------------------------------------------------------------------------------------- MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/36 2 3,565,000 3,401,071 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 1 2,400,000 2,953,219 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 1 2,035,000 2,500,232 --------------- 9,712,551 - ----------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--0.4% - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.4% NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 1,580,000 1,633,739 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.8% - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.1% Qwest Corp., 5.625% Unsec. Nts., 11/15/08 250,000 250,938 - ----------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.7% Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 8 1,465,000 1,490,016 - ----------------------------------------------------------------------------------------------------------------------------------- Rogers Wireless, Inc., 9.625% Sr. Sec. Nts., 5/1/11 1,780,000 2,006,233 --------------- 3,496,249 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES--2.3% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.9% Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,925,000 2,036,396 - ----------------------------------------------------------------------------------------------------------------------------------- Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 1,820,000 1,861,349 --------------- 3,897,745 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--1.0% IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 2,3 1,180,000 1,209,500 - ----------------------------------------------------------------------------------------------------------------------------------- TXU Energy Co. LLC: 6.125% Nts., 3/15/08 1,430,000 1,439,735 6.194% Sr. Nts., 9/16/08 1,2 1,695,000 1,697,944 --------------- 4,347,179
9 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% PSEG Funding Trust I, 5.381% Nts., 11/16/07 $ 1,835,000 $ 1,832,390 --------------- Total Corporate Bonds and Notes (Cost $96,897,347) 95,759,740 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 10 (Cost $14,872) 5,408 189 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $467,043,517) 463,832,312 - ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--1.2% 11 - ----------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTE--0.3% Whitehawk CDO Funding Corp., 5.74%, 12/17/07 $ 1,500,000 1,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.9% Undivided interest of 0.37% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,425,000) with Bank of America NA, 5.10%, dated 9/28/07, to be repurchased at $3,749,811 on 10/1/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 5/1/33- 6/1/35, with a value of $1,020,000,000 3,748,218 3,748,218 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $5,248,218) 5,248,218 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $472,291,735) 108.0% 469,080,530 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (8.0) (34,903,051) ------------------------------- NET ASSETS 100.0% $ 434,177,479 ===============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 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 $16,991,710 or 3.91% of the Fund's net assets as of September 30, 2007. 2. Represents the current interest rate for a variable or increasing rate security. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2007 was $17,045,177, which represents 3.93% of the Fund's net assets. See accompanying Notes. 4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $14,962,705 or 3.45% of the Fund's net assets as of September 30, 2007. 5. 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 $857,217 or 0.20% of the Fund's net assets as of September 30, 2007. 6. When-issued security or forward commitment to be delivered and settled after September 30, 2007. See accompanying Notes. 7. 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 $509,517. See accompanying Notes. 8. Partial or fully-loaned security. See accompanying Notes. 9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 10. Non-income producing security. 11. The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes. 10 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- The following issuer is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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. There were no affiliate securities held by the Fund as of September 30, 2007. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2006 ADDITIONS REDUCTIONS SEPTEMBER 30, 2007 - ---------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 4,562,502 225,432,653 229,995,155 -
DIVIDEND INCOME - --------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 487,300
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 settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of September 30, 2007, the Fund had purchased $45,704,530 of securities issued on a when-issued basis or forward commitment and sold $13,985,258 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 11 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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, if applicable. 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. 12 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- The Fund generally sells futures contracts as a hedge against increases in interest rates and decreases in market value of portfolio securities. The Fund may also purchase futures contracts to gain exposure to market changes as it may be more efficient or cost effective than actually buying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. The Statement of Assets and Liabilities in the annual and semiannual reports reflects a receivable and/or payable for the daily mark to market for variation margin. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports at the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of September 30, 2007, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2007 (DEPRECIATION) - ----------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 12/19/07 549 $ 61,127,719 $ 223,506 U.S. Treasury Nts., 5 yr. 12/31/07 187 20,014,844 128,017 -------------- 351,523 -------------- CONTRACTS TO SELL U.S. Treasury Nts., 2 yr. 12/31/07 527 109,113,703 (417,777) U.S. Treasury Nts., 10 yr. 12/19/07 302 33,002,938 (112,191) -------------- (529,968) -------------- $ (178,445) ==============
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 gain (loss) 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. 13 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Credit default swaps are marked to market daily using primarily quotations from counterparties and brokers. 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 September 30, 2007 is as follows:
NOTIONAL BUY/SELL CREDIT AMOUNT PAY/RECEIVE TERMINATION PREMIUM COUNTERPARTY REFERENCE ENTITY PROTECTION (000s) FIXED RATE DATES PAID/(RECEIVED) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc: Beazer Homes USA, Inc. Sell $ 570 2.1000% 6/20/08 $ - $ (41,306) Capmark Financial Group, Inc. Sell 950 1.0000 6/20/12 - (82,744) Countrywide Home Loans, Inc. Sell 1,250 0.7500 9/20/08 - (49,151) Lear Corp. Sell 1,605 1.0000 6/20/08 - 4,313 Lehman Brothers Holdings, Inc. Sell 2,050 0.4900 9/20/10 - (14,378) Merrill Lynch & Co., Inc. Sell 4,265 0.6800 9/20/08 - 14,447 Toys "R" Us, Inc. Sell 1,000 1.4500 9/20/08 - (12,635) - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse International: ArvinMeritor, Inc. Sell 1,635 1.5500 9/20/08 - 2,205 Belo Corp. Buy 3,065 0.9000 6/20/13 - 48,499 CDX.NA.HY.8 Index Sell 1,890 2.7500 6/20/12 15,264 (40,204) CDX.NA.HY.8 Index Buy 1,890 2.7500 6/20/14 27,261 85,219 CDX.NA.HY.8 Index Sell 905 2.7500 6/20/12 (72,394) (19,251) CDX.NA.HY.8-V1 Index Sell 4,730 2.7500 6/20/12 26,639 (100,616) CDX.NA.HY.8-V1 Index Buy 4,730 2.7500 6/20/14 85,698 213,275 Freescale Semiconductor, Inc. Sell 1,085 0.7500 3/20/08 - (6,755) Freescale Semiconductor, Inc. Sell 975 0.6000 3/20/08 - (6,795)
14 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Intelsat Ltd. Sell 1,075 3.4500 9/20/08 - 1,543 Quebecor World, Inc. Sell 1,175 2.6000 9/20/08 - 9,761 Rite Aid Corp. Sell 1,595 0.8750 6/20/08 - (18,234) Saks, Inc. Sell 1,715 2.0000 9/20/08 - 14,514 The Goodyear Tire & Rubber Co. Sell 1,640 1.5500 9/20/08 - 16,742 Univision Communications, Inc. Sell 490 0.7500 3/20/08 - (1,199) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 450 0.1700 5/25/46 (53,996) (47,263) Allied Waste North America, Inc. Sell 990 2.0000 9/20/09 - 7,239 Allied Waste North America, Inc. Sell 630 2.0000 9/20/09 - 4,607 CDX.NA.HY.8 Index Sell 1,010 2.7500 6/20/12 (69,522) (21,860) CDX.NA.HY.8 Index Sell 905 2.7500 6/20/12 (78,546) (19,587) CDX.NA.HY.8 Index Sell 905 2.7500 6/20/12 (54,790) (19,587) CDX.NA.HY.8 Index Sell 455 2.7500 6/20/12 (36,612) (9,848) CDX.NA.HY.8 Index Sell 4,745 2.7500 6/20/12 33,380 (102,696) CDX.NA.HY.8 Index Buy 4,745 2.7500 6/20/14 73,383 221,543 CDX.NA.HY.8 Index Sell 4,730 2.7500 6/20/12 22,599 (102,372) CDX.NA.HY.8 Index Buy 4,730 2.7500 6/20/14 92,695 220,843 CDX.NA.HY.8 Index Sell 4,710 2.7500 6/20/12 29,830 (101,939) CDX.NA.HY.8 Index Buy 4,710 2.7500 6/20/14 79,089 219,909 CDX.NA.HY.8 Index Sell 2,790 2.7500 6/20/12 25,808 (60,384) CDX.NA.HY.8 Index Buy 2,790 2.7500 6/20/14 36,968 130,264 Centex Corp. Sell 355 1.5500 9/20/09 - (11,298) Countrywide Home Loans, Inc. Sell 1,150 3.2500 9/20/08 - (18,735) Dillard's, Inc. Sell 420 0.7500 9/20/08 - (4,425) Dow Jones CDX.NA.IG.7 Index Buy 3,600 0.4000 12/20/11 370 20,959 Eastman Kodak Co. Sell 1,390 1.0000 12/20/08 - 13,762
15 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Georgia-Pacific Corp. Sell 1,635 1.7500 9/20/08 - 18,664 Intelsat Ltd. Sell 430 2.8500 9/20/08 - 1,927 Lehman Brothers Holdings, Inc. Sell 2,230 1.4100 9/20/08 - 12,990 Levi Strauss & Co. Sell 935 1.0000 9/20/08 - 2,267 Levi Strauss & Co. Sell 700 0.9000 9/20/08 - 1,005 MBIA, Inc. Sell 1,025 0.5200 9/20/08 - (10,619) MBIA, Inc. Sell 1,020 0.6000 9/20/08 - (9,806) Owens-Illinois, Inc. Sell 900 1.2500 9/20/08 - 5,279 Tenet Healthcare Corp. Sell 1,635 1.6000 3/20/09 - (66,181) The Bear Stearns Cos., Inc. Sell 4,195 2.3500 9/20/08 - 54,600 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 155 0.1700 5/25/46 (12,771) (15,498) Capmark Financial Group, Inc. Sell 1,035 0.9500 6/20/12 - (100,628) First Data Corp. Sell 1,020 1.1500 9/20/08 - (14,111) - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International: Amkor Technology, Inc. Sell 155 2.6500 9/20/08 - 1,535 Citigroup, Inc. Sell 1,315 1.2500 9/20/08 - (13,728) Dole Food Co., Inc. Sell 1,645 3.8800 9/20/08 - 3,617 K. Hovnanian Enterprises, Inc. Sell 635 6.7500 9/20/08 - (17,799) Pulte Homes, Inc. Sell 1,625 2.7500 9/20/09 - (53,295) Quebecor World, Inc. Sell 495 3.0000 9/20/08 - 4,631 Sara Lee Corp. Buy 1,370 0.4190 9/20/12 - (8,267) Smurfit-Stone Container Enterprises, Inc. Sell 1,640 1.4500 9/20/08 - 7,248 Standard Pacific Corp. Sell 845 6.6250 9/20/08 - (54,930) - ------------------------------------------------------------------------------------------------------------------------------------
16 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Lehman Brothers Special Financing Inc.: D.R. Horton, Inc. Sell 1,705 4.2000 12/20/08 - (992) Morgan Stanley Sell 4,275 0.6400 9/20/08 - 12,714 Nortel Networks Corp. Sell 265 1.8500 9/20/08 - 378 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 155 0.1700 5/25/46 (12,383) (16,888) ABX.HE.AA.06-2 Index Sell 300 0.1700 5/25/46 (29,999) (32,686) Beazer Homes USA, Inc. Sell 1,040 2.1500 6/20/08 - (121,612) CDX.NA.HY.8 Index Sell 885 2.7500 6/20/12 (57,869) (18,085) CDX.NA.HY.8 Index Sell 4,650 2.7500 6/20/12 37,749 (95,024) CDX.NA.HY.8 Index Buy 4,650 2.7500 6/20/14 66,876 194,812 CDX.NA.HY.8 Index Sell 4,340 2.7500 6/20/12 40,145 (88,689) CDX.NA.HY.8 Index Buy 4,340 2.7500 6/20/14 57,505 181,824 Countrywide Home Loans, Inc. Sell 800 0.7500 9/20/08 - (28,143) Countrywide Home Loans, Inc. Sell 3,070 0.4200 6/20/09 - (172,905) El Paso Corp. Sell 2,050 0.5200 3/20/10 - (19,553) First Data Corp. Sell 620 1.3500 9/20/08 - (5,305) Ford Motor Co. Sell 2,065 7.1500 12/20/16 - 121,312 Ford Motor Co. Sell 980 7.0500 12/20/16 - 52,547 General Motors Corp. Sell 1,035 5.8000 12/20/16 - 47,368 General Motors Corp. Buy 1,035 4.0000 12/20/08 - (6,712) General Motors Corp. Sell 1,000 5.7500 12/20/16 - 43,042 General Motors Corp. Buy 1,000 3.9500 12/20/08 - (5,890) Harrah's Operating Co., Inc. Sell 720 2.2000 9/20/08 - 3,751 Inco Ltd. Buy 1,030 0.7000 3/20/17 - (11,247) Inco Ltd. Buy 1,015 0.6300 3/20/17 - (5,814) J.C. Penney Co., Inc. Sell 1,060 1.0700 12/20/17 - (3,197) K. Hovnanian Enterprises, Inc. Sell 500 1.8500 6/20/08 - (24,692)
17 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc. Sell 500 1.8500 6/20/08 - (24,692) Kohl's Corp. Buy 1,590 0.6600 12/20/17 - (29) Lennar Corp. Sell 1,210 2.9000 12/20/08 - (9,767) Residential Capital LLC Sell 2,455 6.1200 9/20/08 - (124,826) Sara Lee Corp. Buy 1,760 0.4180 9/20/12 - (15,594) The Kroger Co. Buy 2,065 0.4775 6/20/12 - (16,794) Toys "R" Us, Inc. Sell 640 2.5500 9/20/08 - (4,206) Tribune Co. Sell 1,000 1.0000 6/20/08 - (44,770) Vale Overseas Ltd. Sell 1,030 1.1700 3/20/17 - 9,366 Vale Overseas Ltd. Sell 1,015 1.1000 3/20/17 - 4,156 ------------------------------ $ 272,377 $ (141,559) ==============================
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 primarily quotations from counterparties, and brokers. 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 September 30, 2007, the Fund had entered into the following interest rate swap agreements:
NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATES VALUE - -------------------------------------------------------------------------------------------- Three- Credit Suisse Month USD International $ 4,580,000 BBA LIBOR 5.428% 8/7/17 $ 82,027 - -------------------------------------------------------------------------------------------- Three- Month USD Deutsche Bank AG 3,870,000 BBA LIBOR 5.445 8/8/17 72,857 ----------- $ 154,884 ===========
18 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Index abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered 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 primarily quotations from counterparties and brokers. 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 September 30, 2007, the Fund had entered into the following total return swap agreements:
NOTIONAL TERMINATION COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATES VALUE - ----------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index plus $ 4,800,000 CMBS AAA 8.5+ Index 27.5 basis points 11/1/07 $ 33,104 If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index minus 4,420,000 CMBS AAA 8.5+ Index 45 basis points 2/1/08 27,812 If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index plus 60 13,160,000 CMBS AAA 8.5+ Index basis points 2/1/08 94,323 If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index plus 25 1,180,000 CMBS AAA 8.5+ Index basis points 2/1/08 8,113 - -----------------------------------------------------------------------------------------------------------------------
19 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index plus 4,410,000 CMBS AAA 8.5+ Index 32.5 basis points 11/1/07 29,956 If negative, the If positive, the Total absolute value of the Return of the Lehman Lehman Brothers U.S. Brothers U.S. CMBS 5,450,000 CMBS AAA 8.5+ Index AAA 8.5+ Index 2/1/08 (35,551) If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index plus 60 4,785,000 CMBS AAA 8.5+ Index basis points 2/1/08 32,676 If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index minus 2,860,000 CMBS AAA 8.5+ Index 25 basis points 3/1/08 18,239 - ----------------------------------------------------------------------------------------------------------------------- If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Morgan Stanley Lehman Brothers U.S. AAA 8.5+Index plus Capital Services, Inc. 900,000 CMBS AAA 8.5+ Index 110 basis points 1/31/08 6,737 - ----------------------------------------------------------------------------------------------------------------------- If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index plus 60 UBS AG 5,981,000 CMBS AAA 8.5+ Index basis points 2/1/08 42,446 ------------- $ 257,855 =============
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of September 30, 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 20 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2007, the Fund had on loan securities valued at $5,124,358, 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 $5,248,218 was received for the loans, all of which was received in cash and subsequently invested in approved investments. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 472,642,298 Federal tax cost of other investments (60,523,256) --------------- Total federal tax cost $ 412,119,042 =============== Gross unrealized appreciation $ 7,490,509 Gross unrealized depreciation (11,231,919) --------------- Net unrealized depreciation $ (3,741,410) =============== 21 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--1.0% - ----------------------------------------------------------------------------------------------------------------------------------- Ace Securities Corp. Home Equity Loan Trust, Asset-Backed Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 5.311%, 11/25/35 1 $ 530,000 $ 526,833 - ----------------------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005- 1A, Cl. A2, 5.556%, 4/20/08 1,2 200,000 199,881 - ----------------------------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 5.611%, 5/25/34 1 924,857 913,346 - ----------------------------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 5.231%, 9/25/36 1 530,000 521,474 - ----------------------------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 5.231%, 5/26/36 1 810,000 802,482 - ----------------------------------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust 2006-A, Automobile Asset-Backed Securities, Series 2006-A, Cl. A2, 5.30%, 5/26/09 614,322 613,829 - ----------------------------------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 5.773%, 4/15/11 1 8,120,000 8,078,619 - ----------------------------------------------------------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 5.231%, 5/16/36 1 1,180,000 1,171,646 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2005-WF2, Asset-Backed Pass- Through Certificates, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 1 26,780 26,722 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass- Through Certificates, Series 2006-WFH3, Cl. A2, 5.231%, 10/31/36 1,3 730,000 717,266 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 1,530,000 1,513,118 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates: Series 2005-17, Cl. 1AF1, 5.331%, 5/25/36 1 121,770 121,575 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 250,000 247,550 - ----------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 5.251%, 12/25/29 1 1,050,000 1,027,782 - ----------------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates, Series 2006-C, Cl. A2, 5.33%, 5/8/09 893,442 893,364 - ----------------------------------------------------------------------------------------------------------------------------------- Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 3,4,5 1,820,063 18,201 - ----------------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 5.341%, 11/25/35 1 1,500,000 1,478,749 - ----------------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 5.221%, 7/25/36 1 1,000,000 981,458 - ----------------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF5, Mtg. Pass-Through Certificates, Series 2006-FF5, Cl. 2A1, 5.181%, 5/15/36 1 249,896 248,795 - ----------------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 5.241%, 7/7/36 1 430,000 420,595 - ----------------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-A, Cl. A3, 3.48%, 11/17/08 21,412 21,399 - ----------------------------------------------------------------------------------------------------------------------------------- Household Home Equity Loan Trust, Home Equity Loan Pass-Through Certificates: Series 2005-3, Cl. A1, 5.798%, 1/20/35 1 297,101 290,035 Series 2006-4, Cl. A2V, 5.606%, 3/20/36 1,3 440,000 433,995 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 336,784 336,570
1 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 1 $ 225,461 $ 225,477 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 207,748 206,066 - ----------------------------------------------------------------------------------------------------------------------------------- Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 5.231%, 8/25/36 1 1,310,000 1,285,295 - ----------------------------------------------------------------------------------------------------------------------------------- NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 0.274%, 1/25/29 3 66,744 14,016 - ----------------------------------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006- 2, Cl. 2A2, 5.231%, 7/1/36 1 3,480,000 3,431,841 - ----------------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. AF2, 4.415%, 4/25/35 1 32,797 32,680 - ----------------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 400,000 397,344 - ----------------------------------------------------------------------------------------------------------------------------------- RAMP Series 2004-RS7 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI32, 4.45%, 7/25/28 87,825 87,437 - ----------------------------------------------------------------------------------------------------------------------------------- RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 5.211%, 7/25/36 1 307,122 306,030 - ----------------------------------------------------------------------------------------------------------------------------------- RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass- Through Certificates, Series 2006-KS7, Cl. A2, 5.231%, 9/25/36 1 1,070,000 1,051,767 - ----------------------------------------------------------------------------------------------------------------------------------- Specialty Underwriting & Residential Finance Trust, Home Equity Asset- Backed Obligations, Series 2005-BC3, Cl. A2B, 5.381%, 6/25/36 1 1,528,317 1,523,341 - ----------------------------------------------------------------------------------------------------------------------------------- Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 22.36%, 6/7/11 1,3 950,000 950,000 - ----------------------------------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1, 5.191%, 4/25/36 1 672,506 670,513 - ----------------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 130,321 130,527 - ----------------------------------------------------------------------------------------------------------------------------------- Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 8.62%, 11/14/13 1,3 655,000 655,000 - ----------------------------------------------------------------------------------------------------------------------------------- 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 1,000,000 988,326 ---------------- Total Asset-Backed Securities (Cost $35,705,302) 33,560,944 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--22.0% - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--18.2% - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--17.9% Federal Home Loan Mortgage Corp.: 4.50%, 12/15/18-7/15/19 4,059,394 3,917,545 5%, 9/15/33 3,471,613 3,323,597 6%, 5/15/18-3/15/33 6,245,256 6,301,020 6.50%, 3/15/18-6/15/35 7,276,096 7,467,142 7%, 3/15/31-10/15/31 494,133 513,163 7.50%, 4/25/36 1,605,822 1,684,365 11%, 11/15/14 9,129 9,394 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Multiclass Mtg. Participation Certificates: Series 1897, Cl. K, 7%, 9/15/26 2,237,503 2,287,223 Series 2191, Cl. MF, 6.353%, 12/17/27 1 10,395 10,400 Series 2410, Cl. PF, 6.733%, 2/15/32 1,6 3,541,776 3,619,662 Series 2435, Cl. EQ, 6%, 5/15/31 1,826,984 1,845,224 Series 2453, Cl. BD, 6%, 5/15/17 313,385 322,233
2 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Series 2641, Cl. CE, 3.50%, 9/15/25 $ 894,665 $ 880,711 Series 2727, Cl. UA, 3.50%, 10/15/22 459,627 455,070 Series 2736, Cl. DB, 3.30%, 11/15/26 4,095,841 4,007,487 Series 2777, Cl. PJ, 4%, 5/15/24 491,225 487,605 Series 2934, Cl. NA, 5%, 4/15/24 1,371,077 1,371,441 Series 3094, Cl. HS, 3.291%, 6/15/34 1 567,343 578,314 Series 3105, Cl. BD, 5.50%, 1/15/26 1,500,000 1,479,460 Series 3138, Cl. PA, 5.50%, 2/15/27 5,752,388 5,788,663 - ----------------------------------------------------------------------------------------------------------------------------------- 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 1,940,611 2,030,832 Series 151, Cl. F, 9%, 5/15/21 47,214 47,150 Series 1674, Cl. Z, 6.75%, 2/15/24 1,418,884 1,482,024 Series 2002-66, Cl. FG, 6.131%, 9/25/32 1 2,448,391 2,474,349 Series 2002-84, Cl. FB, 6.131%, 12/25/32 1 2,448,392 2,502,049 Series 2003-11, Cl. FA, 6.131%, 9/25/32 1 2,448,311 2,504,498 Series 2006-11, Cl. PS, 5.752%, 3/25/36 1 821,482 854,139 Series 2043, Cl. ZP, 6.50%, 4/15/28 992,841 1,021,811 Series 2055, Cl. ZM, 6.50%, 5/15/28 175,491 180,039 Series 2080, Cl. Z, 6.50%, 8/15/28 113,112 116,762 Series 2106, Cl. FG, 6.203%, 12/15/28 1 2,502,797 2,511,061 Series 2116, Cl. ZA, 6%, 1/15/29 1,118,587 1,140,816 Series 2135, Cl. OH, 6.50%, 3/15/29 1,457,326 1,511,983 Series 2173, Cl. Z, 6.50%, 7/15/29 844,588 876,288 Series 2195, Cl. LH, 6.50%, 10/15/29 1,038,402 1,054,803 Series 2326, Cl. ZP, 6.50%, 6/15/31 180,858 187,057 Series 2344, Cl. FP, 6.703%, 8/15/31 1 754,501 766,470 Series 2351, Cl. PZ, 6.50%, 8/15/31 1,171,901 1,199,726 Series 2368, Cl. PR, 6.50%, 10/15/31 725,616 750,422 Series 2387, Cl. PD, 6%, 4/15/30 5,011 5,001 Series 2412, Cl. GF, 6.703%, 2/15/32 1 1,745,150 1,781,957 Series 2449, Cl. FL, 6.303%, 1/15/32 1 986,912 995,425 Series 2451, Cl. FD, 6.753%, 3/15/32 1 551,057 563,132 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,630,276 1,679,391 Series 2464, Cl. FI, 6.753%, 2/15/32 1 567,145 580,533 Series 2470, Cl. AF, 6.753%, 3/15/32 1 945,808 967,558 Series 2470, Cl. LF, 6.753%, 2/15/32 1 580,391 596,472 Series 2471, Cl. FD, 6.753%, 3/15/32 1 1,050,798 1,079,925 Series 2477, Cl. FZ, 6.303%, 6/15/31 1 2,150,923 2,171,020 Series 2500, Cl. FD, 6.253%, 3/15/32 1 54,484 54,888 Series 2517, Cl. GF, 6.753%, 2/15/32 1 504,620 516,933 Series 2526, Cl. FE, 6.153%, 6/15/29 1 81,277 81,663 Series 2551, Cl. FD, 6.153%, 1/15/33 1 62,557 62,788 Series 2676, Cl. KY, 5%, 9/15/23 3,843,000 3,618,268 Series 2691, Cl. MG, 4.50%, 10/15/33 6,806,400 6,030,030 Series 2939, Cl. PE, 5%, 2/15/35 1,585,000 1,460,370 Series 3025, Cl. SJ, 3.658%, 8/15/35 1 1,029,058 1,067,709 Series 3035, Cl. DM, 5.50%, 11/15/25 4,252,130 4,271,621
3 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. IO, 7.891%, 7/1/26 7 $ 207,950 $ 53,158 Series 192, Cl. IO, 11.410%, 2/1/28 7 54,357 13,941 Series 200, Cl. IO, 10.462%, 1/1/29 7 65,694 17,129 Series 2003-118, Cl. S, 8.002%, 12/25/33 7 1,388,178 184,042 Series 2003-13, Cl. IO, 9.253%, 3/25/33 7 1,181,662 298,141 Series 2003-26, Cl. DI, 5.133%, 4/25/33 7 938,757 216,641 Series 2005-87, Cl. SE, 0.183%, 10/25/35 7 13,072,324 577,431 Series 2005-87, Cl. SG, 6.707%, 10/25/35 7 3,509,172 224,805 Series 205, Cl. IO, 4.350%, 9/1/29 7 278,146 73,885 Series 2074, Cl. S, (2.988)%, 7/17/28 7 69,477 4,715 Series 2079, Cl. S, (4.715)%, 7/17/28 7 111,776 7,830 Series 208, Cl. IO, (21.796)%, 6/1/30 7 309,903 82,752 Series 2136, Cl. SG, 6.273%, 3/15/29 7 3,014,490 232,010 Series 216, Cl. IO, 11.766%, 12/1/31 7 298,993 74,713 Series 2177, Cl. S, 4.230%, 8/15/29 7 3,331,424 324,798 Series 224, Cl. IO, 7.339%, 3/1/33 7 1,424,634 359,118 Series 2399, Cl. SG, (0.171)%, 12/15/26 7 1,817,382 154,967 Series 243, Cl. 6, 9.324%, 12/15/32 7 880,736 222,958 Series 2437, Cl. SB, 6.301%, 4/15/32 7 5,241,514 447,755 Series 2526, Cl. SE, (2.194)%, 6/15/29 7 151,952 8,456 Series 2802, Cl. AS, (3.830)%, 4/15/33 7 1,506,465 88,494 Series 2920, Cl. S, (10.296)%, 1/15/35 7 1,231,006 63,981 Series 2989, Cl. TS, 6.097%, 6/15/25 7 27,123,509 1,983,976 Series 3000, Cl. SE, (11.734)%, 7/15/25 7 1,426,939 59,540 Series 3110, Cl. SL, 8.703%, 2/15/26 7 790,737 31,823 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 6.729%, 2/1/28 8 54,357 41,801 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 5/25/18-8/25/20 29,803,160 28,766,759 4.50%, 6/25/18 6 3,317,726 3,204,036 4.50%, 11/25/19 9 1,560,889 1,507,401 5%, 12/25/17-8/25/34 75,940,766 73,397,270 5%, 10/1/21 10 11,698,000 11,465,865 5%, 9/25/20 9 9,791,679 9,626,539 5.50%, 4/25/21-5/25/34 120,762,702 118,696,269 5.50%, 10/1/21 10 1,160,000 1,157,281 5.50%, 12/25/33 11 108,455 106,551 5.50%, 12/25/33 12 113,300 111,311 5.50%, 12/25/32 6 41,718,711 41,000,172 6%, 10/25/16-8/25/34 33,840,687 34,138,007 6%, 10/1/21-10/1/36 10 35,032,000 35,211,714 6%, 4/25/33 6 5,076,726 5,103,161 6.50%, 4/25/17-1/25/34 8,534,998 8,770,109 6.50%, 3/25/17 6 7,127,538 7,306,414
4 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED 7%, 11/25/17-6/25/34 $ 7,735,959 $ 8,058,855 7%, 10/1/36 10 1,180,000 1,217,982 7.50%, 2/25/27-3/25/33 4,626,763 4,854,977 8.50%, 7/25/32 7,151 7,689 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 1,078,995 1,119,669 Trust 2001-44, Cl. QC, 6%, 9/25/16 2,271,998 2,333,690 Trust 2001-50, Cl. NE, 6%, 8/25/30 10,724 10,669 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 546,135 559,161 Trust 2001-69, Cl. PF, 6.131%, 12/25/31 1 1,260,000 1,277,945 Trust 2001-70, Cl. LR, 6%, 9/25/30 44,230 44,353 Trust 2001-74, Cl. QE, 6%, 12/25/31 6,587,256 6,688,569 Trust 2001-80, Cl. ZB, 6%, 1/25/32 1,390,318 1,413,851 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 513,109 526,847 Trust 2002-12, Cl. PG, 6%, 3/25/17 952,741 978,826 Trust 2002-29, Cl. F, 6.131%, 4/25/32 1 618,611 634,410 Trust 2002-56, Cl. KW, 6%, 4/25/23 2,810,000 2,842,319 Trust 2002-60, Cl. FH, 6.131%, 8/25/32 1 1,283,423 1,315,508 Trust 2002-64, Cl. FJ, 6.131%, 4/25/32 1 190,491 193,908 Trust 2002-68, Cl. FH, 6.114%, 10/18/32 1 434,243 437,755 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,000,663 1,028,050 Trust 2002-9, Cl. PR, 6%, 3/25/17 1,225,264 1,258,798 Trust 2002-90, Cl. FH, 6.005%, 9/25/32 1 1,417,878 1,422,798 Trust 2003-116, Cl. FA, 5.531%, 11/25/33 1 158,509 158,972 Trust 2003-130, Cl. CS, 3.838%, 12/25/33 1 3,278,506 3,027,344 Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 1,452,000 1,412,072 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 2,883,000 2,799,718 Trust 2003-81, Cl. NB, 4.50%, 11/25/14 3,160,000 3,126,615 Trust 2003-81, Cl. PW, 4%, 3/25/25 1,059,679 1,049,159 Trust 2003-84, Cl. AJ, 3%, 4/25/13 1,110,902 1,099,466 Trust 2003-84, Cl. GC, 4.50%, 5/25/15 3,790,000 3,749,997 Trust 2003-84, Cl. PW, 3%, 6/25/22 1,976,840 1,959,891 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 617,015 Trust 2004-52, Cl. JR, 4.50%, 7/25/24 1,955,547 1,944,569 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 520,000 506,580 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,081,117 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 542,847 Trust 2005-59, Cl. NQ, 4.047%, 5/25/35 1 1,215,622 1,135,139 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 439,163 Trust 2006-29, Cl. PA, 5.50%, 8/25/26 7,635,150 7,658,756 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 2,017,537 2,026,821 Trust 2006-46, Cl. SW, 5.385%, 6/25/36 1 1,405,102 1,444,812 Trust 2006-50, Cl. KS, 5.385%, 6/25/36 1 604,939 590,485 Trust 2006-50, Cl. SA, 5.385%, 6/25/36 1 412,624 404,328 Trust 2006-50, Cl. SK, 5.385%, 6/25/36 1 1,506,813 1,512,647 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 2,258,164 2,267,796 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 6.337%, 11/18/31 7 708,020 76,748
5 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2001-63, Cl. SD, 0.503%, 12/18/31 7 $ 162,850 $ 16,418 Trust 2001-68, Cl. SC, (0.198)%, 11/25/31 7 112,105 11,295 Trust 2001-81, Cl. S, 0.432%, 1/25/32 7 131,997 14,068 Trust 2002-28, Cl. SA, 0.083%, 4/25/32 7 77,639 7,031 Trust 2002-38, Cl. IO, (6.003)%, 4/25/32 7 375,914 24,191 Trust 2002-48, Cl. S, 0.599%, 7/25/32 7 125,200 11,623 Trust 2002-52, Cl. SL, 0.561%, 9/25/32 7 78,014 7,734 Trust 2002-56, Cl. SN, 1.536%, 7/25/32 7 172,040 16,367 Trust 2002-77, Cl. IS, (0.228)%, 12/18/32 7 640,446 63,562 Trust 2002-77, Cl. SH, 1.334%, 12/18/32 7 171,480 17,205 Trust 2002-9, Cl. MS, 0.629%, 3/25/32 7 166,097 16,102 Trust 2003-33, Cl. SP, 9.355%, 5/25/33 7 1,137,326 144,904 Trust 2003-4, Cl. S, 7.308%, 2/25/33 7 347,128 40,940 Trust 2005-105, Cl. S, 6.315%, 12/25/35 7 3,364,128 206,844 Trust 2005-40, Cl. SA, (5.36)%, 5/25/35 7 3,431,311 181,981 Trust 2005-40, Cl. SB, 1.283%, 5/25/35 7 5,632,952 316,484 Trust 2005-63, Cl. SA, 5.164%, 10/25/31 7 272,448 16,837 Trust 2005-71, Cl. SA, (2.258)%, 8/25/25 7 904,984 59,194 Trust 2005-83, Cl. SL, 4.825%, 10/25/35 7 4,928,577 325,094 Trust 2005-85, Cl. SA, (0.246)%, 10/25/35 7 13,465,167 597,132 Trust 2006-119, Cl. MS, 13.099%, 12/25/36 7 2,678,052 166,274 Trust 2006-33, Cl. SP, 10.711%, 5/25/36 7 3,142,751 261,949 Trust 2006-34, Cl. SK, 9.048%, 5/25/36 7 5,674,997 534,620 Trust 2006-90, Cl. SX, 17.637%, 9/25/36 7 3,412,180 225,597 Trust 214, Cl. 2, 18.003%, 3/1/23 7 856,216 201,444 Trust 221, Cl. 2, 13.785%, 5/1/23 7 93,803 21,930 Trust 240, Cl. 2, 22.66%, 9/1/23 7 179,714 48,277 Trust 254, Cl. 2, 6.976%, 1/1/24 7 1,441,021 388,903 Trust 2682, Cl. TQ, 4.63%, 10/15/33 7 1,291,994 78,243 Trust 2981, Cl. BS, 3.014%, 5/15/35 7 2,385,691 118,047 Trust 301, Cl. 2, 6.358%, 4/1/29 7 388,501 99,052 Trust 313, Cl. 2, (12.568)%, 6/1/31 7 413,341 109,023 Trust 319, Cl. 2, 12.178%, 2/1/32 7 126,708 31,660 Trust 321, Cl. 2, 11.809%, 4/1/32 7 561,466 141,931 Trust 324, Cl. 2, 6.319%, 7/1/32 7 983,944 243,453 Trust 331, Cl. 5, 9.432%, 2/1/33 7 2,155,763 501,011 Trust 334, Cl. 12, 5.50%, 2/1/33 7 1,835,048 457,953 Trust 334, Cl. 5, 11.341%, 5/1/33 7 1,241,007 325,703 Trust 339, Cl. 7, 7.861%, 7/1/33 7 8,676,983 2,005,021 Trust 342, Cl. 2, 10.502%, 9/1/33 7 1,861,563 476,069 Trust 344, Cl. 2, 8.63%, 12/1/33 7 6,170,552 1,579,833 Trust 345, Cl. 9, 8.716%, 1/1/34 7 2,158,515 503,047 Trust 351, Cl. 9, 4.587%, 10/1/34 7 19,301,116 4,789,643 Trust 362, Cl. 12, 6.81%, 8/1/35 7 1,331,030 304,756 Trust 362, Cl. 13, 6.83%, 8/1/35 7 795,230 182,846
6 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 324, Cl. 1, 5.824%, 7/1/32 8 $ 245,698 $ 184,481 ---------------- 578,498,859 - ----------------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.3% Government National Mortgage Assn.: 6.125%, 12/9/25 1 8,567 8,652 7%, 3/29/28-7/29/28 417,655 437,885 7.50%, 3/1/27 33,661 35,371 8%, 11/29/25-5/29/26 106,066 112,782 - ----------------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., CMO, Series 2001-62, Cl. KZ, 6.50%, 12/16/31 2,704,534 2,805,426 - ----------------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,778,602 1,889,225 Series 2000-12, Cl. ZA, 8%, 2/16/30 4,214,674 4,491,180 - ----------------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.- Backed Security: Series 1998-19, Cl. SB, (0.28)%, 7/16/28 7 226,697 16,898 Series 1998-6, Cl. SA, (0.724)%, 3/16/28 7 139,240 11,507 Series 2001-21, Cl. SB, (2.482)%, 1/16/27 7 1,065,452 85,565 Series 2006-47, Cl. SA, 14.941%, 8/16/36 7 2,102,253 128,510 ---------------- 10,023,001 - ----------------------------------------------------------------------------------------------------------------------------------- NON-AGENCY--3.8% - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL--2.8% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass- Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 690,000 680,712 Series 2006-5, Cl. A2, 5.348%, 10/10/11 3,160,000 3,168,808 - ----------------------------------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., CMO Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 399,135 405,056 - ----------------------------------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 335,934 339,052 - ----------------------------------------------------------------------------------------------------------------------------------- ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 5.231%, 8/25/08 1 395,108 394,713 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass- Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 260,000 259,487 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup/Deutsche Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 3 7,030,000 7,005,976 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37 5,999,565 5,980,426 - ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB1, Cl. A2A, 5.50%, 2/25/36 1,119,125 1,117,771 Series 2006-AB2, Cl. A1, 5.888%, 6/25/36 2,192,353 2,194,459 Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 776,031 776,291 Series 2006-AB3, Cl. A7, 6.36%, 4/25/08 249,475 249,833 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 2,889,998 2,880,902 - ----------------------------------------------------------------------------------------------------------------------------------- DLJ Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-CF2, Cl. A1B, 6.24%, 11/12/31 1,532,593 1,543,933
7 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 $ 1,463,636 $ 1,461,389 - ----------------------------------------------------------------------------------------------------------------------------------- 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 2,617,127 2,621,929 - ----------------------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 390,000 386,425 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 430,000 428,121 - ----------------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass- Through Certificates, Series 1998-C1, Cl. F, 7.213%, 5/15/30 1 1,567,000 1,577,047 - ----------------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass- Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 500,000 492,944 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,725,000 1,729,249 Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 3 1,990,000 1,996,110 - ----------------------------------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A2, 5.479%, 11/10/39 1 1,702,000 1,718,587 - ----------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-4F, CMO, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 3,624,674 3,686,071 - ----------------------------------------------------------------------------------------------------------------------------------- Ice Em CLO, Collateralized Loan Obligation: Series 2007-1A, Cl. C, 8.40%, 8/15/22 1,3 5,270,000 4,927,450 Series 2007-1A, Cl. D, 10.40%, 8/15/22 1,3 5,270,000 4,848,400 - ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 160,000 158,117 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 2,225,000 2,209,481 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 5,682,000 5,786,959 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 2,380,000 2,375,677 - ----------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2005-C5, Cl. A2, 4.885%, 9/15/30 520,000 518,797 Series 2007-C1, Cl. A2, 5.318%, 1/15/12 2,210,000 2,214,130 - ----------------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates: Series 2004-6, Cl. 10A1, 6%, 7/25/34 478,197 479,288 Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 61,062 60,872 - ----------------------------------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 5.955%, 10/25/36 1 7,324,686 7,227,999 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 1997-XL1, Cl. G, 7.695%, 10/3/30 390,000 389,043 - ----------------------------------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 4,270,812 4,286,990 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 3 556,000 596,028 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,947,308 1,952,574 - ----------------------------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A9CB, CMO Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,385,754 1,387,081 - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 820,000 815,594 - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 2,997,000 2,998,986
8 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED WAMU, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.048%, 9/25/33 1 $ 2,424,896 $ 2,400,237 ---------------- 88,728,994 - ----------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY--0.3% Banc of America Mortgage Securities, Inc., CMO Pass-Through Certificates, Series 2003-E, Cl. 2A2, 4.35%, 6/25/33 1 4,122,544 4,161,843 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, CMO, Series 2003-46, Cl. 1A2, 4.129%, 1/19/34 1 6,413,412 6,437,197 - ----------------------------------------------------------------------------------------------------------------------------------- WAMU, Mtg. Pass-Through Certificates, Series 2005-AR8, Cl. 2AB1, 5.57%, 7/25/45 1 52,343 52,176 ---------------- 10,651,216 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER--0.1% JP Morgan Mortgage Trust, CMO Pass-Through Certificates, Series 2005- S2, Cl. 3A1, 6.75%, 2/25/32 1 1,886,842 1,908,638 - ----------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL--0.6% Countrywide Alternative Loan Trust, CMO, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 6,284,768 6,360,262 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 4,515,783 4,569,306 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 1,182,407 1,183,375 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 830,582 830,791 - ----------------------------------------------------------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 1,834,421 1,856,153 - ----------------------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Loan, Trust, Mtg. Pass-Through Certificates, 2007-A, Cl. 1A8, 6%, 2/25/37 5,581,485 5,645,075 ---------------- 20,444,962 ---------------- Total Mortgage-Backed Obligations (Cost $706,755,411) 710,255,670 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--6.9% - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 5.208%, 2/4/08 13 10,880,000 10,713,405 3.375%, 4/15/09 14 38,125,000 37,522,244 4.625%, 10/25/12 14 20,570,000 20,569,794 5.25%, 5/21/09 14 37,250,000 37,722,889 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 5%, 10/15/11 6,14 5,300,000 5,387,418 5.125%, 7/13/09 50,485,000 51,090,416 5.125%, 4/15/11 14 6,750,000 6,896,630 6%, 5/15/11 6,14 17,875,000 18,778,885 - ----------------------------------------------------------------------------------------------------------------------------------- Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.155%, 1/15/21 13,14 5,667,000 2,900,705 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bills, 4.83%, 10/25/07 14 27,400,000 27,312,868 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: STRIPS, 4.201%, 2/15/11 6,13,14 900,000 786,790
9 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- STRIPS, 4.808%, 2/15/16 6,13,14 $ 4,491,000 $ 3,066,805 ---------------- Total U.S. Government Obligations (Cost $220,968,413) 222,748,849 - ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--21.4% - ----------------------------------------------------------------------------------------------------------------------------------- ARGENTINA--0.8% Argentina (Republic of) Bonds: 2%, 9/30/14 [ARP] 1,802,000 580,083 5.374%, 8/3/12 1 4,755,000 4,266,077 7%, 10/3/15 1,270,000 1,044,258 Series GDP, 7.24%, 12/15/35 13 8,600,000 1,122,300 Series V, 7%, 3/28/11 6,312,000 5,928,372 Series VII, 7%, 9/12/13 6,265,000 5,456,554 - ----------------------------------------------------------------------------------------------------------------------------------- Central Bank of Argentina Bonds, 2%, 2/4/18 [ARP] 11,852,480 4,946,844 - ----------------------------------------------------------------------------------------------------------------------------------- Neuquen (Province Del) Sr. Sec. Nts., 8.656%, 10/18/14 2 1,810,000 1,837,150 ---------------- 25,181,638 - ----------------------------------------------------------------------------------------------------------------------------------- AUSTRALIA--1.1% New South Wales Treasury Corp. Sr. Unsec. Nts.: 6%, 10/1/09 [AUD] 26,530,000 23,226,927 Series 17RG, 5.50%, 3/1/17 [AUD] 11,355,000 9,325,720 - ----------------------------------------------------------------------------------------------------------------------------------- Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 4,760,000 4,175,588 ---------------- 36,728,235 - ----------------------------------------------------------------------------------------------------------------------------------- AUSTRIA--0.2% Austria (Republic of) Unsec. Unsub. Nts., Series E, 4%, 9/15/16 [EUR] 4,182,000 5,792,955 - ----------------------------------------------------------------------------------------------------------------------------------- BELGIUM--0.6% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 [EUR] 3,915,000 5,824,462 - ----------------------------------------------------------------------------------------------------------------------------------- Belgium (Kingdom of) Treasury Bills, 4.07%, 11/15/07 13 [EUR] 9,735,000 13,817,081 ---------------- 19,641,543 - ----------------------------------------------------------------------------------------------------------------------------------- BRAZIL--1.6% Brazil (Federal Republic of) Bonds: 6%, 1/17/17 9,480,000 9,631,680 8%, 1/15/18 13,660,000 15,278,710 8.75%, 2/4/25 5,525,000 7,085,813 8.875%, 10/14/19 10,495,000 13,092,513 10.50%, 7/14/14 6,288,000 7,970,040 - ----------------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 130,000 147,160 ---------------- 53,205,916 - ----------------------------------------------------------------------------------------------------------------------------------- BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 740,000 863,950 8.25%, 1/15/15 2 710,000 828,925 ---------------- 1,692,875 - ----------------------------------------------------------------------------------------------------------------------------------- CANADA--0.9% Canada (Government of) Treasury Bills: 4.314%, 11/1/07 13,23 [CAD] 9,565,000 9,583,223
10 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- 4.437%, 12/27/07 13 [CAD] 18,965,000 $ 18,884,823 ---------------- 28,468,046 - ----------------------------------------------------------------------------------------------------------------------------------- COLOMBIA--0.7% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28 2 [COP] 3,058,000,000 1,457,871 - ----------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Bonds: 7.375%, 9/18/37 4,790,000 5,280,975 10.75%, 1/15/13 3,900,000 4,777,500 12%, 10/22/15 [COP] 17,234,000,000 9,589,663 - ----------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Nts., 8.25%, 12/22/14 1,713,000 1,935,690 ---------------- 23,041,699 - ----------------------------------------------------------------------------------------------------------------------------------- COSTA RICA--0.1% Costa Rica (Republic of) Unsec. Bonds, 9.995%, 8/1/20 1,498,000 1,949,273 - ----------------------------------------------------------------------------------------------------------------------------------- DENMARK--0.1% Denmark (Kingdom of) Bonds: 4%, 11/15/10 [DKK] 8,220,000 1,559,802 4%, 11/15/15 [DKK] 5,985,000 1,115,729 7%, 11/10/24 [DKK] 2,180,000 532,832 - ----------------------------------------------------------------------------------------------------------------------------------- Denmark (Kingdom of) Nts., 4%, 8/15/08 [DKK] 8,615,000 1,641,792 ---------------- 4,850,155 - ----------------------------------------------------------------------------------------------------------------------------------- DOMINICAN REPUBLIC--0.1% Dominican Republic Unsec. Unsub. Bonds, Series REGS, 9.04%, 1/23/18 1,721,439 1,946,947 - ----------------------------------------------------------------------------------------------------------------------------------- Dominican Republic Unsec. Unsub. Nts., 9.50%, 9/27/11 2 351,312 373,796 ---------------- 2,320,743 - ----------------------------------------------------------------------------------------------------------------------------------- EGYPT--0.1% Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12 2 [EGP] 10,100,000 1,852,796 - ----------------------------------------------------------------------------------------------------------------------------------- EL SALVADOR--0.2% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 2 590,000 669,650 7.65%, 6/15/35 2 4,570,000 5,141,250 ---------------- 5,810,900 - ----------------------------------------------------------------------------------------------------------------------------------- FRANCE--1.3% France (Government of) Obligations Assimilables du Tresor Bonds: 3.25%, 4/25/16 [EUR] 15,045,000 19,750,464 4%, 10/25/38 [EUR] 12,840,000 16,347,569 - ----------------------------------------------------------------------------------------------------------------------------------- France (Government of) Treasury Bills, 4.006%, 10/18/07 13 [EUR] 5,280,000 7,515,807 ---------------- 43,613,840 - ----------------------------------------------------------------------------------------------------------------------------------- GERMANY--2.2% Germany (Federal Republic of) Bonds: Series 03, 3.75%, 7/4/13 [EUR] 8,690,000 12,106,447 Series 05, 4%, 1/4/37 [EUR] 15,495,000 20,040,604 - ----------------------------------------------------------------------------------------------------------------------------------- Germany (Federal Republic of) Treasury Bills, Series 0707, 4.103%, 1/16/08 13 [EUR] 27,530,000 38,810,670 ---------------- 70,957,721
11 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17 3,10 $ 3,500,000 $ 3,570,000 - ----------------------------------------------------------------------------------------------------------------------------------- GREECE--0.4% Greece (Republic of) Bonds, 4.60%, 5/20/13 [EUR] 9,075,000 13,073,207 - ----------------------------------------------------------------------------------------------------------------------------------- GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 2 250,000 288,750 10.25%, 11/8/11 95,000 109,725 ---------------- 398,475 - ----------------------------------------------------------------------------------------------------------------------------------- INDONESIA--0.4% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 2 3,740,000 3,861,550 7.25%, 4/20/15 2 4,870,000 5,174,375 - ----------------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 2 2,430,000 2,873,475 ---------------- 11,909,400 - ----------------------------------------------------------------------------------------------------------------------------------- ISRAEL--0.2% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 25,080,000 6,915,353 - ----------------------------------------------------------------------------------------------------------------------------------- ITALY--1.3% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 4.40%, 7/1/09 1 [EUR] 28,910,000 41,394,697 - ----------------------------------------------------------------------------------------------------------------------------------- JAPAN--2.0% Japan (Government of) Bonds: 2 yr., Series 252, 0.80%, 1/15/09 10 [JPY] 2,905,000,000 25,295,364 10 yr., Series 245, 0.90%, 12/20/12 10 [JPY] 1,356,000,000 11,614,273 10 yr., Series 268, 1.50%, 3/20/15 10 [JPY] 1,439,000,000 12,612,312 30 yr., Series 25, 2.30%, 12/20/36 10 [JPY] 1,954,000,000 16,562,687 ---------------- 66,084,636 - ----------------------------------------------------------------------------------------------------------------------------------- MALAYSIA--0.2% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 3 [MYR] 7,980,000 2,716,596 - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 [MYR] 8,950,000 2,790,719 ---------------- 5,507,315 - ----------------------------------------------------------------------------------------------------------------------------------- MEXICO--0.1% United Mexican States Bonds, Series M20, 10%, 12/5/24 1 [MXN] 45,000,000 4,917,954 - ----------------------------------------------------------------------------------------------------------------------------------- NIGERIA--0.3% Nigeria (Federal Republic of) Bonds, Series 5Y, 13.50%, 9/11/11 [NGN] 184,190,000 1,500,589 - ----------------------------------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Nts., Series 3Y2S, 12.50%, 2/24/09 [NGN] 60,500,000 510,577 - ----------------------------------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 119,480 107,507 - ----------------------------------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Treasury Bonds: Series 5Y13, 12.99%, 9/29/11 [NGN] 142,800,000 1,291,701 Series 7Y16, 11.99%, 12/22/13 [NGN] 236,500,000 2,115,655 Series 7YR, 12.74%, 10/27/13 [NGN] 317,100,000 2,912,660 ---------------- 8,438,689
12 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- PANAMA--0.4% Panama (Republic of) Bonds: 6.70%, 1/26/36 $ 5,120,000 $ 5,286,400 7.25%, 3/15/15 5,855,000 6,294,125 8.875%, 9/30/27 1,375,000 1,750,141 9.375%, 4/1/29 655,000 880,975 ---------------- 14,211,641 - ----------------------------------------------------------------------------------------------------------------------------------- PERU--0.5% Peru (Republic of) Bonds: 7.84%, 8/12/20 [PEN] 28,080,000 10,252,409 9.91%, 5/5/15 [PEN] 8,101,000 3,208,280 Series 7, 8.60%, 8/12/17 [PEN] 3,450,000 1,305,519 Series 8-1, 12.25%, 8/10/11 [PEN] 1,427,000 559,535 - ----------------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Sr. Nts., 4.533%, 2/28/16 13 599,649 364,389 ---------------- 15,690,132 - ----------------------------------------------------------------------------------------------------------------------------------- PHILIPPINES--0.4% Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 5,762,000 6,410,225 9%, 2/15/13 5,520,000 6,320,400 ---------------- 12,730,625 - ----------------------------------------------------------------------------------------------------------------------------------- POLAND--0.2% Poland (Republic of) Bonds: Series DS1013, 5%, 10/24/13 [PLZ] 20,240,000 7,420,504 Series WS0922, 5.75%, 9/23/22 [PLZ] 1,000,000 378,053 ---------------- 7,798,557 - ----------------------------------------------------------------------------------------------------------------------------------- SPAIN--0.6% Spain (Government of) Bonds, 3.80%, 1/31/17 [EUR] 3,385,000 4,602,700 - ----------------------------------------------------------------------------------------------------------------------------------- Spain (Government of) Treasury Bills, 3.785%, 10/19/07 13 [EUR] 10,445,000 14,867,470 ---------------- 19,470,170 - ----------------------------------------------------------------------------------------------------------------------------------- THE NETHERLANDS--0.3% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 [EUR] 5,665,000 8,309,001 - ----------------------------------------------------------------------------------------------------------------------------------- TURKEY--1.7% Turkey (Republic of) Bonds: 6.75%, 4/3/18 10 11,845,000 11,845,000 7%, 9/26/16 9,710,000 9,940,613 - ----------------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Nts.: 7.25%, 3/15/15 7,285,000 7,631,038 16%, 3/7/12 [TRY] 26,295,000 21,966,194 18.163%, 8/13/08 13 [TRY] 6,630,000 4,771,886 ---------------- 56,154,731 - ----------------------------------------------------------------------------------------------------------------------------------- UNITED KINGDOM--1.4% United Kingdom Treasury Bonds: 5%, 3/7/08 [GBP] 6,385,000 13,048,648 6%, 12/7/28 [GBP] 7,330,000 17,415,124
13 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 6,585,000 $ 13,284,924 ---------------- 43,748,696 - ----------------------------------------------------------------------------------------------------------------------------------- URUGUAY--0.8% Uruguay (Oriental Republic of) Bonds: 4.25%, 4/5/27 [UYU] 48,300,000 2,283,530 7.625%, 3/21/36 9,240,000 9,909,900 - ----------------------------------------------------------------------------------------------------------------------------------- Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 [UYU] 54,110,000 2,892,580 8%, 11/18/22 8,420,000 9,388,300 ---------------- 24,474,310 ---------------- Total Foreign Government Obligations (Cost $656,047,461) 689,905,924 - ----------------------------------------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS--0.1% - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International, Export-Import Bank of Ukraine Loan Participation Nts., 8.40%, 2/9/16 1,740,000 1,687,800 - ----------------------------------------------------------------------------------------------------------------------------------- Dali Capital plc/Bank of Moscow Loan Participation Nts., Series 28, Tranche 1, 7.25%, 11/25/09 [RUR] 37,000,000 1,481,098 - ----------------------------------------------------------------------------------------------------------------------------------- Dali Capital SA (ROSBANK) Loan Participation Nts., Series 23, Tranche 1, 8%, 9/30/09 [RUR] 36,400,000 1,460,639 ---------------- Total Loan Participations (Cost $4,464,905) 4,629,537 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--16.4% - ----------------------------------------------------------------------------------------------------------------------------------- AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 15 100,000 89,500 - ----------------------------------------------------------------------------------------------------------------------------------- Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 3 250,000 251,875 - ----------------------------------------------------------------------------------------------------------------------------------- AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 2 2,000,000 2,102,500 - ----------------------------------------------------------------------------------------------------------------------------------- AES Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 2 2,758,000 2,833,845 - ----------------------------------------------------------------------------------------------------------------------------------- AES Panama SA, 6.35% Sr. Nts., 12/21/16 2 1,100,000 1,079,862 - ----------------------------------------------------------------------------------------------------------------------------------- AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 398,845 426,764 - ----------------------------------------------------------------------------------------------------------------------------------- African Development Bank, 9.25% Bonds, 1/18/08 [NGN] 218,200,000 1,858,534 - ----------------------------------------------------------------------------------------------------------------------------------- AK Steel Corp., 7.75% Sr. Unsec. Nts., 6/15/12 1,019,000 1,036,833 - ----------------------------------------------------------------------------------------------------------------------------------- Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 2,558,000 2,609,521 - ----------------------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 1,100,000 1,116,500 - ----------------------------------------------------------------------------------------------------------------------------------- Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 1,335,000 1,324,988 - ----------------------------------------------------------------------------------------------------------------------------------- Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 1,300,000 1,313,000 - ----------------------------------------------------------------------------------------------------------------------------------- Alrosa Finance SA, 8.875% Nts., 11/17/14 2 12,010,000 13,233,819 - ----------------------------------------------------------------------------------------------------------------------------------- AmBev International Finance Co. Ltd., 9.50% Bonds, 7/24/17 2 [BRR] 5,050,000 2,555,306 - ----------------------------------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 650,000 622,375 - ----------------------------------------------------------------------------------------------------------------------------------- America Movil SAB de CV, 8.46% Bonds, 12/18/36 2 [MXN] 52,700,000 4,736,900 - ----------------------------------------------------------------------------------------------------------------------------------- American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 500,000 516,250 - ----------------------------------------------------------------------------------------------------------------------------------- American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 185,000 194,250 - ----------------------------------------------------------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 150,000 132,000 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,250,000 1,115,625 - ----------------------------------------------------------------------------------------------------------------------------------- American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 725,000 744,938 7.50% Sr. Nts., 5/1/12 3,805,000 3,928,663 - ----------------------------------------------------------------------------------------------------------------------------------- Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 325,000 299,000 - ----------------------------------------------------------------------------------------------------------------------------------- Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15 685,000 702,125 - -----------------------------------------------------------------------------------------------------------------------------------
14 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Ashtead Capital, Inc., 9% Nts., 8/15/16 2 $ 385,000 $ 381,631 - ----------------------------------------------------------------------------------------------------------------------------------- ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 3,4,5 735,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 290,000 287,100 - ----------------------------------------------------------------------------------------------------------------------------------- Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 2 4,604,683 4,673,753 - ----------------------------------------------------------------------------------------------------------------------------------- Avis Budget Car Rental LLC: 7.75% Sr. Unsec. Unsub. Nts., 5/15/16 335,000 329,975 8.058% Sr. Unsec. Unsub. Nts., 5/15/14 1 135,000 132,300 - ----------------------------------------------------------------------------------------------------------------------------------- BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 [EUR] 3,545,000 4,827,850 - ----------------------------------------------------------------------------------------------------------------------------------- Ball Corp., 6.625% Sr. Nts., 3/15/18 1,035,000 1,019,475 - ----------------------------------------------------------------------------------------------------------------------------------- Banco Bilbao Vizcaya Argentaria SA, 4.25% Sec. Bonds, 7/15/14 [EUR] 3,340,000 4,625,964 - ----------------------------------------------------------------------------------------------------------------------------------- Banco BMG SA, 9.15% Nts., 1/15/16 2 3,520,000 3,740,000 - ----------------------------------------------------------------------------------------------------------------------------------- Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21 1,2 1,345,000 1,318,100 - ----------------------------------------------------------------------------------------------------------------------------------- Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 2 2,605,000 2,585,463 - ----------------------------------------------------------------------------------------------------------------------------------- Banco Invex SA, 24.891% Mtg. Backed Certificates, Series 062U, 3/13/34 1,16 [MXN] 5,610,000 2,052,086 - ----------------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc, 6.278% Perpetual Bonds 17 4,940,000 4,347,002 - ----------------------------------------------------------------------------------------------------------------------------------- Basic Energy Services, Inc., 7.125% Sr. Unsec. Nts., 4/15/16 335,000 327,463 - ----------------------------------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 400,000 316,000 - ----------------------------------------------------------------------------------------------------------------------------------- Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 325,000 332,313 - ----------------------------------------------------------------------------------------------------------------------------------- Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 370,000 375,550 - ----------------------------------------------------------------------------------------------------------------------------------- Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 1,565,000 1,608,038 - ----------------------------------------------------------------------------------------------------------------------------------- Bombardier, Inc., 8% Sr. Nts., 11/15/14 2 400,000 421,000 - ----------------------------------------------------------------------------------------------------------------------------------- Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 1,980,000 1,861,200 - ----------------------------------------------------------------------------------------------------------------------------------- Buffets, Inc., 12.50% Sr. Unsec. Nts., 11/1/14 185,000 130,425 - ----------------------------------------------------------------------------------------------------------------------------------- C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs. 2,17 4,630,000 4,454,773 - ----------------------------------------------------------------------------------------------------------------------------------- Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 500,000 515,000 - ----------------------------------------------------------------------------------------------------------------------------------- Catalyst Paper Corp., 8.625% Sr. Unsec. Nts., Series D, 6/15/11 500,000 392,500 - ----------------------------------------------------------------------------------------------------------------------------------- CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 2 1,040,000 1,019,200 - ----------------------------------------------------------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 3,4,5 400,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,500,000 1,372,500 - ----------------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings I LLC, 11% Sr. Sec. Nts., 10/1/15 1,220,000 1,241,350 - ----------------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 250,000 246,563 6.875% Sr. Unsec. Nts., 1/15/16 1,822,000 1,831,110 7.50% Sr. Nts., 6/15/14 300,000 309,000 - ----------------------------------------------------------------------------------------------------------------------------------- Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 350,000 338,625 - ----------------------------------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 15 1,500,000 1,425,000 - ----------------------------------------------------------------------------------------------------------------------------------- Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 4,765,000 4,669,700 - ----------------------------------------------------------------------------------------------------------------------------------- Claire's Stores, Inc., 10.50% Sr. Sub. Nts., 6/1/17 2 2,390,000 1,852,250 - ----------------------------------------------------------------------------------------------------------------------------------- Cloverie plc, 9.838% Sec. Nts., Series 2005-93, 12/20/10 1,3 1,100,000 1,194,050 - ----------------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp.: 7.75% Sr. Nts., 8/1/10 200,000 210,086 8.50% Sr. Nts., 4/15/11 250,000 269,687 - ----------------------------------------------------------------------------------------------------------------------------------- Compton Petroleum Finance Corp., 7.625% Sr. Nts., 12/1/13 1,310,000 1,270,700 - ----------------------------------------------------------------------------------------------------------------------------------- Constellation Brands, Inc.: 7.25% Sr. Nts., 9/1/16 615,000 618,075 8.125% Sr. Sub. Nts., 1/15/12 300,000 306,750 - ----------------------------------------------------------------------------------------------------------------------------------- Copano Energy LLC, 8.125% Sr. Unsec. Nts., 3/1/16 180,000 184,050
15 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Coriolanus Ltd.: 3.366% Sec. Nts., 12/31/17 2,10,13 [BRR] 25,700,000 $ 9,917,568 10.62% Sec. Nts., 8/10/10 3 3,300,000 3,164,700 - ----------------------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 460,000 455,400 7.50% Sr. Nts., 5/1/11 200,000 202,500 - ----------------------------------------------------------------------------------------------------------------------------------- Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 1,435,000 1,488,813 - ----------------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 400,000 397,706 - ----------------------------------------------------------------------------------------------------------------------------------- DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 465,000 463,838 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,975,000 1,989,813 - ----------------------------------------------------------------------------------------------------------------------------------- Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 3 200,000 195,500 - ----------------------------------------------------------------------------------------------------------------------------------- Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 180,000 173,700 8.625% Sr. Sub. Nts., 12/15/12 400,000 408,000 - ----------------------------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 3,799,000 4,545,143 - ----------------------------------------------------------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 200,000 205,500 - ----------------------------------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 300,000 309,750 9.875% Sr. Sub. Nts., 8/15/13 586,000 626,288 - ----------------------------------------------------------------------------------------------------------------------------------- Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 15 300,000 283,500 0%/9% Unsec. Disc. Nts., 11/15/13 15 400,000 378,000 8% Unsec. Nts., 11/15/13 2,255,000 2,283,188 - ----------------------------------------------------------------------------------------------------------------------------------- DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 3 607,000 631,280 - ----------------------------------------------------------------------------------------------------------------------------------- Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 280,000 298,550 - ----------------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp.: 8.875% Sr. Nts., 10/1/13 859,000 919,130 9.61% Sr. Unsec. Nts., 10/15/12 1 145,000 148,263 - ----------------------------------------------------------------------------------------------------------------------------------- Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 100,000 95,000 8.625% Sr. Nts., 5/1/09 306,000 308,295 8.875% Sr. Unsec. Nts., 3/15/11 71,000 69,580 - ----------------------------------------------------------------------------------------------------------------------------------- Domtar, Inc., 7.125% Nts., 8/15/15 500,000 482,500 - ----------------------------------------------------------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 2 700,000 633,500 - ----------------------------------------------------------------------------------------------------------------------------------- DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 970,000 962,725 7.625% Sr. Sub. Nts., 2/1/18 205,000 210,125 - ----------------------------------------------------------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 621,000 613,238 8.75% Sr. Nts., 2/15/12 988,000 1,025,050 - ----------------------------------------------------------------------------------------------------------------------------------- E*TRADE Financial Corp.: 7.375% Sr. Unsec. Nts., 9/15/13 1,146,000 1,077,240 8% Sr. Nts., 6/15/11 410,000 410,000 - ----------------------------------------------------------------------------------------------------------------------------------- Edison Mission Energy: 7% Sr. Nts., 5/15/17 2 3,440,000 3,405,600 7.50% Sr. Unsec. Nts., 6/15/13 360,000 370,800 7.75% Sr. Unsec. Nts., 6/15/16 500,000 520,000 - -----------------------------------------------------------------------------------------------------------------------------------
16 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Education Management LLC/Education Management Corp., 10.25% Sr. Unsec. Sub. Nts., 6/1/16 $ 1,140,000 $ 1,185,600 - ----------------------------------------------------------------------------------------------------------------------------------- Eirles Two Ltd.: 6.793% Sec. Nts., Series 335, 4/30/12 1,3 6,300,000 6,280,470 8.519% Sec. Nts., Series 324, 4/20/12 1,3 4,100,000 3,917,960 - ----------------------------------------------------------------------------------------------------------------------------------- Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 2 [BRR] 1,115,000 702,578 - ----------------------------------------------------------------------------------------------------------------------------------- Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,175,000 1,163,250 - ----------------------------------------------------------------------------------------------------------------------------------- Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 550,000 571,313 10.125% Sr. Unsec. Nts., 9/1/08 74,000 76,775 10.625% Sr. Unsec. Nts., 5/1/11 343,000 360,150 - ----------------------------------------------------------------------------------------------------------------------------------- Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 3,4,5 [EUR] 338,620 -- - ----------------------------------------------------------------------------------------------------------------------------------- Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 1 925,000 980,500 - ----------------------------------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 300,000 306,000 - ----------------------------------------------------------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 3,510,000 3,843,450 - ----------------------------------------------------------------------------------------------------------------------------------- French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 2 1,460,000 1,168,000 - ----------------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 900,000 904,500 - ----------------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust III, 7.375% Nts., 2/1/08 [DEM] 25,000 18,318 - ----------------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust IV, 7.875% Trust Preferred Securities, 6/15/11 600,000 625,500 - ----------------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 700,000 691,250 - ----------------------------------------------------------------------------------------------------------------------------------- FTI Consulting, Inc., 7.75% Sr. Unsec. Nts., 10/1/16 535,000 556,400 - ----------------------------------------------------------------------------------------------------------------------------------- Gamestop Corp., 8% Sr. Unsec. Nts., 10/1/12 300,000 313,500 - ----------------------------------------------------------------------------------------------------------------------------------- Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 900,000 916,875 - ----------------------------------------------------------------------------------------------------------------------------------- Gaz Capital (Gazprom), 7.288% Sr. Unsec. Bonds, 8/16/37 2 14,680,000 15,615,850 - ----------------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 1,860,000 1,829,611 - ----------------------------------------------------------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 2,675,000 2,641,563 - ----------------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,125,000 1,147,500 9% Sr. Unsec. Nts., 7/1/15 746,000 800,085 - ----------------------------------------------------------------------------------------------------------------------------------- Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 1,235,000 1,228,825 - ----------------------------------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 1,115,000 1,140,088 9.50% Sr. Sub. Nts., 8/15/13 595,000 614,338 - ----------------------------------------------------------------------------------------------------------------------------------- Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 3 120,000 115,800 - ----------------------------------------------------------------------------------------------------------------------------------- Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 2 1,335,000 1,328,325 - ----------------------------------------------------------------------------------------------------------------------------------- Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 380,000 380,950 - ----------------------------------------------------------------------------------------------------------------------------------- H&E Equipment Services, Inc., 8.375% Sr. Unsec. Nts., 7/15/16 420,000 411,600 - ----------------------------------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 2,17 7,200,000 6,393,809 - ----------------------------------------------------------------------------------------------------------------------------------- HBOS Treasury Services plc: 4.375% Sr. Sec. Nts., 7/13/16 [EUR] 13,720,000 18,937,998 4.50% Sr. Sec. Nts., 7/13/21 [EUR] 7,000,000 9,509,775 - ----------------------------------------------------------------------------------------------------------------------------------- HCA, Inc., 6.375% Nts., 1/15/15 5,120,000 4,377,600 - ----------------------------------------------------------------------------------------------------------------------------------- HealthSouth Corp., 10.75% Sr. Unsec. Nts., 6/15/16 875,000 925,313 - ----------------------------------------------------------------------------------------------------------------------------------- Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 610,000 631,350 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,135,000 1,231,475 - ----------------------------------------------------------------------------------------------------------------------------------- Host Hotels & Resorts LP, 6.875% Sr. Unsub. Nts., 11/1/14 375,000 375,938 - ----------------------------------------------------------------------------------------------------------------------------------- Host Marriott LP: 6.375% Sr. Nts., Series O, 3/15/15 730,000 717,225
17 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- 6.75% Sr. Nts., Series Q, 6/1/16 $ 500,000 $ 497,500 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10 3,13 2,510,000 1,982,900 12.278% Sr. Unsec. Nts., 3/9/09 3,13 1,960,000 1,708,532 9.751% Sr. Unsec. Nts., 7/8/09 3,13 1,960,000 1,813,000 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 1 3,700,000 3,517,065 - ----------------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC: 7.375% Sr. Unsub. Nts., 1/15/15 3 790,000 829,500 7.875% Sr. Unsec. Sub. Nts., 11/15/14 375,000 401,250 - ----------------------------------------------------------------------------------------------------------------------------------- Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 1 198,000 216,315 11.625% Sr. Unsec. Nts., 10/15/10 3 13,000 13,813 - ----------------------------------------------------------------------------------------------------------------------------------- ICICI Bank Ltd.: 6.375% Bonds, 4/30/22 1,2 6,960,000 6,518,736 6.625% Nts., 10/3/12 3,10 6,620,000 6,643,170 - ----------------------------------------------------------------------------------------------------------------------------------- Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16 1,930,000 1,934,825 - ----------------------------------------------------------------------------------------------------------------------------------- IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24 2 7,654,536 9,070,625 - ----------------------------------------------------------------------------------------------------------------------------------- Inergy LP/Inergy Finance Corp., 8.25% Sr. Unsec. Nts., 3/1/16 880,000 913,000 - ----------------------------------------------------------------------------------------------------------------------------------- Intelsat Bermuda Ltd., 11.25% Sr. Unsec. Nts., 6/15/16 530,000 570,413 - ----------------------------------------------------------------------------------------------------------------------------------- Intelsat Subsidiary Holding Co. Ltd.: 8.25% Sr. Nts., 1/15/13 1 1,000,000 1,020,000 8.625% Sr. Nts., 1/15/15 815,000 835,375 - ----------------------------------------------------------------------------------------------------------------------------------- Inter-American Development Bank: 6.26% Nts., 12/8/09 1 [BRR] 920,000 504,419 9.891% Nts., 1/25/12 1 [COP] 795,214,295 464,196 - ----------------------------------------------------------------------------------------------------------------------------------- Interline Brands, Inc., 8.125% Sr. Sub. Nts., 6/15/14 570,000 565,725 - ----------------------------------------------------------------------------------------------------------------------------------- International Utility Structures, Inc., 13% Unsec. Sub. Nts., 2/1/08 3,4,5 71,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- Invista, Inc., 9.25% Sr. Nts., 5/1/12 2 960,000 1,012,800 - ----------------------------------------------------------------------------------------------------------------------------------- iPayment Holdings, Inc., 9.75% Sr. Unsec. Sub. Nts., 5/15/14 415,000 398,400 - ----------------------------------------------------------------------------------------------------------------------------------- Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,415,000 1,439,763 - ----------------------------------------------------------------------------------------------------------------------------------- ISA Capital do Brasil SA: 7.875% Sr. Nts., 1/30/12 2 1,130,000 1,149,775 8.80% Sr. Nts., 1/30/17 2 1,410,000 1,480,500 - ----------------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 2,100,000 1,890,000 - ----------------------------------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 585,000 637,527 - ----------------------------------------------------------------------------------------------------------------------------------- JP Morgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35 3 [MXN] 7,112,700 643,447 20.077% Mtg. Backed Certificates, Series 06U, 9/25/35 1 [MXN] 3,904,500 1,234,387 - ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan, Red Square Capital Ltd., 9% CDO Nts., 11/20/08 3 [RUR] 62,000,000 2,489,148 - ----------------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 7.75% Sr. Unsec. Sub. Nts., 5/15/13 300,000 216,000 - ----------------------------------------------------------------------------------------------------------------------------------- Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 406,500 - ----------------------------------------------------------------------------------------------------------------------------------- KB Home, 8.625% Sr. Sub. Nts., 12/15/08 250,000 250,313 - ----------------------------------------------------------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 4,327,000 4,547,409 - ----------------------------------------------------------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 3 510,000 541,875 - ----------------------------------------------------------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 583,000 562,595 6.125% Sr. Unsec. Sub. Nts., 1/15/14 400,000 394,000 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 515,000 508,563 7.625% Sr. Sub. Nts., 6/15/12 500,000 513,750 - -----------------------------------------------------------------------------------------------------------------------------------
18 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Lamar Media Corp., 6.625% Sr. Unsec. Sub. Nts., 8/15/15 $ 1,275,000 $ 1,236,750 - ----------------------------------------------------------------------------------------------------------------------------------- Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 825,000 787,875 - ----------------------------------------------------------------------------------------------------------------------------------- Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 1,780,000 1,877,900 - ----------------------------------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 550,000 537,625 - ----------------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co.: 8% Sr. Unsec. Nts., 9/15/14 3 1,125,000 1,243,125 8.25% Sr. Unsec. Nts., 9/15/16 600,000 679,500 10.50% Sr. Sec. Nts., 6/1/13 600,000 648,000 - ----------------------------------------------------------------------------------------------------------------------------------- Majapahit Holding BV: 7.25% Nts., 10/17/11 2 1,990,000 2,014,875 7.75% Nts., 10/17/16 2 1,835,000 1,867,113 - ----------------------------------------------------------------------------------------------------------------------------------- Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 15 1,600,000 1,360,000 - ----------------------------------------------------------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 300,000 294,750 - ----------------------------------------------------------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,300,000 968,500 6.875% Sr. Unsec. Sub. Nts., 10/1/13 700,000 535,500 - ----------------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 6.75% Sr. Unsec. Nts., 4/1/13 650,000 638,625 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,300,000 2,409,250 - ----------------------------------------------------------------------------------------------------------------------------------- MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11 2 1,360,000 1,346,400 - ----------------------------------------------------------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 3 700,000 661,500 - ----------------------------------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC: 8.30% Sr. Unsec. Nts., 5/1/11 3,700,000 3,755,500 9.125% Sr. Unsec. Nts., 5/1/31 500,000 500,000 - ----------------------------------------------------------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 640,651 666,543 - ----------------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 225,000 215,438 6.375% Sr. Sub. Nts., 7/15/09 250,000 250,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 515,000 509,206 7.125% Sr. Unsec. Sub. Nts., 8/15/14 500,000 503,750 8% Sr. Sub. Nts., 4/1/12 1,200,000 1,230,000 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley: 6.25% Sr. Nts., 3/23/17 3 [PEN] 4,885,000 1,493,453 10.09% Sr. Unsec. Nts., 5/3/17 3,6 [BRR] 9,460,000 5,057,720 - ----------------------------------------------------------------------------------------------------------------------------------- National Gas Co., 6.05% Nts., 1/15/36 2 3,470,000 3,304,467 - ----------------------------------------------------------------------------------------------------------------------------------- National Power Corp.: 5.875% Unsec. Unsub. Bonds, 12/19/16 [PHP] 109,600,000 2,369,428 6.875% Nts., 11/2/16 2 1,474,000 1,462,945 9.625% Unsec. Bonds, 5/15/28 2,550,000 3,066,375 - ----------------------------------------------------------------------------------------------------------------------------------- NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 800,000 810,000 - ----------------------------------------------------------------------------------------------------------------------------------- Neiman Marcus Group, Inc. (The): 9% Sr. Unsec. Nts., 10/15/15 2,020,000 2,161,400 10.375% Sr. Unsec. Sub. Nts., 10/15/15 660,000 722,700 - ----------------------------------------------------------------------------------------------------------------------------------- Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 2 2,988,000 2,741,490 - ----------------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,900,000 1,876,250 - ----------------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 14,635,000 14,884,907 - ----------------------------------------------------------------------------------------------------------------------------------- Nielsen Finance LLC, 10% Sr. Unsec. Nts., 8/1/14 2,195,000 2,332,188 - ----------------------------------------------------------------------------------------------------------------------------------- Nielsen Finance LLC/Nielsen Finance Co., 0%/12.50% Sr. Unsec. Sub. Disc. Nts., 8/1/16 15 1,725,000 1,216,125 - ----------------------------------------------------------------------------------------------------------------------------------- Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 310,000 232,500 - -----------------------------------------------------------------------------------------------------------------------------------
19 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 $ 1,250,000 $ 1,090,625 - ----------------------------------------------------------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 3,4,5 200,173 -- - ----------------------------------------------------------------------------------------------------------------------------------- NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 90,000 87,857 - ----------------------------------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15 1 1,675,000 1,624,750 - ----------------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc.: 7.375% Sr. Nts., 1/15/17 2,000,000 2,005,000 7.375% Sr. Nts., 2/1/16 3,615,000 3,633,075 - ----------------------------------------------------------------------------------------------------------------------------------- NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 15 1,225,000 759,500 - ----------------------------------------------------------------------------------------------------------------------------------- NTL Cable plc, 9.125% Sr. Nts., 8/15/16 355,000 370,088 - ----------------------------------------------------------------------------------------------------------------------------------- Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 230,000 215,625 6.875% Sr. Sub. Nts., 12/15/15 285,000 265,050 - ----------------------------------------------------------------------------------------------------------------------------------- Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 3,4,5 90,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 3,5 675,000 7 - ----------------------------------------------------------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 8.25% Sr. Unsec. Nts., 5/15/13 1,719,000 1,787,760 8.75% Sr. Sec. Nts., 11/15/12 928,000 970,920 8.875% Sr. Sec. Nts., 2/15/09 176,000 179,520 - ----------------------------------------------------------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 3 250,000 253,750 - ----------------------------------------------------------------------------------------------------------------------------------- Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 100,000 96,495 - ----------------------------------------------------------------------------------------------------------------------------------- PanAmSat Corp.: 9% Sr. Unsec. Nts., 6/15/16 900,000 931,500 9% Sr. Unsec. Nts., 8/15/14 1,350,000 1,397,250 - ----------------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 800,000 820,000 - ----------------------------------------------------------------------------------------------------------------------------------- Paxson Communications Corp., 11.61% Sr. Sec. Nts., 1/15/13 1,2 760,000 777,100 - ----------------------------------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 3,140,000 3,187,100 - ----------------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 230,000 235,750 6.875% Sr. Sub. Nts., 12/1/11 500,000 508,750 - ----------------------------------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 2 3,160,535 3,144,084 - ----------------------------------------------------------------------------------------------------------------------------------- PHI, Inc., 7.125% Sr. Unsec. Nts., 4/15/13 400,000 386,000 - ----------------------------------------------------------------------------------------------------------------------------------- Piazza Vittoria Finance SrL, 5.77% Asset-Backed Nts., 7/20/10 1 [EUR] 3,992,841 5,674,209 - ----------------------------------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,900,000 1,933,250 - ----------------------------------------------------------------------------------------------------------------------------------- Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 2 2,636,000 2,484,430 - ----------------------------------------------------------------------------------------------------------------------------------- Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 3 500,000 526,250 9.375% Sr. Unsec. Sub. Nts., 6/1/11 740,000 764,975 - ----------------------------------------------------------------------------------------------------------------------------------- Pogo Producing Co., 7.875% Sr. Unsec. Sub. Nts., 5/1/13 365,000 379,600 - ----------------------------------------------------------------------------------------------------------------------------------- Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 2 525,000 578,813 - ----------------------------------------------------------------------------------------------------------------------------------- Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 835,000 881,779 - ----------------------------------------------------------------------------------------------------------------------------------- Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 3,4,5 250,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 3,4,5 [EUR] 100,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 220,000 223,850 - ----------------------------------------------------------------------------------------------------------------------------------- Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 2 315,000 287,438 - ----------------------------------------------------------------------------------------------------------------------------------- Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 1,340,000 1,326,600 - ----------------------------------------------------------------------------------------------------------------------------------- Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 610,000 587,125 - ----------------------------------------------------------------------------------------------------------------------------------- Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 4,340,000 4,757,725
20 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 $ 2,730,000 $ 2,593,500 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,865,000 1,771,750 6.875% Sr. Nts., 1/15/13 1,300,000 1,235,000 8.875% Sr. Unsec. Nts., Series A-3, 1/15/16 3,140,000 3,214,575 - ----------------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley, Inc., 10.875% Sr. Unsec. Unsub. Nts., 12/15/12 500,000 533,750 - ----------------------------------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 595,500 - ----------------------------------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 2 670,000 698,475 - ----------------------------------------------------------------------------------------------------------------------------------- Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 430,000 421,400 7.375% Sr. Sub. Nts., 7/15/13 200,000 204,000 7.50% Sr. Sub. Nts., 5/15/16 1,505,000 1,542,625 - ----------------------------------------------------------------------------------------------------------------------------------- RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 1,285,000 1,374,950 - ----------------------------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 3,4,5,18 142,981 -- - ----------------------------------------------------------------------------------------------------------------------------------- Reliant Energy, Inc., 6.75% Sr. Sec. Nts., 12/15/14 410,000 416,150 - ----------------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 550,000 525,250 - ----------------------------------------------------------------------------------------------------------------------------------- Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 1,805,000 1,914,578 - ----------------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp., 8.125% Sr. Sec. Nts., 5/1/10 450,000 453,375 - ----------------------------------------------------------------------------------------------------------------------------------- Rogers Wireless, Inc., 8% Sr. Sub. Nts., 12/15/12 400,000 418,908 - ----------------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 9.875% Sr. Nts., 2/1/10 1,400,000 1,470,000 - ----------------------------------------------------------------------------------------------------------------------------------- Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 1,335,000 1,321,650 7.50% Sr. Sec. Nts., 11/30/16 2,770,000 2,742,300 - ----------------------------------------------------------------------------------------------------------------------------------- Salisbury International Investments Ltd., 9.51% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 1,3 1,100,000 1,147,300 - ----------------------------------------------------------------------------------------------------------------------------------- Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 1,531,000 1,553,965 10.50% Sr. Unsec. Sub. Nts., 11/15/16 936,000 940,680 - ----------------------------------------------------------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 200,000 202,500 - ----------------------------------------------------------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,319,000 1,187,100 - ----------------------------------------------------------------------------------------------------------------------------------- SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 150,000 151,154 - ----------------------------------------------------------------------------------------------------------------------------------- SGS International, Inc., 12% Sr. Unsec. Sub. Nts., 12/15/13 3 580,000 600,300 - ----------------------------------------------------------------------------------------------------------------------------------- Shaw Communications, Inc., 8.54% Debs., 9/30/27 [CAD] 340,000 344,297 - ----------------------------------------------------------------------------------------------------------------------------------- Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 1,777,000 1,756,762 - ----------------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,267,000 1,301,843 - ----------------------------------------------------------------------------------------------------------------------------------- Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13 390,000 389,025 - ----------------------------------------------------------------------------------------------------------------------------------- SLM Corp., 4.50% Nts., Series A, 7/26/10 3,445,000 3,225,963 - ----------------------------------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc., 7.625% Sr. Unsec. Sub. Nts., 2/15/08 400,000 402,000 - ----------------------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 200,000 135,000 - ----------------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 2,203,000 1,949,655 6.875% Sr. Unsec. Sub. Nts., 3/1/16 235,000 205,625 - ----------------------------------------------------------------------------------------------------------------------------------- Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 3 785,000 749,675 - ----------------------------------------------------------------------------------------------------------------------------------- Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 150,000 7.50% Sr. Unsec. Nts., 11/1/13 387,000 390,870 - ----------------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp., 6.75% Sr. Unsec. Sub. Nts., 12/15/14 1,020,000 948,600 - ----------------------------------------------------------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 1,200,000 1,257,000 - ----------------------------------------------------------------------------------------------------------------------------------- Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 2 525,000 527,625 - ----------------------------------------------------------------------------------------------------------------------------------- Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 2 [PEN] 3,290,100 1,142,154 - ----------------------------------------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 3,4,5 500,000 -- - -----------------------------------------------------------------------------------------------------------------------------------
21 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14 2 $ 2,123,000 $ 2,101,558 - ----------------------------------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc.: 8.625% Sr. Unsec. Sub. Nts., 11/15/14 585,000 592,313 10.25% Sr. Sec. Nts., Series B, 7/15/13 665,000 716,538 - ----------------------------------------------------------------------------------------------------------------------------------- Tesoro Corp.: 6.25% Sr. Unsec. Nts., 11/1/12 405,000 408,038 6.625% Sr. Unsec. Nts., 11/1/15 905,000 909,525 - ----------------------------------------------------------------------------------------------------------------------------------- TGI International Ltd., 9.50% Nts., 10/3/17 3,10 6,100,000 6,161,000 - ----------------------------------------------------------------------------------------------------------------------------------- Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 15 2,695,000 1,217,143 - ----------------------------------------------------------------------------------------------------------------------------------- Transshipment Megahub Bhd: 5.15% Nts., 11/2/12 3 [MYR] 2,000,000 579,545 6.70% Bonds, Series F, 11/2/12 3 [MYR] 1,000,000 308,525 6.85% Nts., 11/2/12 3 [MYR] 2,000,000 620,924 6.95% Nts., 11/2/12 3 [MYR] 1,000,000 311,753 - ----------------------------------------------------------------------------------------------------------------------------------- Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 1,000,000 1,052,500 - ----------------------------------------------------------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 1,002,000 1,027,050 - ----------------------------------------------------------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 300,000 289,500 - ----------------------------------------------------------------------------------------------------------------------------------- Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 3,100,000 2,596,250 - ----------------------------------------------------------------------------------------------------------------------------------- UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 137,000 143,508 - ----------------------------------------------------------------------------------------------------------------------------------- United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 4,000,000 4,100,000 - ----------------------------------------------------------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 500,000 523,750 - ----------------------------------------------------------------------------------------------------------------------------------- Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 130,000 131,625 10.106% Sr. Unsec. Nts., 5/1/10 1 130,000 131,950 - ----------------------------------------------------------------------------------------------------------------------------------- US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 300,000 303,750 10.75% Sr. Unsec. Sub. Nts., 8/15/14 300,000 311,250 - ----------------------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,078,000 - ----------------------------------------------------------------------------------------------------------------------------------- Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 3 350,000 344,750 - ----------------------------------------------------------------------------------------------------------------------------------- Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 15 2,615,000 1,967,788 - ----------------------------------------------------------------------------------------------------------------------------------- Ventas Realty LP/Ventas Capital Corp., 6.75% Sr. Nts., 4/1/17 450,000 451,125 - ----------------------------------------------------------------------------------------------------------------------------------- Verso Paper Holdings LLC, 9.106% Sr. Sec. Nts., Series B, 8/1/14 1 460,000 464,600 - ----------------------------------------------------------------------------------------------------------------------------------- Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 700,000 714,000 10.875% Sr. Unsec. Nts., Series B, 6/15/09 800,000 774,000 - ----------------------------------------------------------------------------------------------------------------------------------- Vitro SAB de CV: 8.625% Sr. Unsec. Unsub. Nts., 2/1/12 1,415,000 1,400,850 9.125% Sr. Unsec. Unsub. Nts., 2/1/17 2,405,000 2,374,938 - ----------------------------------------------------------------------------------------------------------------------------------- Warner Music Group, 7.375% Sr. Sub. Bonds, 4/15/14 500,000 437,500 - ----------------------------------------------------------------------------------------------------------------------------------- WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 800,000 662,000 - ----------------------------------------------------------------------------------------------------------------------------------- West Corp.: 9.50% Sr. Unsec. Nts., 10/15/14 1,080,000 1,120,500 11% Sr. Unsec. Sub. Nts., 10/15/16 470,000 495,850 - ----------------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 1,500,000 1,481,250 - ----------------------------------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 900,000 670,500 - ----------------------------------------------------------------------------------------------------------------------------------- Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 3,120,000 3,299,400 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 1,450,000 1,553,313 - ----------------------------------------------------------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 3,4,5 250,000 --
22 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- WM Covered Bond Program: 3.875% Sec. Nts., Series1, 9/27/11 [EUR] 8,520,000 $ 11,750,004 4% Sec. Mtg. Nts., Series 2, 9/27/16 [EUR] 8,330,000 11,057,630 - ----------------------------------------------------------------------------------------------------------------------------------- WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 15 2,057,000 1,450,185 - ----------------------------------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 2,274,000 2,239,890 - ----------------------------------------------------------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc., 9.75% Sr. Unsec. Nts., 5/1/14 930,000 936,975 ---------------- Total Corporate Bonds and Notes (Cost $527,930,386) 530,156,076 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.1% - ----------------------------------------------------------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 3,4,18 4,253 -- - ----------------------------------------------------------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non- Vtg. 3,4 5,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 3,4,18 151 -- - ----------------------------------------------------------------------------------------------------------------------------------- ION Media Networks, Inc.: 14.25% Cum., Non-Vtg. 3,4,18 124 848,212 9.75% Cv., Series AI 3,4,18 1 5,617 - ----------------------------------------------------------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 3 4,600 664,470 ---------------- Total Preferred Stocks (Cost $2,004,351) 1,518,299 - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--1.3% - ----------------------------------------------------------------------------------------------------------------------------------- AboveNet, Inc. 4 48 3,816 - ----------------------------------------------------------------------------------------------------------------------------------- Alltel Corp. 47,790 3,330,007 - ----------------------------------------------------------------------------------------------------------------------------------- Arco Capital Corp. Ltd. 3,4 690,638 10,359,570 - ----------------------------------------------------------------------------------------------------------------------------------- AT&T, Inc. 120,156 5,083,800 - ----------------------------------------------------------------------------------------------------------------------------------- Cebridge Connections Holding LLC 3,4 3,734 37,340 - ----------------------------------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc. 69,480 5,960,689 - ----------------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler AG 30,583 3,064,417 - ----------------------------------------------------------------------------------------------------------------------------------- Global Aero Logistics, Inc. 3,4 2,168 34,688 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 3,407 738,433 - ----------------------------------------------------------------------------------------------------------------------------------- Mediacom Communications Corp. 4 208,644 1,470,940 - ----------------------------------------------------------------------------------------------------------------------------------- Premier Holdings Ltd. 3,4 18,514 -- - ----------------------------------------------------------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 74,442 6,550,152 - ----------------------------------------------------------------------------------------------------------------------------------- Revlon, Inc., Cl. A 4 1,058,200 1,216,930 - ----------------------------------------------------------------------------------------------------------------------------------- Telus Corp. 60,529 3,499,138 ---------------- Total Common Stocks (Cost $41,164,760) 41,349,920 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Global Aero Logistics, Inc. Wts., Exp. 2/28/11 4 266 2,123 - ----------------------------------------------------------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 3,4 200 -- - ----------------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 3,4 2,300 86,250 ---------------- Total Rights, Warrants and Certificates (Cost $2,025) 88,373
23 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT/SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- STRUCTURED SECURITIES--9.6% - ----------------------------------------------------------------------------------------------------------------------------------- Aiolos Ltd. Catastrophe Linked Nts., 8.94%, 4/8/09 1,2 [EUR] 800,000 $ 1,140,013 - ----------------------------------------------------------------------------------------------------------------------------------- Calabash Re Ltd. Catastrophe Linked Nts., Cl. A-1, 13.999%, 6/1/09 1,2 1,750,000 1,835,138 - ----------------------------------------------------------------------------------------------------------------------------------- Cascadia Ltd. Catastrophe Linked Nts.: 8.849%, 6/13/08 1,2 500,000 500,675 9.51%, 8/31/09 1,3 1,130,000 1,144,125 - ----------------------------------------------------------------------------------------------------------------------------------- Cat-Mex Ltd. Catastrophe Linked Nts., Cl. A, 7.85%, 5/19/09 1,2 1,950,000 1,930,305 - ----------------------------------------------------------------------------------------------------------------------------------- Champlain Ltd. Catastrophe Linked Nts., Series A, 18.11%, 1/7/09 1,2 940,000 953,536 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Credit Linked Nts., 11.44%, 5/22/08 3,16 [ARP] 840,000 763,569 Argentina (Republic of) Credit Linked Nts., 4%, 5/18/09 3 [ARP] 1,334,000 1,212,341 Argentina (Republic of) Unsec. Credit Linked Nts., 9.28%, 4/16/10 3,16 [ARP] 2,352,961 1,220,215 Brazil (Federal Republic of) Credit Linked Nts., 10%, 1/5/10 1 [BRR] 10,670,000 5,672,662 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 2,927,000 1,592,902 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 4,619,000 2,513,706 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10 13 [BRR] 2,480,096 1,060,963 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.427%, 1/2/09 13 [BRR] 2,231,957 1,065,434 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.728%, 1/3/08 13 [BRR] 1,948,615 1,036,119 Colombia (Republic of) Credit Linked Bonds, 11%, 7/27/20 [COP] 1,060,000,000 555,799 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 552,359,546 314,637 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,200,000,000 683,548 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,034,000,000 588,990 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 927,000,000 528,041 Dominican Republic Credit Linked Nts., 10.086%, 3/20/08 3,13 [DOP] 22,900,000 625,785 Dominican Republic Credit Linked Nts., 22%, 10/3/11 [DOP] 25,600,000 970,254 Dominican Republic Credit Linked Nts., 8.452%, 3/24/08 13 [DOP] 50,960,000 1,464,200 Dominican Republic Credit Linked Nts., 9.522%, 5/12/08 13 [DOP] 19,900,000 563,523 Dominican Republic Credit Linked Nts., 9.826%, 3/20/08 13 [DOP] 21,220,000 609,556 Dominican Republic Credit Linked Nts., 9.931%, 12/24/07 13 [DOP] 20,820,000 598,066 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 [DOP] 49,300,000 1,528,335 Dominican Republic Unsec. Credit Linked Nts., 9.342%, 8/11/08 10,13 [DOP] 57,100,000 1,578,473 Dominican Republic Unsec. Credit Linked Nts., 9.696%, 3/10/08 13 [DOP] 33,430,000 963,530 Dominican Republic Unsec. Credit Linked Nts., Series 007, 9.302%, 5/12/08 13 [DOP] 40,900,000 1,158,195 Egypt (The Arab Republic of) Credit Linked Nts., 7.364%, 1/10/08 3,13 [EGP] 10,180,000 1,786,378 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.376%, 2/28/08 3,13 [EGP] 9,260,000 1,609,856 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 2/16/08 [EGP] 4,450,000 804,305 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10 [GHS] 2,990,000 3,268,983 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 2 [NGN] 347,000,000 3,231,479 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 2 [NGN] 265,000,000 2,477,179 Renins Nonlife Ltd. Credit Linked Nts., 12.50%, 5/30/12 3 4,310,000 4,310,000 Russian Federation Credit Linked Nts., 7.65%, 12/4/08 1,3 [RUR] 21,350,000 843,838 Russian Federation Credit Linked Nts., Series 2, 7.50%, 12/4/08 1,3 [RUR] 50,900,000 2,009,316
24 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT/SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 880,000 $ 188,435 Zambia (Republic of) Credit Linked Nts., 8.833%, 2/21/08 13 [ZMK] 6,515,000,000 1,592,310 - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10 1 [UAH] 4,840,000 998,867 EES Total Return Linked Nts., 7.10%, 12/12/08 1 [RUR] 37,100,000 1,489,474 EESRRU Total Return Linked Nts., 8.252%, 6/22/10 1 [RUR] 93,500,000 3,827,142 Gazprom Total Return Linked Nts., 6.79%, 10/29/09 [RUR] 73,800,000 3,043,137 Gazprom Total Return Linked Nts., Series 002, 6.95%, 8/6/09 [RUR] 72,600,000 2,941,056 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 3 [IDR] 14,800,000,000 1,795,242 Moitk Total Return Linked Nts., 8.966%, 3/26/11 1,3 [RUR] 59,900,000 2,168,692 NAK Naftogaz of Ukraine Credit Linked Nts., 5%, 1/20/09 3 3,890,000 4,021,404 Orenburgskaya IZHK Total Return Linked Nts., 9.24%, 2/21/12 1,3 [RUR] 116,835,000 4,465,038 Rurail Total Return Linked Nts., 6.67%, 1/22/09 1 [RUR] 49,210,000 1,969,722 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 2,195,000 495,928 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17 3 [VND] 14,609,000,000 926,345 - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (Nassau Branch): Russian Specialized Construction and Installation Administration Credit Linked Nts., 8.59%, 5/20/10 1,3 [RUR] 97,250,000 3,912,174 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 2 [UAH] 5,650,000 1,276,536 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 661,000 149,343 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 2 [UAH] 4,170,000 942,151 - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse Group, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12 3 [RUR] 106,500,000 4,241,440 - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International, FSK EES RRU Total Return Linked Nts., 8.25%, 6/22/10 1 [RUR] 54,200,000 2,218,515 - ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 11.50%, 12/21/11 3 [ARP] 2,990,000 2,430,354 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 3 [MXN] 13,705,620 1,259,362 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 3 [MXN] 9,071,108 833,513 Brazil Real Credit Linked Nts., 13.882%, 3/3/10 13 [BRR] 4,580,760 1,950,540 Brazil Real Credit Linked Nts., 6%, 8/18/10 [BRR] 2,065,000 1,845,635 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/15/14 3 [COP] 2,002,000,000 1,140,502 Colombia (Republic of) Total Return Linked Bonds, Series 002, 11%, 7/28/20 [COP] 6,840,000,000 3,584,403 Egypt (The Arab Republic of) Credit Linked Nts., 9.381%, 2/5/08 3,13 [EGP] 6,230,000 1,079,867 Egypt (The Arab Republic of) Total Return Linked Nts., 7.725%, 9/16/08 13 [EGP] 17,350,000 2,901,945 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10 3,13 705,000 603,339 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 3 2,333,748 2,345,417 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/20/09 [KZT] 258,990,000 2,066,139 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 861,607 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 873,600 1,110,651
25 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT/SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 [NGN] 67,900,000 $ 565,381 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 [NGN] 91,000,000 788,618 OAO Gazprom I Credit Nts., 9.35%, 10/20/07 790,000 824,851 Peru (Republic of) Credit Linked Nts., 6.659%, 2/20/11 1 875,000 892,363 RosSelkhoz Bank Total Return Linked Nts., 6.926%, 2/22/08 13 [RUR] 57,640,000 2,247,951 Russian Federation Credit Linked Nts., 0%, 12/2/09 13 [RUR] 19,221,000 810,569 Russian Federation Credit Linked Nts., 6.942%, 2/22/08 13 [RUR] 82,600,000 3,222,119 Russian Federation Credit Linked Nts., 7.176%, 2/21/08 13 [RUR] 39,800,000 1,552,194 Russian Federation Total Return Linked Nts., Series II, 9%, 4/22/11 [RUR] 21,590,000 946,690 Russian Railways Total Return Linked Bonds, 6.67%, 1/26/09 1 [RUR] 75,090,000 3,005,316 Russian Unified Energy Systems Total Return Linked Nts., Series FSK3, 7.10%, 12/16/08 1 [RUR] 50,530,000 2,069,758 Sberbank Total Return Linked Nts., 6.588%, 2/27/08 13 [RUR] 76,860,000 3,003,156 Sberbank Total Return Linked Nts., 6.593%, 2/20/08 13 [RUR] 57,640,000 2,255,395 Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 3 [VND] 36,800,000,000 2,181,783 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 885,000 901,647 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 885,000 899,735 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 885,000 898,594 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 885,000 896,735 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 885,000 895,080 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 269,000 59,674 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 955,000 211,853 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 3 [MXN] 9,075,485 833,915 Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 3 1,630,000 1,627,897 - ----------------------------------------------------------------------------------------------------------------------------------- Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/8/11 1,2 [RUR] 34,190,000 1,448,292 - ----------------------------------------------------------------------------------------------------------------------------------- Eurus Ltd. Catastrophe Linked Nts., 11.61%, 4/8/09 1,2 1,400,000 1,400,000 - ----------------------------------------------------------------------------------------------------------------------------------- Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 9.26%, 8/10/11 1,2 1,630,000 1,656,895 - ----------------------------------------------------------------------------------------------------------------------------------- Foundation Re II Ltd. Catastrophe Linked Nts., 15.32%, 1/8/09 1,2 926,000 924,426 - ----------------------------------------------------------------------------------------------------------------------------------- Foundation Re Ltd. Catastrophe Linked Nts., 9.62%, 11/24/08 1,2 1,000,000 973,970 - ----------------------------------------------------------------------------------------------------------------------------------- Fusion 2007 Ltd. Catastrophe Linked Nts., 11.51%, 5/19/09 1,2 2,600,000 2,612,610 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17 2,13 [TRY] 21,980,000 4,386,895 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37 2,13 [COP] 63,720,800,000 1,312,501 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs International, Russian Federation Total Return Linked Nts., 8%, 5/13/09 1 [RUR] 84,500,000 3,397,807 - ----------------------------------------------------------------------------------------------------------------------------------- ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 3 [UAH] 4,689,000 1,064,741 - ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: Argentina (Republic of) Credit Linked Nts., 11.45%, 12/19/11 3 [ARP] 4,355,000 3,601,811 Brazil (Federal Republic of) Credit Linked Nts., 14.35%, 2/20/12 3 [BRR] 5,770,000 3,102,831 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15 13 [BRR] 10,948,600 2,698,994 Brazil (Federal Republic of) Credit Linked Nts., 2.731%, 11/30/12 2,13 [ARP] 4,550,000 1,255,277 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 3 [BRR] 1,445,000 1,295,187 Brazil (Federal Republic of) Credit Linked Nts., Series III, 12.184%, 1/2/15 3,13 [BRR] 5,245,000 1,292,971
26 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT/SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 2,13 [COP] 20,100,000,000 $ 3,839,304 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16 3,13 [COP] 12,177,000,000 2,325,930 Colombia (Republic of) Credit Linked Bonds, 11.198%, 8/3/20 3,13 [COP] 11,160,000,000 1,592,553 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16 3,13 [COP] 12,125,000,000 2,315,998 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15 2,13 [PEN] 3,470,000 637,301 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 2 1,120,000 1,108,800 - ----------------------------------------------------------------------------------------------------------------------------------- JSC Astana Finance, 9.16% Nts., 3/14/12 3 7,200,000 6,567,663 - ----------------------------------------------------------------------------------------------------------------------------------- Lakeside Re Ltd. Catastrophe Linked Nts., 11.86%, 12/31/09 1,2 2,000,000 2,052,000 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2006-1, 7.15%, 5/1/16 3,19 8,000,000 8,111,520 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers International, Romania (Republic of) Total Return Linked Nts., 7.90%, 2/9/10 [RON] 821,400 372,271 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: CMS 10 yr. Curve Credit Linked Nts., 6%, 2/5/17 13,350,000 12,866,743 Microvest Capital Management LLC Credit Linked Nts., 10.75%, 5/24/12 3 8,650,000 8,650,000 Romania (Republic of) Total Return Linked Nts., 6.50%, 3/9/10 [RON] 2,228,300 968,257 Romania (Republic of) Total Return Linked Nts., 6.75%, 3/11/08 [RON] 2,600,000 1,145,786 Romania (Republic of) Total Return Linked Nts., 7.25%, 4/19/10 [RON] 213,000 93,629 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 [RON] 199,000 87,903 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 [RON] 512,000 226,163 Romania (Republic of) Total Return Linked Nts., 7.90%, 2/12/08 [RON] 1,885,100 844,389 - ----------------------------------------------------------------------------------------------------------------------------------- Medquake Ltd. Catastrophe Linked Nts., 10.658%, 5/31/10 1,2 1,250,000 1,252,563 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch: Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 3 [COP] 1,784,000,000 823,046 Renaissance Capital International Services Ltd. Total Return Linked Nts., 10.50%, 10/7/08 3 [RUR] 80,000,000 3,161,922 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley, Russian Federation Total Return Linked Securities, Series 007, Cl. VR, 5%, 8/22/34 [RUR] 114,600,000 3,811,055 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc: Total Return Linked Nts., Series A, 8.375%, 6/30/12 3 [RUR] 28,573,055 1,175,300 Total Return Linked Nts., Series B, 11%, 6/30/12 3 [RUR] 21,558,139 895,426 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Bank Center Credit Total Return Linked Nts., 7.52%, 6/6/08 [KZT] 482,000,000 3,906,870 Brazil (Federal Republic of) Linked Nts., 12.551%, 1/5/22 2,13 [BRR] 28,914,000 3,265,247 Brazil (Federal Republic of) Sr. Linked Nts., 14.40%, 8/4/16 3 [BRR] 5,793,682 4,267,033 Brazil (Federal Republic of) Total Return Nts., 8/2/10 [BRR] 5,800,602 2,643,414 Philippines (Republic of the) Credit Linked Nts., 10.21%, 9/20/15 3 10,300,000 12,219,817 Philippines (Republic of the) Credit Linked Nts., 8.619%, 9/20/15 3 1,230,000 1,405,644 Philippines (Republic of the) Credit Linked Nts., 8.21%, 6/20/16 1,3 1,360,000 1,441,287 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 2 2,000,000 2,115,700 WTI Trading Ltd. Total Return Linked Nts., Series A, 13.50%, 2/6/09 3 3,630,000 3,484,800 WTI Trading Ltd. Total Return Linked Nts., Series B, 13.50%, 2/6/09 3 4,850,000 4,656,000 - ----------------------------------------------------------------------------------------------------------------------------------- Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 17.458%, 6/21/10 1,2 2,290,000 2,302,767 - ----------------------------------------------------------------------------------------------------------------------------------- Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 10.36%, 1/15/10 1,2 890,000 901,926
27 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT/SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Residential Reinsurance Ltd. Catastrophe Linked Nts.: Series B, 13.991%, 6/6/08 1,2 $ 1,300,000 $ 1,253,330 Series CL3, 17.791%, 6/7/10 1,2 1,000,000 1,017,250 - ----------------------------------------------------------------------------------------------------------------------------------- Successor Euro Wind Ltd. Catastrophe Linked Nts.: Cl. A-I, 10.948%, 6/6/08 1,2 1,040,000 1,033,916 Cl. A-I, 23.198%, 6/6/08 1,2 1,450,000 1,486,178 - ----------------------------------------------------------------------------------------------------------------------------------- Successor Japan Quake Ltd. Catastrophe Linked Nts., Cl. A-I, 9.948%, 6/6/08 1,2 2,450,000 2,474,500 - ----------------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Akibare Ltd. Catastrophe Linked Nts., Cl. A, 8.445%, 5/22/12 1,2 738,000 748,849 - ----------------------------------------------------------------------------------------------------------------------------------- UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11 3 [GHS] 1,222,052 1,314,173 - ----------------------------------------------------------------------------------------------------------------------------------- VASCO Re 2006 Ltd. Catastrophe Linked Nts., 14.169%, 6/5/09 1,2 1,550,000 1,607,815 - ----------------------------------------------------------------------------------------------------------------------------------- Willow Re Ltd. Catastrophe Linked Nts., 10.483%, 6/16/10 1,2 2,480,000 2,518,378 ---------------- Total Structured Securities (Cost $287,734,093) 308,397,092 STRIKE DATE PRICE CONTRACTS - ----------------------------------------------------------------------------------------------------------------------------------- OPTIONS PURCHASED--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International Basket of Currencies Call 4 11/19/07 $ 90.86 15,590,000 1,559 - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International Basket of Currencies Call 4 12/12/07 1.02 30,590,000 89,176 - ----------------------------------------------------------------------------------------------------------------------------------- Brazilian Real (BRR) Call 4 12/21/07 1.81 22,270,000 180,020 - ----------------------------------------------------------------------------------------------------------------------------------- Euro (EUR) Call 4 12/21/07 1.41 25,380,000 730,977 ---------------- Total Options Purchased (Cost $1,022,073) 1,001,732 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--23.0% - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 20,21 (Cost $741,514,760) 741,514,760 741,514,760 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $3,225,313,940) 3,285,127,176 - ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--1.8% 22 - ----------------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.8% Undivided interest of 5.61% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,425,000) with Bank of America NA, 5.10%, dated 9/28/07, to be repurchased at $56,167,078 on 10/1/07, collateralized by U.S. Agency Mortgages, 5%- 5.50%, 5/1/33-6/1/35, with a value of $1,020,000,000 $ 56,143,217 56,143,217 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--0.0% Metropolitan Life Global Funding, 5.13%, 10/22/07 750,000 750,000 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $56,893,217) 56,893,217
28 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- VALUE - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $3,282,207,157) 103.6% 3,342,020,393 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (3.6) (114,890,359) ----------------------------------- NET ASSETS 100.0% $ 3,227,130,034 ===================================
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 GHS Ghana Cedi IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen KZT Kazakhstan Tenge MXN Mexican Nuevo Peso MYR Malaysian Ringgit NGN Nigeria Naira PEN Peruvian New Sol 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 ZMK Zambian Kwacha 1. Represents the current interest rate for a variable or increasing rate security. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $214,298,206 or 6.64% of the Fund's net assets as of September 30, 2007. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2007 was $219,119,142, which represents 6.79% of the Fund's net assets. See accompanying Notes. 4. Non-income producing security. 5. Issue is in default. See accompanying Notes. 6. 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 $38,279,974. See accompanying Notes. 7. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $22,017,578 or 0.68% of the Fund's net assets as of September 30, 2007. 29 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 8. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $226,282 or 0.01% of the Fund's net assets as of September 30, 2007. 9. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 10. When-issued security or forward commitment to be delivered and settled after September 30, 2007. See accompanying Notes. 11. 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 - ---------------------------------------------------------------------------------------------------- British Pound Sterling (GBP) 465,000 10/1/07 $ 2.0245 $ 3,483 $ - British Pound Sterling (GBP) 475,000 10/2/07 2.0135 3,539 - British Pound Sterling (GBP) 490,000 10/5/07 2.0335 4,334 2,294 Euro (EUR) 2,175,000 10/4/07 1.4190 11,921 6,242 Euro (EUR) 2,470,000 10/5/07 1.4188 15,332 8,109 ---------------------- $ 38,609 $ 16,645 ======================
12. 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 - ---------------------------------------------------------------------------------------------------- British Pound Sterling (GBP) 465,000 10/1/07 $ 2.0245 $ 3,483 $ 9,885 British Pound Sterling (GBP) 475,000 10/2/07 2.0135 3,491 15,303 British Pound Sterling (GBP) 490,000 10/5/07 2.0335 4,334 8,896 Euro (EUR) 2,175,000 10/4/07 1.4190 11,921 24,061 Euro (EUR) 2,470,000 10/5/07 1.4188 15,332 28,385 ---------------------- $ 38,561 $ 86,530 ======================
13. Zero coupon bond reflects effective yield on the date of purchase. 14. Partial or fully-loaned security. See accompanying Notes. 15. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 16. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 17. 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. 18. Interest or dividend is paid-in-kind, when applicable. 19. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 20. Rate shown is the 7-day yield as of September 30, 2007. 21. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - ------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E 349,023,806 1,773,659,768 1,381,168,814 741,514,760
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E $ 741,514,760 $ 15,027,520
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.
PRINCIPAL AMOUNT SOLD SHORT VALUE - ------------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATION SOLD SHORT--(0.2)% - ------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., 5.50%, 10/1/36 (Proceeds ($6,556,526)) $ (6,689,000) $ (6,552,083)
23. All or a portion of the security was segregated by the Fund in the amount of $6,689,000, which represented 102.09% of the market value of securities sold short. See accompanying Notes. 30 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 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). SECURITIES SOLD SHORT. The Fund may sell short when-issued securities for future settlement when it holds securities that may be used to cover the short sales. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss for the value of the open short position. The Fund records a realized gain or loss when the short position is closed out. STRUCTURED SECURITIES. The Fund invests in structured securities 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 securities are often leveraged, increasing the volatility of each securities' 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 security is sold, matures or expires. 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 September 30, 2007, the Fund had purchased $89,820,951 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. 31 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2007, securities with an aggregate market value of $18,208, representing less than 0.005% 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, if applicable. 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. 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 32 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 and the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations in the annual and semiannual reports. As of September 30, 2007, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) SEPTEMBER 30, 2007 APPRECIATION DEPRECIATION - ------------------------------------------------------------------------------------------------------------------------------------ CONTRACTS TO PURCHASE Argentine Peso (ARP) 10/24/2007 36,300 ARP $ 11,479,034 $ - $ 75,956 Australian Dollar (AUD) 10/11/07-12/21/07 5,563 AUD 4,921,376 312,095 - Brazilian Real (BRR) 10/11/07-1/5/10 163,060 BRR 87,748,901 10,217,197 - British Pound Sterling (GBP) 10/1/07-12/27/07 8,788 GBP 17,968,383 303,952 - Canadian Dollar (CAD) 10/1/07-12/21/07 7,833 CAD 7,879,856 249,699 - Chilean Peso (CLP) 10/22/07 3,332,000 CLP 6,521,674 42,965 - Danish Krone (DKK) 10/2/07 271 DKK 51,909 438 - Dominican Republic Peso (DOP) 10/9/07 52,890 DOP 1,583,523 - 14,352 Euro (EUR) 10/1/07-12/27/07 80,768 EUR 115,264,921 2,648,635 - Indian Rupee (INR) 10/4/07-10/15/07 524,261 INR 13,153,474 194,456 1,795 Japanese Yen (JPY) 10/2/07-10/30/07 14,943,135 JPY 130,317,645 2,238,154 334,587 Malaysian Ringgit (MYR) 11/15/07-12/17/07 28,880 MYR 8,498,889 176,961 - Mexican Nuevo Peso (MXN) 11/26/07 161,500 MXN 14,709,738 193,667 - New Turkish Lira (TRY) 10/24/07-11/2/07 18,940 TRY 15,556,595 467,923 - New Zealand Dollar (NZD) 12/21/07 5,187 NZD 3,899,448 18,307 358 Norwegian Krone (NOK) 1/29/08 65,930 NOK 12,212,354 861,913 - Polish Zloty (PLZ) 10/10/07-11/7/07 48,060 PLZ 18,192,088 819,600 - Russian Ruble (RUR) 2/21/08 271,430 RUR 10,852,382 472,650 -
33 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Singapore Dollar (SGD) 2/5/08 14,360 SGD 9,754,596 191,369 - South African Rand (ZAR) 10/15/07 89,500 ZAR 12,962,951 533,086 - South Korean Won (KRW) 10/12/07-2/1/08 9,305,000 KRW 10,197,800 45,002 - Swedish Krone (SEK) 10/10/07 87,200 SEK 13,536,305 433,445 - Swiss Franc (CHF) 10/11/07-11/8/07 11,318 CHF 9,748,887 134,361 - ---------------------------- 20,555,875 427,048 ---------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 10/9/07-10/10/07 18,700 AUD 16,586,126 - 624,119 Brazilian Real (BRR) 11/5/07 23,095 BRR 12,548,517 - 395,935 British Pound Sterling (GBP) 10/1/07-2/6/08 10,040 GBP 20,510,978 - 188,371 Canadian Dollar (CAD) 10/9/07-1/16/08 26,149 CAD 26,309,183 - 1,349,417 Colombian Peso (COP) 10/16/07 12,246,000 COP 6,040,474 - 462,949 Czech Koruna (CZK) 10/15/07-1/25/08 561,135 CZK 29,133,261 - 1,619,617 Euro (EUR) 10/1/07-2/6/08 62,576 EUR 89,295,079 - 3,187,317 Hong Kong Dollar (HKD) 12/19/07-01/25/08 237,540 HKD 30,572,164 171,724 8,210 Indian Rupee (INR) 11/16/07 207,000 INR 5,189,987 - 153,490 Japanese Yen (JPY) 10/2/07-2/6/08 6,373,000 JPY 55,933,259 143,428 471,053 New Taiwan Dollar (TWD) 10/15/07 404,000 TWD 12,404,103 - 173,908 New Turkish Lira (TRY) 11/7/07 330 TRY 269,860 - 18,737 New Zealand Dollar (NZD) 10/9/07-10/10/07 8,115 NZD 6,143,952 - 33,572 Singapore Dollar (SGD) 10/15/07 18,700 SGD 12,602,580 - 251,520 Swiss Franc (CHF) 10/9/07-01/25/08 41,272 CHF 35,601,822 - 867,068 ---------------------------- 315,152 9,805,283 ---------------------------- Total unrealized appreciation and depreciation $ 20,871,027 $ 10,232,331 ============================
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. 34 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. The Statement of Assets and Liabilities in the annual and semiannual reports reflects a receivable and/or payable for the daily mark to market for variation margin. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports at the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of September 30, 2007, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2007 (DEPRECIATION) - --------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Canada (Government of) Bonds, 10 yr. 12/18/07 68 $ 7,686,362 $ 12,787 DAX Index 12/21/07 43 12,193,369 218,764 Euro-Bundesobligation, 10 yr. 12/6/07 47 7,551,740 (63,106) Euro-Schatz 12/6/07 1,328 195,727,987 (178,596) FTSE 100 Index 12/21/07 32 4,268,434 89,318 Japan (Government of) Bonds, 10 yr. 12/10/07 40 4,700,823 (39,014) Japan (Government of) Bonds, 10 yr. 12/11/07 43 50,515,126 (191,246) NASDAQ 100 E-Mini Index 12/21/07 255 10,781,400 237,055 Nikkei 225 Index 12/13/07 7 1,025,639 24,731 OMXS30 Index 10/26/07 164 3,104,219 84,065 Standard & Poor's 500 Index 12/20/07 50 19,226,250 (92,600) Standard & Poor's/MIB Index, 10 yr. 12/21/07 11 3,140,448 (16,279) U.S. Long Bonds 12/19/07 1,081 120,362,594 175,592 U.S. Treasury Nts., 2 yr. 12/31/07 617 127,747,922 81,281 U.S. Treasury Nts., 5 yr. 12/31/07 7,153 765,594,531 3,682,452 U.S. Treasury Nts., 10 yr. 12/19/07 972 106,221,375 114,899 United Kingdom Long Gilt 12/27/07 44 9,627,138 (80,655) --------------- 4,059,448 --------------- CONTRACTS TO SELL Australia (Commonwealth of) Bonds, 10 yr. 12/17/07 69 6,048,141 114,209 CAC 40 Index 10/19/07 77 6,288,112 (204,068) DAX Index 12/21/07 22 6,238,468 (111,946) Euro-Bundesobligation, 10 yr. 12/6/07 206 33,099,117 21,973 FTSE 100 Index 12/21/07 87 11,604,806 (304,590) Mexican Bolsa Index 12/21/07 106 2,984,503 (2,250) Nikkei 225 Index 12/13/07 111 16,263,701 (940,593)
35 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Standard & Poor's 500 E-Mini Index 12/21/07 714 54,910,170 (1,746,908) U.S. Long Bonds 12/19/07 622 69,255,813 (107,558) U.S. Treasury Nts., 2 yr. 12/31/07 284 58,801,313 (142,717) U.S. Treasury Nts., 5 yr. 12/31/07 837 89,585,156 (663,602) U.S. Treasury Nts., 10 yr. 12/19/07 456 49,832,250 (216,281) --------------- (4,304,331) --------------- $ (244,883) ===============
OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Fund generally purchases put options or writes covered call options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Contracts subject to call or put, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended September 30, 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 13,453,890,000 1,217,181 13,453,890,000 1,220,037 Options closed or expired (7,124,910,000) (500,146) (6,528,025,000) (944,831) Options exercised (6,322,905,000) (678,474) (6,945,470,000) (489,801) ------------------------------------------------------------- Options outstanding as of September 30, 2007 6,075,000 $ 38,561 6,075,000 $ 38,609 =============================================================
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. 36 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 gain (loss) 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 primarily quotations from counterparties and brokers. 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 September 30, 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: Beazer Homes USA, Inc. Sell $ 1,000 4.7000% 9/20/08 $ - $ (71,300) CDX.EM.8 5-Year Index Buy 11,695 1.7500 12/20/12 (107,594) (121,065) Citigroup, Inc. Sell 6,550 3.2500 9/20/08 - 13,968 Constellation Brands, Inc. Sell 965 1.0100 6/20/11 - (8,609) Constellation Brands, Inc. Sell 830 1.0300 6/20/11 - (6,843) Republic of Turkey Sell 3,120 1.6200 4/20/12 - 28,626 Republic of Turkey Sell 915 1.8100 4/20/12 - 10,438 Residential Capital LLC Sell 1,807 1.2200 3/20/08 - (131,935) Residential Capital LLC Sell 942 1.7500 3/20/08 - (66,451) Residential Capital LLC Sell 905 1.2000 3/20/08 - (66,161) Six Flags, Inc. Sell 780 7.0000 9/20/08 - 49,617 Smithfield Foods, Inc. Sell 855 1.5000 3/20/12 - 858 The Mosaic Co. Sell 490 1.5000 9/20/12 - 9,939 - ------------------------------------------------------------------------------------------------------------------------
37 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Citibank NA, New York: Allied Waste North America, Inc. Sell 2,300 1.8800 3/20/12 - (54,773) Amkor Technology, Inc. Sell 335 2.0500 9/20/08 - 2,558 El Paso Corp. Sell 936 0.7200 6/20/11 - (16,295) El Paso Corp. Sell 870 0.8200 6/20/11 - (12,204) El Paso Corp. Sell 850 0.7800 6/20/11 - (13,073) Ford Motor Credit Co. Sell 1,800 2.3200 3/20/12 - (89,813) Nalco Co. Sell 595 3.6000 9/20/12 - 20,302 Nortel Networks Corp. Sell 1,120 1.8900 9/20/08 - 4,965 NXP B.V. Sell 310 4.5000 9/20/12 - (10,026) NXP B.V. Sell 290 4.6500 9/20/12 - (7,724) Reliant Energy, Inc. Sell 1,200 2.6000 9/20/11 - (8,441) Reliant Energy, Inc. Sell 500 2.4500 9/20/11 - (6,101) Republic of Hungary Buy 2,300 0.4000 12/20/15 - 1,856 Republic of Indonesia Sell 1,720 2.1000 9/20/12 - 57,779 Republic of Turkey Sell 2,340 2.4700 4/20/17 - 39,642 Russian Federation Sell 10,000 0.3600 1/20/11 - (59,801) The Williams Cos., Inc. Sell 850 0.6500 3/20/12 - (4,598) The Williams Cos., Inc. Sell 500 1.1100 3/20/12 - 6,529 Tribune Co. Sell 740 7.5000 9/20/08 - 6,915 Tribune Co. Sell 520 7.6000 9/20/08 - 5,901 Univision Communications, Inc. Sell 468 1.1000 6/20/08 - (2,751) - ------------------------------------------------------------------------------------------------------------------------ Credit Suisse International: ArvinMeritor, Inc. Sell 1,420 1.6000 9/20/08 - 2,610 ArvinMeritor, Inc. Sell 995 1.4000 9/20/08 - (117) CDX.NA.HY.8 Index Sell 2,905 2.7500 6/20/12 (144,826) (61,795) CenturyTel, Inc. Buy 1,540 0.3775 9/20/12 - 1,860
38 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Charter Communications Holdings LLC Buy 285 5.0000 9/20/10 18,169 14,731 Charter Communications Holdings LLC Sell 285 5.0000 9/20/17 (57,000) (49,924) Charter Communications Holdings LLC Buy 235 7.0000 9/20/10 - (692) Charter Communications Holdings LLC Sell 235 5.0000 9/20/17 (47,000) (40,456) Constellation Brands, Inc. Sell 1,115 1.0200 6/20/11 - (7,554) Constellation Brands, Inc. Sell 438 1.0000 6/20/11 - (3,285) CVRD Inco Ltd. Buy 460 0.5800 3/20/17 - (2,517) Dean Foods Co. Sell 515 1.0200 6/20/11 - (7,462) Dean Foods Co. Sell 475 1.0000 6/20/11 - (7,203) Dow Jones CDX.NA.HY.7 Index Sell 1,280 3.2500 12/20/11 47,467 12,911 Echostar DBS Corp. Sell 585 2.1300 9/20/11 - 22,698 El Paso Corp. Sell 495 0.7700 6/20/11 - (10,097) El Paso Corp. Sell 475 0.7400 6/20/11 - (10,168) Embarq Corp. Buy 760 0.5700 9/20/12 - (188) Ford Motor Credit Co. Sell 3,750 2.3850 3/20/12 - (179,039) Ford Motor Credit Co. Sell 1,150 2.5500 3/20/12 - (48,679) Freescale Semiconductor, Inc. Sell 60 3.2000 9/20/11 - (2,748) GMAC LLC Sell 1,690 1.3900 3/20/17 - (159,572) NJSC Naftogaz Sell 2,570 3.2500 4/20/11 - (248,849) NXP B.V. Sell 555 5.2500 9/20/12 - 5,758 NXP B.V. Sell 480 6.2000 9/20/12 - 22,581 Residential Capital LLC Sell 900 1.3000 3/20/08 - (35,234) Smithfield Foods, Inc. Sell 865 1.4900 3/20/12 - 486 The Williams Cos., Inc. Sell 800 1.1500 3/20/12 - 11,345 Toys "R" Us, Inc. Sell 995 2.8000 9/20/08 - (8,652) TXU Corp. Sell 940 1.5300 6/20/11 - (71,327) TXU Corp. Sell 490 1.6100 6/20/11 - (35,940)
39 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Vale Overseas Ltd. Sell 460 1.0300 3/20/17 - (4,666) - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 720 0.1700 5/25/46 (86,393) (75,620) ABX.HE.AAA.06-2 Index Sell 1,720 0.1100 5/25/46 (85,989) (68,987) ABX.HE.AAA.06-2 Index Sell 1,720 0.1100 5/25/46 (85,974) (68,987) CenturyTel, Inc. Buy 1,595 0.4250 9/20/12 - (128) Countrywide Home Loans, Inc. Sell 6,540 2.5500 9/20/08 - (150,282) CVRD Inco Ltd. Buy 995 0.6300 3/20/17 - (7,985) CVRD Inco Ltd. Buy 865 0.4200 3/20/17 - 6,951 Dow Jones CDX.NA.HY.7 Index Sell 3,615 3.2500 12/20/11 134,056 35,831 Echostar DBS Corp. Sell 415 1.6000 9/20/11 - 9,530 Embarq Corp. Buy 2,375 0.6100 9/20/12 - 672 Ford Motor Co. Sell 3,180 5.8500 12/20/16 - (26,990) Ford Motor Co. Sell 2,540 5.8000 12/20/16 - (27,897) Ford Motor Co. Sell 2,065 6.0000 12/20/16 - (2,067) Ford Motor Credit Co. Sell 2,760 2.3900 3/20/12 - (130,407) Ford Motor Credit Co. Sell 1,300 2.3400 3/20/12 - (43,548) General Motors Corp. Sell 2,035 4.6800 12/20/16 - (21,195) General Motors Corp. Sell 1,650 4.7500 12/20/16 - (11,082) GMAC LLC Sell 1,750 1.3700 3/20/17 - (179,735) Lear Corp. Sell 1,330 2.4000 9/20/08 - 18,305 Mediacom LLC Sell 200 4.9000 9/20/12 - 3,890 Republic of Peru Sell 440 1.5000 4/20/17 - 9,977 Republic of Peru Buy 1,900 1.7100 12/20/16 - (80,394) Republic of Peru Sell 405 1.3200 4/20/17 - 5,813 The Williams Cos., Inc. Sell 1,850 1.0200 3/20/12 - 17,405 Vale Overseas Ltd. Sell 995 1.0500 3/20/17 - (1,209) Vale Overseas Ltd. Sell 865 1.0000 3/20/17 - (4,211) - ------------------------------------------------------------------------------------------------------------------------
40 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: CDX.NA.IG.9 Index Buy 24,900 0.8000 12/20/17 (181,311) (382,181) General Motors Corp. Sell 1,650 4.9500 12/20/16 - (9,309) - ----------------------------------------------------------------------------------------------------------------------------- Goldman Sachs International: ABX.HE.AA.06--2 Index Sell 240 0.1700 5/25/46 (19,774) (23,997) Amkor Technology, Inc. Sell 395 2.6500 9/20/08 - 3,912 ArvinMeritor, Inc. Sell 1,025 1.6000 9/20/08 - 3,165 Beazer Homes USA, Inc. Sell 1,300 2.6500 9/20/08 - (150,166) Beazer Homes USA, Inc. Sell 1,000 4.8000 9/20/08 - (97,994) Beazer Homes USA, Inc. Sell 940 2.5000 6/20/08 - (84,688) Constellation Brands, Inc. Sell 1,630 1.9000 6/20/11 - 30,120 First Data Corp. Sell 230 3.0000 9/20/08 - 944 Freescale Semiconductor, Inc. Sell 990 3.6000 9/20/11 - (30,366) Freescale Semiconductor, Inc. Sell 525 3.7500 9/20/11 - (13,604) Freescale Semiconductor, Inc. Sell 300 3.7000 9/20/11 - (5,427) GMAC LLC Sell 2,190 1.3900 3/20/17 - (227,071) GMAC LLC Sell 1,200 1.3700 3/20/17 - (125,677) GMAC LLC Sell 1,040 1.3900 3/20/17 - (107,833) GMAC LLC Sell 850 1.3900 3/20/17 - (88,133) K. Hovnanian Enterprises, Inc. Sell 2,950 2.0000 6/20/08 - (155,498) K. Hovnanian Enterprises, Inc. Sell 1,880 1.8000 6/20/08 - (101,690) K. Hovnanian Enterprises, Inc. Sell 1,875 2.0000 6/20/08 - (98,834) Lear Corp. Sell 600 2.2500 9/20/08 - 3,619 Lennar Corp. Sell 550 2.9000 12/20/08 - (6,702) Nalco Co. Sell 660 3.7000 9/20/12 - 20,254 Residential Capital LLC Sell 1,350 1.3600 3/20/08 - (82,890) Residential Capital LLC Sell 903 1.1800 3/20/08 - (56,195)
41 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Standard Pacific Corp. Sell 5,450 2.2000 6/20/08 - (426,891) The Mosaic Co. Sell 565 1.6000 9/20/12 - 14,580 The Mosaic Co. Sell 535 2.0000 9/20/12 - 13,100 - ----------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA, NY Branch: CDX.NA.HY.8 Index Sell 3,495 2.7500 6/20/12 (174,240) (74,987) CVRD Inco Ltd. Buy 435 0.5200 3/20/17 - (840) Dean Foods Co. Sell 1,250 1.0800 6/20/11 - (18,104) Dean Foods Co. Sell 915 1.0300 6/20/11 - (14,790) Dean Foods Co. Sell 915 1.0600 6/20/11 - (13,867) Dean Foods Co. Sell 500 1.0500 6/20/11 - (7,746) Dole Food Co., Inc. Sell 1,155 2.3800 9/20/08 - (6,237) Ford Motor Co. Sell 2,065 6.0000 12/20/16 - (870) General Motors Corp. Sell 2,545 4.7500 12/20/16 - (35,461) Lehman Brothers Holdings, Inc. Sell 3,710 1.5500 9/20/08 - 27,479 Mediacom LLC Sell 130 5.2500 9/20/12 - 2,030 Merrill Lynch & Co., Inc. Sell 3,710 0.8000 9/20/08 - 11,260 Morgan Stanley Sell 3,265 0.7500 9/20/08 - 8,266 Morgan Stanley Sell 1,195 0.7500 9/20/08 - 3,149 Rite Aid Corp. Sell 1,135 1.4000 9/20/08 - (8,383) The Mosaic Co. Sell 500 1.5000 9/20/12 - 13,171 The Mosaic Co. Sell 495 1.3500 9/20/12 - 9,772 Toys "R" Us, Inc. Sell 510 1.9200 9/20/08 - (3,822) - ----------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: ABX.HE.AA.06-2 Index Sell 180 0.1700 5/25/46 (44,090) (19,612) Allied Waste North America, Inc. Sell 640 1.8800 3/20/12 - (19,607) Allied Waste North America, Inc. Sell 330 1.8800 3/20/12 - (10,110) Amkor Technology, Inc. Sell 650 2.5000 9/20/08 - 7,387
42 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- ArvinMeritor, Inc. Sell 1,260 2.2000 9/20/08 - 8,867 ArvinMeritor, Inc. Sell 1,025 1.1500 9/20/08 - (3,263) ArvinMeritor, Inc. Sell 840 3.0000 9/20/08 - 12,452 Beazer Homes USA, Inc. Sell 1,600 5.4000 9/20/08 - (115,924) Beazer Homes USA, Inc. Sell 1,900 2.6500 6/20/08 - (122,982) Beazer Homes USA, Inc. Sell 465 2.3300 6/20/08 - (31,093) Cablevision Systems Corp. Sell 590 3.1300 12/20/10 - (841) Cablevision Systems Corp. Sell 150 3.4000 12/20/10 - 986 CDX.NA.HY.8 Index Sell 4,070 2.7500 6/20/12 (202,906) (87,077) CDX.NA.HY.8 Index Sell 2,905 2.7500 6/20/12 (141,195) (62,152) CDX.NA.IG.9 Index Buy 24,900 0.8000 12/20/17 (147,731) (184,037) Charter Communications Holdings LLC Sell 595 5.0000 9/20/12 (95,200) (68,973) Charter Communications Holdings LLC Buy 595 7.6000 9/20/10 - (29,305) Charter Communications Holdings LLC Sell 595 5.0000 9/20/12 (89,250) (68,565) Charter Communications Holdings LLC Buy 595 7.2500 9/20/10 - (24,340) Constellation Brands, Inc. Sell 980 1.0000 6/20/11 - (9,538) Dole Food Co., Inc. Sell 1,305 3.2000 9/20/08 - 2,633 Dole Food Co., Inc. Sell 900 5.2500 9/20/08 - 19,656 Dow Jones CDX.NA.HY.7 Index Sell 908 3.2500 12/20/11 17,580 8,512 Dow Jones CDX.NA.HY.7 Index Sell 908 3.2500 12/20/11 17,580 8,512 El Paso Corp. Sell 1,404 0.7300 6/20/11 - (13,966) El Paso Corp. Sell 530 0.8000 6/20/11 - (4,003) First Data Corp. Sell 1,145 3.5000 9/20/08 - 12,718 First Data Corp. Sell 1,145 2.7500 9/20/08 - 4,404 First Data Corp. Sell 700 3.0000 9/20/08 - 4,387 First Data Corp. Sell 689 3.0000 9/20/08 - 4,318
43 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Freescale Semiconductor, Inc. Sell 575 3.7200 9/20/11 - (14,934) Freescale Semiconductor, Inc. Sell 685 3.5500 9/20/11 - (21,610) GMAC LLC Sell 970 1.4000 3/20/17 - (112,029) GMAC LLC Sell 850 1.4000 3/20/17 - (98,170) K. Hovnanian Enterprises, Inc. Sell 2,880 4.2200 9/20/08 - (140,855) Lear Corp. Sell 1,190 2.5000 9/20/08 - 3,195 Lear Corp. Sell 1,190 2.1000 9/20/08 - 7,211 Lear Corp. Sell 1,155 2.0000 9/20/08 - 5,875 Lear Corp. Sell 1,150 3.7000 9/20/08 - 24,867 Lennar Corp. Sell 2,220 2.9000 12/20/08 - (13,879) MBIA, Inc. Sell 6,515 1.9500 9/20/08 - 5,529 Mediacom LLC Sell 410 5.0000 9/20/12 - 11,719 Mediacom LLC Sell 350 4.7500 9/20/12 - 7,244 Mediacom LLC Sell 205 4.8000 9/20/12 - 4,246 Mediacom LLC Sell 195 4.7500 9/20/12 - 4,036 Mediacom LLC Sell 90 4.8000 9/20/12 - 2,089 Nalco Co. Sell 355 3.4000 9/20/12 - 7,525 Nortel Networks Corp. Sell 560 1.8500 9/20/08 - 799 NXP B.V. Sell 690 4.1500 9/20/12 - (36,721) NXP B.V. Sell 520 4.4500 9/20/12 - (21,813) Reliant Energy, Inc. Sell 455 2.5000 9/20/11 - (2,945) Rite Aid Corp. Sell 75 1.4500 9/20/08 - (732) Rite Aid Corp. Sell 1,255 1.3500 9/20/08 - (13,464) Rite Aid Corp. Sell 500 1.3500 9/20/08 - (5,364) Six Flags, Inc. Sell 2,350 5.2200 9/20/08 - 17,623 Six Flags, Inc. Sell 520 5.0000 9/20/08 - 4,734 Six Flags, Inc. Sell 370 7.0000 9/20/08 - 11,199 Smithfield Foods, Inc. Sell 1,130 1.5800 3/20/12 - 745
44 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- The Bear Stearns Cos., Inc. Sell 3,720 1.6000 9/20/08 - 18,005 Toys "R" Us, Inc. Sell 1,360 1.9500 9/20/08 - (12,449) Toys "R" Us, Inc. Sell 690 4.3000 9/20/08 - 9,338 Toys "R" Us, Inc. Sell 985 1.8500 9/20/08 - (9,968) Tribune Co. Sell 595 7.4500 9/20/08 - 3,080 Tribune Co. Sell 375 7.5500 9/20/08 - 532 Tribune Co. Sell 150 7.5500 9/20/08 - 182 Univision Communications, Inc. Sell 2,079 1.2000 6/20/08 - (10,673) Univision Communications, Inc. Sell 941 1.1500 6/20/08 - (5,177) Univision Communications, Inc. Sell 468 1.1000 6/20/08 - (2,747) - ----------------------------------------------------------------------------------------------------------------------------- Merrill Lynch International: Echostar DBS Corp. Sell 585 2.0500 9/20/11 - 18,236 Reliant Energy, Inc. Sell 595 2.0500 9/20/11 - (14,244) Republic of Turkey Sell 1,570 2.4700 4/20/17 - 24,037 TXU Corp. Sell 1,405 2.0600 6/20/11 - (85,513) TXU Corp. Sell 1,210 1.6200 6/20/11 - (90,535) TXU Corp. Sell 960 1.5900 6/20/11 - (72,743) TXU Corp. Sell 960 1.5800 6/20/11 - (73,048) TXU Corp. Sell 935 1.5300 6/20/11 - (72,628) - ----------------------------------------------------------------------------------------------------------------------------- Morgan Stanley & Co. International Smithfield Foods, Ltd. Inc. Sell 1,500 1.5100 3/20/12 - 3,256 - ----------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 480 0.1700 5/25/46 (47,998) (52,298) ABX.HE.AA.06-2 Index Sell 240 0.1700 5/25/46 (19,174) (26,149) CDX North America Investment Grade Index Sell 10,300 3.0000 3/23/13 - 79,517 CDX.EM.8 Index Buy 11,695 1.7500 12/20/12 (105,255) (132,165)
45 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Companhia Vale Do Rio Doce Sell 975 1.0400 3/20/17 - 593 Companhia Vale Do Rio Doce Sell 900 0.9200 3/20/17 - (7,883) Companhia Vale Do Rio Doce Sell 895 0.9700 3/20/17 - (4,643) Companhia Vale Do Rio Doce Sell 435 1.0600 3/20/17 - 539 CVRD Inco Ltd. Buy 975 0.6000 3/20/17 - (3,355) CVRD Inco Ltd. Buy 900 0.5200 3/20/17 - 2,187 CVRD Inco Ltd. Buy 895 0.5200 3/20/17 - 2,174 Dean Foods Co. Sell 920 0.9500 6/20/11 - (14,623) Ford Motor Co. Sell 2,065 6.1500 12/20/16 - 15,426 Ford Motor Co. Sell 520 5.9000 12/20/16 - (7,394) General Motors Corp. Sell 1,650 4.9000 12/20/16 - (5,397) General Motors Corp. Sell 420 4.6200 12/20/16 - (23,814) Istanbul Bond Co. SA for Finansbank Sell 5,180 1.3000 3/24/13 - (46,377) Lennar Corp. Sell 410 2.9000 12/20/08 - (3,310) NXP B.V. Sell 300 4.9500 9/20/12 - (4,757) Republic of Indonesia Sell 3,450 2.2300 9/20/12 - 134,642 Republic of Peru Sell 2,330 1.0400 6/20/17 - (16,861) Republic of Turkey Sell 690 2.8500 11/20/16 - 25,528 Republic of Turkey Sell 3,140 1.6000 4/20/12 - 23,118 Republic of Turkey Sell 1,145 2.7500 11/20/16 - 36,482 Residential Capital LLC Sell 3,460 6.1700 9/20/08 - (174,416) Residential Capital LLC Sell 1,185 6.2500 9/20/08 - (58,908) Smithfield Foods, Inc. Sell 1,000 1.7700 3/20/12 - 12,431 - ----------------------------------------------------------------------------------------------------------------------------- UBS AG: Lehman Brothers Holdings, Inc. Sell 1,490 1.5500 9/20/08 - 10,998 Massey Energy Co. Sell 600 5.1000 9/20/12 - 20,148 Massey Energy Co. Sell 360 5.0500 9/20/12 - 11,419 Republic of Indonesia Sell 375 2.3000 9/20/11 - 15,923 Republic of the Philippines Sell 3,095 1.4500 6/20/17 - (116,579)
46 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Republic of the Philippines Sell 1,870 2.5000 6/20/17 - 68,852 The Mosaic Co. Sell 560 1.7800 9/20/12 - 19,590 ------------------------------ $ (1,648,048) $ (6,223,894) ==============================
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 primarily quotations from counterparties, and brokers. 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 September 30, 2007, the Fund had entered into the following interest rate swap agreements:
NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATES VALUE - ------------------------------------------------------------------------------------------------------------------------- Banco Santander Central Hispano SA: Six-Month Tasa Nominal Annual 1,188,000,000 CLP (TNA-Chile) 6.6000 % 8/21/17 $ 41,301 56,000,000 BRR BZDI 12.2900 1/4/10 495,942 4,420,000 BRR BZDI 14.0000 1/3/12 164,479 - ------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc: 41,700,000 MXN MXN TIIE 9.2700 7/17/26 317,037 41,510,000 NOK Six-Month NIBOR 5.3850 1/29/10 (36,760) Six-Month 5,050,000 EUR 4.2200 % EURIBOR 1/29/10 31,064 - ------------------------------------------------------------------------------------------------------------------------- Citibank NA, London: 1,260,000 PLZ Six-Month WIBOR 5.5200 3/24/10 4,897 2,016,000 PLZ Six-Month WIBOR 5.5500 3/25/10 8,112 - ------------------------------------------------------------------------------------------------------------------------- Citibank NA, New York:
47 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 73,200,000 TWD 2.3200 TWD-Telerate 6/27/11 16,647 Six-Month Tasa Nominal Annual 950,000,000 CLP (TNA-Chile) 6.5300 8/25/17 47 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. 3,640,000 PLZ Six-Month WIBOR 4.4800 7/1/10 (36,536) - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: 22,480,000 MXN MXN TIIE 8.3000 12/17/26 (29,715) Six-Month Tasa Nominal Annual 950,000,000 CLP (TNA-Chile) 6.5800 8/21/17 30,670 - ------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: INR MIBOR- 73,400,000 INR 7.1750 OIS Compound 6/27/11 (320) Six-Month 360,000,000 HUF 8.4400 BUBOR 7/4/11 (109,385) - ------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: 42,610,000 NOK Six-Month NIBOR 5.4700 5/2/10 (4,310) EUR EURIBOR- 5,290,000 EUR 4.4155 Telerate 5/2/10 97 12,658,794 BRR BZDI 14.5500 1/4/10 1,180,323 - ------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): 15,800,000 MXN MXN TIIE 8.7000 2/5/16 34,342 23,010,000 MXN MXN TIIE 9.8400 12/31/09 83,135 - ------------------------------------------------------------------------------------------------------------------------- Goldman Sachs CNY- International 18,300,000 CNY 4.0000 CFXSREPOFIX01 2/16/17 145,050 - ------------------------------------------------------------------------------------------------------------------------- J Aron & Co.: 43,800,000 BRR BZDI 10.6700 1/2/12 (411,479) 22,300,000 MXN MXN TIIE 9.1500 8/27/26 139,759 9,700,000 MXN MXN TIIE 9.3300 9/16/26 76,987 8,790,000 BRR BZDI 12.9200 1/2/14 226,882 4,390,000 BRR BZDI 12.8700 1/2/14 109,640 8,750,000 BRR BZDI 12.7100 1/4/10 119,429 15,140,000 BRR BZDI 12.6100 1/4/10 189,273 10,828,442 BRR BZDI 12.3900 1/2/12 288,595
48 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 12,220,000 MXN MXN TIIE 9.5000 8/28/25 113,253 25,560,000 BRR BZDI 14.8900 1/4/10 995,785 6,910,000 BRR BZDI 12.2600 1/2/15 105,281 3,160,000 BRR BZDI 12.2900 1/2/15 49,834 33,400,000 MXN MXN TIIE 9.2900 7/17/26 252,931 4,420,000 BRR BZDI 14.0500 1/2/12 175,215 - ------------------------------------------------------------------------------------------------------------------------- Three-Month USD JPMorgan Chase Bank 82,000,000 BBA LIBOR 5.5700 5/26/16 3,657,460 - ------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA: Three-Month 39,520,000 ZAR 8.2900 JIBA 6/21/08 81,718 10,833,253 BRR BZDI 12.3800 1/2/12 468,934 8,750,000 BRR BZDI 13.9100 1/2/12 625,176 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: 4,680,000 PLZ Six-Month WIBOR 4.5300 7/5/10 (10,113) Fund pays the greater of 0% and 8*(-0.0031375-(10 yr. CMS Index + 2 yr. CMS Index)) 13,350,000 quarterly $ 400,500 2/5/17 (337,386) - ------------------------------------------------------------------------------------------------------------------------- Morgan Stanley & Co. Three-Month International 1,421,000,000 KZT 8.2500 KZT 6/29/12 (385,843) - ------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Six-Month Services, Inc. 14,260,000 EUR 4.7130 EURIBOR 8/22/17 (52,272) - ------------------------------------------------------------------------------------------------------------------------- Three-Month Westpac 30,400,000 NZD 7.7750 NZD-BBR-FRA 9/17/09 54,002 ------------- $ 8,869,178 =============
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CLP Chilean Peso CNY Chinese Renminbi EUR Euro HUF Hungarian Forint INR Indian Rupee KZT Kazakhstan Tenge MXN Mexican Nuevo Peso NOK Norwegian Krone NZD New Zealand Dollar 49 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- PLZ Polish Zloty TWD New Taiwan Dollar ZAR South African Rand Index abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BUBOR Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate CNY-CFXSREPOFIX01 Chinese Renminbi 7 Days Repurchase Fixing Rates EURIBOR Euro Interbank Offered Rate INR Indian Rupee JIBA South Africa Johannesburg Interbank Agreed Rate KZT Kazakhstan Tenge MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate Mid Market Interest Rate for French Franc/Austrian Schilling and India Swap Composites-overnight MIBOR OIS Indexed Swap NIBOR Norwegian Interbank Offered Rate New Zealand Dollar-Bank Bill Rate-Forward Rate NZD-BBR-FRA Agreement WIBOR 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 primarily quotations from counterparties and brokers. 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 September 30, 2007, the Fund had entered into the following total return swap agreements:
NOTIONAL TERMINATION COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Citibank NA, New York: Twelve-Month JPY BBA LIBOR plus 40 basis points and if negative, the absolute value of the If positive, the Total Total Return of a custom Return of a custom 1,067,038,490 JPY basket of securities basket of securities 4/8/08 $ 106,534
50 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Twelve-Month GBP BBA LIBOR plus 35 basis points and if negative, the absolute value of the If positive, the Total Total Return of a custom Return of a custom 4,531,605 GBP basket of securities basket of securities 5/7/08 (30,325) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: If positive, the Total If negative, the absolute Return of the Lehman value of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 27.5 2,500,000 8.5+ Index basis points 11/1/07 17,241 If positive, the Total If negative, the absolute Return of the Lehman value of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 60 basis 10,740,000 8.5+ Index points 2/1/08 76,978 1,620,000 Six-Month USD BBA LIBOR 5.4600% 5/13/15 328,687 930,000 Six-Month USD LIBOR 5.2500 6/23/15 157,189 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG, London: One-Month BBA EURIBOR plus 10 basis points and if negative, the absolute If positive, the Total value of the Total Return Return of a custom 20,625,176 EUR of a custom equity basket equity basket 10/7/08 (84,263) One-Month USD BBA LIBOR plus 20 basis points and if negative, the absolute If positive, the Total value of the Total Return Return of a custom 7,678,241 of a custom equity basket equity basket 9/15/08 300,774 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The): 920,000 Six-Month BBA LIBOR 5.1000 1/14/15 194,126 920,000 Six-Month BBA LIBOR 5.0800 1/20/15 199,145 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International:
51 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- One-Month USD BBA LIBOR plus spread and if negative, the absolute If positive, the Total value of the Total Return Return of a custom 29,920,986 of a custom equity basket equity basket 1/8/08 1,072,331 One-Month USD BBA LIBOR and if negative, the absolute value of the If positive, the Total Total Return of the MSCI Return of the MSCI Daily Total Return Net Daily Total Return Net 325,119 Belgium USD Market Index Belgium USD Market Index 10/9/07 4,903 One-Month USD BBA LIBOR and if negative, the absolute value of the If positive, the Total Total Return of the MSCI Return of the MSCI Daily Total Return Net Daily Total Return Net 1,730,144 Belgium USD Market Index Belgium USD Market Index 10/9/07 29,925 One-Month USD BBA LIBOR and if negative, the absolute value of the If positive, the Total Total Return of the MSCI Return of the MSCI Daily Total Return Net Daily Total Return Net 434,124 Belgium USD Market Index Belgium USD Market Index 10/9/07 6,256 If positive, the If negative, the Total absolute value of the Return of the BOVESPA Total Return of the 4,054,575 BRR 10/07 Index BOVESPA 10/07 Index 10/18/07 262,849 If positive, the If negative, the Total absolute value of the Return of the BOVESPA Total Return of the 675,080 BRR 10/07 Index BOVESPA 10/07 Index 10/18/07 93,677 If positive, the If negative, the Total absolute value of the Return of the BOVESPA Total Return of the 710,753 BRR 10/07 Index BOVESPA 10/07 Index 10/18/07 93,677 If negative, the If positive, the Total absolute value of the Return of the INDF/NSE Total Return INDF/NSE (138,632,000) INR NIFTY Index 10/07 Future NIFTY Index 10/07 Future 10/25/07 (54,431) If negative, the If positive, the Price absolute value of the Return of the SMI 12/07 Price Return of the SMI (3,529,118) CHF Future 12/07 Future 12/28/07 (58,353) - ------------------------------------------------------------------------------------------------------------------------------------
52 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: If positive, the Total If negative, the absolute Return of the Lehman value of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 32.5 5,920,000 8.5+ Index basis points 11/1/07 40,213 If positive, the Total If negative, the absolute Return of the Lehman value of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 60 3,906,000 8.5+ Index basis points 2/1/08 26,673 If positive, the Total If negative, the absolute Return of the Lehman value of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 25 3,760,000 8.5+ Index basis points 3/1/08 23,979 - ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch Capital Services, Inc.: The Constant Maturity Option Price divided by 15,380,000 5.3300% 10,000 8/13/17 (350,391) The Constant Maturity Option Price divided by 54,700,000 4.6600 10,000 6/11/17 1,036,674 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: If positive, the Total If negative, the absolute Return of the Lehman value of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+Index plus 110 4,900,000 8.5+ Index basis points 1/31/08 36,680 271,430,000 RUR Three-Month USD BBA LIBOR 7.7500 12/26/13 25,408 - ------------------------------------------------------------------------------------------------------------------------------------ One-Month EUR BBA LIBOR If positive, the Total and if negative, the Return of a custom absolute value of the basket of securities Morgan Stanley Total Return of a custom plus the dividends from International 4,450,500 EUR basket of securities the basket 12/20/07 123,194 - ------------------------------------------------------------------------------------------------------------------------------------ If positive, the Total If negative, the absolute Return of the Lehman value of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 60 UBS AG 4,882,000 8.5+ Index basis points 2/1/08 34,646 ----------- $3,713,996 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: 53 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- BRR Brazilian Real CHF Swiss Frank EUR Euro GBP British Pound Sterling INR Indian Rupee JPY Japanese Yen RUR Russian Ruble Abbreviations are as follows: BBA British Bankers' Association 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 EURIBOR Euro Interbank Offered Rate INDF/NSE NIFTY Index Indian National Stock Exchange Nifty Index LIBOR London-Interbank Offered Rate MSCI Morgan Stanley Capital International SMI Swiss Market Index CURRENCY SWAPS 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 the same notional values of those 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. 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. 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. If the counterparty defaults, the Fund's maximum loss will consist of the notional contract value to be received at contract termination as well as any outstanding interest payments due to the Fund. The Manager monitors the creditworthiness of counterparties on an ongoing basis. As of September 30, 2007, the Fund entered into the following currency swap arrangements:
NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse International: Three Month USD 3,170,000 TRY BBA LIBOR 16.7500% 2/26/12 $ 692,950 Three-Month 1,255,000 TRY USD BBA LIBOR 17.2500 2/7/12 314,046
54 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 1,890,000 TRY Three-Month USD BBA LIBOR 17.3000 2/9/12 471,892 - ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch International 1,960,000 TRY Three-Month BBA LIBOR 17.1000 2/6/12 475,461 ----------- $1,954,349 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: TRY New Turkish Lira Index abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate ILLIQUID SECURITIES As of September 30, 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 September 30, 2007, the Fund had on loan securities valued at $110,894,201, 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 $112,767,086 was received for the loans, of which $56,893,217 was received in cash and subsequently invested in approved investments. In addition, collateral of $55,873,869 was also received in the form of securities. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 3,283,570,313 55 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Federal tax cost of other investments 1,044,340,578 -------------------- Total federal tax cost $ 4,327,910,891 ==================== Gross unrealized appreciation $ 105,300,507 Gross unrealized depreciation (37,171,695) -------------------- Net unrealized appreciation $ 68,128,812 ==================== 56 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--3.1% - ----------------------------------------------------------------------------------------------------------------------------------- Ameriquest Mortgage Securities, Inc., Home Equity Mtg. Obligations, Series 2005-R10, Cl. A2B, 5.725%, 12/25/35 1 $ 388,577 $ 383,566 - ----------------------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2001-A1, Cl. A1, 5.53%, 2/7/10 1 5,000,000 5,002,609 - ----------------------------------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2007-3, Cl. A3, 2%, 6/15/12 1 5,000,000 4,995,300 - ----------------------------------------------------------------------------------------------------------------------------------- Mastr Asset-Backed Securities Trust 2005-WF1, Mtg. Pass-Through Certificates, Series 2005-WF1, Cl. A2C, 5.745%, 6/25/35 1 250,068 247,615 - ----------------------------------------------------------------------------------------------------------------------------------- Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5, Cl. 2A2, 5.595%, 7/25/36 1 5,000,000 4,969,468 --------------- Total Asset-Backed Securities (Cost $15,599,776) 15,598,558 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--7.8% - ----------------------------------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.81%, 10/25/36 1 119,675 120,488 - ----------------------------------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A5, Mtg. Pass-Through Certificates, Series 2006-A5, Cl. 1A1, 5.531%, 10/25/36 1 364,509 361,416 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, CMO: Series 2004-28CB, Cl. 2A4, 5.75%, 1/25/35 810,000 759,105 Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 340,395 344,484 Series 2008-85CB, Cl. 2A3, 5.50%, 2/25/36 210,000 205,371 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.702%, 4/25/37 1 332,213 332,242 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, CMO, Series 2005-HYB1, Cl. 5A1, 5.001%, 3/25/35 1 943,413 924,840 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., CMO Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2319, Cl. PZ, 6.50%, 5/15/31 588,578 611,397 Series 2338, Cl. ZC, 6.50%, 7/15/31 519,887 537,626 Series 2344, Cl. ZD, 6.50%, 8/15/31 311,067 317,181 Series 2363, Cl. BZ, 6.50%, 9/15/31 634,541 646,327 Series 2457, Cl. PE, 6.50%, 6/15/32 536,055 549,052 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 2574, Cl. IN, 5.32%, 12/15/22 2 1,811,273 329,766 Series 2989, Cl. TS, 6.097%, 6/15/25 2 1,866,659 136,539 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 3/25/20 2,815,119 2,718,652 5%, 12/25/17-11/25/33 3,864,030 3,765,531 5%, 10/1/21 3 423,000 414,606 5.50%, 11/25/33-7/25/34 6,408,315 6,293,666 5.50%, 10/1/36 3 20,000 19,591 6%, 10/1/21 3 1,160,000 1,175,406 6%, 12/25/33 4 2,069,823 2,080,600 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., CMO Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 2001-74, Cl. QE, 6%, 12/25/31 951,807 966,446 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2003-14, Cl. OI, 10.386%, 3/25/33 2 337,003 79,837
1 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Trust 2006-33, Cl. SP, 19.233%, 5/25/36 2 $ 504,464 $ 42,047 Trust 342, Cl. 2, 6.789%, 9/1/33 2 1,245,768 318,588 - ----------------------------------------------------------------------------------------------------------------------------------- GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates, Series 2004-J4, Cl. A7, 5.50%, 9/25/34 190,000 179,717 - ----------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-4F, CMO, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 243,549 247,674 - ----------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.161%, 11/25/35 1 1,538,751 1,534,663 - ----------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2003-C5, Cl. A2, 3.478%, 7/15/27 2,189,000 2,160,697 - ----------------------------------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 5.955%, 10/25/36 1 4,650,594 4,589,206 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass- Through Certificates, Series 2007-2, Cl. 2A1, 6.009%, 6/25/37 1,3 449,469 458,311 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass- Through Certificates, Series 2006-AR, Cl. 5A3, 5.424%, 6/25/36 1 130,000 128,750 - ----------------------------------------------------------------------------------------------------------------------------------- WAMU, Mtg. Pass-Through Certificates: Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 1 493,716 491,479 Series 2006-AR8, Cl. 2A1, 6.134%, 8/25/36 1 520,914 524,764 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass- Through Certificates, Series 2005-AR2, Cl. 2A2, 4.545%, 3/25/35 1 68,448 67,738 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass- Through Certificates, Series 2005-AR4, Cl. 2A2, 4.524%, 4/25/35 1 110,937 109,782 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass- Through Certificates, Series 2006-AR10, Cl. 4A1, 5.56%, 7/25/36 1 226,262 225,240 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass- Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 1 404,505 409,634 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass- Through Certificates, Series 2006-A R2, Cl. 2A5, 5.095%, 3/25/36 1 470,038 466,204 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass- Through Certificates, Series 2006-AR8, Cl. 1A3, 5.258%, 4/25/36 1,3 3,852,507 3,846,307 --------------- Total Mortgage-Backed Obligations (Cost $39,326,300) 39,490,970 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--0.1% - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 4.75%, 2/15/37 (Cost $291,992) 299,000 295,193 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--72.4% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--22.1% - ----------------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.7% Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,250,000 1,275,000 9% Sr. Unsec. Nts., 7/1/15 302,000 323,895 - ----------------------------------------------------------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 900,000 942,750 - ----------------------------------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc., 10.25% Sr. Sec. Nts., Series B, 7/15/13 1,055,000 1,136,763 --------------- 3,678,408 - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.7% General Motors Acceptance Corp., 8% Bonds, 11/1/31 3,390,000 3,334,614 - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.1% SGS International, Inc., 12% Sr. Unsec. Sub. Nts., 12/15/13 5 745,000 771,075
2 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.2% Education Management LLC/Education Management Corp., 10.25% Sr. Unsec. Sub. Nts., 6/1/16 $ 830,000 $ 863,200 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--6.0% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 1,300,000 1,342,250 - ----------------------------------------------------------------------------------------------------------------------------------- Buffets, Inc., 12.50% Sr. Unsec. Nts., 11/1/14 315,000 222,075 - ----------------------------------------------------------------------------------------------------------------------------------- CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 6 1,340,000 1,313,200 - ----------------------------------------------------------------------------------------------------------------------------------- French Lick Resorts & Casino LLC, 10.75% First Mtg. Nts., 4/15/14 6 1,310,000 1,048,000 - ----------------------------------------------------------------------------------------------------------------------------------- Gaylord Entertainment Co.: 6.75% Sr. Unsec. Unsub. Nts., 11/15/14 500,000 482,500 8% Sr. Nts., 11/15/13 700,000 713,125 - ----------------------------------------------------------------------------------------------------------------------------------- Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 6 1,435,000 1,427,825 - ----------------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 1,150,000 1,035,000 - ----------------------------------------------------------------------------------------------------------------------------------- Mandalay Resort Group, 9.375% Sr. Sub. Nts., 2/15/10 41,000 43,153 - ----------------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 6.75% Sr. Unsec. Nts., 4/1/13 510,000 501,075 8.375% Sr. Unsec. Sub. Nts., 2/1/11 3,200,000 3,352,000 - ----------------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 440,000 421,300 6.375% Sr. Sub. Nts., 7/15/09 800,000 800,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 915,000 904,706 8% Sr. Sub. Nts., 4/1/12 1,700,000 1,742,500 - ----------------------------------------------------------------------------------------------------------------------------------- NCL Corp., 10.625% Sr. Unsub. Nts., 7/15/14 800,000 810,000 - ----------------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 1,000,000 1,025,000 - ----------------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 145,000 148,625 6.875% Sr. Sub. Nts., 12/1/11 150,000 152,625 - ----------------------------------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 2,350,000 2,391,125 - ----------------------------------------------------------------------------------------------------------------------------------- Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 6 610,000 672,525 - ----------------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 1,800,000 1,593,000 6.875% Sr. Unsec. Sub. Nts., 3/1/16 480,000 420,000 - ----------------------------------------------------------------------------------------------------------------------------------- Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 1,800,000 1,894,500 - ----------------------------------------------------------------------------------------------------------------------------------- Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 1,500,000 1,256,250 - ----------------------------------------------------------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 1,000,000 1,047,500 - ----------------------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,078,000 - ----------------------------------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 2,500,000 2,462,500 --------------- 30,300,359 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.3% Beazer Homes USA, Inc.: 6.875% Sr. Unsec. Nts., 7/15/15 300,000 223,500 8.375% Sr. Nts., 4/15/12 500,000 395,000 - ----------------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 300,000 298,279 - ----------------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc.: 6.50% Sr. Nts., 1/15/14 300,000 234,750 7.75% Sr. Unsec. Sub. Nts., 5/15/13 900,000 648,000 8.875% Sr. Sub. Nts., 4/1/12 800,000 604,000 - ----------------------------------------------------------------------------------------------------------------------------------- KB Home, 8.625% Sr. Sub. Nts., 12/15/08 150,000 150,188 - ----------------------------------------------------------------------------------------------------------------------------------- Meritage Homes Corp., 6.25% Sr. Unsec. Nts., 3/15/15 300,000 235,500 - ----------------------------------------------------------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 205,000 207,563 - -----------------------------------------------------------------------------------------------------------------------------------
3 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED Standard Pacific Corp.: 6.25% Sr. Unsec. Unsub. Nts., 4/1/14 $ 600,000 $ 429,000 7.75% Sr. Nts., 3/15/13 650,000 503,750 9.25% Sr. Sub. Nts., 4/15/12 700,000 472,500 - ----------------------------------------------------------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 500,000 487,500 - ----------------------------------------------------------------------------------------------------------------------------------- WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 800,000 662,000 - ----------------------------------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 1,150,000 856,750 --------------- 6,408,280 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.3% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 1,245,000 1,188,975 - ----------------------------------------------------------------------------------------------------------------------------------- Steinway Musical Instruments, Inc., 7% Sr. Nts., 3/1/14 5 275,000 262,625 --------------- 1,451,600 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA--9.8% Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 710,500 - ----------------------------------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 1,050,000 1,005,375 - ----------------------------------------------------------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 900,000 792,000 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,450,000 1,294,125 - ----------------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings I LLC, 11% Sr. Sec. Nts., 10/1/15 1,895,000 1,928,163 - ----------------------------------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 7 2,700,000 2,565,000 - ----------------------------------------------------------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 800,000 822,000 - ----------------------------------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 700,000 722,750 9.875% Sr. Sub. Nts., 8/15/13 1,772,000 1,893,825 - ----------------------------------------------------------------------------------------------------------------------------------- Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 7 500,000 472,500 8% Unsec. Nts., 11/15/13 1,420,000 1,437,750 - ----------------------------------------------------------------------------------------------------------------------------------- Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16 2,300,000 2,305,750 - ----------------------------------------------------------------------------------------------------------------------------------- Lamar Media Corp.: 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,357,000 1,316,290 7.25% Sr. Unsec. Sub. Nts., 1/1/13 200,000 202,000 - ----------------------------------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 785,000 767,338 - ----------------------------------------------------------------------------------------------------------------------------------- Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 7 2,200,000 1,870,000 - ----------------------------------------------------------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,400,000 1,043,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 800,000 612,000 - ----------------------------------------------------------------------------------------------------------------------------------- Nielsen Finance LLC, 10% Sr. Unsec. Nts., 8/1/14 3,230,000 3,431,875 - ----------------------------------------------------------------------------------------------------------------------------------- Nielsen Finance LLC/Nielsen Finance Co., 0%/12.50% Sr. Unsec. Sub. Disc. Nts., 8/1/16 7 1,090,000 768,450 - ----------------------------------------------------------------------------------------------------------------------------------- Paxson Communications Corp., 11.61% Sr. Sec. Nts., 1/15/13 1,6 1,165,000 1,191,213 - ----------------------------------------------------------------------------------------------------------------------------------- Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 6 460,000 419,750 - ----------------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 4,135,000 3,928,250 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,960,000 1,862,000 6.875% Sr. Nts., 1/15/13 2,700,000 2,565,000 8.875% Sr. Unsec. Nts., Series A-3, 1/15/16 2,525,000 2,584,969 - ----------------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley, Inc., 10.875% Sr. Unsec. Unsub. Nts., 12/15/12 1,020,000 1,088,850 - ----------------------------------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 794,000 - -----------------------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 6 $ 1,040,000 $ 1,084,200 - ----------------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,907,000 1,959,443 - ----------------------------------------------------------------------------------------------------------------------------------- Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13 730,000 728,175 - ----------------------------------------------------------------------------------------------------------------------------------- Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 1,400,000 1,428,000 10.875% Sr. Unsec. Nts., Series B, 6/15/09 400,000 387,000 - ----------------------------------------------------------------------------------------------------------------------------------- Warner Music Group, 7.375% Sr. Sub. Bonds, 4/15/14 800,000 700,000 - ----------------------------------------------------------------------------------------------------------------------------------- WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 7 2,365,000 1,667,325 - ----------------------------------------------------------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc., 9.75% Sr. Unsec. Nts., 5/1/14 1,500,000 1,511,250 --------------- 49,860,116 - ----------------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.7% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 1,800,000 1,692,000 - ----------------------------------------------------------------------------------------------------------------------------------- Neiman Marcus Group, Inc. (The): 9% Sr. Unsec. Nts., 10/15/15 1,345,000 1,439,150 10.375% Sr. Unsec. Sub. Nts., 10/15/15 625,000 684,375 --------------- 3,815,525 - ----------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--1.1% Claire's Stores, Inc., 10.50% Sr. Sub. Nts., 6/1/17 6 2,195,000 1,701,125 - ----------------------------------------------------------------------------------------------------------------------------------- Gamestop Corp., 8% Sr. Unsec. Nts., 10/1/12 900,000 940,500 - ----------------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 350,000 334,250 - ----------------------------------------------------------------------------------------------------------------------------------- Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 1,630,000 1,654,450 10.50% Sr. Unsec. Sub. Nts., 11/15/16 1,002,000 1,007,010 --------------- 5,637,335 - ----------------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.2% Invista, Inc., 9.25% Sr. Nts., 5/1/12 6 1,535,000 1,619,425 - ----------------------------------------------------------------------------------------------------------------------------------- Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 2,770,000 2,922,350 - ----------------------------------------------------------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 5 500,000 507,500 - ----------------------------------------------------------------------------------------------------------------------------------- Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 975,000 938,438 --------------- 5,987,713 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--4.6% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.3% Constellation Brands, Inc.: 7.25% Sr. Nts., 9/1/16 825,000 829,125 8.125% Sr. Sub. Nts., 1/15/12 500,000 511,250 --------------- 1,340,375 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.6% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 2,530,000 2,580,957 - ----------------------------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 4,040,000 4,833,476 - ----------------------------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 5,8,9,10 476,601 -- - ----------------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp., 8.125% Sr. Sec. Nts., 5/1/10 900,000 906,750 --------------- 8,321,183 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.3% Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 350,000 337,750 8.625% Sr. Sub. Nts., 12/15/12 1,000,000 1,020,000 - ----------------------------------------------------------------------------------------------------------------------------------- Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 420,000 399,000
5 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED 8.625% Sr. Nts., 5/1/09 $ 687,000 $ 692,153 8.875% Sr. Unsec. Nts., 3/15/11 146,000 143,080 - ----------------------------------------------------------------------------------------------------------------------------------- Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 6 2,475,000 2,332,688 - ----------------------------------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc.: 7.625% Sr. Unsec. Sub. Nts., 2/15/08 925,000 929,625 8% Sr. Nts., Series B, 10/15/09 900,000 933,750 --------------- 6,788,046 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.2% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 900,000 870,750 - ----------------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.7% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,150,000 1,138,500 - ----------------------------------------------------------------------------------------------------------------------------------- Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 5 1,000,000 1,052,500 9.375% Sr. Unsec. Sub. Nts., 6/1/11 1,295,000 1,338,706 --------------- 3,529,706 - ----------------------------------------------------------------------------------------------------------------------------------- TOBACCO--0.5% Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 2,265,000 2,402,504 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY--7.4% - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.2% Basic Energy Services, Inc., 7.125% Sr. Unsec. Nts., 4/15/16 455,000 444,763 - ----------------------------------------------------------------------------------------------------------------------------------- PHI, Inc., 7.125% Sr. Unsec. Nts., 4/15/13 545,000 525,925 --------------- 970,688 - ----------------------------------------------------------------------------------------------------------------------------------- OIL & GAS--7.2% Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 450,000 445,500 - ----------------------------------------------------------------------------------------------------------------------------------- Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 260,000 263,900 - ----------------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 1,150,000 1,134,188 6.875% Sr. Unsec. Nts., 1/15/16 1,920,000 1,929,600 7.50% Sr. Nts., 6/15/14 700,000 721,000 - ----------------------------------------------------------------------------------------------------------------------------------- Compton Petroleum Finance Corp., 7.625% Sr. Nts., 12/1/13 1,400,000 1,358,000 - ----------------------------------------------------------------------------------------------------------------------------------- Copano Energy LLC, 8.125% Sr. Unsec. Nts., 3/1/16 425,000 434,563 - ----------------------------------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,000,000 1,020,000 - ----------------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 450,000 444,375 - ----------------------------------------------------------------------------------------------------------------------------------- Inergy LP/Inergy Finance Corp., 8.25% Sr. Unsec. Nts., 3/1/16 1,165,000 1,208,688 - ----------------------------------------------------------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 5,022,000 5,277,811 - ----------------------------------------------------------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 460,000 451,950 - ----------------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,600,000 1,580,000 - ----------------------------------------------------------------------------------------------------------------------------------- Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 195,000 188,165 - ----------------------------------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 4,710,000 4,780,650 - ----------------------------------------------------------------------------------------------------------------------------------- Pogo Producing Co.: 6.875% Sr. Unsec. Sub. Nts., 10/1/17 200,000 202,000 7.875% Sr. Unsec. Sub. Nts., 5/1/13 440,000 457,600 - ----------------------------------------------------------------------------------------------------------------------------------- Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 1,000,000 1,056,023 - ----------------------------------------------------------------------------------------------------------------------------------- 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., 3/15/15 745,000 730,100 7.375% Sr. Sub. Nts., 7/15/13 400,000 408,000 7.50% Sr. Sub. Nts., 5/15/16 1,760,000 1,804,000 - -----------------------------------------------------------------------------------------------------------------------------------
6 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 $ 1,300,000 $ 1,287,000 7.50% Sr. Sec. Nts., 11/30/16 2,600,000 2,574,000 - ----------------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp.: 6.75% Sr. Unsec. Sub. Nts., 12/15/14 860,000 799,800 8.25% Sr. Unsec. Sub. Nts., 12/15/11 1,300,000 1,303,250 - ----------------------------------------------------------------------------------------------------------------------------------- Targa Resources, Inc., 8.50% Sr. Nts., 11/1/13 6 950,000 954,750 - ----------------------------------------------------------------------------------------------------------------------------------- Tesoro Corp.: 6.25% Sr. Unsec. Nts., 11/1/12 515,000 518,863 6.625% Sr. Unsec. Nts., 11/1/15 515,000 517,575 - ----------------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp.: 7.25% Sr. Sub. Nts., 5/1/12 800,000 790,000 7.25% Sr. Unsec. Sub. Nts., 5/1/13 350,000 343,000 - ----------------------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 5 300,000 300,750 --------------- 36,784,951 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIALS--6.2% - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--1.0% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 2,425,000 2,491,688 - ----------------------------------------------------------------------------------------------------------------------------------- E*TRADE Financial Corp.: 7.375% Sr. Unsec. Nts., 9/15/13 691,000 649,540 8% Sr. Nts., 6/15/11 825,000 825,000 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,225,000 1,144,918 --------------- 5,111,146 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--2.8% Barclays Bank plc, 6.278% Perpetual Bonds 11 6,270,000 5,517,349 - ----------------------------------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 6,11 6,800,000 6,038,597 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 1 2,600,000 2,471,451 --------------- 14,027,397 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.8% Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 5 785,000 790,888 - ----------------------------------------------------------------------------------------------------------------------------------- SLM Corp., 4.50% Nts., Series A, 7/26/10 3,335,000 3,122,957 --------------- 3,913,845 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.6% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 7 200,000 179,000 - ----------------------------------------------------------------------------------------------------------------------------------- Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 6 2,535,000 2,325,863 - ----------------------------------------------------------------------------------------------------------------------------------- Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 270,000 273,375 10.106% Sr. Unsec. Nts., 5/1/10 1 270,000 274,050 --------------- 3,052,288 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE--0.2% MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/36 1 1,210,000 1,154,361 - ----------------------------------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 6 110,000 135,356 --------------- 1,289,717 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.8% Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 1 837,000 887,220 - ----------------------------------------------------------------------------------------------------------------------------------- Host Hotels & Resorts LP, 6.875% Sr. Unsub. Nts., 11/1/14 260,000 260,650 - -----------------------------------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE CONTINUED Host Marriott LP: 6.375% Sr. Nts., Series O, 3/15/15 $ 2,025,000 $ 1,989,563 6.75% Sr. Nts., Series Q, 6/1/16 500,000 497,500 - ----------------------------------------------------------------------------------------------------------------------------------- Ventas Realty LP/Ventas Capital Corp., 6.75% Sr. Nts., 4/1/17 550,000 551,375 --------------- 4,186,308 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--3.0% - ----------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.1% Angiotech Pharmaceuticals, Inc., 7.75% Sr. Sub. Nts., 4/1/14 455,000 418,600 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.7% DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 890,000 887,775 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,910,000 1,924,325 - ----------------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 1,600,000 1,608,000 - ----------------------------------------------------------------------------------------------------------------------------------- HCA, Inc., 6.375% Nts., 1/15/15 3,855,000 3,296,025 - ----------------------------------------------------------------------------------------------------------------------------------- HealthSouth Corp., 10.75% Sr. Unsec. Nts., 6/15/16 505,000 534,038 - ----------------------------------------------------------------------------------------------------------------------------------- Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 185,000 173,438 6.875% Sr. Sub. Nts., 12/15/15 285,000 265,050 - ----------------------------------------------------------------------------------------------------------------------------------- Psychiatric Solutions, Inc., 7.75% Sr. Unsec. Sub. Nts., 7/15/15 485,000 493,488 - ----------------------------------------------------------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,450,000 1,305,000 - ----------------------------------------------------------------------------------------------------------------------------------- US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 650,000 658,125 10.75% Sr. Unsec. Sub. Nts., 8/15/14 650,000 674,375 - ----------------------------------------------------------------------------------------------------------------------------------- Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 7 2,777,000 2,089,693 --------------- 13,909,332 - ----------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--0.2% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 5 800,000 788,000 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.9% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.2% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 910,000 903,175 - ----------------------------------------------------------------------------------------------------------------------------------- Bombardier, Inc., 8% Sr. Nts., 11/15/14 6 455,000 478,888 - ----------------------------------------------------------------------------------------------------------------------------------- DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 735,000 729,488 6.875% Sr. Unsec. Sub. Nts., 11/1/13 300,000 301,500 7.625% Sr. Sub. Nts., 2/1/18 320,000 328,000 - ----------------------------------------------------------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 684,000 660,060 6.125% Sr. Unsec. Sub. Nts., 1/15/14 1,100,000 1,083,500 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,280,000 1,264,000 7.625% Sr. Sub. Nts., 6/15/12 500,000 513,750 --------------- 6,262,361 - ----------------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 5,8,10 1,575,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.6% Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 5 100,000 97,750 - ----------------------------------------------------------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Unsec. Sub. Nts., 12/15/12 2,370,000 2,340,375 - ----------------------------------------------------------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 600,000 523,500 --------------- 2,961,625
8 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.3% Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 $ 2,850,000 $ 2,878,500 - ----------------------------------------------------------------------------------------------------------------------------------- American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05 5,8,10 200,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15 730,000 748,250 - ----------------------------------------------------------------------------------------------------------------------------------- Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,100,000 1,006,500 - ----------------------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 890,000 881,100 7.50% Sr. Nts., 5/1/11 500,000 506,250 - ----------------------------------------------------------------------------------------------------------------------------------- FTI Consulting, Inc., 7.75% Sr. Unsec. Nts., 10/1/16 640,000 665,600 --------------- 6,686,200 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.1% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 5 250,000 241,250 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.2% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 650,000 664,625 - ----------------------------------------------------------------------------------------------------------------------------------- UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 184,000 192,740 --------------- 857,365 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY--1.3% Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 730,000 751,900 - ----------------------------------------------------------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 6 600,000 543,000 - ----------------------------------------------------------------------------------------------------------------------------------- Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 740,000 741,850 - ----------------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13 150,000 150,000 - ----------------------------------------------------------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 5 1,700,000 1,606,500 - ----------------------------------------------------------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 1,774,000 1,818,350 - ----------------------------------------------------------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 1,000,000 965,000 --------------- 6,576,600 - ----------------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.9% Avis Budget Car Rental LLC: 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 800,000 790,000 7.75% Sr. Unsec. Unsub. Nts., 5/15/16 455,000 448,175 8.058% Sr. Unsec. Unsub. Nts., 5/15/14 1 180,000 176,400 - ----------------------------------------------------------------------------------------------------------------------------------- Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 90,000 93,150 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,570,000 1,703,450 - ----------------------------------------------------------------------------------------------------------------------------------- Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 500,000 508,125 - ----------------------------------------------------------------------------------------------------------------------------------- Stena AB: 7% Sr. Unsec. Nts., 12/1/16 150,000 150,000 7.50% Sr. Unsec. Nts., 11/1/13 928,000 937,280 --------------- 4,806,580 - ----------------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.3% Ashtead Capital, Inc., 9% Nts., 8/15/16 6 440,000 436,150 - ----------------------------------------------------------------------------------------------------------------------------------- H&E Equipment Services, Inc., 8.375% Sr. Unsec. Nts., 7/15/16 480,000 470,400 - ----------------------------------------------------------------------------------------------------------------------------------- Interline Brands, Inc., 8.125% Sr. Sub. Nts., 6/15/14 575,000 570,688 - ----------------------------------------------------------------------------------------------------------------------------------- United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 5,000,000 5,125,000 --------------- 6,602,238 - ----------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--1.0% - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.0% Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 5,10 1,150,000 12 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 950,000 1,016,500
9 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 5,8,10 [EUR] 846,550 $ -- - ----------------------------------------------------------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 5,8,10 240,208 -- - ----------------------------------------------------------------------------------------------------------------------------------- PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 5,8,10 [EUR] 1,000,000 -- --------------- -- - ----------------------------------------------------------------------------------------------------------------------------------- IT SERVICES--0.8% DI Finance/DynCorp International LLC, 9.50% Sr. Unsec. Sub. Nts., Series B, 2/15/13 5 1,186,000 1,233,440 - ----------------------------------------------------------------------------------------------------------------------------------- iPayment Holdings, Inc., 9.75% Sr. Unsec. Sub. Nts., 5/15/14 750,000 720,000 - ----------------------------------------------------------------------------------------------------------------------------------- Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 2,195,000 2,233,413 --------------- 4,186,853 - ----------------------------------------------------------------------------------------------------------------------------------- MATERIALS--5.9% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS--1.1% Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 400,000 415,500 10.125% Sr. Unsec. Nts., 9/1/08 44,000 45,650 10.625% Sr. Unsec. Nts., 5/1/11 799,000 838,950 - ----------------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC: 7.375% Sr. Unsub. Nts., 1/15/15 5 420,000 441,000 7.875% Sr. Unsec. Sub. Nts., 11/15/14 260,000 278,200 - ----------------------------------------------------------------------------------------------------------------------------------- Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 1 332,000 362,710 11.625% Sr. Unsec. Nts., 10/15/10 5 37,000 39,313 - ----------------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co.: 8% Sr. Unsec. Nts., 9/15/14 5 1,375,000 1,519,375 8.25% Sr. Unsec. Nts., 9/15/16 735,000 832,388 10.50% Sr. Sec. Nts., 6/1/13 800,000 864,000 --------------- 5,637,086 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.3% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 7 2,420,000 1,500,400 - ----------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--2.0% Ball Corp., 6.625% Sr. Nts., 3/15/18 910,000 896,350 - ----------------------------------------------------------------------------------------------------------------------------------- Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 760,000 788,500 - ----------------------------------------------------------------------------------------------------------------------------------- Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 1,995,000 1,985,025 - ----------------------------------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 1,770,000 1,809,825 9.50% Sr. Sub. Nts., 8/15/13 945,000 975,713 - ----------------------------------------------------------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 8.25% Sr. Unsec. Nts., 5/15/13 1,657,000 1,723,280 8.75% Sr. Sec. Nts., 11/15/12 1,350,000 1,412,438 8.875% Sr. Sec. Nts., 2/15/09 264,000 269,280 --------------- 9,860,411 - ----------------------------------------------------------------------------------------------------------------------------------- METALS & MINING--2.2% AK Steel Corp., 7.75% Sr. Unsec. Nts., 6/15/12 1,107,000 1,126,373 - ----------------------------------------------------------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 5,460,000 5,978,700 - ----------------------------------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,364,000 1,486,474 - ----------------------------------------------------------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 5 800,000 850,000 - ----------------------------------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15 1 1,935,000 1,876,950 --------------- 11,318,497
10 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.3% Domtar, Inc., 7.125% Nts., 8/15/15 $ 800,000 $ 772,000 - ----------------------------------------------------------------------------------------------------------------------------------- Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 445,000 333,750 - ----------------------------------------------------------------------------------------------------------------------------------- Verso Paper Holdings LLC, 9.106% Sr. Sec. Nts., Series B, 8/1/14 1 530,000 535,300 --------------- 1,641,050 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--10.2% - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--5.8% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 7,405,000 7,256,900 - ----------------------------------------------------------------------------------------------------------------------------------- Intelsat Bermuda Ltd., 11.25% Sr. Unsec. Nts., 6/15/16 430,000 462,788 - ----------------------------------------------------------------------------------------------------------------------------------- Intelsat Subsidiary Holding Co. Ltd.: 8.25% Sr. Nts., 1/15/13 1 1,300,000 1,326,000 8.625% Sr. Nts., 1/15/15 625,000 640,625 - ----------------------------------------------------------------------------------------------------------------------------------- NTL Cable plc, 9.125% Sr. Nts., 8/15/16 395,000 411,788 - ----------------------------------------------------------------------------------------------------------------------------------- PanAmSat Corp.: 9% Sr. Unsec. Nts., 6/15/16 495,000 512,325 9% Sr. Unsec. Nts., 8/15/14 1,300,000 1,345,500 - ----------------------------------------------------------------------------------------------------------------------------------- Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 6,950,000 7,618,938 - ----------------------------------------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 5,8,10 400,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- West Corp.: 9.50% Sr. Unsec. Nts., 10/15/14 1,040,000 1,079,000 11% Sr. Unsec. Sub. Nts., 10/15/16 935,000 986,425 - ----------------------------------------------------------------------------------------------------------------------------------- Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 4,855,000 5,134,163 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 2,255,000 2,415,669 - ----------------------------------------------------------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 5,8,10 1,000,000 -- --------------- 29,190,121 - ----------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--4.4% American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 348,000 365,400 - ----------------------------------------------------------------------------------------------------------------------------------- American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 780,000 801,450 7.50% Sr. Nts., 5/1/12 2,620,000 2,705,150 - ----------------------------------------------------------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 5,8,10 1,834,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 470,000 501,138 - ----------------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp.: 8.875% Sr. Nts., 10/1/13 769,000 822,830 9.61% Sr. Unsec. Nts., 10/15/12 1 290,000 296,525 - ----------------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 15,015,000 15,271,396 - ----------------------------------------------------------------------------------------------------------------------------------- Rogers Wireless, Inc.: 6.375% Sec. Nts., 3/1/14 700,000 707,971 8% Sr. Sub. Nts., 12/15/12 300,000 314,181 - ----------------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 9.875% Sr. Nts., 2/1/10 600,000 630,000 --------------- 22,416,041 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES--5.1% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.1% Edison Mission Energy: 7% Sr. Nts., 5/15/17 6 2,991,000 2,961,090 7.50% Sr. Unsec. Nts., 6/15/13 445,000 458,350 7.75% Sr. Unsec. Nts., 6/15/16 525,000 546,000 - ----------------------------------------------------------------------------------------------------------------------------------- Reliant Energy, Inc., 6.75% Sr. Sec. Nts., 12/15/14 635,000 644,525 - -----------------------------------------------------------------------------------------------------------------------------------
11 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES CONTINUED Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 $ 1,081,000 $ 1,068,688 --------------- 5,678,653 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--3.7% AES Corp. (The): 7.75% Sr. Unsec. Unsub. Nts., 3/1/14 200,000 204,000 8.75% Sr. Sec. Nts., 5/15/13 6 1,550,000 1,629,438 - ----------------------------------------------------------------------------------------------------------------------------------- AES Red Oak LLC: 8.54% Sr. Sec. Bonds, Series A, 11/30/19 559,250 598,397 9.20% Sr. Sec. Bonds, Series B, 11/30/29 500,000 550,000 - ----------------------------------------------------------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 1,501,000 1,482,238 8.75% Sr. Nts., 2/15/12 1,042,000 1,081,075 - ----------------------------------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC: 8.30% Sr. Unsec. Nts., 5/1/11 4,400,000 4,466,000 9.125% Sr. Unsec. Nts., 5/1/31 1,200,000 1,200,000 - ----------------------------------------------------------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 1,034,898 1,076,724 - ----------------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc.: 7.375% Sr. Nts., 1/15/17 2,300,000 2,305,750 7.375% Sr. Nts., 2/1/16 4,140,000 4,160,700 --------------- 18,754,322 - ----------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.1% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 400,000 403,076 - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.2% CMS Energy Corp., 7.75% Sr. Nts., 8/1/10 400,000 420,173 - ----------------------------------------------------------------------------------------------------------------------------------- NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 580,000 566,191 --------------- 986,364 --------------- Total Corporate Bonds and Notes (Cost $373,374,144) 367,396,666 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.6% - ----------------------------------------------------------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 5,8,9 13,764 -- - ----------------------------------------------------------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non- Vtg. 5,8 8,000 -- - ----------------------------------------------------------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 5,8,9 342 -- - ----------------------------------------------------------------------------------------------------------------------------------- ION Media Networks, Inc.: 14.25% Cum., Non-Vtg. 8,9 229 1,568,322 9.75% Cv., Series AI 5,8,9 1 822 - ----------------------------------------------------------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 5 10,000 1,444,500 ---------------- Total Preferred Stocks (Cost $3,974,576) 3,013,644 - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--4.7% - ----------------------------------------------------------------------------------------------------------------------------------- AboveNet, Inc. 8 72 5,724 - ----------------------------------------------------------------------------------------------------------------------------------- Alltel Corp. 36,819 2,565,548 - ----------------------------------------------------------------------------------------------------------------------------------- AT&T, Inc. 89,853 3,801,680 - ----------------------------------------------------------------------------------------------------------------------------------- Cebridge Connections Holding LLC 5,8 18,668 186,680 - ----------------------------------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc. 17 54,326 4,660,628 - ----------------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler AG 12 30,102 3,016,220 - -----------------------------------------------------------------------------------------------------------------------------------
12 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- Global Aero Logistics, Inc. 5,8 4,647 $ 74,352 - ----------------------------------------------------------------------------------------------------------------------------------- Gulfstream Holding, Inc. 5,8 56 -- - ----------------------------------------------------------------------------------------------------------------------------------- Mediacom Communications Corp. 8 155,489 1,096,197 - ----------------------------------------------------------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 56,488 4,970,354 - ----------------------------------------------------------------------------------------------------------------------------------- Revlon, Inc., Cl. A 8 939,500 1,080,425 - ----------------------------------------------------------------------------------------------------------------------------------- Telus Corp. 43,953 2,540,891 ---------------- Total Common Stocks (Cost $23,733,027) 23,998,699 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 5,8 1,750 -- - ----------------------------------------------------------------------------------------------------------------------------------- Global Aero Logistics, Inc. Wts., Exp. 2/28/11 8 570 4,550 - ----------------------------------------------------------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 5,8 800 -- ---------------- Total Rights, Warrants and Certificates (Cost $4,339) 4,550 PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- STRUCTURED SECURITIES--0.3% - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2006-1, 7.15%, 5/1/16 5,13 (Cost $1,610,083) $ 1,600,000 1,622,304 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--10.3% - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 14,15 (Cost $52,389,175) 52,389,175 52,389,175 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $510,303,412) 503,809,759 - ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.3% 16 - ----------------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.3% Undivided interest of 0.14% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,425,000) with Bank of America NA, 5.10%, dated 9/28/07, to be repurchased at $1,397,094 on 10/1/07, collateralized by U.S. Agency Mortgages, 5%-5.50%, 5/1/33-6/1/35, with a value of $1,020,000,000 (Cost $1,396,500) $ 1,396,500 1,396,500 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $511,699,912) 99.6% 505,206,259 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.4 2,218,424 ------------------------------- NET ASSETS 100.0% $ 507,424,683 ===============================
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 the current interest rate for a variable or increasing rate security. 13 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 2. 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 $906,777 or 0.18% of the Fund's net assets as of September 30, 2007. 3. When-issued security or forward commitment to be delivered and settled after September 30, 2007. See accompanying Notes. 4. 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 $2,028,441. See accompanying Notes. 5. Illiquid security. The aggregate value of illiquid securities as of September 30, 2007 was $13,830,636, which represents 2.73% of the Fund's net assets. See accompanying Notes. 6. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $28,313,083 or 5.58% of the Fund's net assets as of September 30, 2007. 7. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 8. Non-income producing security. 9. Interest or dividend is paid-in-kind, when applicable. 10. Issue is in default. See accompanying Notes. 11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 12. Partial or fully-loaned security. See accompanying Notes. 13. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 14. Rate shown is the 7-day yield as of September 30, 2007. 15. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 29,765,155 222,167,092 199,543,072 52,389,175
DIVIDEND VALUE INCOME - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 52,389,175 $ 2,801,288
16. 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.
PRINCIPAL AMOUNT SOLD SHORT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS SOLD SHORT--(0.6)% - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., 5%, 10/1/36 $ (1,230,000) $ (1,173,304) Federal National Mortgage Assn., 6%, 10/1/36 (1,960,000) (1,962,756) --------------- Total Mortgage-Backed Obligations Sold Short (Proceeds $(3,159,885)) $ (3,136,060) ===============
17. All or a portion of the security was segregated by the Fund in the amount of $3,190,000, which represented 101.72% of the market value of securities sold short. 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 14 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 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 SOLD SHORT. The Fund may sell short when-issued securities for future settlement when it holds securities that may be used to cover the short sales. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss for the value of the open short position. The Fund records a realized gain or loss when the short position is closed out. STRUCTURED SECURITIES. The Fund invests in structured securities 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 securities are often leveraged, increasing the volatility of each securities' 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 security is sold, matures or expires. 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 September 30, 2007, the Fund had purchased $3,290,126 of securities issued on a when-issued basis or forward commitment and sold $332,841 of securities issued on a when-issued basis or forward commitment. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2007, securities with an aggregate market value of $12, representing less than 0.005% 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. 15 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. 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, if applicable. 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 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. 16 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- As of September 30, 2007, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2007 (DEPRECIATION) - -------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Standard & Poor's 500 Index 12/20/07 35 $ 13,458,375 $ (64,820) U.S. Treasury Nts., 2 yr. 12/31/07 201 41,616,422 121,731 --------------- 56,911 --------------- CONTRACTS TO SELL U.S. Long Bonds 12/19/07 243 27,056,531 152,797 U.S. Treasury Nts., 2 yr. 12/31/07 59 12,215,766 (35,525) U.S. Treasury Nts., 5 yr. 12/31/07 129 13,807,031 (130,011) U.S. Treasury Nts., 10 yr. 12/19/07 130 14,206,563 3,791 --------------- (8,948) --------------- $ 47,963 ===============
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 gain (loss) 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 primarily quotations from counterparties and brokers. 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). 17 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Information regarding such credit default swaps as of September 30, 2007 is as follows:
BUY/SELL NOTIONAL PREMIUM CREDIT AMOUNT PAY/RECEIVE TERMINATION PAID/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATES (RECEIVED) VALUE - --------------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc: Beazer Homes USA, Inc. Sell $ 890 4.7000% 9/20/08 $ - $ (63,457) Citigroup, Inc. Sell 4,870 3.2500 9/20/08 - 10,385 Constellation Brands, Inc. Sell 925 1.0100 6/20/11 - (8,252) Constellation Brands, Inc. Sell 720 1.0300 6/20/11 - (5,936) Merrill Lynch & Co., Inc. Sell 1,455 0.6800 9/20/08 - 4,929 Residential Capital LLC Sell 1,801 1.2200 3/20/08 - (131,496) Residential Capital LLC Sell 1,328 1.7500 3/20/08 - (93,680) Residential Capital LLC Sell 901 1.2000 3/20/08 - (65,869) Six Flags, Inc. Sell 590 7.0000 9/20/08 - 37,531 Smithfield Foods, Inc. Sell 910 1.5000 3/20/12 - 914 The Mosaic Co. Sell 450 1.5000 9/20/12 - 9,128 - --------------------------------------------------------------------------------------------------------------------------------- Citibank NA, New York: Allied Waste North America, Inc. Sell 980 1.8800 3/20/12 - (23,338) Amkor Technology, Inc. Sell 260 2.0500 9/20/08 - 1,985 Echostar DBS Corp. Sell 605 1.9000 9/20/11 - 19,743 Echostar DBS Corp. Sell 440 1.9000 9/20/11 - 14,359 El Paso Corp. Sell 928 0.7200 6/20/11 - (16,155) El Paso Corp. Sell 830 0.7800 6/20/11 - (12,766) El Paso Corp. Sell 795 0.8200 6/20/11 - (11,152) Ford Motor Credit Co. Sell 1,700 2.3200 3/20/12 - (84,823) Nalco Co. Sell 435 3.6000 9/20/12 - 14,842 Nortel Networks Corp. Sell 1,735 1.8900 9/20/08 - 7,692 NXP B.V. Sell 1,345 4.6500 9/20/12 - (35,822) NXP B.V. Sell 265 4.5000 9/20/12 - (8,571) Reliant Energy, Inc. Sell 1,070 2.6000 9/20/11 - (7,527) Reliant Energy, Inc. Sell 465 2.4500 9/20/11 - (5,674) Reliant Energy, Inc. Sell 1,035 3.9000 9/20/11 - 39,626 The Williams Cos., Inc. Sell 400 1.1100 3/20/12 - 5,223
18 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Tribune Co. Sell 1,300 7.6000 9/20/08 - 14,753 Tribune Co. Sell 1,160 7.5000 9/20/08 - 10,839 Univision Communications, Inc. Sell 442 1.1000 6/20/08 - (2,598) - --------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: ArvinMeritor, Inc. Sell 900 1.4000 9/20/08 - (106) ArvinMeritor, Inc. Sell 870 1.6000 9/20/08 - 1,599 CenturyTel, Inc. Buy 1,125 0.3775 9/20/12 - 1,359 Charter Communications Holdings LLC Buy 635 5.0000 9/20/10 40,481 32,822 Charter Communications Holdings LLC Sell 635 5.0000 9/20/17 (127,000) (111,233) Charter Communications Holdings LLC Buy 175 7.0000 9/20/10 - (515) Charter Communications Holdings LLC Sell 175 5.0000 9/20/17 (35,000) (30,127) Constellation Brands, Inc. Sell 515 1.0200 6/20/11 - (3,489) Constellation Brands, Inc. Sell 456 1.0000 6/20/11 - (3,420) CVRD Inco Ltd. Buy 445 0.5800 3/20/17 - (2,435) Dean Foods Co. Sell 465 1.0000 6/20/11 - (7,052) Dean Foods Co. Sell 455 1.0200 6/20/11 - (6,593) Dow Jones CDX.NA.HY.7 Index Sell 1,370 3.2500 12/20/11 50,804 13,819 Echostar DBS Corp. Sell 435 2.1300 9/20/11 - 16,878 El Paso Corp. Sell 465 0.7700 6/20/11 - (9,485) El Paso Corp. Sell 460 0.7400 6/20/11 - (9,847) Embarq Corp. Buy 2,060 0.7300 9/20/12 - (14,496) Embarq Corp. Buy 1,125 0.5700 9/20/12 - (279) Ford Motor Credit Co. Sell 4,100 2.3850 3/20/12 - (195,749) Ford Motor Credit Co. Sell 875 2.5500 3/20/12 - (37,038) Freescale Semiconductor, Inc. Sell 455 3.6000 9/20/11 - (14,911) Freescale Semiconductor, Inc. Sell 455 3.2000 9/20/11 - (20,839)
19 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Freescale Semiconductor, Inc. Sell 270 3.5000 9/20/11 - (9,733) GMAC LLC Sell 1,810 1.3900 3/20/17 - (170,903) Nalco Co. Sell 860 3.4000 9/20/12 - 19,508 Nalco Co. Sell 425 3.6000 9/20/12 - 13,069 NXP B.V. Sell 405 5.2500 9/20/12 - 4,202 NXP B.V. Sell 350 6.2000 9/20/12 - 16,466 NXP B.V. Sell 455 4.0000 9/20/12 - (17,233) NXP B.V. Sell 270 4.0800 9/20/12 - (9,392) NXP B.V. Sell 270 4.4000 9/20/12 - (6,057) Residential Capital LLC Sell 885 1.3000 3/20/08 - (34,647) Smithfield Foods, Inc. Sell 900 1.4900 3/20/12 - 506 The Goodyear Tire & Rubber Co. Sell 580 1.5500 9/20/08 - 5,921 The Williams Cos., Inc. Sell 3,000 1.1500 3/20/12 - 42,545 Toys "R" Us, Inc. Sell 500 2.8000 9/20/08 - (4,348) TXU Corp. Sell 925 1.5300 6/20/11 - (70,189) TXU Corp. Sell 410 1.6100 6/20/11 - (30,072) Vale Overseas Ltd. Sell 445 1.0300 3/20/17 - (4,514) - --------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 1,080 0.1700 5/25/46 (129,590) (113,430) CenturyTel, Inc. Buy 2,060 0.5300 9/20/12 - (9,644) CenturyTel, Inc. Buy 1,685 0.4250 9/20/12 - (135) Countrywide Home Loans, Inc. Sell 4,845 2.5500 9/20/08 - (111,333) Countrywide Home Loans, Inc. Sell 370 3.2500 9/20/08 - (6,028) CVRD Inco Ltd. Buy 910 0.4200 3/20/17 - 7,313 CVRD Inco Ltd. Buy 840 0.6300 3/20/17 - (6,741) Dow Jones CDX.NA.HY.7 Index Sell 3,835 3.2500 12/20/11 142,214 38,012 Echostar DBS Corp. Sell 230 1.6000 9/20/11 - 5,282 Embarq Corp. Buy 1,685 0.6100 9/20/12 - 477 Ford Motor Co. Sell 3,440 5.8500 12/20/16 - (29,197)
20 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Ford Motor Co. Sell 2,750 5.8000 12/20/16 - (30,203) Ford Motor Co. Sell 2,335 6.0000 12/20/16 - (2,337) Ford Motor Credit Co. Sell 2,805 2.3900 3/20/12 - (132,533) Ford Motor Credit Co. Sell 1,360 2.3400 3/20/12 - (45,558) General Motors Corp. Sell 2,200 4.6800 12/20/16 - (22,914) General Motors Corp. Sell 1,865 4.7500 12/20/16 - (12,526) GMAC LLC Sell 1,820 1.3700 3/20/17 - (186,924) Lear Corp. Sell 885 2.4000 9/20/08 - 12,180 Lehman Brothers Holdings, Inc. Sell 735 1.4100 9/20/08 - 4,282 MBIA, Inc. Sell 730 1.5200 9/20/08 - (747) Mediacom LLC Sell 150 4.9000 9/20/12 - 2,917 SLM Corp. Sell 580 2.0100 9/20/09 - 4,630 The Williams Cos., Inc. Sell 990 1.0200 3/20/12 - 9,314 TXU Corp. Sell 1,105 2.5500 9/20/08 - (918) Vale Overseas Ltd. Sell 910 1.0000 3/20/17 - (4,430) Vale Overseas Ltd. Sell 840 1.0500 3/20/17 - (1,021) - --------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 380 0.1700 5/25/46 (31,309) (37,995) General Motors Corp. Sell 1,865 4.9500 12/20/16 - (10,522) - --------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs International: Amkor Technology, Inc. Sell 295 2.6500 9/20/08 - 2,922 ArvinMeritor, Inc. Sell 890 1.6000 9/20/08 - 2,748 ArvinMeritor, Inc. Sell 585 2.2500 9/20/08 - 5,525 Beazer Homes USA, Inc. Sell 920 2.5000 6/20/08 - (82,886) Beazer Homes USA, Inc. Sell 890 4.8000 9/20/08 - (87,215) Beazer Homes USA, Inc. Sell 810 2.6500 9/20/08 - (93,565) Constellation Brands, Inc. Sell 380 1.9000 6/20/11 - 7,022 First Data Corp. Sell 585 1.3500 9/20/08 - (6,958)
21 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- First Data Corp. Sell 175 3.0000 9/20/08 - 719 Ford Motor Co. Sell 500 6.4000 12/20/17 - 8,332 Freescale Semiconductor, Inc. Sell 1,265 3.8500 9/20/11 - (15,937) Freescale Semiconductor, Inc. Sell 910 3.6000 9/20/11 - (27,913) Freescale Semiconductor, Inc. Sell 440 3.7500 9/20/11 - (11,402) Freescale Semiconductor, Inc. Sell 270 3.7000 9/20/11 - (4,884) General Motors Corp. Sell 500 5.9500 12/20/17 - 24,972 GMAC LLC Sell 2,290 1.3900 3/20/17 - (237,439) GMAC LLC Sell 1,095 1.3900 3/20/17 - (113,535) GMAC LLC Sell 1,030 1.3700 3/20/17 - (107,873) GMAC LLC Sell 910 1.3900 3/20/17 - (94,354) K. Hovnanian Enterprises, Inc. Sell 1,775 2.0000 6/20/08 - (93,562) K. Hovnanian Enterprises, Inc. Sell 1,775 1.8000 6/20/08 - (96,010) K. Hovnanian Enterprises, Inc. Sell 1,097 2.0000 6/20/08 - (57,824) Lear Corp. Sell 425 2.2500 9/20/08 - 2,564 Lehman Brothers Holdings, Inc. Sell 730 0.8000 9/20/10 - (2,741) Lennar Corp. Sell 870 2.9000 12/20/08 - (10,601) Nalco Co. Sell 465 3.7000 9/20/12 - 14,270 Residential Capital LLC Sell 900 1.1800 3/20/08 - (56,008) Residential Capital LLC Sell 879 1.3600 3/20/08 - (53,970) Sara Lee Corp. Buy 480 0.4190 9/20/12 - (2,896) Smurfit-Stone Container Enterprises, Inc. Sell 580 1.4500 9/20/08 - 2,563 Standard Pacific Corp. Sell 3,410 2.2000 6/20/08 - (267,101) Standard Pacific Corp. Sell 585 6.6500 9/20/08 - (37,902) The Mosaic Co. Sell 455 1.6000 9/20/12 - 11,741 The Mosaic Co. Sell 250 2.0000 9/20/12 - 6,121 - ----------------------------------------------------------------------------------------------------------------------------------
22 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- JPMorgan Chase Bank NA, NY Branch: Citigroup, Inc. Sell 880 1.3000 9/20/08 - (9,584) Countrywide Home Loans, Inc. Sell 1,820 1.8000 9/20/08 - (58,451) CVRD Inco Ltd. Buy 460 0.5200 3/20/17 - (888) Dean Foods Co. Sell 1,200 1.0800 6/20/11 - (17,380) Dean Foods Co. Sell 930 1.0300 6/20/11 - (15,033) Dean Foods Co. Sell 930 1.0600 6/20/11 - (14,095) Dean Foods Co. Sell 460 1.0500 6/20/11 - (7,126) Dole Food Co., Inc. Sell 225 2.3800 9/20/08 - (1,215) Ford Motor Co. Sell 2,335 6.0000 12/20/16 - (984) General Motors Corp. Sell 2,760 4.7500 12/20/16 - (38,457) Lehman Brothers Holdings Inc. Sell 5,770 1.5500 9/20/08 - 42,737 Mediacom LLC Sell 425 5.2500 9/20/12 - 6,638 Merrill Lynch & Co., Inc. Sell 5,770 0.8000 9/20/08 - 17,512 Morgan Stanley Sell 6,070 0.7500 9/20/08 - 15,368 Morgan Stanley Sell 860 0.7500 9/20/08 - 2,266 Rite Aid Corp. Sell 555 1.4000 9/20/08 - (4,099) The Bear Stearns Cos., Inc. Sell 1,470 2.7000 9/20/08 - 24,918 The Mosaic Co. Sell 455 1.5000 9/20/12 - 11,986 The Mosaic Co. Sell 450 1.3500 9/20/12 - 8,884 The Mosaic Co. Sell 895 1.5000 9/20/12 - 23,576 Toys "R" Us, Inc. Sell 450 1.9200 9/20/08 - (3,372) Tribune Co. Sell 890 8.5000 9/20/08 - 169 - ---------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: ABX.HE.AA.06-2 Index Sell 490 0.1700 5/25/46 (120,022) (53,387) Allied Waste North America, Inc. Sell 840 1.8800 3/20/12 - (25,735) Allied Waste North America, Inc. Sell 330 1.8800 3/20/12 - (10,110) Amkor Technology, Inc. Sell 430 2.5000 9/20/08 - 4,887 ArvinMeritor, Inc. Sell 890 1.1500 9/20/08 - (2,833) ArvinMeritor, Inc. Sell 810 2.2000 9/20/08 - 5,700
23 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- ArvinMeritor, Inc. Sell 445 3.0000 9/20/08 - 6,597 Beazer Homes USA, Inc. Sell 1,280 5.4000 9/20/08 - (92,739) Beazer Homes USA, Inc. Sell 585 5.0000 9/20/08 (58,500) (44,371) Beazer Homes USA, Inc. Sell 1,650 2.6500 6/20/08 - (106,800) Beazer Homes USA, Inc. Sell 465 2.3300 6/20/08 - (31,093) Cablevision Systems Corp. Sell 930 3.1300 12/20/10 - (1,326) Cablevision Systems Corp. Sell 230 3.4000 12/20/10 - 1,512 Centex Corp. Sell 590 1.7500 9/20/09 - (2,994) Charter Communications Holdings LLC Sell 435 5.0000 9/20/12 (69,600) (50,426) Charter Communications Holdings LLC Buy 435 7.6000 9/20/10 - (21,425) Charter Communications Holdings LLC Sell 430 5.0000 9/20/12 (64,500) (49,551) Charter Communications Holdings LLC Buy 430 7.2500 9/20/10 - (17,590) Charter Communications Holdings LLC Buy 330 7.4000 9/20/10 - (13,353) Charter Communications Holdings LLC Sell 330 5.0000 9/20/12 (49,500) (39,024) Constellation Brands, Inc. Sell 920 1.0000 6/20/11 - (8,954) Dole Food Co., Inc. Sell 845 3.2000 9/20/08 - 1,705 Dole Food Co., Inc. Sell 610 5.2500 9/20/08 - 13,322 Dow Jones CDX.NA.HY.7 Index Sell 899 3.2500 12/20/11 17,406 8,428 Dow Jones CDX.NA.HY.7 Index Sell 899 3.2500 12/20/11 17,406 8,428 D.R. Horton, Inc. Sell 1,140 4.2000 12/20/08 - (663) Echostar DBS Corp. Sell 300 1.6000 9/20/11 - 6,071 El Paso Corp. Sell 1,392 0.7300 6/20/11 - (13,847) El Paso Corp. Sell 400 0.8000 6/20/11 - (3,021) First Data Corp. Sell 870 3.5000 9/20/08 - 9,663 First Data Corp. Sell 870 2.7500 9/20/08 - 3,346 First Data Corp. Sell 477 3.0000 9/20/08 - 2,989
24 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- First Data Corp. Sell 400 3.0000 9/20/08 - 2,507 Freescale Semiconductor, Inc. Sell 430 3.7200 9/20/11 - (11,168) Freescale Semiconductor, Inc. Sell 635 3.5500 9/20/11 - (20,033) GMAC LLC Sell 975 1.4000 3/20/17 - (112,606) GMAC LLC Sell 910 1.4000 3/20/17 - (105,100) Harrah's Operating Co., Inc. Sell 1,100 2.3000 9/20/08 - 6,511 K. Hovnanian Enterprises, Inc. Sell 1,385 4.2200 9/20/08 - (67,738) K. Hovnanian Enterprises, Inc. Sell 585 7.5000 9/20/08 - (11,430) Lear Corp. Sell 875 2.0000 9/20/08 - 4,451 Lear Corp. Sell 870 2.5000 9/20/08 - 2,336 Lear Corp. Sell 870 3.7000 9/20/08 - 18,812 Lear Corp. Sell 870 2.1000 9/20/08 - 5,272 Lennar Corp. Sell 3,535 2.9000 12/20/08 - (22,100) Levi Strauss & Co. Sell 570 1.6000 9/20/08 - 2,327 MBIA, Inc. Sell 4,855 1.9500 9/20/08 - 4,120 Mediacom LLC Sell 555 5.0000 9/20/12 - 15,864 Mediacom LLC Sell 340 4.8000 9/20/12 - 7,042 Mediacom LLC Sell 320 4.8000 9/20/12 - 7,428 Mediacom LLC Sell 275 4.7500 9/20/12 - 5,692 Mediacom LLC Sell 225 5.8000 9/20/12 - 13,516 Mediacom LLC Sell 140 4.7500 9/20/12 - 2,898 Morgan Stanley Sell 1,460 0.6400 9/20/08 - 4,342 Nalco Co. Sell 260 3.4000 9/20/12 - 5,511 Nortel Networks Corp. Sell 865 1.8500 9/20/08 - 1,234 NXP B.V. Sell 390 5.9500 9/20/12 - 5,619 NXP B.V. Sell 635 4.1500 9/20/12 - (33,794) NXP B.V. Sell 450 4.4500 9/20/12 - (18,877) Pulte Homes, Inc. Sell 875 2.8500 9/20/09 - (20,163) Quebecor World, Inc. Sell 590 2.8500 9/20/08 - 5,351
25 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Reliant Energy, Inc. Sell 845 2.1500 9/20/11 - (16,478) Reliant Energy, Inc. Sell 440 2.5000 9/20/11 - (2,848) Rite Aid Corp. Sell 570 3.2500 9/20/08 - 4,379 Rite Aid Corp. Sell 75 1.4500 9/20/08 - (732) Rite Aid Corp. Sell 1,080 1.3500 9/20/08 - (11,587) Rite Aid Corp. Sell 455 1.3500 9/20/08 - (4,881) Saks, Inc. Sell 570 1.7000 9/20/08 - 3,711 Six Flags, Inc. Sell 1,330 5.2200 9/20/08 - 9,974 Six Flags, Inc. Sell 650 7.0000 9/20/08 - 19,674 Six Flags, Inc. Sell 355 5.0000 9/20/08 - 3,232 Smithfield Foods, Inc. Sell 1,190 1.5800 3/20/12 - 785 Tenet Healthcare Corp. Sell 585 4.9000 3/20/09 - (831) The Bear Stearns Cos., Inc. Sell 5,780 1.6000 9/20/08 - 27,975 The Mosaic Co. Sell 910 1.2000 9/20/12 - 13,900 Toys "R" Us, Inc. Sell 1,200 1.9500 9/20/08 - (10,984) Toys "R" Us, Inc. Sell 585 3.2500 9/20/08 - 1,987 Toys "R" Us, Inc. Sell 360 4.3000 9/20/08 - 4,872 Toys "R" Us, Inc. Sell 905 1.8500 9/20/08 - (9,158) Tribune Co. Sell 430 7.4500 9/20/08 - 2,226 Tribune Co. Sell 230 7.5500 9/20/08 - 279 Tribune Co. Sell 580 7.5500 9/20/08 - 823 Univision Communications, Inc. Sell 884 1.1500 6/20/08 - (4,863) Univision Communications, Inc. Sell 442 1.1000 6/20/08 - (2,594) - ---------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch International: Echostar DBS Corp. Sell 430 2.0500 9/20/11 - 13,404 Reliant Energy, Inc. Sell 420 2.0500 9/20/11 - (10,055) TXU Corp. Sell 1,310 2.0600 6/20/11 - (79,731) TXU Corp. Sell 1,150 1.6200 6/20/11 - (86,046)
26 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- TXU Corp. Sell 930 1.5800 6/20/11 - (70,765) TXU Corp. Sell 925 1.5900 6/20/11 - (70,091) TXU Corp. Sell 925 1.5300 6/20/11 - (71,852) - ---------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 730 0.1700 5/25/46 (72,997) (79,536) ABX.HE.AA.06-2 Index Sell 380 0.1700 5/25/46 (30,359) (41,402) Companhia Vale Do Rio Doce Sell 905 0.9200 3/20/17 - (7,926) Companhia Vale Do Rio Doce Sell 895 0.9700 3/20/17 - (4,643) Companhia Vale Do Rio Doce Sell 880 1.0400 3/20/17 - 535 Companhia Vale Do Rio Doce Sell 460 1.0600 3/20/17 - 570 CVRD Inco Ltd. Buy 905 0.5200 3/20/17 - 2,199 CVRD Inco Ltd. Buy 895 0.5200 3/20/17 - 2,174 CVRD Inco Ltd. Buy 880 0.6000 3/20/17 - (3,028) Dean Foods Co. Sell 930 0.9500 6/20/11 - (14,782) Ford Motor Co. Sell 2,335 6.1500 12/20/16 - 17,443 Ford Motor Co. Sell 150 5.9000 12/20/16 - (2,133) General Motors Corp. Sell 1,865 4.9000 12/20/16 - (6,100) General Motors Corp. Sell 120 4.6200 12/20/16 - (6,804) J.C. Penney Co., Inc. Sell 370 1.0700 12/20/17 - (1,116) Kohl's Corp. Buy 555 0.6600 12/20/17 - (10) Lennar Corp. Sell 1,775 2.9000 12/20/08 - (14,328) Massey Energy Co. Sell 690 5.1000 9/20/12 - 26,035 NXP B.V. Sell 155 4.9500 9/20/12 - (2,458) Residential Capital LLC Sell 2,610 6.1700 9/20/08 - (131,568) Residential Capital LLC Sell 875 6.2000 9/20/08 - (43,879) Residential Capital LLC Sell 845 6.2500 9/20/08 - (42,006) Sara Lee Corp. Buy 615 0.4180 9/20/12 - (5,449) Smithfield Foods, Inc. Sell 160 1.7700 3/20/12 - 1,989 Smithfield Foods, Inc. Sell 140 1.5100 3/20/12 - 304
27 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- UBS AG: Lehman Brothers Holdings, Inc. Sell 2,310 1.5500 9/20/08 - 17,051 Massey Energy Co. Sell 430 5.1000 9/20/12 - 14,439 Massey Energy Co. Sell 375 5.0500 9/20/12 - 11,895 The Mosaic Co. Sell 595 1.6500 9/20/12 - 17,744 The Mosaic Co. Sell 425 1.7800 9/20/12 - 14,868 ---------------------------- $ (520,066) $ (4,656,578) ============================
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 primarily quotations from counterparties and brokers. 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 September 30, 2007, the Fund had entered into the following total return swap agreements:
NOTIONAL TERMINATION SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATES VALUE - ------------------------------------------------------------------------------------------------------------------- If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers Lehman Brothers U.S. AAA 8.5+ Index plus Special Financing, Inc. $ 8,200,000 CMBS AAA 8.5+ Index 37.5 basis points 2/1/08 $ 55,996 - ------------------------------------------------------------------------------------------------------------------- If positive, the Total If negative, the Return of the Lehman absolute value of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index minus UBS AG 7,300,000 CMBS AAA 8.5+ Index 32.5 basis points 2/1/08 46,554 ----------- $ 102,550 ===========
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities ILLIQUID SECURITIES As of September 30, 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 28 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of securities, letters of credit or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2007, the Fund had on loan securities valued at $1,402,800, 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 $1,396,500 was received for the loans, all of which was received in cash and subsequently invested in approved investments. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 512,479,520 Federal tax cost of other investments (15,939,008) -------------- Total federal tax cost $ 496,540,512 ============== Gross unrealized appreciation $ 10,696,602 Gross unrealized depreciation (21,932,037) -------------- Net unrealized depreciation $ (11,235,435) ============== 29 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--99.5% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--6.8% - ----------------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.1% Goodyear Tire & Rubber Co. (The) 1 18,300 $ 556,503 - ----------------------------------------------------------------------------------------------------------------------------------- Lear Corp. 1,2 21,500 690,150 ---------------- 1,246,653 - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.0% General Motors Corp. 2 8,400 308,280 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.1% Apollo Group, Inc., Cl. A 1 10,400 625,560 - ----------------------------------------------------------------------------------------------------------------------------------- ITT Educational Services, Inc. 1,2 8,100 985,689 ---------------- 1,611,249 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--0.7% Chipotle Mexican Grill, Inc., Cl. B 1 7,419 793,833 - ----------------------------------------------------------------------------------------------------------------------------------- Marriott International, Inc., Cl. A 33,800 1,469,286 - ----------------------------------------------------------------------------------------------------------------------------------- McDonald's Corp. 102,900 5,604,963 - ----------------------------------------------------------------------------------------------------------------------------------- Wyndham Worldwide Corp. 11,500 376,740 - ----------------------------------------------------------------------------------------------------------------------------------- Yum! Brands, Inc. 248,100 8,393,223 ---------------- 16,638,045 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.1% Black & Decker Corp. 11,600 966,280 - ----------------------------------------------------------------------------------------------------------------------------------- Centex Corp. 14,200 377,294 - ----------------------------------------------------------------------------------------------------------------------------------- KB Home 2 16,800 421,008 - ----------------------------------------------------------------------------------------------------------------------------------- Lennar Corp., Cl. A 2 18,700 423,555 - ----------------------------------------------------------------------------------------------------------------------------------- NVR, Inc. 1,2 1,700 799,425 - ----------------------------------------------------------------------------------------------------------------------------------- Stanley Works (The) 3,100 174,003 - ----------------------------------------------------------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 2 10,500 375,375 - ----------------------------------------------------------------------------------------------------------------------------------- Toll Brothers, Inc. 1 17,100 341,829 ---------------- 3,878,769 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA--3.9% CBS Corp., Cl. B 268,900 8,470,350 - ----------------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc. 2 351,800 13,171,392 - ----------------------------------------------------------------------------------------------------------------------------------- EchoStar Communications Corp., Cl. A 1,2 143,400 6,712,554 - ----------------------------------------------------------------------------------------------------------------------------------- Gannett Co., Inc. 2 158,700 6,935,190 - ----------------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series A 1,2 28,500 1,169,070 - ----------------------------------------------------------------------------------------------------------------------------------- Liberty Media Holding Corp.-Capital, Series A 1 8,000 998,640 - ----------------------------------------------------------------------------------------------------------------------------------- Omnicom Group, Inc. 111,500 5,362,035 - ----------------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc. 831,200 15,260,832 - ----------------------------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 1 293,473 11,436,643 - ----------------------------------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 749,700 25,782,183 ---------------- 95,298,889 - ----------------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.8% Big Lots, Inc. 1,2 28,300 844,472 - ----------------------------------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 22,000 891,880 - ----------------------------------------------------------------------------------------------------------------------------------- Family Dollar Stores, Inc. 33,700 895,072 - ----------------------------------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 3,500 221,795 - -----------------------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Macy's, Inc. 262,000 $ 8,467,840 - ----------------------------------------------------------------------------------------------------------------------------------- Sears Holdings Corp. 1,2 67,800 8,624,160 - ----------------------------------------------------------------------------------------------------------------------------------- Target Corp. 1,400 88,998 ---------------- 20,034,217 - ----------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.8% AutoNation, Inc. 1 19,900 352,628 - ----------------------------------------------------------------------------------------------------------------------------------- AutoZone, Inc. 1 8,500 987,190 - ----------------------------------------------------------------------------------------------------------------------------------- Chico's FAS, Inc. 1,2 20,700 290,835 - ----------------------------------------------------------------------------------------------------------------------------------- Home Depot, Inc. 395,600 12,833,264 - ----------------------------------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 5,500 277,860 - ----------------------------------------------------------------------------------------------------------------------------------- RadioShack Corp. 2 39,500 816,070 - ----------------------------------------------------------------------------------------------------------------------------------- TJX Cos., Inc. (The) 2 203,700 5,921,559 ---------------- 21,479,406 - ----------------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.3% Fossil, Inc. 1 5,100 190,536 - ----------------------------------------------------------------------------------------------------------------------------------- Nike, Inc., Cl. B 112,600 6,605,116 - ----------------------------------------------------------------------------------------------------------------------------------- Polo Ralph Lauren Corp., Cl. A 5,800 450,950 ---------------- 7,246,602 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--6.7% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES--1.3% Coca-Cola Co. (The) 289,800 16,654,806 - ----------------------------------------------------------------------------------------------------------------------------------- PepsiCo, Inc. 208,550 15,278,373 ---------------- 31,933,179 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.1% Costco Wholesale Corp. 2 110,100 6,756,837 - ----------------------------------------------------------------------------------------------------------------------------------- Kroger Co. (The) 306,200 8,732,824 - ----------------------------------------------------------------------------------------------------------------------------------- Safeway, Inc. 297,600 9,853,536 ---------------- 25,343,197 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.2% ConAgra Foods, Inc. 234,300 6,122,259 - ----------------------------------------------------------------------------------------------------------------------------------- General Mills, Inc. 80,600 4,675,606 - ----------------------------------------------------------------------------------------------------------------------------------- Heinz (H.J.) Co. 154,700 7,147,140 - ----------------------------------------------------------------------------------------------------------------------------------- Kellogg Co. 2 78,100 4,373,600 - ----------------------------------------------------------------------------------------------------------------------------------- Sara Lee Corp. 2 444,100 7,412,029 ---------------- 29,730,634 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.9% Procter & Gamble Co. (The) 313,715 22,066,713 - ----------------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.0% NBTY, Inc. 1 8,200 332,920 - ----------------------------------------------------------------------------------------------------------------------------------- TOBACCO--2.2% Altria Group, Inc. 776,600 53,996,998 - ----------------------------------------------------------------------------------------------------------------------------------- UST, Inc. 11,800 585,280 ---------------- 54,582,278 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY--13.0% - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.6% Dresser-Rand Group, Inc. 1 16,800 717,528 - -----------------------------------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Global Industries Ltd. 1 24,600 $ 633,696 - ----------------------------------------------------------------------------------------------------------------------------------- Schlumberger Ltd. 2 368,200 38,661,000 ---------------- 40,012,224 - ----------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--11.4% Anadarko Petroleum Corp. 2 108,600 5,837,250 - ----------------------------------------------------------------------------------------------------------------------------------- Chevron Corp. 2 742,526 69,485,583 - ----------------------------------------------------------------------------------------------------------------------------------- ConocoPhillips 424,483 37,256,873 - ----------------------------------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 1,356,716 125,577,633 - ----------------------------------------------------------------------------------------------------------------------------------- Hess Corp. 2 1,500 99,795 - ----------------------------------------------------------------------------------------------------------------------------------- Holly Corp. 5,700 341,031 - ----------------------------------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 177,300 10,109,646 - ----------------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 221,700 14,206,536 - ----------------------------------------------------------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 2 4,700 361,101 - ----------------------------------------------------------------------------------------------------------------------------------- Tesoro Corp. 2 20,400 938,808 - ----------------------------------------------------------------------------------------------------------------------------------- Valero Energy Corp. 219,500 14,746,010 ---------------- 278,960,266 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIALS--22.6% - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--5.2% Ameriprise Financial, Inc. 190,400 12,016,144 - ----------------------------------------------------------------------------------------------------------------------------------- Bank of New York Mellon Corp. 278,497 12,292,858 - ----------------------------------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 2 67,300 8,265,113 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 161,100 34,916,814 - ----------------------------------------------------------------------------------------------------------------------------------- Janus Capital Group, Inc. 2 33,600 950,208 - ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 2 77,000 4,753,210 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 375,200 26,744,256 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley 2 460,400 29,005,200 ---------------- 128,943,803 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--3.2% Fifth Third Bancorp 111,700 3,784,396 - ----------------------------------------------------------------------------------------------------------------------------------- KeyCorp 39,200 1,267,336 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp 2 322,870 10,502,961 - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Corp. 689,693 34,588,104 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 2 771,800 27,491,516 ---------------- 77,634,313 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.1% Discover Financial Services 1 73,000 1,518,400 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--6.7% Bank of America Corp. 1,165,009 58,565,002 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 1,260,488 58,826,975 - ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 1,038,544 47,586,086 ---------------- 164,978,063 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE--6.2% ACE Ltd. 92,400 5,596,668 - ----------------------------------------------------------------------------------------------------------------------------------- Allstate Corp. 218,500 12,496,015 - ----------------------------------------------------------------------------------------------------------------------------------- AMBAC Financial Group, Inc. 8,100 509,571 - ----------------------------------------------------------------------------------------------------------------------------------- American International Group, Inc. 697,240 47,168,286 - -----------------------------------------------------------------------------------------------------------------------------------
3 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Aon Corp. 105,900 $ 4,745,379 - ----------------------------------------------------------------------------------------------------------------------------------- Assurant, Inc. 9,900 529,650 - ----------------------------------------------------------------------------------------------------------------------------------- Chubb Corp. 252,500 13,544,100 - ----------------------------------------------------------------------------------------------------------------------------------- CNA Financial Corp. 2 65,300 2,567,596 - ----------------------------------------------------------------------------------------------------------------------------------- First American Corp. (The) 9,700 355,214 - ----------------------------------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 390,700 12,006,211 - ----------------------------------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 6,200 177,568 - ----------------------------------------------------------------------------------------------------------------------------------- Lincoln National Corp. 91,200 6,016,464 - ----------------------------------------------------------------------------------------------------------------------------------- MBIA, Inc. 9,600 586,080 - ----------------------------------------------------------------------------------------------------------------------------------- MetLife, Inc. 143,100 9,978,363 - ----------------------------------------------------------------------------------------------------------------------------------- Principal Financial Group, Inc. (The) 156,300 9,860,967 - ----------------------------------------------------------------------------------------------------------------------------------- Safeco Corp. 8,700 532,614 - ----------------------------------------------------------------------------------------------------------------------------------- Travelers Cos., Inc. (The) 295,900 14,895,606 - ----------------------------------------------------------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 125,500 9,939,600 ---------------- 151,505,952 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--0.1% General Growth Properties, Inc. 31,400 1,683,668 - ----------------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.1% Fannie Mae 245,500 14,928,855 - ----------------------------------------------------------------------------------------------------------------------------------- MGIC Investment Corp. 10,800 348,948 - ----------------------------------------------------------------------------------------------------------------------------------- PMI Group, Inc. (The) 2 11,200 366,240 - ----------------------------------------------------------------------------------------------------------------------------------- Washington Mutual, Inc. 2 307,200 10,847,232 ---------------- 26,491,275 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--11.6% - ----------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.1% Amgen, Inc. 1,2 214,800 12,151,236 - ----------------------------------------------------------------------------------------------------------------------------------- Biogen Idec, Inc. 1 159,100 10,553,103 - ----------------------------------------------------------------------------------------------------------------------------------- Genentech, Inc. 1 67,300 5,250,746 ---------------- 27,955,085 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.8% Baxter International, Inc. 148,300 8,346,324 - ----------------------------------------------------------------------------------------------------------------------------------- Covidien Ltd. 1 92,175 3,825,263 - ----------------------------------------------------------------------------------------------------------------------------------- Intuitive Surgical, Inc. 1 2,700 621,000 - ----------------------------------------------------------------------------------------------------------------------------------- Kinetic Concepts, Inc. 1,2 15,300 861,084 - ----------------------------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 2 28,100 1,585,121 - ----------------------------------------------------------------------------------------------------------------------------------- Zimmer Holdings, Inc. 1 38,500 3,118,115 ---------------- 18,356,907 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--5.2% Aetna, Inc. 294,900 16,004,223 - ----------------------------------------------------------------------------------------------------------------------------------- AmerisourceBergen Corp. 13,100 593,823 - ----------------------------------------------------------------------------------------------------------------------------------- Cardinal Health, Inc. 2 14,800 925,444 - ----------------------------------------------------------------------------------------------------------------------------------- CIGNA Corp. 140,800 7,503,232 - ----------------------------------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 10,700 665,647 - ----------------------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc. 1 141,700 7,909,694 - ----------------------------------------------------------------------------------------------------------------------------------- Health Net, Inc. 1 18,300 989,115 - ----------------------------------------------------------------------------------------------------------------------------------- Humana, Inc. 1 18,200 1,271,816 - -----------------------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. 1 4,400 $ 161,260 - ----------------------------------------------------------------------------------------------------------------------------------- McKesson Corp. 170,800 10,041,332 - ----------------------------------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. 1,2 160,500 14,507,595 - ----------------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group, Inc. 745,448 36,102,047 - ----------------------------------------------------------------------------------------------------------------------------------- WellPoint, Inc. 1 399,812 31,553,163 ---------------- 128,228,391 - ----------------------------------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--0.0% Invitrogen Corp. 1,2 10,900 890,857 - ----------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--4.5% Bristol-Myers Squibb Co. 165,600 4,772,592 - ----------------------------------------------------------------------------------------------------------------------------------- Eli Lilly & Co. 31,300 1,781,909 - ----------------------------------------------------------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 4,300 133,343 - ----------------------------------------------------------------------------------------------------------------------------------- Forest Laboratories, Inc. 1,2 200,500 7,476,645 - ----------------------------------------------------------------------------------------------------------------------------------- Johnson & Johnson 629,106 41,332,264 - ----------------------------------------------------------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 73,600 862,592 - ----------------------------------------------------------------------------------------------------------------------------------- Pfizer, Inc. 1,721,200 42,048,916 - ----------------------------------------------------------------------------------------------------------------------------------- Sepracor, Inc. 1,2 23,200 638,000 - ----------------------------------------------------------------------------------------------------------------------------------- Wyeth 222,000 9,890,100 ---------------- 108,936,361 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--8.4% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.1% Boeing Co. 2 242,400 25,449,576 - ----------------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 2 31,400 2,652,358 - ----------------------------------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 293,700 17,466,339 - ----------------------------------------------------------------------------------------------------------------------------------- L-3 Communications Holdings, Inc. 2 49,100 5,015,074 - ----------------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 124,800 13,539,552 - ----------------------------------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 158,600 12,370,800 - ----------------------------------------------------------------------------------------------------------------------------------- Raytheon Co. 2 212,800 13,580,896 - ----------------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 115,100 9,263,248 ---------------- 99,337,843 - ----------------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.0% United Parcel Service, Inc., Cl. B 2 3,800 285,380 - ----------------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.1% AMR Corp. 1,2 40,800 909,432 - ----------------------------------------------------------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 26,800 885,204 - ----------------------------------------------------------------------------------------------------------------------------------- Northwest Airlines Corp. 1 9,400 167,320 - ----------------------------------------------------------------------------------------------------------------------------------- UAL Corp. 1 10,300 479,259 - ----------------------------------------------------------------------------------------------------------------------------------- US Airways Group, Inc. 1 27,700 727,125 ---------------- 3,168,340 - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.1% Lennox International, Inc. 7,800 263,640 - ----------------------------------------------------------------------------------------------------------------------------------- USG Corp. 1,2 22,200 833,610 ---------------- 1,097,250 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.0% ChoicePoint, Inc. 1,2 12,700 481,584 - -----------------------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Robert Half International, Inc. 11,000 $ 328,460 ---------------- 810,044 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.1% Acuity Brands, Inc. 5,200 262,496 - ----------------------------------------------------------------------------------------------------------------------------------- Rockwell Automation, Inc. 2 10,200 709,002 - ----------------------------------------------------------------------------------------------------------------------------------- Thomas & Betts Corp. 1,2 13,300 779,912 ---------------- 1,751,410 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--3.2% 3M Co. 130,000 12,165,400 - ----------------------------------------------------------------------------------------------------------------------------------- General Electric Co. 1,320,200 54,656,280 - ----------------------------------------------------------------------------------------------------------------------------------- Teleflex, Inc. 2 6,500 506,480 - ----------------------------------------------------------------------------------------------------------------------------------- Tyco International Ltd. 252,075 11,177,006 ---------------- 78,505,166 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY--0.8% Caterpillar, Inc. 2 63,000 4,941,090 - ----------------------------------------------------------------------------------------------------------------------------------- Cummins, Inc. 20,400 2,608,956 - ----------------------------------------------------------------------------------------------------------------------------------- Eaton Corp. 106,900 10,587,376 - ----------------------------------------------------------------------------------------------------------------------------------- ITT Corp. 2,600 176,618 - ----------------------------------------------------------------------------------------------------------------------------------- SPX Corp. 10,300 953,368 - ----------------------------------------------------------------------------------------------------------------------------------- Toro Co. (The) 4,400 258,852 ---------------- 19,526,260 - ----------------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.0% Laidlaw International, Inc. 10,900 383,898 - ----------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--23.9% - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--5.1% Cisco Systems, Inc. 1 2,052,000 67,941,720 - ----------------------------------------------------------------------------------------------------------------------------------- CommScope, Inc. 1,2 7,300 366,752 - ----------------------------------------------------------------------------------------------------------------------------------- Foundry Networks, Inc. 1 37,300 662,821 - ----------------------------------------------------------------------------------------------------------------------------------- Juniper Networks, Inc. 1,2 406,200 14,870,982 - ----------------------------------------------------------------------------------------------------------------------------------- Motorola, Inc. 635,800 11,781,374 - ----------------------------------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 686,600 29,015,716 ---------------- 124,639,365 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--7.2% Apple, Inc. 1 185,100 28,420,254 - ----------------------------------------------------------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 48,700 416,872 - ----------------------------------------------------------------------------------------------------------------------------------- Dell, Inc. 1 428,700 11,832,120 - ----------------------------------------------------------------------------------------------------------------------------------- EMC Corp. 1,2 742,300 15,439,840 - ----------------------------------------------------------------------------------------------------------------------------------- Hewlett-Packard Co. 1,054,300 52,493,597 - ----------------------------------------------------------------------------------------------------------------------------------- International Business Machines Corp. 524,900 61,833,220 - ----------------------------------------------------------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 23,500 975,955 - ----------------------------------------------------------------------------------------------------------------------------------- NCR Corp. 1 21,900 1,090,620 - ----------------------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. 1,2 43,300 1,165,203 - ----------------------------------------------------------------------------------------------------------------------------------- Western Digital Corp. 1 39,900 1,010,268 ---------------- 174,677,949
6 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.7% Agilent Technologies, Inc. 1 309,700 $ 11,421,736 - ----------------------------------------------------------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 19,500 829,140 - ----------------------------------------------------------------------------------------------------------------------------------- Avnet, Inc. 1 24,200 964,612 - ----------------------------------------------------------------------------------------------------------------------------------- Tektronix, Inc. 11,100 307,914 - ----------------------------------------------------------------------------------------------------------------------------------- Tyco Electronics Ltd. 108,575 3,846,812 ---------------- 17,370,214 - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.3% eBay, Inc. 1,2 183,600 7,164,072 - ----------------------------------------------------------------------------------------------------------------------------------- Google, Inc., Cl. A 1 43,200 24,506,064 - ----------------------------------------------------------------------------------------------------------------------------------- VeriSign, Inc. 1 17,700 597,198 ---------------- 32,267,334 - ----------------------------------------------------------------------------------------------------------------------------------- IT SERVICES--1.9% Accenture Ltd., Cl. A 322,000 12,960,500 - ----------------------------------------------------------------------------------------------------------------------------------- Affiliated Computer Services, Inc., Cl. A 1 15,200 763,648 - ----------------------------------------------------------------------------------------------------------------------------------- Automatic Data Processing, Inc. 276,600 12,704,238 - ----------------------------------------------------------------------------------------------------------------------------------- Computer Sciences Corp. 1 20,700 1,157,130 - ----------------------------------------------------------------------------------------------------------------------------------- Convergys Corp. 1 39,500 685,720 - ----------------------------------------------------------------------------------------------------------------------------------- DST Systems, Inc. 1,2 11,200 961,072 - ----------------------------------------------------------------------------------------------------------------------------------- Electronic Data Systems Corp. 461,200 10,072,608 - ----------------------------------------------------------------------------------------------------------------------------------- Fidelity National Information Services, Inc. 12,500 554,625 - ----------------------------------------------------------------------------------------------------------------------------------- Gartner, Inc., Cl. A 1 5,300 129,638 - ----------------------------------------------------------------------------------------------------------------------------------- Hewitt Associates, Inc. 1,2 12,700 445,135 - ----------------------------------------------------------------------------------------------------------------------------------- MasterCard, Inc., Cl. A 2 46,300 6,851,011 ---------------- 47,285,325 - ----------------------------------------------------------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.4% Xerox Corp. 1 574,300 9,958,362 - ----------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.5% Analog Devices, Inc. 2 156,700 5,666,272 - ----------------------------------------------------------------------------------------------------------------------------------- Applied Materials, Inc. 589,600 12,204,720 - ----------------------------------------------------------------------------------------------------------------------------------- Atmel Corp. 1 60,000 309,600 - ----------------------------------------------------------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 31,200 482,976 - ----------------------------------------------------------------------------------------------------------------------------------- Intel Corp. 2 574,900 14,866,914 - ----------------------------------------------------------------------------------------------------------------------------------- Intersil Corp., Cl. A 2 13,100 437,933 - ----------------------------------------------------------------------------------------------------------------------------------- KLA-Tencor Corp. 2 12,500 697,250 - ----------------------------------------------------------------------------------------------------------------------------------- Lam Research Corp. 1,2 9,800 521,948 - ----------------------------------------------------------------------------------------------------------------------------------- Linear Technology Corp. 2 30,600 1,070,694 - ----------------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 39,500 1,071,240 - ----------------------------------------------------------------------------------------------------------------------------------- Novellus Systems, Inc. 1 32,300 880,498 - ----------------------------------------------------------------------------------------------------------------------------------- NVIDIA Corp. 1 102,700 3,721,848 - ----------------------------------------------------------------------------------------------------------------------------------- Teradyne, Inc. 1 60,000 828,000 - ----------------------------------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 420,000 15,367,800 - ----------------------------------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 7,900 422,808 - ----------------------------------------------------------------------------------------------------------------------------------- Xilinx, Inc. 40,200 1,050,828 ---------------- 59,601,329
7 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SOFTWARE--4.8% Activision, Inc. 1,2 27,600 $ 595,884 - ----------------------------------------------------------------------------------------------------------------------------------- Adobe Systems, Inc. 1 183,700 8,020,342 - ----------------------------------------------------------------------------------------------------------------------------------- Ansys, Inc. 1 4,500 153,765 - ----------------------------------------------------------------------------------------------------------------------------------- Autodesk, Inc. 1 24,800 1,239,256 - ----------------------------------------------------------------------------------------------------------------------------------- BEA Systems, Inc. 1 71,200 987,544 - ----------------------------------------------------------------------------------------------------------------------------------- BMC Software, Inc. 1 32,100 1,002,483 - ----------------------------------------------------------------------------------------------------------------------------------- CA, Inc. 2 49,900 1,283,428 - ----------------------------------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 14,700 326,193 - ----------------------------------------------------------------------------------------------------------------------------------- Check Point Software Technologies Ltd. 1 10,200 256,836 - ----------------------------------------------------------------------------------------------------------------------------------- Citrix Systems, Inc. 1 14,000 564,480 - ----------------------------------------------------------------------------------------------------------------------------------- Cognos, Inc. 1,2 9,000 373,770 - ----------------------------------------------------------------------------------------------------------------------------------- Compuware Corp. 1 58,600 469,972 - ----------------------------------------------------------------------------------------------------------------------------------- Intuit, Inc. 1 39,300 1,190,790 - ----------------------------------------------------------------------------------------------------------------------------------- McAfee, Inc. 1 21,900 763,653 - ----------------------------------------------------------------------------------------------------------------------------------- MICROS Systems, Inc. 1 3,100 201,717 - ----------------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 2 2,615,700 77,058,522 - ----------------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 1 73,600 562,304 - ----------------------------------------------------------------------------------------------------------------------------------- Oracle Corp. 1 743,600 16,098,940 - ----------------------------------------------------------------------------------------------------------------------------------- Red Hat, Inc. 1,2 42,300 840,501 - ----------------------------------------------------------------------------------------------------------------------------------- Salesforce.com, Inc. 1,2 9,400 482,408 - ----------------------------------------------------------------------------------------------------------------------------------- Symantec Corp. 1 271,700 5,265,546 - ----------------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 21,300 576,804 ---------------- 118,315,138 - ----------------------------------------------------------------------------------------------------------------------------------- MATERIALS--2.1% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS--0.6% Ashland, Inc. 5,600 337,176 - ----------------------------------------------------------------------------------------------------------------------------------- Celanese Corp., Series A 12,000 467,760 - ----------------------------------------------------------------------------------------------------------------------------------- CF Industries Holdings, Inc. 2 7,100 538,961 - ----------------------------------------------------------------------------------------------------------------------------------- Dow Chemical Co. (The) 296,600 12,771,596 - ----------------------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc. 2 100 7,555 - ----------------------------------------------------------------------------------------------------------------------------------- Scotts Miracle-Gro Co. (The), Cl. A 3,600 153,900 - ----------------------------------------------------------------------------------------------------------------------------------- Terra Industries, Inc. 1,2 18,000 562,680 ---------------- 14,839,628 - ----------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.1% Owens-Illinois, Inc. 1 24,900 1,032,105 - ----------------------------------------------------------------------------------------------------------------------------------- Packaging Corp. of America 2 8,800 255,816 ---------------- 1,287,921 - ----------------------------------------------------------------------------------------------------------------------------------- METALS & MINING--1.0% AK Steel Holding Corp. 1 10,500 461,475 - ----------------------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,000 390,030 - ----------------------------------------------------------------------------------------------------------------------------------- Nucor Corp. 2 140,600 8,361,482 - ----------------------------------------------------------------------------------------------------------------------------------- Southern Copper Corp. 2 76,400 9,460,612 - ----------------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 9,400 438,980 - -----------------------------------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- METALS & MINING CONTINUED United States Steel Corp. 2 53,500 $ 5,667,790 ---------------- 24,780,369 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.4% International Paper Co. 2 278,100 9,975,447 - ----------------------------------------------------------------------------------------------------------------------------------- Weyerhaeuser Co. 22,200 1,605,060 ---------------- 11,580,507 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.5% - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.3% AT&T, Inc. 453,228 19,176,077 - ----------------------------------------------------------------------------------------------------------------------------------- CenturyTel, Inc. 21,000 970,620 - ----------------------------------------------------------------------------------------------------------------------------------- Embarq Corp. 18,600 1,034,160 - ----------------------------------------------------------------------------------------------------------------------------------- Qwest Communications International, Inc. 1,2 1,327,300 12,158,068 - ----------------------------------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 530,256 23,479,736 - ----------------------------------------------------------------------------------------------------------------------------------- Windstream Corp. 20,500 289,460 ---------------- 57,108,121 - ----------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--1.2% Alltel Corp. 134,500 9,371,960 - ----------------------------------------------------------------------------------------------------------------------------------- Sprint Nextel Corp. 951,523 18,078,937 - ----------------------------------------------------------------------------------------------------------------------------------- Telephone & Data Systems, Inc. 2 8,600 574,050 ---------------- 28,024,947 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES--0.9% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.5% American Electric Power Co., Inc. 21,000 967,680 - ----------------------------------------------------------------------------------------------------------------------------------- Edison International, Inc. 2 138,500 7,679,825 - ----------------------------------------------------------------------------------------------------------------------------------- Progress Energy, Inc. 2 73,300 3,434,105 - ----------------------------------------------------------------------------------------------------------------------------------- Progress Energy, Inc., Contingent Value Obligation 1,3 32,000 10,560 ---------------- 12,092,170 - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% PG&E Corp. 2 101,000 4,827,800 - ----------------------------------------------------------------------------------------------------------------------------------- Sempra Energy 93,400 5,428,405 ---------------- 10,256,205 ---------------- Total Common Stocks (Cost $1,996,296,551) 2,436,777,071 - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Corp., Dividend Equalization Preferred Shares 1,3 (Cost $0) 6,000 7 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Dime Bancorp, Inc. Wts., Exp. 1/2/10 1 31,900 7,975 - ----------------------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 4,837 51 ---------------- Total Rights, Warrants and Certificates (Cost $0) 8,026 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--0.6% - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 4,5 (Cost $14,787,563) 14,787,563 14,787,563 - -----------------------------------------------------------------------------------------------------------------------------------
9 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- VALUE - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $2,011,084,114) $ 2,451,572,667 - ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--10.6% 6 - ----------------------------------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--0.1% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.19%, 10/25/07 $ 166,808 166,808 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 5.20%, 10/25/07 410,591 410,591 - ----------------------------------------------------------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.22%, 10/25/07 869,446 869,446 - ----------------------------------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.74%, 12/17/07 2,000,000 2,000,000 ---------------- 3,446,845 - ----------------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--9.0% Undivided interest of 21.93% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,425,000) with Bank of America NA, 5.10%, dated 9/28/07, to be repurchased at $219,439,572 on 10/1/07, collateralized by U.S. Agency Mortgages, 5%- 5.50%, 5/1/33-6/1/35, with a value of $1,020,000,000 219,346,350 219,346,350 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--1.3% ANZ National (Int'l) Ltd., 4.87%, 10/1/07 3,998,426 3,998,426 - ----------------------------------------------------------------------------------------------------------------------------------- Caixa Catal, 5.75%, 12/7/07 5,000,000 5,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- CAM US Finance SA Unipersonal, 5.41%, 11/1/07 4,500,000 4,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 4.89%, 10/1/07 1,499,195 1,499,195 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 5.81%, 10/9/07 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.14%, 10/30/07 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Life Global Funding, 5.13%, 10/22/07 3,500,000 3,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- Nationwide Global Fund I, 5.69%, 12/17/07 4,003,360 4,003,360 - ----------------------------------------------------------------------------------------------------------------------------------- Tango Finance Corp., 4.88%, 10/1/07 4,499,551 4,499,551 ---------------- 33,000,532 - ----------------------------------------------------------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.2% Natexis Banques Populaires NY, 4.87%, 10/1/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Natexis Banques Populaires NY, 4.89%, 10/1/07 1,999,902 1,999,902 ---------------- 3,999,902 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $259,793,629) 259,793,629 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,270,877,743) 110.7% 2,711,366,296 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (10.7) (262,375,760) --------------------------------- NET ASSETS 100.0% $ 2,448,990,536 =================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2007 was $10,567, which represents less than 0.005% of the Fund's net assets. See accompanying Notes. 4. Rate shown is the 7-day yield as of September 30, 2007. 10 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 12,793,527 299,305,869 297,311,833 14,787,563
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 14,787,563 $ 495,055
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. 11 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 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, if applicable. 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 September 30, 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 September 30, 2007, the Fund had on loan securities valued at $254,493,916, 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 $259,793,629 was received for the loans, all of which was received in cash and subsequently invested in approved investments. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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. 12 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- Federal tax cost of securities $ 2,291,119,549 ================= Gross unrealized appreciation $ 446,162,231 Gross unrealized depreciation (25,915,484) ----------------- Net unrealized appreciation $ 420,246,747 ================= 13 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--97.1% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--18.2% - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.0% ITT Educational Services, Inc. 1 93,600 $ 11,390,184 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.2% Las Vegas Sands Corp. 1 185,900 24,802,778 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.7% Harman International Industries, Inc. 95,900 8,297,268 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.8% Liberty Media Holding Corp.-Interactive, Series A 1 1,055,400 20,274,234 - -------------------------------------------------------------------------------- MEDIA--3.6% Cablevision Systems Corp. New York Group, Cl. A 1 309,700 10,820,918 - -------------------------------------------------------------------------------- Focus Media Holding Ltd., ADR 1 290,900 16,878,018 - -------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 343,500 13,279,710 -------------- 40,978,646 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--6.0% Abercrombie & Fitch Co., Cl. A 119,500 9,643,650 - -------------------------------------------------------------------------------- CarMax, Inc. 1 511,500 10,398,795 - -------------------------------------------------------------------------------- GameStop Corp., Cl. A 1 321,000 18,088,350 - -------------------------------------------------------------------------------- Guess?, Inc. 183,000 8,972,490 - -------------------------------------------------------------------------------- Tiffany & Co. 383,900 20,097,165 -------------- 67,200,450 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--2.9% Polo Ralph Lauren Corp., Cl. A 420,640 32,704,760 - -------------------------------------------------------------------------------- ENERGY--6.4% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.0% Cameron International Corp. 1 146,400 13,511,256 - -------------------------------------------------------------------------------- Smith International, Inc. 291,700 20,827,380 -------------- 34,338,636 - -------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--3.4% Murphy Oil Corp. 271,700 18,989,113 - -------------------------------------------------------------------------------- Range Resources Corp. 472,700 19,219,982 -------------- 38,209,095 - -------------------------------------------------------------------------------- FINANCIALS--12.9% - -------------------------------------------------------------------------------- CAPITAL MARKETS--4.9% Affiliated Managers Group, Inc. 1 185,800 23,691,358 - -------------------------------------------------------------------------------- Fortress Investment Group LLC, Cl. A 593,401 12,651,309 - -------------------------------------------------------------------------------- MF Global Ltd. 1 352,700 10,228,300 - -------------------------------------------------------------------------------- Schwab (Charles) Corp. 425,300 9,186,480 -------------- 55,757,447 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--1.1% East West Bancorp, Inc. 330,600 11,888,376 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.7% CME Group, Inc. 13,000 7,635,550 - -------------------------------------------------------------------------------- INSURANCE--2.1% AMBAC Financial Group, Inc. 188,500 11,858,535 - -------------------------------------------------------------------------------- 1 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE CONTINUED Philadelphia Consolidated Holding Co. 1 292,400 $ 12,087,816 -------------- 23,946,351 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--1.6% Boston Properties, Inc. 176,100 18,296,790 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--2.5% CB Richard Ellis Group, Inc., Cl. A 1 280,320 7,804,109 - -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 199,000 20,449,240 -------------- 28,253,349 - -------------------------------------------------------------------------------- HEALTH CARE--15.6% - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.0% Bard (C.R.), Inc. 221,600 19,542,904 - -------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 232,200 25,446,798 -------------- 44,989,702 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.9% Coventry Health Care, Inc. 1 507,975 31,601,125 - -------------------------------------------------------------------------------- Schein (Henry), Inc. 1 250,500 15,240,420 - -------------------------------------------------------------------------------- VCA Antech, Inc. 1 204,900 8,554,575 -------------- 55,396,120 - -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--2.3% Cerner Corp. 1 441,000 26,376,210 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--3.0% Covance, Inc. 1 434,800 33,870,920 - -------------------------------------------------------------------------------- PHARMACEUTICALS--1.4% Shire Pharmaceuticals Group plc, ADR 211,400 15,639,372 - -------------------------------------------------------------------------------- INDUSTRIALS--13.2% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.2% Alliant Techsystems, Inc. 1 56,500 6,175,450 - -------------------------------------------------------------------------------- Rockwell Collins, Inc. 327,500 23,920,600 - -------------------------------------------------------------------------------- Spirit Aerosystems Holdings, Inc., Cl. A 1 157,400 6,129,156 -------------- 36,225,206 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--1.7% C.H. Robinson Worldwide, Inc. 203,700 11,058,873 - -------------------------------------------------------------------------------- Expeditors International of Washington, Inc. 169,400 8,012,620 -------------- 19,071,493 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.1% IHS, Inc., Cl. A 1 214,200 12,100,158 - -------------------------------------------------------------------------------- Robert Half International, Inc. 324,400 9,686,584 - -------------------------------------------------------------------------------- Stericycle, Inc. 1 427,400 24,430,184 -------------- 46,216,926 - -------------------------------------------------------------------------------- MACHINERY--2.4% Joy Global, Inc. 226,400 11,514,704 - -------------------------------------------------------------------------------- Oshkosh Truck Corp. 263,300 16,316,701 -------------- 27,831,405 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.8% Fastenal Co. 448,800 20,380,008 2 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--21.6% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.3% F5 Networks, Inc. 1 192,900 $ 7,173,951 - -------------------------------------------------------------------------------- Research in Motion Ltd. 1 79,400 7,824,870 -------------- 14,998,821 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.3% Network Appliance, Inc. 1 532,800 14,337,648 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.1% Amphenol Corp., Cl. A 385,100 15,311,576 - -------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 515,500 20,212,755 -------------- 35,524,331 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.6% Digital River, Inc. 1 396,000 17,721,000 - -------------------------------------------------------------------------------- IT SERVICES--5.1% Affiliated Computer Services, Inc., Cl. A 1 386,500 19,417,760 - -------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 247,500 19,743,075 - -------------------------------------------------------------------------------- SAIC, Inc. 1 975,700 18,723,683 -------------- 57,884,518 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.3% FormFactor, Inc. 1 326,300 14,477,931 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 469,200 17,041,344 - -------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 110,750 5,927,340 -------------- 37,446,615 - -------------------------------------------------------------------------------- SOFTWARE--5.9% Amdocs Ltd. 1 565,000 21,012,350 - -------------------------------------------------------------------------------- Ansys, Inc. 1 286,600 9,793,122 - -------------------------------------------------------------------------------- Autodesk, Inc. 1 223,200 11,153,304 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 355,950 24,400,373 -------------- 66,359,149 - -------------------------------------------------------------------------------- MATERIALS--4.2% - -------------------------------------------------------------------------------- CHEMICALS--1.1% Ecolab, Inc. 254,800 12,026,560 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--1.0% Vulcan Materials Co. 129,400 11,536,010 - -------------------------------------------------------------------------------- METALS & MINING--2.1% Allegheny Technologies, Inc. 97,900 10,764,105 - -------------------------------------------------------------------------------- Titanium Metals Corp. 1 378,100 12,689,036 -------------- 23,453,141 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.8% - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--3.8% Crown Castle International Corp. 1 621,060 25,233,668 - -------------------------------------------------------------------------------- NII Holdings, Inc. 1 220,200 18,089,430 -------------- 43,323,098 - -------------------------------------------------------------------------------- UTILITIES--1.2% - -------------------------------------------------------------------------------- GAS UTILITIES--1.2% Questar Corp. 247,400 12,995,921 3 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - --------------------------------------------------------------------------------------------------------- ---------------- Total Common Stocks (Cost $878,776,812) $ 1,097,578,088 - --------------------------------------------------------------------------------------------------------- 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--4.6% - --------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 3,4 (Cost $51,541,269) 51,541,269 51,541,269 - --------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $937,664,398) 101.7% 1,149,119,357 - --------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (1.7) (19,117,933) ----------------------------- NET ASSETS 100.0% $ 1,130,001,424 =============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2007 was $0. See accompanying Notes. 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - ------------------------------------------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D 1,147,862 -- -- 1,147,862 Oppenheimer Institutional Money Market Fund, Cl. E 19,997,273 401,001,183 369,457,187 51,541,269
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D $ -- $ -- Oppenheimer Institutional Money Market Fund, Cl. E 51,541,269 897,232 ----------------------------------- $ 51,541,269 $ 897,232 ===================================
4. Rate shown is the 7-day yield as of September 30, 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- 4 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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, if applicable. 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 September 30, 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 securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST SEPTEMBER 30, 2007 DEPRECIATION - ------------------------------------------------------------------------------------------------------------------ Blaze Network Products, Inc., 8% Cv., Series D 10/17/00 $ 7,346,317 $ -- $ 7,346,317
RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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. 5 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 938,758,570 =============== Gross unrealized appreciation $ 235,286,383 Gross unrealized depreciation (24,925,596) --------------- Net unrealized appreciation $ 210,360,787 =============== 6 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--99.7% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--16.7% - ----------------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--1.8% Aftermarket Technology Corp. 1 18,500 $ 587,190 - ----------------------------------------------------------------------------------------------------------------------------------- American Axle & Manufacturing Holdings, Inc. 97,400 2,459,350 - ----------------------------------------------------------------------------------------------------------------------------------- Amerigon, Inc. 1,2 13,800 238,878 - ----------------------------------------------------------------------------------------------------------------------------------- ArvinMeritor, Inc. 2 91,200 1,533,984 - ----------------------------------------------------------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 83,300 2,032,520 - ----------------------------------------------------------------------------------------------------------------------------------- Drew Industries, Inc. 1 25,294 1,028,960 - ----------------------------------------------------------------------------------------------------------------------------------- Fuel Systems Solutions, Inc. 1,2 4,299 76,780 - ----------------------------------------------------------------------------------------------------------------------------------- GenTek, Inc. 1,2 7,700 231,616 - ----------------------------------------------------------------------------------------------------------------------------------- Gentex Corp. 2 47,400 1,016,256 - ----------------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1 37,600 1,143,416 - ----------------------------------------------------------------------------------------------------------------------------------- Hayes Lemmerz International, Inc. 1 15,900 66,144 - ----------------------------------------------------------------------------------------------------------------------------------- Lear Corp. 1 40,800 1,309,680 - ----------------------------------------------------------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 2 19,500 520,260 - ----------------------------------------------------------------------------------------------------------------------------------- Shiloh Industries, Inc. 3,300 34,914 - ----------------------------------------------------------------------------------------------------------------------------------- Standard Motor Products, Inc. 2 10,700 100,580 - ----------------------------------------------------------------------------------------------------------------------------------- Stoneridge, Inc. 1 3,900 39,780 - ----------------------------------------------------------------------------------------------------------------------------------- Tenneco, Inc. 1 97,000 3,007,970 - ----------------------------------------------------------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 22,400 709,632 ---------------- 16,137,910 - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.0% Fleetwood Enterprises, Inc. 1,2 14,300 122,265 - ----------------------------------------------------------------------------------------------------------------------------------- Monaco Coach Corp. 2 16,600 232,898 ---------------- 355,163 - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Core-Mark Holding Co., Inc. 1,2 3,400 119,782 - ----------------------------------------------------------------------------------------------------------------------------------- Keystone Automotive Industries, Inc. 1 2,300 109,848 ---------------- 229,630 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.8% Apollo Group, Inc., Cl. A 1 17,600 1,058,640 - ----------------------------------------------------------------------------------------------------------------------------------- Capella Education Co. 1 1,500 83,865 - ----------------------------------------------------------------------------------------------------------------------------------- Career Education Corp. 1 10,700 299,493 - ----------------------------------------------------------------------------------------------------------------------------------- Coinmach Service Corp., Cl. A 2 4,000 47,960 - ----------------------------------------------------------------------------------------------------------------------------------- Coinstar, Inc. 1,2 54,000 1,737,180 - ----------------------------------------------------------------------------------------------------------------------------------- CPI Corp. 2 4,500 173,340 - ----------------------------------------------------------------------------------------------------------------------------------- DeVry, Inc. 78,500 2,905,285 - ----------------------------------------------------------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 9,400 1,143,886 - ----------------------------------------------------------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 2 18,710 523,132 - ----------------------------------------------------------------------------------------------------------------------------------- Matthews International Corp., Cl. A 6,000 262,800 - ----------------------------------------------------------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 1 13,280 736,509 - ----------------------------------------------------------------------------------------------------------------------------------- Regis Corp. 51,100 1,630,601 - ----------------------------------------------------------------------------------------------------------------------------------- Service Corp. International 51,500 664,350 - ----------------------------------------------------------------------------------------------------------------------------------- Sotheby's 10,000 477,900 - -----------------------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Steiner Leisure Ltd. 1,2 14,000 $ 607,600 - ----------------------------------------------------------------------------------------------------------------------------------- Stewart Enterprises, Inc. 2 78,200 595,884 - ----------------------------------------------------------------------------------------------------------------------------------- Strayer Education, Inc. 2 20,600 3,473,778 - ----------------------------------------------------------------------------------------------------------------------------------- Weight Watchers International, Inc. 2,300 132,388 ---------------- 16,554,591 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.0% AFC Enterprises, Inc. 1,2 18,800 282,940 - ----------------------------------------------------------------------------------------------------------------------------------- Ambassadors Group, Inc. 2 9,300 354,330 - ----------------------------------------------------------------------------------------------------------------------------------- Ameristar Casinos, Inc. 14,959 420,348 - ----------------------------------------------------------------------------------------------------------------------------------- Applebee's International, Inc. 2 81,400 2,025,232 - ----------------------------------------------------------------------------------------------------------------------------------- Bob Evans Farms, Inc. 73,014 2,203,563 - ----------------------------------------------------------------------------------------------------------------------------------- Buffalo Wild Wings, Inc. 1,2 14,800 558,256 - ----------------------------------------------------------------------------------------------------------------------------------- Burger King Holdings, Inc. 13,700 349,213 - ----------------------------------------------------------------------------------------------------------------------------------- California Pizza Kitchen, Inc. 1,2 450 7,907 - ----------------------------------------------------------------------------------------------------------------------------------- CBRL Group, Inc. 2 22,750 928,200 - ----------------------------------------------------------------------------------------------------------------------------------- CEC Entertainment, Inc. 1,2 45,500 1,222,585 - ----------------------------------------------------------------------------------------------------------------------------------- Chipotle Mexican Grill, Inc., Cl. A 1,2 2,600 307,138 - ----------------------------------------------------------------------------------------------------------------------------------- Churchill Downs, Inc. 2 400 19,984 - ----------------------------------------------------------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 33,300 539,793 - ----------------------------------------------------------------------------------------------------------------------------------- Darden Restaurants, Inc. 2,500 104,650 - ----------------------------------------------------------------------------------------------------------------------------------- Denny's Corp. 1,2 86,600 346,400 - ----------------------------------------------------------------------------------------------------------------------------------- Domino's Pizza, Inc. 2 63,912 1,060,300 - ----------------------------------------------------------------------------------------------------------------------------------- IHOP Corp. 2 38,600 2,444,538 - ----------------------------------------------------------------------------------------------------------------------------------- Jack in the Box, Inc. 1 18,600 1,206,024 - ----------------------------------------------------------------------------------------------------------------------------------- Lodgian, Inc. 1 300 3,540 - ----------------------------------------------------------------------------------------------------------------------------------- Luby's, Inc. 1,2 8,100 89,262 - ----------------------------------------------------------------------------------------------------------------------------------- McCormick & Schmick's Seafood Restaurants, Inc. 1 9,400 177,002 - ----------------------------------------------------------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 15,300 435,285 - ----------------------------------------------------------------------------------------------------------------------------------- Morton's Restaurant Group, Inc. 1,2 300 4,770 - ----------------------------------------------------------------------------------------------------------------------------------- Multimedia Games, Inc. 1,2 1,100 9,372 - ----------------------------------------------------------------------------------------------------------------------------------- O'Charley's, Inc. 14,300 216,788 - ----------------------------------------------------------------------------------------------------------------------------------- Premier Exhibitions, Inc. 1,2 19,200 289,536 - ----------------------------------------------------------------------------------------------------------------------------------- Riviera Holdings Corp. 1,2 700 19,635 - ----------------------------------------------------------------------------------------------------------------------------------- Ruby Tuesday, Inc. 2 2,600 47,684 - ----------------------------------------------------------------------------------------------------------------------------------- Speedway Motorsports, Inc. 2 200 7,400 - ----------------------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 13,400 834,686 - ----------------------------------------------------------------------------------------------------------------------------------- Wendy's International, Inc. 26,000 907,660 - ----------------------------------------------------------------------------------------------------------------------------------- Wyndham Worldwide Corp. 39,600 1,297,296 ---------------- 18,721,317 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.3% American Greetings Corp., Cl. A 2 110,200 2,909,280 - ----------------------------------------------------------------------------------------------------------------------------------- Avatar Holdings, Inc. 1,2 2,800 139,804 - ----------------------------------------------------------------------------------------------------------------------------------- Black & Decker Corp. 13,800 1,149,540 - ----------------------------------------------------------------------------------------------------------------------------------- Blyth, Inc. 58,140 1,188,963 - -----------------------------------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Centex Corp. 39,500 $ 1,049,515 - ----------------------------------------------------------------------------------------------------------------------------------- Champion Enterprises, Inc. 1,2 46,900 514,962 - ----------------------------------------------------------------------------------------------------------------------------------- CSS Industries, Inc. 2 7,350 264,380 - ----------------------------------------------------------------------------------------------------------------------------------- Helen of Troy Ltd. 1 15,800 305,098 - ----------------------------------------------------------------------------------------------------------------------------------- Hooker Furniture Corp. 2 5,300 106,106 - ----------------------------------------------------------------------------------------------------------------------------------- KB Home 2 27,300 684,138 - ----------------------------------------------------------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 2 44,400 505,272 - ----------------------------------------------------------------------------------------------------------------------------------- La-Z-Boy, Inc. 2 15,500 114,390 - ----------------------------------------------------------------------------------------------------------------------------------- Lennar Corp., Cl. A 43,000 973,950 - ----------------------------------------------------------------------------------------------------------------------------------- Libbey, Inc. 2 5,700 99,864 - ----------------------------------------------------------------------------------------------------------------------------------- Mohawk Industries, Inc. 1,2 800 65,040 - ----------------------------------------------------------------------------------------------------------------------------------- NVR, Inc. 1,2 1,800 846,450 - ----------------------------------------------------------------------------------------------------------------------------------- Russ Berrie & Co., Inc. 1,2 2,900 48,720 - ----------------------------------------------------------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 2 1,900 30,875 - ----------------------------------------------------------------------------------------------------------------------------------- Stanley Works (The) 7,600 426,588 - ----------------------------------------------------------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 2 113,800 4,068,350 - ----------------------------------------------------------------------------------------------------------------------------------- Toll Brothers, Inc. 1 29,700 593,703 - ----------------------------------------------------------------------------------------------------------------------------------- Tupperware Brands Corp. 105,400 3,319,046 - ----------------------------------------------------------------------------------------------------------------------------------- Universal Electronics, Inc. 1,2 12,200 396,500 - ----------------------------------------------------------------------------------------------------------------------------------- Whirlpool Corp. 9,900 882,090 ---------------- 20,682,624 - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.9% 1-800-FLOWERS.com, Inc. 1,2 30,900 358,131 - ----------------------------------------------------------------------------------------------------------------------------------- Blue Nile, Inc. 1,2 22,500 2,117,700 - ----------------------------------------------------------------------------------------------------------------------------------- Expedia, Inc. 1,2 21,935 699,288 - ----------------------------------------------------------------------------------------------------------------------------------- FTD Group, Inc. 2 15,500 230,640 - ----------------------------------------------------------------------------------------------------------------------------------- Gaiam, Inc. 1,2 15,500 372,465 - ----------------------------------------------------------------------------------------------------------------------------------- NetFlix.com, Inc. 1,2 21,900 453,768 - ----------------------------------------------------------------------------------------------------------------------------------- Overstock.com, Inc. 1,2 4,800 138,240 - ----------------------------------------------------------------------------------------------------------------------------------- PetMed Express, Inc. 1,2 15,000 210,150 - ----------------------------------------------------------------------------------------------------------------------------------- Priceline.com, Inc. 1,2 38,100 3,381,375 - ----------------------------------------------------------------------------------------------------------------------------------- Shutterfly, Inc. 1 5,900 188,269 - ----------------------------------------------------------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 3,900 46,683 - ----------------------------------------------------------------------------------------------------------------------------------- Systemax, Inc. 17,780 363,423 - ----------------------------------------------------------------------------------------------------------------------------------- ValueVision Media, Inc., Cl. A 1,2 5,900 43,719 ---------------- 8,603,851 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.6% Arctic Cat, Inc. 2 3,200 52,352 - ----------------------------------------------------------------------------------------------------------------------------------- Brunswick Corp. 35,800 818,388 - ----------------------------------------------------------------------------------------------------------------------------------- Callaway Golf Co. 2 62,100 994,221 - ----------------------------------------------------------------------------------------------------------------------------------- Hasbro, Inc. 6,800 189,584 - ----------------------------------------------------------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 22,100 590,291 - ----------------------------------------------------------------------------------------------------------------------------------- Polaris Industries, Inc. 2 47,500 2,071,950 - ----------------------------------------------------------------------------------------------------------------------------------- RC2 Corp. 1 18,600 515,034 - -----------------------------------------------------------------------------------------------------------------------------------
3 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 2 3,900 $ 115,518 - ----------------------------------------------------------------------------------------------------------------------------------- Sturm, Ruger & Co., Inc. 1,2 25,500 456,705 ---------------- 5,804,043 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA--2.0% Arbitron, Inc. 2 28,582 1,295,908 - ----------------------------------------------------------------------------------------------------------------------------------- Belo Corp., Cl. A 50,200 871,472 - ----------------------------------------------------------------------------------------------------------------------------------- Carmike Cinemas, Inc. 2 200 3,674 - ----------------------------------------------------------------------------------------------------------------------------------- Catalina Marketing Corp. 1 4,400 142,516 - ----------------------------------------------------------------------------------------------------------------------------------- Charter Communications, Inc., Cl. A 1 383,000 988,140 - ----------------------------------------------------------------------------------------------------------------------------------- Cox Radio, Inc., Cl. A 1,2 77,700 1,013,985 - ----------------------------------------------------------------------------------------------------------------------------------- Cumulus Media, Inc., Cl. A 1,2 24,100 246,302 - ----------------------------------------------------------------------------------------------------------------------------------- DG Fastchannel, Inc. 1,2 7,600 179,208 - ----------------------------------------------------------------------------------------------------------------------------------- DreamWorks Animation SKG, Inc. 1 21,300 711,846 - ----------------------------------------------------------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A 2 5,800 28,652 - ----------------------------------------------------------------------------------------------------------------------------------- Entravision Communications Corp. 1 174,900 1,612,578 - ----------------------------------------------------------------------------------------------------------------------------------- Fisher Communications, Inc. 1 100 4,987 - ----------------------------------------------------------------------------------------------------------------------------------- Gemstar-TV Guide International, Inc. 1,2 168,700 1,174,152 - ----------------------------------------------------------------------------------------------------------------------------------- Getty Images, Inc. 1 21,100 587,424 - ----------------------------------------------------------------------------------------------------------------------------------- Global Sources Ltd. 1 29,400 651,798 - ----------------------------------------------------------------------------------------------------------------------------------- Gray Television, Inc. 2 11,400 96,786 - ----------------------------------------------------------------------------------------------------------------------------------- Harris Interactive, Inc. 1,2 12,600 54,306 - ----------------------------------------------------------------------------------------------------------------------------------- Idearc, Inc. 22,300 701,781 - ----------------------------------------------------------------------------------------------------------------------------------- Interactive Data Corp. 8,700 245,340 - ----------------------------------------------------------------------------------------------------------------------------------- Journal Communications, Inc. 35,900 340,332 - ----------------------------------------------------------------------------------------------------------------------------------- Knology, Inc. 1,2 10,100 168,973 - ----------------------------------------------------------------------------------------------------------------------------------- Lin TV Corp. 1,2 45,100 586,751 - ----------------------------------------------------------------------------------------------------------------------------------- Live Nation, Inc. 1 400 8,500 - ----------------------------------------------------------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 67,000 1,570,480 - ----------------------------------------------------------------------------------------------------------------------------------- Mediacom Communications Corp. 1,2 73,400 517,470 - ----------------------------------------------------------------------------------------------------------------------------------- Meredith Corp. 2,100 120,330 - ----------------------------------------------------------------------------------------------------------------------------------- Nexstar Broadcasting Group, Inc., Cl. A 1 3,600 37,764 - ----------------------------------------------------------------------------------------------------------------------------------- Scholastic Corp. 1 35,500 1,237,530 - ----------------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 151,100 1,819,244 - ----------------------------------------------------------------------------------------------------------------------------------- Tribune Co. 17,958 490,613 - ----------------------------------------------------------------------------------------------------------------------------------- Warner Music Group Corp. 11,000 111,100 - ----------------------------------------------------------------------------------------------------------------------------------- Westwood One, Inc. 2 39,400 108,350 - ----------------------------------------------------------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 3,400 152,762 - ----------------------------------------------------------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 3,300 49,764 ---------------- 17,930,818 - ----------------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.5% Big Lots, Inc. 1 48,100 1,435,304 - ----------------------------------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 37,400 1,516,196 - ----------------------------------------------------------------------------------------------------------------------------------- Family Dollar Stores, Inc. 58,600 1,556,416 ---------------- 4,507,916 - -----------------------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.3% A.C. Moore Arts & Crafts, Inc. 1 18,300 $ 288,408 - ----------------------------------------------------------------------------------------------------------------------------------- Aeropostale, Inc. 1 124,200 2,367,252 - ----------------------------------------------------------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 9,800 310,366 - ----------------------------------------------------------------------------------------------------------------------------------- Asbury Automotive Group, Inc. 49,900 988,519 - ----------------------------------------------------------------------------------------------------------------------------------- AutoNation, Inc. 1 60,000 1,063,200 - ----------------------------------------------------------------------------------------------------------------------------------- AutoZone, Inc. 1 14,600 1,695,644 - ----------------------------------------------------------------------------------------------------------------------------------- Barnes & Noble, Inc. 34,600 1,219,996 - ----------------------------------------------------------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 2 9,700 181,390 - ----------------------------------------------------------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 1 164,795 884,949 - ----------------------------------------------------------------------------------------------------------------------------------- Books-A-Million, Inc. 2 17,400 230,202 - ----------------------------------------------------------------------------------------------------------------------------------- Brown Shoe Co., Inc. 2 52,175 1,012,195 - ----------------------------------------------------------------------------------------------------------------------------------- Buckle, Inc. (The) 2 61,200 2,321,928 - ----------------------------------------------------------------------------------------------------------------------------------- Cato Corp., Cl. A 2 7,750 158,410 - ----------------------------------------------------------------------------------------------------------------------------------- Conn's, Inc. 1,2 10,500 250,845 - ----------------------------------------------------------------------------------------------------------------------------------- CSK Auto Corp. 1 24,500 260,925 - ----------------------------------------------------------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1,2 44,700 760,347 - ----------------------------------------------------------------------------------------------------------------------------------- Genesco, Inc. 1 30,400 1,402,352 - ----------------------------------------------------------------------------------------------------------------------------------- Gymboree Corp. 1 59,900 2,110,876 - ----------------------------------------------------------------------------------------------------------------------------------- Hibbett Sports, Inc. 1 12,700 314,960 - ----------------------------------------------------------------------------------------------------------------------------------- Hot Topic, Inc. 1 25,500 190,230 - ----------------------------------------------------------------------------------------------------------------------------------- J. Crew Group, Inc. 1,2 85 3,528 - ----------------------------------------------------------------------------------------------------------------------------------- Jo-Ann Stores, Inc. 1 15,180 320,298 - ----------------------------------------------------------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1,2 16,000 534,720 - ----------------------------------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 28,650 1,447,398 - ----------------------------------------------------------------------------------------------------------------------------------- Midas, Inc. 1,2 9,000 169,830 - ----------------------------------------------------------------------------------------------------------------------------------- Monro Muffler Brake, Inc. 2 7,800 263,562 - ----------------------------------------------------------------------------------------------------------------------------------- Office Depot, Inc. 1 25,100 517,562 - ----------------------------------------------------------------------------------------------------------------------------------- Pep Boys-Manny, Moe & Jack 2 61,700 865,651 - ----------------------------------------------------------------------------------------------------------------------------------- RadioShack Corp. 2 70,600 1,458,596 - ----------------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 110,700 2,006,991 - ----------------------------------------------------------------------------------------------------------------------------------- Sally Beauty Holdings, Inc. 1,2 128,100 1,082,445 - ----------------------------------------------------------------------------------------------------------------------------------- Select Comfort Corp. 1,2 25,900 361,305 - ----------------------------------------------------------------------------------------------------------------------------------- Sherwin-Williams Co. 16,900 1,110,499 - ----------------------------------------------------------------------------------------------------------------------------------- Shoe Carnival, Inc. 1,2 4,500 71,010 - ----------------------------------------------------------------------------------------------------------------------------------- Sonic Automotive, Inc. 2 59,753 1,430,487 - ----------------------------------------------------------------------------------------------------------------------------------- Stage Stores, Inc. 2 47,545 866,745 - ----------------------------------------------------------------------------------------------------------------------------------- TravelCenters of America LLC 1 2,200 71,720 - ----------------------------------------------------------------------------------------------------------------------------------- West Marine, Inc. 1,2 10,400 120,120 ---------------- 30,715,461 - ----------------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.5% Cherokee, Inc. 2 2,300 88,228 - ----------------------------------------------------------------------------------------------------------------------------------- Columbia Sportswear Co. 2 6,400 353,984 - ----------------------------------------------------------------------------------------------------------------------------------- Deckers Outdoor Corp. 1,2 23,400 2,569,320 - -----------------------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Fossil, Inc. 1 53,900 $ 2,013,704 - ----------------------------------------------------------------------------------------------------------------------------------- G-III Apparel Group Ltd. 1 3,800 74,822 - ----------------------------------------------------------------------------------------------------------------------------------- Hanesbrands, Inc. 1 14,900 418,094 - ----------------------------------------------------------------------------------------------------------------------------------- Hartmarx Corp. 1,2 700 3,430 - ----------------------------------------------------------------------------------------------------------------------------------- Kellwood Co. 2 18,600 317,130 - ----------------------------------------------------------------------------------------------------------------------------------- Lululemon Athletica, Inc. 1,2 4,919 206,746 - ----------------------------------------------------------------------------------------------------------------------------------- Maidenform Brands, Inc. 1,2 11,900 188,972 - ----------------------------------------------------------------------------------------------------------------------------------- Movado Group, Inc. 26,200 836,304 - ----------------------------------------------------------------------------------------------------------------------------------- Oxford Industries, Inc. 2 4,700 169,764 - ----------------------------------------------------------------------------------------------------------------------------------- Perry Ellis International, Inc. 1 12,600 349,146 - ----------------------------------------------------------------------------------------------------------------------------------- Polo Ralph Lauren Corp., Cl. A 7,600 590,900 - ----------------------------------------------------------------------------------------------------------------------------------- Steven Madden Ltd. 2 4,200 79,590 - ----------------------------------------------------------------------------------------------------------------------------------- UniFirst Corp. 2 8,000 299,680 - ----------------------------------------------------------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 57,100 2,230,897 - ----------------------------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 2 91,850 2,516,690 ---------------- 13,307,401 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--3.3% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.2% Boston Beer Co., Inc., Cl. A 1,2 7,500 364,950 - ----------------------------------------------------------------------------------------------------------------------------------- Coca-Cola Bottling Co. Consolidated 2 300 18,090 - ----------------------------------------------------------------------------------------------------------------------------------- Hansen Natural Corp. 1 9,000 510,120 - ----------------------------------------------------------------------------------------------------------------------------------- MGP Ingredients, Inc. 2 9,100 93,457 - ----------------------------------------------------------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 12,900 479,493 ---------------- 1,466,110 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.8% Arden Group, Inc., Cl. A 2 1,505 209,993 - ----------------------------------------------------------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 35,900 1,190,444 - ----------------------------------------------------------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 35,800 991,660 - ----------------------------------------------------------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 27,300 782,418 - ----------------------------------------------------------------------------------------------------------------------------------- Longs Drug Stores, Inc. 5,400 268,218 - ----------------------------------------------------------------------------------------------------------------------------------- Nash Finch Co. 2 13,100 521,773 - ----------------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. 1 1,800 22,950 - ----------------------------------------------------------------------------------------------------------------------------------- Performance Food Group Co. 1 60,900 1,834,917 - ----------------------------------------------------------------------------------------------------------------------------------- PriceSmart, Inc. 2 5,800 136,880 - ----------------------------------------------------------------------------------------------------------------------------------- Spartan Stores, Inc. 2 10,300 232,059 - ----------------------------------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 21,900 854,319 - ----------------------------------------------------------------------------------------------------------------------------------- Topps Co., Inc. (The) 2 3,800 36,822 ---------------- 7,082,453 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.7% Alico, Inc. 2 100 4,334 - ----------------------------------------------------------------------------------------------------------------------------------- Cal-Maine Foods, Inc. 2 15,800 398,792 - ----------------------------------------------------------------------------------------------------------------------------------- Darling International, Inc. 1 16,800 166,152 - ----------------------------------------------------------------------------------------------------------------------------------- Flowers Foods, Inc. 2 111,450 2,429,610 - -----------------------------------------------------------------------------------------------------------------------------------
6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Fresh Del Monte Produce, Inc. 2 28,700 $ 825,125 - ----------------------------------------------------------------------------------------------------------------------------------- Green Mountain Coffee, Inc. 1 8,300 275,477 - ----------------------------------------------------------------------------------------------------------------------------------- Imperial Sugar Co. 2 13,400 350,142 - ----------------------------------------------------------------------------------------------------------------------------------- J&J Snack Foods Corp. 2,300 80,086 - ----------------------------------------------------------------------------------------------------------------------------------- J.M. Smucker Co. (The) 13,400 715,828 - ----------------------------------------------------------------------------------------------------------------------------------- Lance, Inc. 2 3,300 75,966 - ----------------------------------------------------------------------------------------------------------------------------------- Reddy Ice Holdings, Inc. 2 13,000 342,810 - ----------------------------------------------------------------------------------------------------------------------------------- Seaboard Corp. 2 350 686,000 - ----------------------------------------------------------------------------------------------------------------------------------- Tyson Foods, Inc., Cl. A 6,800 121,380 ---------------- 6,471,702 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.3% Clorox Co. (The) 19,800 1,207,602 - ----------------------------------------------------------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 10,100 1,119,585 - ----------------------------------------------------------------------------------------------------------------------------------- WD-40 Co. 2 9,000 307,260 ---------------- 2,634,447 - ----------------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.7% Alberto-Culver Co. 30,315 751,509 - ----------------------------------------------------------------------------------------------------------------------------------- American Oriental Bioengineering, Inc. 1 35,400 394,710 - ----------------------------------------------------------------------------------------------------------------------------------- Chattem, Inc. 1,2 8,900 627,628 - ----------------------------------------------------------------------------------------------------------------------------------- Elizabeth Arden, Inc. 1 16,200 436,752 - ----------------------------------------------------------------------------------------------------------------------------------- Estee Lauder Cos., Inc. (The), Cl. A 20,300 861,938 - ----------------------------------------------------------------------------------------------------------------------------------- Inter Parfums, Inc. 2 2,800 66,276 - ----------------------------------------------------------------------------------------------------------------------------------- NBTY, Inc. 1 34,200 1,388,520 - ----------------------------------------------------------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 2 18,050 291,688 - ----------------------------------------------------------------------------------------------------------------------------------- Playtex Products, Inc. 1 98,000 1,791,440 - ----------------------------------------------------------------------------------------------------------------------------------- Prestige Brands Holdings, Inc. 1,2 21,800 239,364 ---------------- 6,849,825 - ----------------------------------------------------------------------------------------------------------------------------------- TOBACCO--0.6% Alliance One International, Inc. 1 31,100 203,394 - ----------------------------------------------------------------------------------------------------------------------------------- Loews Corp./Carolina Group 11,000 904,530 - ----------------------------------------------------------------------------------------------------------------------------------- Universal Corp. 2 56,600 2,770,570 - ----------------------------------------------------------------------------------------------------------------------------------- UST, Inc. 2 27,300 1,354,080 - ----------------------------------------------------------------------------------------------------------------------------------- Vector Group Ltd. 2 30,655 686,979 ---------------- 5,919,553 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY--4.7% - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.0% Atwood Oceanics, Inc. 1,2 18,700 1,431,672 - ----------------------------------------------------------------------------------------------------------------------------------- Dawson Geophysical Co. 1 5,000 387,550 - ----------------------------------------------------------------------------------------------------------------------------------- Dresser-Rand Group, Inc. 1 33,760 1,441,890 - ----------------------------------------------------------------------------------------------------------------------------------- Ensign Energy Services, Inc. 12,900 243,565 - ----------------------------------------------------------------------------------------------------------------------------------- Global Industries Ltd. 1 53,900 1,388,464 - ----------------------------------------------------------------------------------------------------------------------------------- Grey Wolf, Inc. 1,2 302,200 1,979,410 - ----------------------------------------------------------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 2 6,400 245,696 - ----------------------------------------------------------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1,2 44,900 2,184,834 - -----------------------------------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Hercules Offshore, Inc. 1,2 57,648 $ 1,505,189 - ----------------------------------------------------------------------------------------------------------------------------------- Leader Energy Services Ltd. 1,3 74,600 16,500 - ----------------------------------------------------------------------------------------------------------------------------------- Lufkin Industries, Inc. 2 305 16,781 - ----------------------------------------------------------------------------------------------------------------------------------- NATCO Group, Inc., Cl. A 1,2 28,185 1,458,574 - ----------------------------------------------------------------------------------------------------------------------------------- Newpark Resources, Inc. 1,2 34,100 182,776 - ----------------------------------------------------------------------------------------------------------------------------------- Oil States International, Inc. 1 45,700 2,207,310 - ----------------------------------------------------------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 2 5,900 133,163 - ----------------------------------------------------------------------------------------------------------------------------------- Seacor Holdings, Inc. 1 11,920 1,133,592 - ----------------------------------------------------------------------------------------------------------------------------------- Superior Energy Services, Inc. 1 7,000 248,080 - ----------------------------------------------------------------------------------------------------------------------------------- T-3 Energy Services, Inc. 1,2 9,000 383,760 - ----------------------------------------------------------------------------------------------------------------------------------- Technicoil Corp. 1 126,700 77,703 - ----------------------------------------------------------------------------------------------------------------------------------- Technicoil Corp. 1 7,100 4,354 - ----------------------------------------------------------------------------------------------------------------------------------- Tidewater, Inc. 2 12,100 760,364 - ----------------------------------------------------------------------------------------------------------------------------------- Trican Well Service Ltd. 11,100 225,984 - ----------------------------------------------------------------------------------------------------------------------------------- Trico Marine Services, Inc. 1 6,500 193,700 - ----------------------------------------------------------------------------------------------------------------------------------- Willbros Group, Inc. 1 27,500 935,000 ---------------- 18,785,911 - ----------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--2.7% Alberta Clipper Energy, Inc. 1 3,887 10,356 - ----------------------------------------------------------------------------------------------------------------------------------- Alon USA Energy, Inc. 2 36,300 1,226,214 - ----------------------------------------------------------------------------------------------------------------------------------- Alpha Natural Resources, Inc. 1,2 101,800 2,364,814 - ----------------------------------------------------------------------------------------------------------------------------------- Arlington Tankers Ltd. 2 2,200 54,186 - ----------------------------------------------------------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 2 60,076 2,378,409 - ----------------------------------------------------------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 5,300 71,828 - ----------------------------------------------------------------------------------------------------------------------------------- Continental Resources, Inc. 1 46,300 839,882 - ----------------------------------------------------------------------------------------------------------------------------------- Copano Energy LLC 3,800 139,574 - ----------------------------------------------------------------------------------------------------------------------------------- Delek US Holdings, Inc. 2 30,280 759,422 - ----------------------------------------------------------------------------------------------------------------------------------- Delphi Energy Corp. 1 3,700 6,993 - ----------------------------------------------------------------------------------------------------------------------------------- Double Hull Tankers, Inc. 2 11,200 166,768 - ----------------------------------------------------------------------------------------------------------------------------------- Foundation Coal Holdings, Inc. 31,459 1,233,193 - ----------------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp. 10,500 437,220 - ----------------------------------------------------------------------------------------------------------------------------------- Frontline Ltd. 2 3,676 177,477 - ----------------------------------------------------------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 10,350 159,415 - ----------------------------------------------------------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 11,250 173,277 - ----------------------------------------------------------------------------------------------------------------------------------- General Maritime Corp. 2 34,000 948,940 - ----------------------------------------------------------------------------------------------------------------------------------- Holly Corp. 17,900 1,070,957 - ----------------------------------------------------------------------------------------------------------------------------------- Jura Energy Corp. 1 110,300 66,536 - ----------------------------------------------------------------------------------------------------------------------------------- Knightsbridge Tankers Ltd. 2 10,400 279,760 - ----------------------------------------------------------------------------------------------------------------------------------- Mariner Energy, Inc. 1 38,000 786,980 - ----------------------------------------------------------------------------------------------------------------------------------- MarkWest Hydrocarbon, Inc. 3,300 191,829 - ----------------------------------------------------------------------------------------------------------------------------------- Massey Energy Co. 99,340 2,167,599 - ----------------------------------------------------------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1,3 27,900 40,953 - ----------------------------------------------------------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 45,050 66,127 - -----------------------------------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Noble Energy, Inc. 9,330 $ 653,473 - ----------------------------------------------------------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 2 18,300 1,405,989 - ----------------------------------------------------------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 16,200 302,452 - ----------------------------------------------------------------------------------------------------------------------------------- Pearl Exploration & Production Ltd. 1 1,846 7,312 - ----------------------------------------------------------------------------------------------------------------------------------- PetroQuest Energy, Inc. 1,2 1,600 17,168 - ----------------------------------------------------------------------------------------------------------------------------------- Pioneer Natural Resources Co. 4,000 179,920 - ----------------------------------------------------------------------------------------------------------------------------------- Redstar Oil & Gas, Inc. 1 35,955 29,280 - ----------------------------------------------------------------------------------------------------------------------------------- Rosetta Resources, Inc. 1,2 45,100 827,134 - ----------------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp. 1 30,400 1,216,304 - ----------------------------------------------------------------------------------------------------------------------------------- Sunoco, Inc. 10,000 707,800 - ----------------------------------------------------------------------------------------------------------------------------------- Sure Energy, Inc. 1 3,023 2,918 - ----------------------------------------------------------------------------------------------------------------------------------- Tesoro Corp. 27,500 1,265,550 - ----------------------------------------------------------------------------------------------------------------------------------- Tristar Oil & Gas Ltd. 1 4,800 41,116 - ----------------------------------------------------------------------------------------------------------------------------------- True Energy Trust 1,464 7,286 - ----------------------------------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1 77,900 107,297 - ----------------------------------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1 43,812 60,345 - ----------------------------------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1,4 21,300 29,338 - ----------------------------------------------------------------------------------------------------------------------------------- USEC, Inc. 1,2 153,500 1,573,375 - ----------------------------------------------------------------------------------------------------------------------------------- Vero Energy, Inc. 1 2,482 14,174 - ----------------------------------------------------------------------------------------------------------------------------------- Western Refining, Inc. 2 5,400 219,132 ---------------- 24,486,072 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIALS--12.2% - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.6% Apollo Investment Corp. 2 6,000 124,800 - ----------------------------------------------------------------------------------------------------------------------------------- Ares Capital Corp. 2 7,073 115,078 - ----------------------------------------------------------------------------------------------------------------------------------- Calamos Asset Management, Inc., Cl. A 5,000 141,150 - ----------------------------------------------------------------------------------------------------------------------------------- Cohen & Steers, Inc. 2 90 3,333 - ----------------------------------------------------------------------------------------------------------------------------------- Epoch Holding Corp. 1,2 1,400 19,712 - ----------------------------------------------------------------------------------------------------------------------------------- GAMCO Investors, Inc., Cl. A 2 11,200 613,760 - ----------------------------------------------------------------------------------------------------------------------------------- GFI Group, Inc. 1,2 9,200 792,304 - ----------------------------------------------------------------------------------------------------------------------------------- Janus Capital Group, Inc. 58,000 1,640,240 - ----------------------------------------------------------------------------------------------------------------------------------- Kohlberg Capital Corp. 900 13,554 - ----------------------------------------------------------------------------------------------------------------------------------- MVC Capital, Inc. 2 600 11,118 - ----------------------------------------------------------------------------------------------------------------------------------- optionsXpress Holdings, Inc. 7,000 182,980 - ----------------------------------------------------------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1,2 14,500 777,200 - ----------------------------------------------------------------------------------------------------------------------------------- Prospect Capital Corp. 2 100 1,702 - ----------------------------------------------------------------------------------------------------------------------------------- SWS Group, Inc. 2 15,050 266,235 - ----------------------------------------------------------------------------------------------------------------------------------- Tradestation Group, Inc. 1,2 8,600 100,362 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Global Investors, Inc., Cl. A 2 11,600 220,632 - ----------------------------------------------------------------------------------------------------------------------------------- W.P. Carey & Co. LLC 7,600 239,400 ---------------- 5,263,560 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.7% Amcore Financial, Inc. 2 4,600 114,632 - ----------------------------------------------------------------------------------------------------------------------------------- AmericanWest Bancorporation 100 1,961 - -----------------------------------------------------------------------------------------------------------------------------------
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- BancFirst Corp. 600 $ 26,922 - ----------------------------------------------------------------------------------------------------------------------------------- BancorpSouth, Inc. 2 2,700 65,610 - ----------------------------------------------------------------------------------------------------------------------------------- Capital City Bank Group, Inc. 2 600 18,720 - ----------------------------------------------------------------------------------------------------------------------------------- Cascade Bancorp 2 3,000 66,780 - ----------------------------------------------------------------------------------------------------------------------------------- Centennial Bank Holdings, Inc. 1,2 2,700 17,280 - ----------------------------------------------------------------------------------------------------------------------------------- Central Pacific Financial Corp. 2 6,100 178,120 - ----------------------------------------------------------------------------------------------------------------------------------- Citizens Republic Bancorp, Inc. 2 10,954 176,469 - ----------------------------------------------------------------------------------------------------------------------------------- City Bank (Lynnwood Washington) 2 1,500 43,080 - ----------------------------------------------------------------------------------------------------------------------------------- City Holding Co. 2 6,000 218,460 - ----------------------------------------------------------------------------------------------------------------------------------- Columbia Banking System, Inc. 2,300 73,186 - ----------------------------------------------------------------------------------------------------------------------------------- Comerica, Inc. 24,300 1,246,104 - ----------------------------------------------------------------------------------------------------------------------------------- F.N.B. Corp. 2 28,900 478,006 - ----------------------------------------------------------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 600 104,640 - ----------------------------------------------------------------------------------------------------------------------------------- First Security Group, Inc. 14,800 148,000 - ----------------------------------------------------------------------------------------------------------------------------------- FirstMerit Corp. 2 700 13,832 - ----------------------------------------------------------------------------------------------------------------------------------- Greater Bay Bancorp 29,200 805,920 - ----------------------------------------------------------------------------------------------------------------------------------- Hanmi Financial Corp. 2 7,500 116,175 - ----------------------------------------------------------------------------------------------------------------------------------- Independent Bank Corp., Massachusetts 2 800 23,760 - ----------------------------------------------------------------------------------------------------------------------------------- Intervest Bancshares Corp. 1,200 29,700 - ----------------------------------------------------------------------------------------------------------------------------------- National Penn Bancshares, Inc. 2 2,233 36,532 - ----------------------------------------------------------------------------------------------------------------------------------- NBT Bancorp, Inc. 2,300 50,002 - ----------------------------------------------------------------------------------------------------------------------------------- Park National Corp. 2 4,200 366,240 - ----------------------------------------------------------------------------------------------------------------------------------- Porter Bancorp, Inc. 2,400 50,400 - ----------------------------------------------------------------------------------------------------------------------------------- Preferred Bank 3,800 149,492 - ----------------------------------------------------------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 2 1,515 23,998 - ----------------------------------------------------------------------------------------------------------------------------------- Southwest Bancorp, Inc. 700 13,174 - ----------------------------------------------------------------------------------------------------------------------------------- Sterling Financial Corp., Eastern US 2 2,600 44,590 - ----------------------------------------------------------------------------------------------------------------------------------- SVB Financial Group 1,2 32,649 1,546,257 - ----------------------------------------------------------------------------------------------------------------------------------- Texas Capital Bancshares, Inc. 1,2 3,200 69,568 - ----------------------------------------------------------------------------------------------------------------------------------- UMB Financial Corp. 5,937 254,460 - ----------------------------------------------------------------------------------------------------------------------------------- WesBanco, Inc. 2 4,900 122,402 ---------------- 6,694,472 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.5% Advance America Cash Advance Centers, Inc. 15,100 161,117 - ----------------------------------------------------------------------------------------------------------------------------------- Advanta Corp., Cl. B 2 73,450 2,013,999 - ----------------------------------------------------------------------------------------------------------------------------------- AmeriCredit Corp. 1,2 59,120 1,039,330 - ----------------------------------------------------------------------------------------------------------------------------------- Discover Financial Services 1 47,800 994,240 - ----------------------------------------------------------------------------------------------------------------------------------- EZCORP, Inc., Cl. A 1 6,700 90,115 - ----------------------------------------------------------------------------------------------------------------------------------- World Acceptance Corp. 1,2 14,200 469,736 ---------------- 4,768,537 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.9% Asset Acceptance Capital Corp. 2 17,900 207,640 - ----------------------------------------------------------------------------------------------------------------------------------- ASTA Funding, Inc. 2 10,000 383,200 - ----------------------------------------------------------------------------------------------------------------------------------- CIT Group, Inc. 31,300 1,258,260 - -----------------------------------------------------------------------------------------------------------------------------------
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Financial Federal Corp. 2 12,500 $ 350,125 - ----------------------------------------------------------------------------------------------------------------------------------- International Securities Exchange, Inc., Cl. A 2 34,000 2,259,980 - ----------------------------------------------------------------------------------------------------------------------------------- iShares Russell 2000 Index Fund 2 31,900 2,553,276 - ----------------------------------------------------------------------------------------------------------------------------------- MarketAxess Holdings, Inc. 1,2 16,700 250,500 - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio Recovery Associates, Inc. 2 27,400 1,454,118 - ----------------------------------------------------------------------------------------------------------------------------------- Star Maritime Acquisition Corp. 1,2 6,900 96,669 ---------------- 8,813,768 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE--5.6% Affirmative Insurance Holdings, Inc. 1,600 18,384 - ----------------------------------------------------------------------------------------------------------------------------------- Alfa Corp. 2 5,500 99,990 - ----------------------------------------------------------------------------------------------------------------------------------- Alleghany Corp. 1 200 81,200 - ----------------------------------------------------------------------------------------------------------------------------------- Allied World Assurance Holdings Ltd. 4,000 207,640 - ----------------------------------------------------------------------------------------------------------------------------------- AMBAC Financial Group, Inc. 27,500 1,730,025 - ----------------------------------------------------------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 2 19,800 210,870 - ----------------------------------------------------------------------------------------------------------------------------------- American Financial Group, Inc. 16,900 481,988 - ----------------------------------------------------------------------------------------------------------------------------------- American Physicians Capital, Inc. 12,350 481,156 - ----------------------------------------------------------------------------------------------------------------------------------- Amerisafe, Inc. 1 20,500 339,070 - ----------------------------------------------------------------------------------------------------------------------------------- AmTrust Financial Services, Inc. 16,600 251,822 - ----------------------------------------------------------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 10,000 744,100 - ----------------------------------------------------------------------------------------------------------------------------------- Argo Group International Holdings Ltd. 1,2 27,990 1,217,845 - ----------------------------------------------------------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 2 42,700 1,191,757 - ----------------------------------------------------------------------------------------------------------------------------------- Assurant, Inc. 26,000 1,391,000 - ----------------------------------------------------------------------------------------------------------------------------------- Assured Guaranty Ltd. 42,920 1,166,136 - ----------------------------------------------------------------------------------------------------------------------------------- Axis Capital Holdings Ltd. 7,000 272,370 - ----------------------------------------------------------------------------------------------------------------------------------- Cincinnati Financial Corp. 10,300 446,093 - ----------------------------------------------------------------------------------------------------------------------------------- CNA Financial Corp. 1,200 47,184 - ----------------------------------------------------------------------------------------------------------------------------------- CNA Surety Corp. 1,2 27,000 476,010 - ----------------------------------------------------------------------------------------------------------------------------------- Commerce Group, Inc. (The) 2 30,400 895,888 - ----------------------------------------------------------------------------------------------------------------------------------- Darwin Professional Underwriters, Inc. 1,2 5,900 127,440 - ----------------------------------------------------------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 60,850 2,459,557 - ----------------------------------------------------------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 3,266 52,844 - ----------------------------------------------------------------------------------------------------------------------------------- EMC Insurance Group, Inc. 4,900 127,351 - ----------------------------------------------------------------------------------------------------------------------------------- Endurance Specialty Holdings Ltd. 3,800 157,890 - ----------------------------------------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 6,800 749,632 - ----------------------------------------------------------------------------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 21,800 860,882 - ----------------------------------------------------------------------------------------------------------------------------------- Fidelity National Title Group, Inc., Cl. A 55,000 961,400 - ----------------------------------------------------------------------------------------------------------------------------------- First American Corp. (The) 14,000 512,680 - ----------------------------------------------------------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 10,100 434,805 - ----------------------------------------------------------------------------------------------------------------------------------- Great American Financial Resources, Inc. 1,500 36,780 - ----------------------------------------------------------------------------------------------------------------------------------- Harleysville Group, Inc. 19,200 614,016 - ----------------------------------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 16,300 466,832 - ----------------------------------------------------------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 2 12,300 532,959 - ----------------------------------------------------------------------------------------------------------------------------------- Horace Mann Educators Corp. 2 64,300 1,267,353 - ----------------------------------------------------------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 42,700 1,717,394 - ----------------------------------------------------------------------------------------------------------------------------------- IPC Holdings Ltd. 2 58,000 1,673,300 - ----------------------------------------------------------------------------------------------------------------------------------- James River Group, Inc. 2 500 16,200 - -----------------------------------------------------------------------------------------------------------------------------------
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 40,900 $ 1,594,282 - ----------------------------------------------------------------------------------------------------------------------------------- Max Capital Group Ltd. 2 52,400 1,469,296 - ----------------------------------------------------------------------------------------------------------------------------------- MBIA, Inc. 2 31,500 1,923,075 - ----------------------------------------------------------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1 22,300 200,923 - ----------------------------------------------------------------------------------------------------------------------------------- Midland Co. (The) 2 9,900 544,104 - ----------------------------------------------------------------------------------------------------------------------------------- Montpelier Re Holdings Ltd. 2 3,000 53,100 - ----------------------------------------------------------------------------------------------------------------------------------- National Interstate Corp. 2 2,500 76,975 - ----------------------------------------------------------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 2 800 204,768 - ----------------------------------------------------------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 10,500 565,110 - ----------------------------------------------------------------------------------------------------------------------------------- Navigators Group, Inc. (The) 1 3,200 173,600 - ----------------------------------------------------------------------------------------------------------------------------------- NYMAGIC, Inc. 6,200 172,422 - ----------------------------------------------------------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 19,100 708,801 - ----------------------------------------------------------------------------------------------------------------------------------- Partnerre Holdings Ltd. 2 9,210 727,498 - ----------------------------------------------------------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 154,460 2,179,431 - ----------------------------------------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 52,900 1,902,284 - ----------------------------------------------------------------------------------------------------------------------------------- ProAssurance Corp. 1,2 32,930 1,773,939 - ----------------------------------------------------------------------------------------------------------------------------------- ProCentury Corp. 14,200 207,746 - ----------------------------------------------------------------------------------------------------------------------------------- RAM Holdings Ltd. 1,2 8,100 75,330 - ----------------------------------------------------------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 9,700 549,893 - ----------------------------------------------------------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 9,600 627,936 - ----------------------------------------------------------------------------------------------------------------------------------- RLI Corp. 2 44,800 2,541,056 - ----------------------------------------------------------------------------------------------------------------------------------- Safeco Corp. 29,100 1,781,502 - ----------------------------------------------------------------------------------------------------------------------------------- Safety Insurance Group, Inc. 2 2,500 89,850 - ----------------------------------------------------------------------------------------------------------------------------------- Seabright Insurance Holdings, Inc. 1 18,400 314,088 - ----------------------------------------------------------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 40,700 866,096 - ----------------------------------------------------------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 13,200 653,532 - ----------------------------------------------------------------------------------------------------------------------------------- State Auto Financial Corp. 14,500 424,125 - ----------------------------------------------------------------------------------------------------------------------------------- Transatlantic Holdings, Inc. 3,900 274,287 - ----------------------------------------------------------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1 51,806 1,114,347 - ----------------------------------------------------------------------------------------------------------------------------------- United Fire & Casualty Co. 15,600 609,804 - ----------------------------------------------------------------------------------------------------------------------------------- Universal American Financial Corp. 1 6,100 139,141 - ----------------------------------------------------------------------------------------------------------------------------------- Zenith National Insurance Corp. 49,600 2,226,544 ---------------- 51,284,728 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--2.7% Acadia Realty Trust 2 2,200 59,686 - ----------------------------------------------------------------------------------------------------------------------------------- Agree Realty Corp. 2 7,300 228,782 - ----------------------------------------------------------------------------------------------------------------------------------- Alexander's, Inc. 1,2 200 77,100 - ----------------------------------------------------------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 6,000 577,560 - ----------------------------------------------------------------------------------------------------------------------------------- Arbor Realty Trust, Inc. 6,700 126,563 - ----------------------------------------------------------------------------------------------------------------------------------- Ashford Hospitality Trust 43,700 439,185 - ----------------------------------------------------------------------------------------------------------------------------------- Associated Estates Realty Corp. 2 5,200 67,808 - ----------------------------------------------------------------------------------------------------------------------------------- BioMed Realty Trust, Inc. 1,300 31,330 - ----------------------------------------------------------------------------------------------------------------------------------- Brandywine Realty Trust 2 17,114 433,155 - ----------------------------------------------------------------------------------------------------------------------------------- Capital Trust, Cl. A 2 6,700 237,850 - ----------------------------------------------------------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 17,300 606,365 - -----------------------------------------------------------------------------------------------------------------------------------
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Cedar Shopping Centers, Inc. 2 9,000 $ 122,580 - ----------------------------------------------------------------------------------------------------------------------------------- Colonial Properties Trust 2 4,254 145,912 - ----------------------------------------------------------------------------------------------------------------------------------- Corporate Office Properties Trust 7,300 303,899 - ----------------------------------------------------------------------------------------------------------------------------------- DCT Industrial Trust, Inc. 2 300 3,141 - ----------------------------------------------------------------------------------------------------------------------------------- DiamondRock Hospitality Co. 39,400 685,954 - ----------------------------------------------------------------------------------------------------------------------------------- Digital Realty Trust, Inc. 26,300 1,035,957 - ----------------------------------------------------------------------------------------------------------------------------------- EastGroup Properties, Inc. 2 6,300 285,138 - ----------------------------------------------------------------------------------------------------------------------------------- Entertainment Properties Trust 2 13,000 660,400 - ----------------------------------------------------------------------------------------------------------------------------------- Equity Inns, Inc. 2 23,100 521,598 - ----------------------------------------------------------------------------------------------------------------------------------- Equity Lifestyle Properties, Inc. 6,800 352,240 - ----------------------------------------------------------------------------------------------------------------------------------- Equity One, Inc. 2 20,900 568,480 - ----------------------------------------------------------------------------------------------------------------------------------- FelCor Lodging Trust, Inc. 2 41,400 825,102 - ----------------------------------------------------------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 31,200 1,212,744 - ----------------------------------------------------------------------------------------------------------------------------------- Glimcher Realty Trust 2 4,300 101,050 - ----------------------------------------------------------------------------------------------------------------------------------- Gramercy Capital Corp. 2 8,300 208,911 - ----------------------------------------------------------------------------------------------------------------------------------- Hersha Hospitality Trust 2 9,400 93,060 - ----------------------------------------------------------------------------------------------------------------------------------- Highwoods Properties, Inc. 20,400 748,068 - ----------------------------------------------------------------------------------------------------------------------------------- Home Properties of New York, Inc. 2 5,600 292,208 - ----------------------------------------------------------------------------------------------------------------------------------- Inland Real Estate Corp. 2 40,400 625,796 - ----------------------------------------------------------------------------------------------------------------------------------- Kite Realty Group Trust 2 11,300 212,440 - ----------------------------------------------------------------------------------------------------------------------------------- LaSalle Hotel Properties 10,400 437,632 - ----------------------------------------------------------------------------------------------------------------------------------- Lexington Realty Trust 2 21,300 426,213 - ----------------------------------------------------------------------------------------------------------------------------------- LTC Properties, Inc. 2 12,200 288,774 - ----------------------------------------------------------------------------------------------------------------------------------- Medical Properties Trust, Inc. 2 5,300 70,596 - ----------------------------------------------------------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 2 7,300 363,905 - ----------------------------------------------------------------------------------------------------------------------------------- National Health Investors, Inc. 5,200 160,732 - ----------------------------------------------------------------------------------------------------------------------------------- National Retail Properties, Inc. 2 32,400 789,912 - ----------------------------------------------------------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 51,400 1,548,682 - ----------------------------------------------------------------------------------------------------------------------------------- Newcastle Investment Corp. 2 16,200 285,444 - ----------------------------------------------------------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 2 30,200 469,006 - ----------------------------------------------------------------------------------------------------------------------------------- Parkway Properties, Inc. 2 9,500 419,330 - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 2 21,300 829,422 - ----------------------------------------------------------------------------------------------------------------------------------- PS Business Parks, Inc. 8,500 483,225 - ----------------------------------------------------------------------------------------------------------------------------------- RAIT Financial Trust 2 21,600 177,768 - ----------------------------------------------------------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 2 8,900 278,036 - ----------------------------------------------------------------------------------------------------------------------------------- Realty Income Corp. 2 37,300 1,042,535 - ----------------------------------------------------------------------------------------------------------------------------------- Redwood Trust, Inc. 2 7,000 232,540 - ----------------------------------------------------------------------------------------------------------------------------------- Resource Capital Corp. 2 1,800 20,268 - ----------------------------------------------------------------------------------------------------------------------------------- Saul Centers, Inc. 2 3,600 185,400 - ----------------------------------------------------------------------------------------------------------------------------------- Senior Housing Properties Trust 2 43,600 961,816 - ----------------------------------------------------------------------------------------------------------------------------------- Sovran Self Storage, Inc. 2 5,100 233,784 - ----------------------------------------------------------------------------------------------------------------------------------- Strategic Hotels & Resorts, Inc. 23,200 477,688 - ----------------------------------------------------------------------------------------------------------------------------------- Sunstone Hotel Investors, Inc. 27,400 702,536 - ----------------------------------------------------------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 2 21,100 856,449 - -----------------------------------------------------------------------------------------------------------------------------------
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Taubman Centers, Inc. 9,600 $ 525,600 - ----------------------------------------------------------------------------------------------------------------------------------- Washington Real Estate Investment Trust 2 11,400 378,252 ---------------- 24,535,607 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0% Stratus Properties, Inc. 1,2 2,400 84,792 - ----------------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.2% Anchor BanCorp Wisconsin, Inc. 1,100 29,700 - ----------------------------------------------------------------------------------------------------------------------------------- Brookline Bancorp, Inc. 8,000 92,720 - ----------------------------------------------------------------------------------------------------------------------------------- Corus Bankshares, Inc. 2 13,700 178,374 - ----------------------------------------------------------------------------------------------------------------------------------- Downey Financial Corp. 2 20,800 1,202,240 - ----------------------------------------------------------------------------------------------------------------------------------- Encore Bancshares, Inc. 1 8,400 176,652 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 2 8,400 246,624 - ----------------------------------------------------------------------------------------------------------------------------------- First Financial Holdings, Inc. 2 100 3,128 - ----------------------------------------------------------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 137,800 1,949,870 - ----------------------------------------------------------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 21,600 1,070,280 - ----------------------------------------------------------------------------------------------------------------------------------- Franklin Bank Corp. 1,2 1,700 15,640 - ----------------------------------------------------------------------------------------------------------------------------------- Hudson City Bancorp, Inc. 17,200 264,536 - ----------------------------------------------------------------------------------------------------------------------------------- Imperial Capital Bancorp, Inc. 2 2,700 76,275 - ----------------------------------------------------------------------------------------------------------------------------------- KBNT Bancorp, Inc. 2 800 13,232 - ----------------------------------------------------------------------------------------------------------------------------------- MGIC Investment Corp. 28,220 911,788 - ----------------------------------------------------------------------------------------------------------------------------------- Ocwen Financial Corp. 1,2 30,700 289,501 - ----------------------------------------------------------------------------------------------------------------------------------- PMI Group, Inc. (The) 41,130 1,344,951 - ----------------------------------------------------------------------------------------------------------------------------------- Provident Financial Services, Inc. 2 21,700 355,229 - ----------------------------------------------------------------------------------------------------------------------------------- Radian Group, Inc. 2 56,400 1,312,992 - ----------------------------------------------------------------------------------------------------------------------------------- TierOne Corp. 11,000 291,170 - ----------------------------------------------------------------------------------------------------------------------------------- Washington Federal, Inc. 25,460 668,580 - ----------------------------------------------------------------------------------------------------------------------------------- WSFS Financial Corp. 2 3,400 212,160 ---------------- 10,705,642 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--9.4% - ----------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.5% Acorda Therapeutics, Inc. 1 15,900 291,765 - ----------------------------------------------------------------------------------------------------------------------------------- Array BioPharma, Inc. 1 400 4,492 - ----------------------------------------------------------------------------------------------------------------------------------- Cubist Pharmaceuticals, Inc. 1 62,446 1,319,484 - ----------------------------------------------------------------------------------------------------------------------------------- CytRx Corp. 1,2 51,800 179,228 - ----------------------------------------------------------------------------------------------------------------------------------- GTx, Inc. 1,2 1,300 21,164 - ----------------------------------------------------------------------------------------------------------------------------------- Halozyme Therapeutics, Inc. 1,2 10,500 91,245 - ----------------------------------------------------------------------------------------------------------------------------------- Immunomedics, Inc. 1,2 21,100 48,319 - ----------------------------------------------------------------------------------------------------------------------------------- Isis Pharmaceuticals, Inc. 1,2 1,146 17,156 - ----------------------------------------------------------------------------------------------------------------------------------- Myriad Genetics, Inc. 1,2 5,778 301,323 - ----------------------------------------------------------------------------------------------------------------------------------- OSI Pharmaceuticals, Inc. 1 29,310 996,247 - ----------------------------------------------------------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1,2 27,700 493,060 - ----------------------------------------------------------------------------------------------------------------------------------- Savient Pharmaceuticals, Inc. 1,2 18,000 261,900 - ----------------------------------------------------------------------------------------------------------------------------------- Seattle Genetics, Inc. 1,2 8,500 95,540 - -----------------------------------------------------------------------------------------------------------------------------------
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY CONTINUED XOMA Ltd. 1,2 24,500 $ 83,545 ---------------- 4,204,468 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Align Technology, Inc. 1,2 63,300 1,603,389 - ----------------------------------------------------------------------------------------------------------------------------------- Analogic Corp. 2 16,000 1,020,160 - ----------------------------------------------------------------------------------------------------------------------------------- ArthroCare Corp. 1,2 9,600 536,544 - ----------------------------------------------------------------------------------------------------------------------------------- ConMed Corp. 1 48,400 1,354,716 - ----------------------------------------------------------------------------------------------------------------------------------- Cynosure, Inc., Cl. A 1,2 6,900 254,610 - ----------------------------------------------------------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 22,900 1,748,415 - ----------------------------------------------------------------------------------------------------------------------------------- Datascope Corp. 2 8,800 297,528 - ----------------------------------------------------------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1,2 9,658 476,236 - ----------------------------------------------------------------------------------------------------------------------------------- Greatbatch, Inc. 1,2 15,300 406,827 - ----------------------------------------------------------------------------------------------------------------------------------- Hansen Medical, Inc. 1,2 5,800 157,238 - ----------------------------------------------------------------------------------------------------------------------------------- Hologic, Inc. 1 3,800 231,800 - ----------------------------------------------------------------------------------------------------------------------------------- Immucor, Inc. 1,2 53,300 1,905,475 - ----------------------------------------------------------------------------------------------------------------------------------- Intuitive Surgical, Inc. 1 2,700 621,000 - ----------------------------------------------------------------------------------------------------------------------------------- Inverness Medical Innovations, Inc. 1,2 2,487 137,581 - ----------------------------------------------------------------------------------------------------------------------------------- IRIS International, Inc. 1 4,300 82,560 - ----------------------------------------------------------------------------------------------------------------------------------- Kinetic Concepts, Inc. 1,2 25,450 1,432,326 - ----------------------------------------------------------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 35,070 1,063,322 - ----------------------------------------------------------------------------------------------------------------------------------- OraSure Technologies, Inc. 1 5,800 58,290 - ----------------------------------------------------------------------------------------------------------------------------------- Quidel Corp. 1,2 23,200 453,792 - ----------------------------------------------------------------------------------------------------------------------------------- Regeneration Technologies, Inc. 1,2 7,500 80,400 - ----------------------------------------------------------------------------------------------------------------------------------- Stereotaxis, Inc. 1,2 2,000 27,580 - ----------------------------------------------------------------------------------------------------------------------------------- Steris Corp. 88,400 2,415,972 - ----------------------------------------------------------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 2 15,040 626,566 ---------------- 16,992,327 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.6% Air Methods Corp. 1,2 9,900 457,380 - ----------------------------------------------------------------------------------------------------------------------------------- Alliance Imaging, Inc. 1 42,000 380,520 - ----------------------------------------------------------------------------------------------------------------------------------- American Dental Partners, Inc. 1 8,600 240,886 - ----------------------------------------------------------------------------------------------------------------------------------- AMERIGROUP Corp. 1 31,640 1,090,947 - ----------------------------------------------------------------------------------------------------------------------------------- AmerisourceBergen Corp. 29,500 1,337,235 - ----------------------------------------------------------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1,2 97,800 2,543,778 - ----------------------------------------------------------------------------------------------------------------------------------- Centene Corp. 1 49,089 1,055,904 - ----------------------------------------------------------------------------------------------------------------------------------- Chemed Corp. 2 49,100 3,052,056 - ----------------------------------------------------------------------------------------------------------------------------------- Community Health Systems, Inc. 1 11,800 370,992 - ----------------------------------------------------------------------------------------------------------------------------------- CorVel Corp. 1 7,700 178,024 - ----------------------------------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 27,600 1,716,996 - ----------------------------------------------------------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1,2 1,500 26,205 - ----------------------------------------------------------------------------------------------------------------------------------- CryoLife, Inc. 1,2 14,700 138,915 - ----------------------------------------------------------------------------------------------------------------------------------- Emergency Medical Services LP, Cl. A 1,2 48,300 1,461,075 - ----------------------------------------------------------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1,2 600 11,526 - -----------------------------------------------------------------------------------------------------------------------------------
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Hanger Orthopedic Group, Inc. 1 2,900 $ 32,857 - ----------------------------------------------------------------------------------------------------------------------------------- Health Net, Inc. 1 25,800 1,394,490 - ----------------------------------------------------------------------------------------------------------------------------------- HealthExtras, Inc. 1,2 15,690 436,653 - ----------------------------------------------------------------------------------------------------------------------------------- Healthspring, Inc. 1 113,700 2,217,150 - ----------------------------------------------------------------------------------------------------------------------------------- Humana, Inc. 1 26,800 1,872,784 - ----------------------------------------------------------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 71,500 1,280,565 - ----------------------------------------------------------------------------------------------------------------------------------- Laboratory Corp. of America Holdings 1 7,300 571,079 - ----------------------------------------------------------------------------------------------------------------------------------- Landauer, Inc. 2 7,500 382,200 - ----------------------------------------------------------------------------------------------------------------------------------- LCA-Vision, Inc. 2 38,700 1,137,393 - ----------------------------------------------------------------------------------------------------------------------------------- LifePoint Hospitals, Inc. 1 7,500 225,075 - ----------------------------------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. 1 21,550 789,808 - ----------------------------------------------------------------------------------------------------------------------------------- Matria Healthcare, Inc. 1,2 5,600 146,496 - ----------------------------------------------------------------------------------------------------------------------------------- MedCath Corp. 1 19,900 546,454 - ----------------------------------------------------------------------------------------------------------------------------------- Molina Healthcare, Inc. 1,2 47,900 1,737,333 - ----------------------------------------------------------------------------------------------------------------------------------- National HealthCare Corp. 2 1,300 66,807 - ----------------------------------------------------------------------------------------------------------------------------------- Nighthawk Radiology Holdings, Inc. 1 7,400 181,374 - ----------------------------------------------------------------------------------------------------------------------------------- PharMerica Corp. 1,2 25,168 375,507 - ----------------------------------------------------------------------------------------------------------------------------------- Providence Service Corp. 1 1,600 46,976 - ----------------------------------------------------------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 55,900 1,069,367 - ----------------------------------------------------------------------------------------------------------------------------------- RehabCare Group, Inc. 1 4,200 73,878 - ----------------------------------------------------------------------------------------------------------------------------------- Res-Care, Inc. 1,2 6,300 143,892 - ----------------------------------------------------------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 3,800 160,322 - ----------------------------------------------------------------------------------------------------------------------------------- Skilled Healthcare Group, Inc., Cl. A 1 27,000 425,250 - ----------------------------------------------------------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 58,700 2,076,219 - ----------------------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. 1 155,035 520,918 - ----------------------------------------------------------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1 7,700 811,811 ---------------- 32,785,097 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--0.3% Computer Programs & Systems, Inc. 2 1,700 44,812 - ----------------------------------------------------------------------------------------------------------------------------------- Eclipsys Corp. 1 49,400 1,152,008 - ----------------------------------------------------------------------------------------------------------------------------------- Omnicell, Inc. 1,2 30,300 864,762 - ----------------------------------------------------------------------------------------------------------------------------------- Phase Forward, Inc. 1 30,500 610,305 ---------------- 2,671,887 - ----------------------------------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--1.3% Albany Molecular Research, Inc. 1 10,100 152,510 - ----------------------------------------------------------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1,2 7,400 669,700 - ----------------------------------------------------------------------------------------------------------------------------------- Bruker BioSciences Corp. 1,2 8,800 77,440 - ----------------------------------------------------------------------------------------------------------------------------------- Cambrex Corp. 2 400 4,356 - ----------------------------------------------------------------------------------------------------------------------------------- Covance, Inc. 1 1,500 116,850 - ----------------------------------------------------------------------------------------------------------------------------------- Dionex Corp. 1,2 27,800 2,208,988 - ----------------------------------------------------------------------------------------------------------------------------------- eResearch Technology, Inc. 1,2 21,100 240,329 - ----------------------------------------------------------------------------------------------------------------------------------- Invitrogen Corp. 1 16,700 1,364,891 - -----------------------------------------------------------------------------------------------------------------------------------
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Kendle International, Inc. 1,2 8,000 $ 332,240 - ----------------------------------------------------------------------------------------------------------------------------------- Parexel International Corp. 1,2 34,800 1,436,196 - ----------------------------------------------------------------------------------------------------------------------------------- PerkinElmer, Inc. 18,690 545,935 - ----------------------------------------------------------------------------------------------------------------------------------- Pharmanet Development Group, Inc. 1,2 17,400 505,122 - ----------------------------------------------------------------------------------------------------------------------------------- Techne Corp. 1 1,300 82,004 - ----------------------------------------------------------------------------------------------------------------------------------- Varian, Inc. 1 52,400 3,333,164 - ----------------------------------------------------------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1 11,200 962,192 ---------------- 12,031,917 - ----------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--1.9% Alpharma, Inc., Cl. A 2 52,304 1,117,213 - ----------------------------------------------------------------------------------------------------------------------------------- Auxilium Pharmaceuticals, Inc. 1,2 8,200 172,856 - ----------------------------------------------------------------------------------------------------------------------------------- BioMimetic Therapeutics, Inc. 1,2 10,900 145,406 - ----------------------------------------------------------------------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1,2 16,500 300,300 - ----------------------------------------------------------------------------------------------------------------------------------- Caraco Pharmaceutical Laboratories Ltd. 1 2,800 42,700 - ----------------------------------------------------------------------------------------------------------------------------------- Cypress Bioscience, Inc. 1,2 17,600 240,944 - ----------------------------------------------------------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 5,800 179,858 - ----------------------------------------------------------------------------------------------------------------------------------- Forest Laboratories, Inc. 1 4,700 175,263 - ----------------------------------------------------------------------------------------------------------------------------------- Impax Laboratories, Inc. 1 2,100 24,549 - ----------------------------------------------------------------------------------------------------------------------------------- K-V Pharmaceutical Co., Cl. A 1,2 61,400 1,756,040 - ----------------------------------------------------------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 114,100 1,337,252 - ----------------------------------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 2 37,230 1,135,887 - ----------------------------------------------------------------------------------------------------------------------------------- MGI Pharma, Inc. 1 89,600 2,489,088 - ----------------------------------------------------------------------------------------------------------------------------------- Noven Pharmaceuticals, Inc. 1,2 8,500 135,405 - ----------------------------------------------------------------------------------------------------------------------------------- Pain Therapeutics, Inc. 1,2 3,800 35,530 - ----------------------------------------------------------------------------------------------------------------------------------- Par Pharmaceutical Cos., Inc. 1 87,450 1,623,072 - ----------------------------------------------------------------------------------------------------------------------------------- Perrigo Co. 110,500 2,359,175 - ----------------------------------------------------------------------------------------------------------------------------------- Pozen, Inc. 1,2 23,400 258,804 - ----------------------------------------------------------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd. 1,2 14,000 173,880 - ----------------------------------------------------------------------------------------------------------------------------------- Sciele Pharma, Inc. 1,2 89,600 2,331,392 - ----------------------------------------------------------------------------------------------------------------------------------- Sepracor, Inc. 1 23,800 654,500 - ----------------------------------------------------------------------------------------------------------------------------------- Valeant Pharmaceuticals International, Inc. 1 16,180 250,466 - ----------------------------------------------------------------------------------------------------------------------------------- ViroPharma, Inc. 1,2 20,700 184,230 - ----------------------------------------------------------------------------------------------------------------------------------- Vivus, Inc. 1,2 8,800 43,648 - ----------------------------------------------------------------------------------------------------------------------------------- Xenoport, Inc. 1,2 11,819 556,084 ---------------- 17,723,542 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--17.1% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.5% American Science & Engineering, Inc. 2 4,510 282,597 - ----------------------------------------------------------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 650 27,950 - ----------------------------------------------------------------------------------------------------------------------------------- Ceradyne, Inc. 1,2 40,000 3,029,600 - ----------------------------------------------------------------------------------------------------------------------------------- Cubic Corp. 18,649 786,428 - ----------------------------------------------------------------------------------------------------------------------------------- Curtiss-Wright Corp. 56,900 2,702,750 - ----------------------------------------------------------------------------------------------------------------------------------- DRS Technologies, Inc. 27,449 1,512,989 - -----------------------------------------------------------------------------------------------------------------------------------
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Ducommun, Inc. 1 5,400 $ 174,420 - ----------------------------------------------------------------------------------------------------------------------------------- DynCorp International, Inc., Cl. A 1 63,120 1,458,703 - ----------------------------------------------------------------------------------------------------------------------------------- EDO Corp. 2 4,200 235,242 - ----------------------------------------------------------------------------------------------------------------------------------- HEICO Corp. 2 5,390 266,050 - ----------------------------------------------------------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1,2 3,700 70,189 - ----------------------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 107,325 2,386,908 - ----------------------------------------------------------------------------------------------------------------------------------- United Industrial Corp. 2 6,800 511,768 ---------------- 13,445,594 - ----------------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.4% ABX Air, Inc. 1,2 29,400 208,152 - ----------------------------------------------------------------------------------------------------------------------------------- Atlas Air Worldwide Holdings, Inc. 1,2 12,700 655,701 - ----------------------------------------------------------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 75,800 2,276,274 - ----------------------------------------------------------------------------------------------------------------------------------- Pacer International, Inc. 15,700 299,085 - ----------------------------------------------------------------------------------------------------------------------------------- Park-Ohio Holdings Corp. 1,2 1,000 25,950 ---------------- 3,465,162 - ----------------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.7% Allegiant Travel Co. 1 1,000 30,320 - ----------------------------------------------------------------------------------------------------------------------------------- AMR Corp. 1,2 45,800 1,020,882 - ----------------------------------------------------------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1 32,300 1,066,869 - ----------------------------------------------------------------------------------------------------------------------------------- Copa Holdings SA, Cl. A 20,900 837,045 - ----------------------------------------------------------------------------------------------------------------------------------- ExpressJet Holdings, Inc. 1,2 26,100 80,649 - ----------------------------------------------------------------------------------------------------------------------------------- Northwest Airlines Corp. 1 23,600 420,080 - ----------------------------------------------------------------------------------------------------------------------------------- Pinnacle Airlines Corp. 1,2 20,400 326,808 - ----------------------------------------------------------------------------------------------------------------------------------- Republic Airways Holdings, Inc. 1,2 28,900 611,813 - ----------------------------------------------------------------------------------------------------------------------------------- SkyWest, Inc. 4,700 118,299 - ----------------------------------------------------------------------------------------------------------------------------------- UAL Corp. 1,2 23,200 1,079,496 - ----------------------------------------------------------------------------------------------------------------------------------- US Airways Group, Inc. 1 32,000 840,000 ---------------- 6,432,261 - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.4% Aaon, Inc. 4,700 92,731 - ----------------------------------------------------------------------------------------------------------------------------------- American Woodmark Corp. 2 5,100 126,429 - ----------------------------------------------------------------------------------------------------------------------------------- Ameron International Corp. 4,037 426,993 - ----------------------------------------------------------------------------------------------------------------------------------- Apogee Enterprises, Inc. 16,200 420,228 - ----------------------------------------------------------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 5,300 57,134 - ----------------------------------------------------------------------------------------------------------------------------------- Goodman Global, Inc. 1,2 20,800 496,704 - ----------------------------------------------------------------------------------------------------------------------------------- Lennox International, Inc. 29,800 1,007,240 - ----------------------------------------------------------------------------------------------------------------------------------- Simpson Manufacturing Co., Inc. 2 12,904 410,992 - ----------------------------------------------------------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 8,400 251,160 - ----------------------------------------------------------------------------------------------------------------------------------- USG Corp. 1,2 22,277 836,501 ---------------- 4,126,112 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--5.8% ABM Industries, Inc. 92,200 1,842,156 - ----------------------------------------------------------------------------------------------------------------------------------- Acco Brands Corp. 1,2 78,500 1,761,540 - ----------------------------------------------------------------------------------------------------------------------------------- Administaff, Inc. 2 59,600 2,163,480 - -----------------------------------------------------------------------------------------------------------------------------------
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Advisory Board Co. (The) 1,2 3,900 $ 228,033 - ----------------------------------------------------------------------------------------------------------------------------------- Allied Waste Industries, Inc. 1 55,700 710,175 - ----------------------------------------------------------------------------------------------------------------------------------- American Ecology Corp. 1,400 29,666 - ----------------------------------------------------------------------------------------------------------------------------------- Barrett Business Services, Inc. 2 2,000 47,660 - ----------------------------------------------------------------------------------------------------------------------------------- Bowne & Co., Inc. 2 22,700 378,182 - ----------------------------------------------------------------------------------------------------------------------------------- CBIZ, Inc. 1,2 6,900 54,855 - ----------------------------------------------------------------------------------------------------------------------------------- CDI Corp. 2 15,700 437,716 - ----------------------------------------------------------------------------------------------------------------------------------- ChoicePoint, Inc. 1 11,900 451,248 - ----------------------------------------------------------------------------------------------------------------------------------- Comfort Systems USA, Inc. 2 28,200 400,440 - ----------------------------------------------------------------------------------------------------------------------------------- COMSYS IT Partners, Inc. 1 23,400 393,354 - ----------------------------------------------------------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1,2 23,700 1,488,123 - ----------------------------------------------------------------------------------------------------------------------------------- Cornell Corrections, Inc. 1,2 12,200 287,310 - ----------------------------------------------------------------------------------------------------------------------------------- Corporate Executive Board Co. (The) 3,700 274,688 - ----------------------------------------------------------------------------------------------------------------------------------- CRA International, Inc. 1,2 1,100 53,009 - ----------------------------------------------------------------------------------------------------------------------------------- Deluxe Corp. 87,300 3,216,132 - ----------------------------------------------------------------------------------------------------------------------------------- Diamond Management & Technology Consultants, Inc. 27,500 253,000 - ----------------------------------------------------------------------------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 36,500 1,334,440 - ----------------------------------------------------------------------------------------------------------------------------------- Dun & Bradstreet Corp. 6,800 670,548 - ----------------------------------------------------------------------------------------------------------------------------------- Ennis, Inc. 14,600 321,784 - ----------------------------------------------------------------------------------------------------------------------------------- Exponent, Inc. 1 17,000 426,530 - ----------------------------------------------------------------------------------------------------------------------------------- First Consulting Group, Inc. 1 500 5,150 - ----------------------------------------------------------------------------------------------------------------------------------- FTI Consulting, Inc. 1 3,700 186,147 - ----------------------------------------------------------------------------------------------------------------------------------- Fuel-Tech, Inc. NV 1,2 7,900 174,511 - ----------------------------------------------------------------------------------------------------------------------------------- GeoEye, Inc. 1,2 6,400 164,800 - ----------------------------------------------------------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 49,260 1,795,527 - ----------------------------------------------------------------------------------------------------------------------------------- HNI Corp. 2 14,200 511,200 - ----------------------------------------------------------------------------------------------------------------------------------- Hudson Highland Group, Inc. 1 23,900 304,247 - ----------------------------------------------------------------------------------------------------------------------------------- ICF International, Inc. 1 6,900 190,302 - ----------------------------------------------------------------------------------------------------------------------------------- IHS, Inc., Cl. A 1,2 19,100 1,078,959 - ----------------------------------------------------------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 189,400 2,433,790 - ----------------------------------------------------------------------------------------------------------------------------------- Interface, Inc., Cl. A 2 66,800 1,205,740 - ----------------------------------------------------------------------------------------------------------------------------------- Kelly Services, Inc., Cl. A 2 2,200 43,582 - ----------------------------------------------------------------------------------------------------------------------------------- Kforce, Inc. 1,2 7,200 92,592 - ----------------------------------------------------------------------------------------------------------------------------------- Knoll, Inc. 115,500 2,048,970 - ----------------------------------------------------------------------------------------------------------------------------------- Korn-Ferry International 1 110,100 1,817,751 - ----------------------------------------------------------------------------------------------------------------------------------- Labor Ready, Inc. 1,2 124,600 2,306,346 - ----------------------------------------------------------------------------------------------------------------------------------- Layne Christensen Co. 1,2 7,100 393,908 - ----------------------------------------------------------------------------------------------------------------------------------- Manpower, Inc. 17,700 1,138,995 - ----------------------------------------------------------------------------------------------------------------------------------- McGrath Rentcorp 2 1,900 63,156 - ----------------------------------------------------------------------------------------------------------------------------------- Miller (Herman), Inc. 22,800 618,792 - ----------------------------------------------------------------------------------------------------------------------------------- PHH Corp. 1 39,100 1,027,548 - ----------------------------------------------------------------------------------------------------------------------------------- Pike Electric Corp. 1,2 15,100 283,276 - ----------------------------------------------------------------------------------------------------------------------------------- Republic Services, Inc. 35,750 1,169,383 - ----------------------------------------------------------------------------------------------------------------------------------- Resources Connection, Inc. 33,155 767,538 - -----------------------------------------------------------------------------------------------------------------------------------
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Robert Half International, Inc. 24,400 $ 728,584 - ----------------------------------------------------------------------------------------------------------------------------------- Rollins, Inc. 2 40,700 1,086,283 - ----------------------------------------------------------------------------------------------------------------------------------- RSC Holdings, Inc. 1,2 28,449 466,564 - ----------------------------------------------------------------------------------------------------------------------------------- Schawk, Inc. 2 1,100 24,827 - ----------------------------------------------------------------------------------------------------------------------------------- School Specialty, Inc. 1 2,900 100,427 - ----------------------------------------------------------------------------------------------------------------------------------- Spherion Corp. 1 53,500 441,910 - ----------------------------------------------------------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 2 53,900 969,122 - ----------------------------------------------------------------------------------------------------------------------------------- Team, Inc. 1,2 16,100 440,818 - ----------------------------------------------------------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1 59,200 1,415,472 - ----------------------------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. 1,2 75,314 1,590,632 - ----------------------------------------------------------------------------------------------------------------------------------- United Stationers, Inc. 1 41,100 2,281,872 - ----------------------------------------------------------------------------------------------------------------------------------- Viad Corp. 2 58,500 2,106,000 - ----------------------------------------------------------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1,2 8,350 147,294 - ----------------------------------------------------------------------------------------------------------------------------------- Waste Connections, Inc. 1 49,750 1,580,060 - ----------------------------------------------------------------------------------------------------------------------------------- Waste Industries USA, Inc. 6,500 186,030 - ----------------------------------------------------------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 51,300 2,305,422 ---------------- 52,917,596 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.1% Aecom Technology Corp. 1 3,100 108,283 - ----------------------------------------------------------------------------------------------------------------------------------- Baker (Michael) Corp. 1,2 7,000 343,070 - ----------------------------------------------------------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 18,000 775,080 - ----------------------------------------------------------------------------------------------------------------------------------- EMCOR Group, Inc. 1 101,500 3,183,040 - ----------------------------------------------------------------------------------------------------------------------------------- Fluor Corp. 700 100,786 - ----------------------------------------------------------------------------------------------------------------------------------- Integrated Electrical Services, Inc. 1,2 8,600 220,246 - ----------------------------------------------------------------------------------------------------------------------------------- Perini Corp. 1 53,500 2,992,255 - ----------------------------------------------------------------------------------------------------------------------------------- Quanta Services, Inc. 1 66,712 1,764,532 - ----------------------------------------------------------------------------------------------------------------------------------- Washington Group International, Inc. 1 4,900 430,269 ---------------- 9,917,561 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.6% Acuity Brands, Inc. 31,500 1,590,120 - ----------------------------------------------------------------------------------------------------------------------------------- AZZ, Inc. 1,2 7,700 269,192 - ----------------------------------------------------------------------------------------------------------------------------------- Belden, Inc. 2 20,700 971,037 - ----------------------------------------------------------------------------------------------------------------------------------- Coleman Cable, Inc. 1 300 4,152 - ----------------------------------------------------------------------------------------------------------------------------------- Encore Wire Corp. 2 8,100 203,553 - ----------------------------------------------------------------------------------------------------------------------------------- EnerSys, Inc. 1 14,900 264,773 - ----------------------------------------------------------------------------------------------------------------------------------- FuelCell Energy, Inc. 1 15,000 134,100 - ----------------------------------------------------------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1,2 8,000 514,080 - ----------------------------------------------------------------------------------------------------------------------------------- GrafTech International Ltd. 1,2 184,600 3,293,264 - ----------------------------------------------------------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 2,210 126,235 - ----------------------------------------------------------------------------------------------------------------------------------- II-VI, Inc. 1,2 17,400 600,822 - ----------------------------------------------------------------------------------------------------------------------------------- Lamson & Sessions Co. (The) 1 9,000 242,640 - ----------------------------------------------------------------------------------------------------------------------------------- LSI Industries, Inc. 6,000 123,120 - ----------------------------------------------------------------------------------------------------------------------------------- Powell Industries, Inc. 1,2 1,300 49,257 - ----------------------------------------------------------------------------------------------------------------------------------- Regal-Beloit Corp. 2 8,774 420,187 - -----------------------------------------------------------------------------------------------------------------------------------
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Rockwell Automation, Inc. 9,700 $ 674,247 - ----------------------------------------------------------------------------------------------------------------------------------- Smith (A.O.) Corp. 2 7,200 315,936 - ----------------------------------------------------------------------------------------------------------------------------------- Superior Essex, Inc. 1 6,100 227,408 - ----------------------------------------------------------------------------------------------------------------------------------- Thomas & Betts Corp. 1 25,100 1,471,864 - ----------------------------------------------------------------------------------------------------------------------------------- Vicor Corp. 2 5,300 64,236 - ----------------------------------------------------------------------------------------------------------------------------------- Woodward Governor Co. 2 53,900 3,363,360 ---------------- 14,923,583 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.4% Raven Industries, Inc. 2 5,500 220,275 - ----------------------------------------------------------------------------------------------------------------------------------- Sequa Corp., Cl. A 1,2 7,600 1,259,928 - ----------------------------------------------------------------------------------------------------------------------------------- Teleflex, Inc. 16,800 1,309,056 - ----------------------------------------------------------------------------------------------------------------------------------- Tredegar Corp. 36,600 631,350 ---------------- 3,420,609 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY--3.6% Accuride Corp. 1 30,200 365,722 - ----------------------------------------------------------------------------------------------------------------------------------- Actuant Corp., Cl. A 2 16,800 1,091,496 - ----------------------------------------------------------------------------------------------------------------------------------- AGCO Corp. 1 4,300 218,311 - ----------------------------------------------------------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 2 11,000 433,180 - ----------------------------------------------------------------------------------------------------------------------------------- Astec Industries, Inc. 1 27,280 1,567,236 - ----------------------------------------------------------------------------------------------------------------------------------- Axsys Technologies, Inc. 1 1,300 40,248 - ----------------------------------------------------------------------------------------------------------------------------------- Badger Meter, Inc. 2 4,400 141,020 - ----------------------------------------------------------------------------------------------------------------------------------- Barnes Group, Inc. 2 22,800 727,776 - ----------------------------------------------------------------------------------------------------------------------------------- Blount International, Inc. 1 14,300 162,448 - ----------------------------------------------------------------------------------------------------------------------------------- Cascade Corp. 2 14,500 944,965 - ----------------------------------------------------------------------------------------------------------------------------------- CIRCOR International, Inc. 2 9,600 435,936 - ----------------------------------------------------------------------------------------------------------------------------------- Clarcor, Inc. 2 15,600 533,676 - ----------------------------------------------------------------------------------------------------------------------------------- Columbus McKinnon Corp. 1,2 9,700 241,433 - ----------------------------------------------------------------------------------------------------------------------------------- Crane Co. 600 28,782 - ----------------------------------------------------------------------------------------------------------------------------------- Cummins, Inc. 8,000 1,023,120 - ----------------------------------------------------------------------------------------------------------------------------------- EnPro Industries, Inc. 1 32,880 1,334,928 - ----------------------------------------------------------------------------------------------------------------------------------- Freightcar America, Inc. 2 3,200 122,240 - ----------------------------------------------------------------------------------------------------------------------------------- Gardner Denver, Inc. 1 41,500 1,618,500 - ----------------------------------------------------------------------------------------------------------------------------------- Gorman-Rupp Co. (The) 2 2,175 72,123 - ----------------------------------------------------------------------------------------------------------------------------------- Hardinge, Inc. 2 9,900 344,817 - ----------------------------------------------------------------------------------------------------------------------------------- Hurco Cos., Inc. 1 6,500 351,390 - ----------------------------------------------------------------------------------------------------------------------------------- Kadant, Inc. 1 13,300 372,400 - ----------------------------------------------------------------------------------------------------------------------------------- Kaydon Corp. 2 38,310 1,991,737 - ----------------------------------------------------------------------------------------------------------------------------------- L.B. Foster Co., Cl. A 1 4,800 208,608 - ----------------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 240 10,627 - ----------------------------------------------------------------------------------------------------------------------------------- McCoy Corp. 3 46,600 231,442 - ----------------------------------------------------------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 33,600 2,168,544 - ----------------------------------------------------------------------------------------------------------------------------------- Miller Industries, Inc. 1,2 600 10,272 - ----------------------------------------------------------------------------------------------------------------------------------- Mueller Industries, Inc. 35,970 1,299,956 - ----------------------------------------------------------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 11,600 1,200,368 - -----------------------------------------------------------------------------------------------------------------------------------
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Navistar International Corp. 1 11,200 $ 691,040 - ----------------------------------------------------------------------------------------------------------------------------------- Nordson Corp. 16,119 809,335 - ----------------------------------------------------------------------------------------------------------------------------------- Pall Corp. 31,100 1,209,790 - ----------------------------------------------------------------------------------------------------------------------------------- RBC Bearings, Inc. 1 13,800 529,230 - ----------------------------------------------------------------------------------------------------------------------------------- Robbins & Myers, Inc. 27,100 1,552,559 - ----------------------------------------------------------------------------------------------------------------------------------- SPX Corp. 18,100 1,675,336 - ----------------------------------------------------------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 12,450 395,910 - ----------------------------------------------------------------------------------------------------------------------------------- Tecumseh Products Co., Cl. A 1,2 10,600 204,050 - ----------------------------------------------------------------------------------------------------------------------------------- Tennant Co. 2 7,900 384,730 - ----------------------------------------------------------------------------------------------------------------------------------- Titan International, Inc. 2 14,200 453,264 - ----------------------------------------------------------------------------------------------------------------------------------- Toro Co. (The) 24,600 1,447,218 - ----------------------------------------------------------------------------------------------------------------------------------- TurboChef Technologies, Inc. 1 2,800 36,960 - ----------------------------------------------------------------------------------------------------------------------------------- Valmont Industries, Inc. 2 25,700 2,180,645 - ----------------------------------------------------------------------------------------------------------------------------------- Wabash National Corp. 2 19,900 224,671 - ----------------------------------------------------------------------------------------------------------------------------------- Wabtec Corp. 59,600 2,232,616 ---------------- 33,320,655 - ----------------------------------------------------------------------------------------------------------------------------------- MARINE--0.4% American Commercial Lines, Inc. 1,2 22,191 526,592 - ----------------------------------------------------------------------------------------------------------------------------------- Excel Maritime Carriers Ltd. 18,400 1,026,720 - ----------------------------------------------------------------------------------------------------------------------------------- Genco Shipping & Trading Ltd. 2 2,700 176,931 - ----------------------------------------------------------------------------------------------------------------------------------- Horizon Lines, Inc., Cl. A 2 68,900 2,103,517 - ----------------------------------------------------------------------------------------------------------------------------------- TBS International Ltd., Cl. A 1 800 33,000 ---------------- 3,866,760 - ----------------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.4% Avis Budget Group, Inc. 1 30,000 686,700 - ----------------------------------------------------------------------------------------------------------------------------------- Con-way, Inc. 14,520 667,920 - ----------------------------------------------------------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 1,800 62,442 - ----------------------------------------------------------------------------------------------------------------------------------- Kansas City Southern, Inc. 1,2 16,400 527,588 - ----------------------------------------------------------------------------------------------------------------------------------- Laidlaw International, Inc. 27,900 982,638 - ----------------------------------------------------------------------------------------------------------------------------------- Landstar System, Inc. 12,400 520,428 - ----------------------------------------------------------------------------------------------------------------------------------- Ryder Systems, Inc. 1,700 83,300 - ----------------------------------------------------------------------------------------------------------------------------------- Saia, Inc. 1 4,300 71,079 ---------------- 3,602,095 - ----------------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.8% Applied Industrial Technologies, Inc. 82,975 2,558,119 - ----------------------------------------------------------------------------------------------------------------------------------- BlueLinx Holdings, Inc. 2 10,200 71,808 - ----------------------------------------------------------------------------------------------------------------------------------- Houston Wire & Cable Co. 2 3,200 57,952 - ----------------------------------------------------------------------------------------------------------------------------------- Kaman Corp., Cl. A 2 11,600 400,896 - ----------------------------------------------------------------------------------------------------------------------------------- NuCo2, Inc. 1 700 18,018 - ----------------------------------------------------------------------------------------------------------------------------------- TAL International Group, Inc. 2 2,100 52,647 - ----------------------------------------------------------------------------------------------------------------------------------- UAP Holding Corp. 2 83,500 2,618,560 - ----------------------------------------------------------------------------------------------------------------------------------- W.W. Grainger, Inc. 11,400 1,039,566 - ----------------------------------------------------------------------------------------------------------------------------------- Watsco, Inc. 11,040 512,587 ---------------- 7,330,153
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.0% CAI International, Inc. 1 29,500 $ 415,950 - ----------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--24.2% - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.0% ADC Telecommunications, Inc. 1 110,700 2,170,827 - ----------------------------------------------------------------------------------------------------------------------------------- ADTRAN, Inc. 2 112,500 2,590,875 - ----------------------------------------------------------------------------------------------------------------------------------- Anaren Microwave, Inc. 1,2 8,800 124,080 - ----------------------------------------------------------------------------------------------------------------------------------- Andrew Corp. 1 62,100 860,085 - ----------------------------------------------------------------------------------------------------------------------------------- Arris Group, Inc. 1 198,000 2,445,300 - ----------------------------------------------------------------------------------------------------------------------------------- Avaya, Inc. 1 79,200 1,343,232 - ----------------------------------------------------------------------------------------------------------------------------------- Bel Fuse, Inc., Cl. A 4,800 183,264 - ----------------------------------------------------------------------------------------------------------------------------------- Blue Coat Systems, Inc. 1 5,800 456,808 - ----------------------------------------------------------------------------------------------------------------------------------- C-COR.net Corp. 1 30,000 344,700 - ----------------------------------------------------------------------------------------------------------------------------------- CommScope, Inc. 1 27,700 1,391,648 - ----------------------------------------------------------------------------------------------------------------------------------- Comtech Group, Inc. 1,2 7,400 134,754 - ----------------------------------------------------------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1 55,700 2,979,393 - ----------------------------------------------------------------------------------------------------------------------------------- Ditech Networks, Inc. 1,2 14,500 76,415 - ----------------------------------------------------------------------------------------------------------------------------------- Dycom Industries, Inc. 1,2 79,900 2,447,337 - ----------------------------------------------------------------------------------------------------------------------------------- EMS Technologies, Inc. 1 16,000 392,480 - ----------------------------------------------------------------------------------------------------------------------------------- Extreme Networks, Inc. 1,2 78,900 302,976 - ----------------------------------------------------------------------------------------------------------------------------------- F5 Networks, Inc. 1 11,400 423,966 - ----------------------------------------------------------------------------------------------------------------------------------- Foundry Networks, Inc. 1 80,300 1,426,931 - ----------------------------------------------------------------------------------------------------------------------------------- Harmonic, Inc. 1 35,100 372,411 - ----------------------------------------------------------------------------------------------------------------------------------- Infinera Corp. 1,2 14,500 292,175 - ----------------------------------------------------------------------------------------------------------------------------------- InterDigital, Inc. 1,2 87,200 1,812,016 - ----------------------------------------------------------------------------------------------------------------------------------- Ixia 1,2 3,700 32,264 - ----------------------------------------------------------------------------------------------------------------------------------- Loral Space & Communications Ltd. 1,2 7,800 310,050 - ----------------------------------------------------------------------------------------------------------------------------------- MasTec, Inc. 1 23,900 336,273 - ----------------------------------------------------------------------------------------------------------------------------------- Netgear, Inc. 1,2 24,504 745,412 - ----------------------------------------------------------------------------------------------------------------------------------- Network Equipment Technologies, Inc. 1,2 25,700 372,650 - ----------------------------------------------------------------------------------------------------------------------------------- Performance Technologies, Inc. 1 4,500 22,545 - ----------------------------------------------------------------------------------------------------------------------------------- Plantronics, Inc. 2 53,600 1,530,280 - ----------------------------------------------------------------------------------------------------------------------------------- ShoreTel, Inc. 1 43,000 615,760 - ----------------------------------------------------------------------------------------------------------------------------------- Starent Networks Corp. 1,2 7,290 153,892 - ----------------------------------------------------------------------------------------------------------------------------------- Symmetricom, Inc. 1,2 3,400 15,980 - ----------------------------------------------------------------------------------------------------------------------------------- ViaSat, Inc. 1,2 17,100 527,193 ---------------- 27,233,972 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.7% Brocade Communications Systems, Inc. 1 131,200 1,123,072 - ----------------------------------------------------------------------------------------------------------------------------------- Data Domain, Inc. 1 50 1,548 - ----------------------------------------------------------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1,2 81,366 2,185,491 - ----------------------------------------------------------------------------------------------------------------------------------- Emulex Corp. 1,2 99,300 1,903,581 - ----------------------------------------------------------------------------------------------------------------------------------- Hutchinson Technology, Inc. 1,2 200 4,920 - ----------------------------------------------------------------------------------------------------------------------------------- Hypercom Corp. 1,2 13,800 62,376 - -----------------------------------------------------------------------------------------------------------------------------------
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Immersion Corp. 1,2 6,200 $ 101,556 - ----------------------------------------------------------------------------------------------------------------------------------- Intevac, Inc. 1,2 11,100 168,720 - ----------------------------------------------------------------------------------------------------------------------------------- Iomega Corp. 1 23,400 122,616 - ----------------------------------------------------------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 27,800 1,154,534 - ----------------------------------------------------------------------------------------------------------------------------------- NCR Corp. 1 20,200 1,005,960 - ----------------------------------------------------------------------------------------------------------------------------------- Netezza Corp. 1 1,580 19,766 - ----------------------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. 1 38,000 1,022,580 - ----------------------------------------------------------------------------------------------------------------------------------- Novatel Wireless, Inc. 1 35,000 792,750 - ----------------------------------------------------------------------------------------------------------------------------------- Palm, Inc. 1,2 80,100 1,303,227 - ----------------------------------------------------------------------------------------------------------------------------------- QLogic Corp. 1 64,900 872,905 - ----------------------------------------------------------------------------------------------------------------------------------- Rimage Corp. 1,2 1,200 26,928 - ----------------------------------------------------------------------------------------------------------------------------------- Stratasys, Inc. 1,2 18,500 509,860 - ----------------------------------------------------------------------------------------------------------------------------------- Synaptics, Inc. 1 38,500 1,838,760 - ----------------------------------------------------------------------------------------------------------------------------------- Western Digital Corp. 1 66,000 1,671,120 - ----------------------------------------------------------------------------------------------------------------------------------- Xyratex Ltd. 1 5,300 101,707 ---------------- 15,993,977 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.1% Acacia Research Corp. 1,2 27,500 403,700 - ----------------------------------------------------------------------------------------------------------------------------------- Anixter International, Inc. 1 2,900 239,105 - ----------------------------------------------------------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 25,400 1,080,008 - ----------------------------------------------------------------------------------------------------------------------------------- Avnet, Inc. 1 41,700 1,662,162 - ----------------------------------------------------------------------------------------------------------------------------------- AVX Corp. 1,700 27,370 - ----------------------------------------------------------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 44,400 1,171,716 - ----------------------------------------------------------------------------------------------------------------------------------- Cognex Corp. 2 13,400 237,984 - ----------------------------------------------------------------------------------------------------------------------------------- CPI International, Inc. 1 6,500 123,565 - ----------------------------------------------------------------------------------------------------------------------------------- CTS Corp. 2 23,200 299,280 - ----------------------------------------------------------------------------------------------------------------------------------- Dolby Laboratories, Inc., Cl. A 1 17,705 616,488 - ----------------------------------------------------------------------------------------------------------------------------------- Electro Scientific Industries, Inc. 1 10,400 249,184 - ----------------------------------------------------------------------------------------------------------------------------------- Excel Technology, Inc. 1 1,800 44,910 - ----------------------------------------------------------------------------------------------------------------------------------- FARO Technologies, Inc. 1 12,710 561,147 - ----------------------------------------------------------------------------------------------------------------------------------- FLIR Systems, Inc. 1,2 5,800 321,262 - ----------------------------------------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. 1,2 41,244 1,064,508 - ----------------------------------------------------------------------------------------------------------------------------------- Littlefuse, Inc. 1 42,500 1,516,825 - ----------------------------------------------------------------------------------------------------------------------------------- LoJack Corp. 1,2 16,400 310,944 - ----------------------------------------------------------------------------------------------------------------------------------- Measurement Specialties, Inc. 1 2,700 75,330 - ----------------------------------------------------------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 26,590 400,180 - ----------------------------------------------------------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 9,600 979,200 - ----------------------------------------------------------------------------------------------------------------------------------- MTS Systems Corp. 2 11,700 486,720 - ----------------------------------------------------------------------------------------------------------------------------------- NAM TAI Electronics, Inc. 2 4,400 55,352 - ----------------------------------------------------------------------------------------------------------------------------------- National Instruments Corp. 6,800 233,444 - ----------------------------------------------------------------------------------------------------------------------------------- OYO Geospace Corp. 1,2 1,800 166,878 - ----------------------------------------------------------------------------------------------------------------------------------- Park Electrochemical Corp. 13,700 460,046 - ----------------------------------------------------------------------------------------------------------------------------------- PC Connection, Inc. 1,2 14,700 183,750 - -----------------------------------------------------------------------------------------------------------------------------------
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1 38,100 $ 2,675,001 - ----------------------------------------------------------------------------------------------------------------------------------- Sanmina-SCI Corp. 1 187,140 396,737 - ----------------------------------------------------------------------------------------------------------------------------------- Smart Modular Technologies, Inc. 1,2 23,700 169,455 - ----------------------------------------------------------------------------------------------------------------------------------- SYNNEX Corp. 1,2 3,100 63,736 - ----------------------------------------------------------------------------------------------------------------------------------- Tech Data Corp. 1 34,200 1,372,104 - ----------------------------------------------------------------------------------------------------------------------------------- Technitrol, Inc. 32,426 873,881 - ----------------------------------------------------------------------------------------------------------------------------------- Tektronix, Inc. 36,500 1,012,510 - ----------------------------------------------------------------------------------------------------------------------------------- Zygo Corp. 1,2 3,100 40,393 --------------- 19,574,875 - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--2.2% AsiaInfo Holdings, Inc. 1 39,300 356,058 - ----------------------------------------------------------------------------------------------------------------------------------- Bankrate, Inc. 1 10,500 484,260 - ----------------------------------------------------------------------------------------------------------------------------------- Chordiant Software, Inc. 1 33,400 462,924 - ----------------------------------------------------------------------------------------------------------------------------------- CMGI, Inc. 1,2 749,100 1,018,776 - ----------------------------------------------------------------------------------------------------------------------------------- comScore, Inc. 1 2,800 75,600 - ----------------------------------------------------------------------------------------------------------------------------------- CyberSource Corp. 1 6,200 72,478 - ----------------------------------------------------------------------------------------------------------------------------------- DealerTrack Holdings, Inc. 1,2 8,700 364,356 - ----------------------------------------------------------------------------------------------------------------------------------- Dice Holdings, Inc. 1 9,500 97,660 - ----------------------------------------------------------------------------------------------------------------------------------- Digital River, Inc. 1 26,400 1,181,400 - ----------------------------------------------------------------------------------------------------------------------------------- DivX, Inc. 1,2 6,300 93,681 - ----------------------------------------------------------------------------------------------------------------------------------- Equinix, Inc. 1,2 2,400 212,856 - ----------------------------------------------------------------------------------------------------------------------------------- Greenfield Online, Inc. 1,2 17,600 268,400 - ----------------------------------------------------------------------------------------------------------------------------------- iBasis, Inc. 1,2 6,000 64,500 - ----------------------------------------------------------------------------------------------------------------------------------- Imergent, Inc. 2 11,100 248,973 - ----------------------------------------------------------------------------------------------------------------------------------- Internet Capital Group, Inc. 1 200 2,400 - ----------------------------------------------------------------------------------------------------------------------------------- Interwoven, Inc. 1,2 28,700 408,401 - ----------------------------------------------------------------------------------------------------------------------------------- j2 Global Communications, Inc. 1,2 84,500 2,765,685 - ----------------------------------------------------------------------------------------------------------------------------------- Keynote Systems, Inc. 1 2,400 32,952 - ----------------------------------------------------------------------------------------------------------------------------------- LoopNet, Inc. 1,2 16,200 332,748 - ----------------------------------------------------------------------------------------------------------------------------------- Omniture, Inc. 1 20,280 614,890 - ----------------------------------------------------------------------------------------------------------------------------------- Open Text Corp. 1,2 61,600 1,599,752 - ----------------------------------------------------------------------------------------------------------------------------------- Perficient, Inc. 1 7,700 168,399 - ----------------------------------------------------------------------------------------------------------------------------------- S1 Corp. 1 55,600 503,180 - ----------------------------------------------------------------------------------------------------------------------------------- SonicWALL, Inc. 1,2 43,900 383,247 - ----------------------------------------------------------------------------------------------------------------------------------- TechTarget, Inc. 1 3,790 64,051 - ----------------------------------------------------------------------------------------------------------------------------------- TheStreet.com, Inc. 2 21,500 260,365 - ----------------------------------------------------------------------------------------------------------------------------------- Travelzoo, Inc. 1 5,100 117,045 - ----------------------------------------------------------------------------------------------------------------------------------- United Online, Inc. 2 185,300 2,781,353 - ----------------------------------------------------------------------------------------------------------------------------------- ValueClick, Inc. 1 96,600 2,169,636 - ----------------------------------------------------------------------------------------------------------------------------------- VeriSign, Inc. 1 53,100 1,791,594 - ----------------------------------------------------------------------------------------------------------------------------------- Vignette Corp. 1 26,400 529,848 - ----------------------------------------------------------------------------------------------------------------------------------- Vocus, Inc. 1,2 5,500 160,820 - -----------------------------------------------------------------------------------------------------------------------------------
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES CONTINUED Websense, Inc. 1,2 15,000 $ 295,950 --------------- 19,984,238 - ----------------------------------------------------------------------------------------------------------------------------------- IT SERVICES--2.7% Acxiom Corp. 42,100 833,159 - ----------------------------------------------------------------------------------------------------------------------------------- Affiliated Computer Services, Inc., Cl. A 1 13,800 693,312 - ----------------------------------------------------------------------------------------------------------------------------------- Alliance Data Systems Corp. 1 9,300 720,192 - ----------------------------------------------------------------------------------------------------------------------------------- Authorize.Net Holdings, Inc. 1 29,700 523,611 - ----------------------------------------------------------------------------------------------------------------------------------- BearingPoint, Inc. 1,2 77,100 312,255 - ----------------------------------------------------------------------------------------------------------------------------------- Broadridge Financial Solutions, Inc. 49,000 928,550 - ----------------------------------------------------------------------------------------------------------------------------------- CACI International, Inc., Cl. A 1 7,400 378,066 - ----------------------------------------------------------------------------------------------------------------------------------- Ceridian Corp. 1 5,800 201,492 - ----------------------------------------------------------------------------------------------------------------------------------- CIBER, Inc. 1,2 45,500 355,355 - ----------------------------------------------------------------------------------------------------------------------------------- Computer Sciences Corp. 1 36,060 2,015,754 - ----------------------------------------------------------------------------------------------------------------------------------- Convergys Corp. 1 67,833 1,177,581 - ----------------------------------------------------------------------------------------------------------------------------------- CSG Systems International, Inc. 1,2 81,499 1,731,854 - ----------------------------------------------------------------------------------------------------------------------------------- DST Systems, Inc. 1 9,300 798,033 - ----------------------------------------------------------------------------------------------------------------------------------- Electronic Data Systems Corp. 20,000 436,800 - ----------------------------------------------------------------------------------------------------------------------------------- Fidelity National Information Services, Inc. 22,800 1,011,636 - ----------------------------------------------------------------------------------------------------------------------------------- Fiserv, Inc. 1 16,300 829,018 - ----------------------------------------------------------------------------------------------------------------------------------- Forrester Research, Inc. 1,2 9,000 212,130 - ----------------------------------------------------------------------------------------------------------------------------------- Gartner, Inc., Cl. A 1 21,400 523,444 - ----------------------------------------------------------------------------------------------------------------------------------- Heartland Payment Systems, Inc. 2 36,600 940,620 - ----------------------------------------------------------------------------------------------------------------------------------- Hewitt Associates, Inc. 1 18,400 644,920 - ----------------------------------------------------------------------------------------------------------------------------------- ManTech International Corp. 1 54,300 1,953,714 - ----------------------------------------------------------------------------------------------------------------------------------- Maximus, Inc. 2 19,900 867,242 - ----------------------------------------------------------------------------------------------------------------------------------- MPS Group, Inc. 1 86,600 965,590 - ----------------------------------------------------------------------------------------------------------------------------------- NCI, Inc., Cl. A 1 11,100 210,012 - ----------------------------------------------------------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1 60,592 1,024,611 - ----------------------------------------------------------------------------------------------------------------------------------- RightNow Technologies, Inc. 1,2 4,600 74,014 - ----------------------------------------------------------------------------------------------------------------------------------- Safeguard Scientifics, Inc. 1,2 22,900 52,441 - ----------------------------------------------------------------------------------------------------------------------------------- SAIC, Inc. 1 39,400 756,086 - ----------------------------------------------------------------------------------------------------------------------------------- Sapient Corp. 1 78,100 524,051 - ----------------------------------------------------------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1 9,300 261,144 - ----------------------------------------------------------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1 19,700 327,217 - ----------------------------------------------------------------------------------------------------------------------------------- Syntel, Inc. 2 31,800 1,322,244 - ----------------------------------------------------------------------------------------------------------------------------------- TNS, Inc. 400 6,424 - ----------------------------------------------------------------------------------------------------------------------------------- Total System Services, Inc. 2 22,600 627,828 - ----------------------------------------------------------------------------------------------------------------------------------- Unisys Corp. 1 23,971 158,688 - ----------------------------------------------------------------------------------------------------------------------------------- Wright Express Corp. 1,2 1,500 54,735 --------------- 24,453,823 - ----------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--7.0% Actel Corp. 1 15,300 164,169 - ----------------------------------------------------------------------------------------------------------------------------------- Advanced Analogic Technologies, Inc. 1,2 7,500 79,800 - -----------------------------------------------------------------------------------------------------------------------------------
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1 110,800 $ 1,673,080 - ----------------------------------------------------------------------------------------------------------------------------------- AMIS Holdings, Inc. 1,2 114,800 1,114,708 - ----------------------------------------------------------------------------------------------------------------------------------- Amkor Technology, Inc. 1,2 156,900 1,807,488 - ----------------------------------------------------------------------------------------------------------------------------------- Analog Devices, Inc. 40,500 1,464,480 - ----------------------------------------------------------------------------------------------------------------------------------- Asyst Technologies, Inc. 1,2 24,100 127,489 - ----------------------------------------------------------------------------------------------------------------------------------- Atheros Communications, Inc. 1,2 65,200 1,954,044 - ----------------------------------------------------------------------------------------------------------------------------------- Atmel Corp. 1 232,702 1,200,742 - ----------------------------------------------------------------------------------------------------------------------------------- ATMI, Inc. 1,2 59,800 1,779,050 - ----------------------------------------------------------------------------------------------------------------------------------- AuthenTec, Inc. 1,2 24,600 246,000 - ----------------------------------------------------------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1,2 2,900 14,819 - ----------------------------------------------------------------------------------------------------------------------------------- Brooks Automation, Inc. 1,2 152,600 2,173,024 - ----------------------------------------------------------------------------------------------------------------------------------- Cabot Microelectronics Corp. 1,2 35,800 1,530,450 - ----------------------------------------------------------------------------------------------------------------------------------- Cohu, Inc. 9,800 183,750 - ----------------------------------------------------------------------------------------------------------------------------------- Credence Systems Corp. 1,2 71,100 219,699 - ----------------------------------------------------------------------------------------------------------------------------------- Cymer, Inc. 1,2 66,500 2,552,935 - ----------------------------------------------------------------------------------------------------------------------------------- DSP Group, Inc. 1 5,800 91,814 - ----------------------------------------------------------------------------------------------------------------------------------- EMCORE Corp. 1,2 19,600 188,160 - ----------------------------------------------------------------------------------------------------------------------------------- Entegris, Inc. 1 156,400 1,357,552 - ----------------------------------------------------------------------------------------------------------------------------------- Exar Corp. 1,2 19,800 258,588 - ----------------------------------------------------------------------------------------------------------------------------------- FEI Co. 1,2 86,300 2,712,409 - ----------------------------------------------------------------------------------------------------------------------------------- Hittite Microwave Corp. 1,2 10,005 441,721 - ----------------------------------------------------------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 30,495 472,063 - ----------------------------------------------------------------------------------------------------------------------------------- Intersil Corp., Cl. A 47,700 1,594,611 - ----------------------------------------------------------------------------------------------------------------------------------- IXYS Corp. 1 3,300 34,419 - ----------------------------------------------------------------------------------------------------------------------------------- KLA-Tencor Corp. 35,260 1,966,803 - ----------------------------------------------------------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1,2 43,700 370,576 - ----------------------------------------------------------------------------------------------------------------------------------- Lam Research Corp. 1 32,700 1,741,602 - ----------------------------------------------------------------------------------------------------------------------------------- Linear Technology Corp. 2 27,271 954,212 - ----------------------------------------------------------------------------------------------------------------------------------- LTX Corp. 1,2 47,500 169,575 - ----------------------------------------------------------------------------------------------------------------------------------- Mattson Technology, Inc. 1 27,900 241,335 - ----------------------------------------------------------------------------------------------------------------------------------- Micrel, Inc. 216,700 2,340,360 - ----------------------------------------------------------------------------------------------------------------------------------- Microtune, Inc. 1,2 8,700 52,374 - ----------------------------------------------------------------------------------------------------------------------------------- MIPS Technologies, Inc., Cl. A 1,2 9,900 78,210 - ----------------------------------------------------------------------------------------------------------------------------------- MKS Instruments, Inc. 1,2 106,600 2,027,532 - ----------------------------------------------------------------------------------------------------------------------------------- Monolithic Power Systems, Inc. 1,2 19,250 488,950 - ----------------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 68,200 1,849,584 - ----------------------------------------------------------------------------------------------------------------------------------- Netlogic Microsystems, Inc. 1,2 14,700 530,817 - ----------------------------------------------------------------------------------------------------------------------------------- Novellus Systems, Inc. 1 54,600 1,488,396 - ----------------------------------------------------------------------------------------------------------------------------------- ON Semiconductor Corp. 1,2 126,000 1,582,560 - ----------------------------------------------------------------------------------------------------------------------------------- PMC-Sierra, Inc. 1,2 243,766 2,045,197 - ----------------------------------------------------------------------------------------------------------------------------------- RF Micro Devices, Inc. 1,2 288,200 1,939,586 - ----------------------------------------------------------------------------------------------------------------------------------- Rudolph Technologies, Inc. 1,2 12,700 175,641 - ----------------------------------------------------------------------------------------------------------------------------------- Semtech Corp. 1 108,900 2,230,272 - -----------------------------------------------------------------------------------------------------------------------------------
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Sigma Designs, Inc. 1,2 11,100 $ 535,464 - ----------------------------------------------------------------------------------------------------------------------------------- Silicon Laboratories, Inc. 1 46,700 1,950,192 - ----------------------------------------------------------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 1,2 42,800 137,816 - ----------------------------------------------------------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1,2 32,300 689,605 - ----------------------------------------------------------------------------------------------------------------------------------- Skyworks Solutions, Inc. 1,2 205,600 1,858,624 - ----------------------------------------------------------------------------------------------------------------------------------- Standard Microsystems Corp. 1,2 13,900 534,038 - ----------------------------------------------------------------------------------------------------------------------------------- Supertex, Inc. 1,2 7,100 283,148 - ----------------------------------------------------------------------------------------------------------------------------------- Teradyne, Inc. 1 101,700 1,403,460 - ----------------------------------------------------------------------------------------------------------------------------------- Tessera Technologies, Inc. 1 43,600 1,635,000 - ----------------------------------------------------------------------------------------------------------------------------------- TriQuint Semiconductor, Inc. 1 19,200 94,272 - ----------------------------------------------------------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1 5,300 77,910 - ----------------------------------------------------------------------------------------------------------------------------------- Ultratech, Inc. 1,2 3,500 48,510 - ----------------------------------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 28,650 1,533,348 - ----------------------------------------------------------------------------------------------------------------------------------- Veeco Instruments, Inc. 1,2 6,600 127,908 - ----------------------------------------------------------------------------------------------------------------------------------- Verigy Ltd. 1 85,900 2,122,589 - ----------------------------------------------------------------------------------------------------------------------------------- Volterra Semiconductor Corp. 1,2 6,500 79,820 - ----------------------------------------------------------------------------------------------------------------------------------- Xilinx, Inc. 70,700 1,848,098 - ----------------------------------------------------------------------------------------------------------------------------------- Zoran Corp. 1 85,300 1,723,060 --------------- 64,393,508 - ----------------------------------------------------------------------------------------------------------------------------------- SOFTWARE--5.5% Activision, Inc. 1 46,500 1,003,935 - ----------------------------------------------------------------------------------------------------------------------------------- Actuate Corp. 1,2 72,100 465,045 - ----------------------------------------------------------------------------------------------------------------------------------- Advent Software, Inc. 1,2 17,100 803,187 - ----------------------------------------------------------------------------------------------------------------------------------- American Software, Inc. 2 4,400 40,480 - ----------------------------------------------------------------------------------------------------------------------------------- Ansoft Corp. 1,2 12,800 422,144 - ----------------------------------------------------------------------------------------------------------------------------------- Ansys, Inc. 1,2 19,400 662,898 - ----------------------------------------------------------------------------------------------------------------------------------- Applix, Inc. 1 6,900 122,682 - ----------------------------------------------------------------------------------------------------------------------------------- Aspen Technology, Inc. 1,2 157,000 2,248,240 - ----------------------------------------------------------------------------------------------------------------------------------- Autodesk, Inc. 1 41,500 2,073,755 - ----------------------------------------------------------------------------------------------------------------------------------- BEA Systems, Inc. 1 119,800 1,661,626 - ----------------------------------------------------------------------------------------------------------------------------------- Blackbaud, Inc. 51,137 1,290,698 - ----------------------------------------------------------------------------------------------------------------------------------- Blackboard, Inc. 1,2 12,716 582,901 - ----------------------------------------------------------------------------------------------------------------------------------- BMC Software, Inc. 1 55,300 1,727,019 - ----------------------------------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 55,900 1,240,421 - ----------------------------------------------------------------------------------------------------------------------------------- Check Point Software Technologies Ltd. 1 39,200 987,056 - ----------------------------------------------------------------------------------------------------------------------------------- Citrix Systems, Inc. 1 26,700 1,076,544 - ----------------------------------------------------------------------------------------------------------------------------------- Cognos, Inc. 1 7,800 323,934 - ----------------------------------------------------------------------------------------------------------------------------------- Commvault Systems, Inc. 1 4,500 83,340 - ----------------------------------------------------------------------------------------------------------------------------------- Compuware Corp. 1 133,984 1,074,552 - ----------------------------------------------------------------------------------------------------------------------------------- Concur Technologies, Inc. 1 32,500 1,024,400 - ----------------------------------------------------------------------------------------------------------------------------------- Double-Take Software, Inc. 1 3,700 70,707 - ----------------------------------------------------------------------------------------------------------------------------------- Epicor Software Corp. 1,2 30,800 424,116 - ----------------------------------------------------------------------------------------------------------------------------------- EPIQ Systems, Inc. 1,2 31,200 587,184 - -----------------------------------------------------------------------------------------------------------------------------------
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SOFTWARE CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Fair Isaac Corp. 2 34,950 $ 1,262,045 - ----------------------------------------------------------------------------------------------------------------------------------- FalconStor Software, Inc. 1,2 36,300 437,415 - ----------------------------------------------------------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 53,400 1,380,924 - ----------------------------------------------------------------------------------------------------------------------------------- Informatica Corp. 1,2 63,700 1,000,090 - ----------------------------------------------------------------------------------------------------------------------------------- Interactive Intelligence, Inc. 1,2 8,700 165,300 - ----------------------------------------------------------------------------------------------------------------------------------- InterVoice-Brite, Inc. 1 3,200 30,048 - ----------------------------------------------------------------------------------------------------------------------------------- Intuit, Inc. 1 15,800 478,740 - ----------------------------------------------------------------------------------------------------------------------------------- JDA Software Group, Inc. 1 16,400 338,824 - ----------------------------------------------------------------------------------------------------------------------------------- Lawson Software, Inc. 1,2 121,290 1,214,113 - ----------------------------------------------------------------------------------------------------------------------------------- Magma Design Automation, Inc. 1,2 31,700 446,019 - ----------------------------------------------------------------------------------------------------------------------------------- Manhattan Associates, Inc. 1 26,900 737,329 - ----------------------------------------------------------------------------------------------------------------------------------- McAfee, Inc. 1 47,300 1,649,351 - ----------------------------------------------------------------------------------------------------------------------------------- Mentor Graphics Corp. 1 92,100 1,390,710 - ----------------------------------------------------------------------------------------------------------------------------------- MICROS Systems, Inc. 1 22,200 1,444,554 - ----------------------------------------------------------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 27,600 2,189,784 - ----------------------------------------------------------------------------------------------------------------------------------- Moldflow Corp. 1 400 7,704 - ----------------------------------------------------------------------------------------------------------------------------------- NAVTEQ Corp. 1 6,800 530,196 - ----------------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 1 79,400 606,616 - ----------------------------------------------------------------------------------------------------------------------------------- Nuance Communications, Inc. 1 8,100 156,411 - ----------------------------------------------------------------------------------------------------------------------------------- Parametric Technology Corp. 1 13,500 235,170 - ----------------------------------------------------------------------------------------------------------------------------------- Phoenix Technologies Ltd. 1 1,900 20,349 - ----------------------------------------------------------------------------------------------------------------------------------- Progress Software Corp. 1,2 4,600 139,380 - ----------------------------------------------------------------------------------------------------------------------------------- PROS Holdings, Inc. 1 34,500 416,415 - ----------------------------------------------------------------------------------------------------------------------------------- Quality Systems, Inc. 2 60 2,198 - ----------------------------------------------------------------------------------------------------------------------------------- Quest Software, Inc. 1 75,300 1,292,148 - ----------------------------------------------------------------------------------------------------------------------------------- Radiant Systems, Inc. 1,2 22,600 357,758 - ----------------------------------------------------------------------------------------------------------------------------------- Red Hat, Inc. 1 44,700 888,189 - ----------------------------------------------------------------------------------------------------------------------------------- Salesforce.com, Inc. 1 11,900 610,708 - ----------------------------------------------------------------------------------------------------------------------------------- Secure Computing Corp. 1,2 25,400 247,142 - ----------------------------------------------------------------------------------------------------------------------------------- SPSS, Inc. 1,2 26,200 1,077,868 - ----------------------------------------------------------------------------------------------------------------------------------- Sybase, Inc. 1 38,200 883,566 - ----------------------------------------------------------------------------------------------------------------------------------- Synchronoss Technologies, Inc. 1,2 26,900 1,131,414 - ----------------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 53,400 1,446,072 - ----------------------------------------------------------------------------------------------------------------------------------- Taleo Corp., Cl. A 1 18,100 459,921 - ----------------------------------------------------------------------------------------------------------------------------------- The9 Ltd., ADR 1 29,200 1,007,108 - ----------------------------------------------------------------------------------------------------------------------------------- THQ, Inc. 1,2 24,500 612,010 - ----------------------------------------------------------------------------------------------------------------------------------- TIBCO Software, Inc. 1 372,800 2,754,992 - ----------------------------------------------------------------------------------------------------------------------------------- Tyler Technologies, Inc. 1,2 27,100 361,785 - ----------------------------------------------------------------------------------------------------------------------------------- Ultimate Software Group, Inc. (The) 1,2 5,400 188,460 - ----------------------------------------------------------------------------------------------------------------------------------- Vasco Data Security International, Inc. 1,2 16,200 572,022 - ----------------------------------------------------------------------------------------------------------------------------------- Wind River Systems, Inc. 1 34,000 400,180 --------------- 50,567,892
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MATERIALS--7.5% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS--3.4% American Vanguard Corp. 1,800 $ 35,136 - ----------------------------------------------------------------------------------------------------------------------------------- Arch Chemicals, Inc. 15,820 741,642 - ----------------------------------------------------------------------------------------------------------------------------------- Ashland, Inc. 7,500 451,575 - ----------------------------------------------------------------------------------------------------------------------------------- Cabot Corp. 18,700 664,411 - ----------------------------------------------------------------------------------------------------------------------------------- Calgon Carbon Corp. 1,2 37,800 527,688 - ----------------------------------------------------------------------------------------------------------------------------------- Celanese Corp., Series A 44,000 1,715,120 - ----------------------------------------------------------------------------------------------------------------------------------- CF Industries Holdings, Inc. 35,700 2,709,987 - ----------------------------------------------------------------------------------------------------------------------------------- Eastman Chemical Co. 1,700 113,441 - ----------------------------------------------------------------------------------------------------------------------------------- Ferro Corp. 2 63,800 1,274,724 - ----------------------------------------------------------------------------------------------------------------------------------- FMC Corp. 1,200 62,424 - ----------------------------------------------------------------------------------------------------------------------------------- Fuller (H.B.) Co. 2 69,600 2,065,728 - ----------------------------------------------------------------------------------------------------------------------------------- Hercules, Inc. 87,900 1,847,658 - ----------------------------------------------------------------------------------------------------------------------------------- ICO, Inc. 1 15,500 218,240 - ----------------------------------------------------------------------------------------------------------------------------------- Innophos Holdings, Inc. 2 14,600 222,504 - ----------------------------------------------------------------------------------------------------------------------------------- Innospec, Inc. 15,400 350,812 - ----------------------------------------------------------------------------------------------------------------------------------- Koppers Holdings, Inc. 14,300 552,123 - ----------------------------------------------------------------------------------------------------------------------------------- Landec Corp. 1,2 15,000 231,900 - ----------------------------------------------------------------------------------------------------------------------------------- LSB Industries, Inc. 1,2 6,800 160,820 - ----------------------------------------------------------------------------------------------------------------------------------- Lubrizol Corp. (The) 11,000 715,660 - ----------------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co. 36,900 1,710,315 - ----------------------------------------------------------------------------------------------------------------------------------- Minerals Technologies, Inc. 2 13,507 904,969 - ----------------------------------------------------------------------------------------------------------------------------------- Nalco Holding Co. 25,100 744,215 - ----------------------------------------------------------------------------------------------------------------------------------- NewMarket Corp. 2 2,400 118,512 - ----------------------------------------------------------------------------------------------------------------------------------- Olin Corp. 2 86,000 1,924,680 - ----------------------------------------------------------------------------------------------------------------------------------- OM Group, Inc. 1 21,600 1,140,696 - ----------------------------------------------------------------------------------------------------------------------------------- Penford Corp. 2 1,500 56,550 - ----------------------------------------------------------------------------------------------------------------------------------- PolyOne Corp. 1 27,100 202,437 - ----------------------------------------------------------------------------------------------------------------------------------- Rockwood Holdings, Inc. 1 38,800 1,390,204 - ----------------------------------------------------------------------------------------------------------------------------------- Schulman (A.), Inc. 2 11,100 219,003 - ----------------------------------------------------------------------------------------------------------------------------------- Scotts Miracle-Gro Co. (The), Cl. A 8,900 380,475 - ----------------------------------------------------------------------------------------------------------------------------------- Sensient Technologies Corp. 2 90,700 2,618,509 - ----------------------------------------------------------------------------------------------------------------------------------- Spartech Corp. 62,400 1,064,544 - ----------------------------------------------------------------------------------------------------------------------------------- Stepan Co. 2 5,200 160,732 - ----------------------------------------------------------------------------------------------------------------------------------- Terra Industries, Inc. 1,2 53,700 1,678,662 - ----------------------------------------------------------------------------------------------------------------------------------- Tronox, Inc., Cl. A 2 20,600 191,580 - ----------------------------------------------------------------------------------------------------------------------------------- Tronox, Inc., Cl. B 1,700 15,351 - ----------------------------------------------------------------------------------------------------------------------------------- Valhi, Inc. 2 11,300 268,375 - ----------------------------------------------------------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 86,000 2,309,960 --------------- 31,761,362 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.0% U.S. Concrete, Inc. 1,2 500 3,295 - ----------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.0% AEP Industries, Inc. 1 5,300 224,402 - ----------------------------------------------------------------------------------------------------------------------------------- AptarGroup, Inc. 13,580 514,275 - -----------------------------------------------------------------------------------------------------------------------------------
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Crown Holdings, Inc. 1 24,700 $ 562,172 - ----------------------------------------------------------------------------------------------------------------------------------- Graphic Packaging Corp. 1,2 10,100 45,652 - ----------------------------------------------------------------------------------------------------------------------------------- Myers Industries, Inc. 21,200 420,184 - ----------------------------------------------------------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 29,100 1,206,195 - ----------------------------------------------------------------------------------------------------------------------------------- Packaging Corp. of America 47,100 1,369,197 - ----------------------------------------------------------------------------------------------------------------------------------- Pactiv Corp. 1 28,000 802,480 - ----------------------------------------------------------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 82,400 2,381,360 - ----------------------------------------------------------------------------------------------------------------------------------- Silgan Holdings, Inc. 19,046 1,023,723 - ----------------------------------------------------------------------------------------------------------------------------------- Sonoco Products Co. 10,820 326,548 ---------------- 8,876,188 - ----------------------------------------------------------------------------------------------------------------------------------- METALS & MINING--2.9% A. M. Castle & Co. 2 3,700 120,620 - ----------------------------------------------------------------------------------------------------------------------------------- AK Steel Holding Corp. 1,2 25,600 1,125,120 - ----------------------------------------------------------------------------------------------------------------------------------- Amerigo Resources Ltd. 118,700 306,700 - ----------------------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 7,800 1,014,078 - ----------------------------------------------------------------------------------------------------------------------------------- Century Aluminum Co. 1,2 51,700 2,722,005 - ----------------------------------------------------------------------------------------------------------------------------------- Claymont Steel Holdings, Inc. 1,2 1,200 24,300 - ----------------------------------------------------------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 2 9,100 800,527 - ----------------------------------------------------------------------------------------------------------------------------------- Compass Minerals International, Inc. 55,500 1,889,220 - ----------------------------------------------------------------------------------------------------------------------------------- Farallon Resources Ltd. 1 156,700 99,252 - ----------------------------------------------------------------------------------------------------------------------------------- Haynes International, Inc. 1,2 9,700 828,089 - ----------------------------------------------------------------------------------------------------------------------------------- Hecla Mining Co. 1,2 258,100 2,309,995 - ----------------------------------------------------------------------------------------------------------------------------------- Meridian Gold, Inc. 1 900 29,923 - ----------------------------------------------------------------------------------------------------------------------------------- Metal Management, Inc. 54,500 2,953,900 - ----------------------------------------------------------------------------------------------------------------------------------- Quanex Corp. 2 52,223 2,453,437 - ----------------------------------------------------------------------------------------------------------------------------------- Redcorp Ventures Ltd. 1,3 666,400 194,295 - ----------------------------------------------------------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 2 45,500 3,334,695 - ----------------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc. 34,100 1,592,470 - ----------------------------------------------------------------------------------------------------------------------------------- United States Steel Corp. 16,900 1,790,386 - ----------------------------------------------------------------------------------------------------------------------------------- Universal Stainless & Alloy Products, Inc. 1,2 3,900 155,181 - ----------------------------------------------------------------------------------------------------------------------------------- Wheeling-Pittsburgh Corp. 1 1,100 21,230 - ----------------------------------------------------------------------------------------------------------------------------------- Worthington Industries, Inc. 2 111,200 2,619,872 ---------------- 26,385,295 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.2% Bowater, Inc. 2 51,100 762,412 - ----------------------------------------------------------------------------------------------------------------------------------- Buckeye Technologies, Inc. 1,2 35,400 535,956 - ----------------------------------------------------------------------------------------------------------------------------------- Mercer International, Inc. 1,2 7,800 73,710 - ----------------------------------------------------------------------------------------------------------------------------------- Neenah Paper, Inc. 2 5,000 165,450 - ----------------------------------------------------------------------------------------------------------------------------------- Schweitzer-Mauduit International, Inc. 2 10,900 253,970 - ----------------------------------------------------------------------------------------------------------------------------------- Wausau Paper Corp. 2 7,100 79,165 ---------------- 1,870,663 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.1% - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.7% Alaska Communications Systems Group, Inc. 2 33,400 482,630 - -----------------------------------------------------------------------------------------------------------------------------------
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED - ----------------------------------------------------------------------------------------------------------------------------------- Atlantic Tele-Network, Inc. 8,900 $ 323,515 - ----------------------------------------------------------------------------------------------------------------------------------- Cbeyond, Inc. 1,2 51,800 2,112,922 - ----------------------------------------------------------------------------------------------------------------------------------- CenturyTel, Inc. 27,900 1,289,538 - ----------------------------------------------------------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 521,800 2,577,692 - ----------------------------------------------------------------------------------------------------------------------------------- Citizens Communications Co. 62,391 893,439 - ----------------------------------------------------------------------------------------------------------------------------------- Cogent Communications Group, Inc. 1,2 68,200 1,591,788 - ----------------------------------------------------------------------------------------------------------------------------------- Consolidated Communications Holdings, Inc. 17,270 338,665 - ----------------------------------------------------------------------------------------------------------------------------------- Embarq Corp. 27,000 1,501,200 - ----------------------------------------------------------------------------------------------------------------------------------- FairPoint Communications, Inc. 3,000 56,580 - ----------------------------------------------------------------------------------------------------------------------------------- General Communication, Inc., Cl. A 1,2 16,200 196,668 - ----------------------------------------------------------------------------------------------------------------------------------- Iowa Telecommunications Services, Inc. 2 24,700 490,295 - ----------------------------------------------------------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 1,500 35,640 - ----------------------------------------------------------------------------------------------------------------------------------- NTELOS Holdings Corp. 26,200 771,852 - ----------------------------------------------------------------------------------------------------------------------------------- PAETEC Holding Corp. 1 15,200 189,544 - ----------------------------------------------------------------------------------------------------------------------------------- Premiere Global Services, Inc. 1,2 129,200 1,634,380 - ----------------------------------------------------------------------------------------------------------------------------------- SureWest Communications 2 2,300 57,523 - ----------------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom, Inc., Cl. A 1 4,700 103,259 - ----------------------------------------------------------------------------------------------------------------------------------- Windstream Corp. 26,500 374,180 ---------------- 15,021,310 - ----------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.4% Cellcom Israel Ltd. 14,350 348,992 - ----------------------------------------------------------------------------------------------------------------------------------- Centennial Communications Corp. 1 37,700 381,524 - ----------------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 1,2 40,500 517,995 - ----------------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp., Cl. A 1 5,700 247,950 - ----------------------------------------------------------------------------------------------------------------------------------- Syniverse Holdings, Inc. 1 20,300 322,770 - ----------------------------------------------------------------------------------------------------------------------------------- Telephone & Data Systems, Inc. 26,600 1,775,550 - ----------------------------------------------------------------------------------------------------------------------------------- United States Cellular Corp. 1 430 42,226 - ----------------------------------------------------------------------------------------------------------------------------------- USA Mobility, Inc. 2 19,000 320,530 ---------------- 3,957,537 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES--2.5% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.8% Central Vermont Public Service Corp. 2 4,100 149,814 - ----------------------------------------------------------------------------------------------------------------------------------- El Paso Electric Co. 1,2 86,000 1,989,180 - ----------------------------------------------------------------------------------------------------------------------------------- Northeast Utilities Co. 15,800 451,406 - ----------------------------------------------------------------------------------------------------------------------------------- Otter Tail Corp. 2 20,700 737,955 - ----------------------------------------------------------------------------------------------------------------------------------- Portland General Electric Co. 18,940 526,532 - ----------------------------------------------------------------------------------------------------------------------------------- Reliant Energy, Inc. 1 23,300 596,480 - ----------------------------------------------------------------------------------------------------------------------------------- UniSource Energy Corp. 60,400 1,805,356 - ----------------------------------------------------------------------------------------------------------------------------------- Westar Energy, Inc. 20,570 505,199 ---------------- 6,761,922 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.2% Canadian Hydro Developers, Inc. 1 14,000 87,267 - ----------------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc. 1,2 32,400 1,370,196 ---------------- 1,457,463
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--1.1% Atmos Energy Corp. 23,600 $ 668,352 - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey Resources Corp. 2 39,990 1,983,104 - ----------------------------------------------------------------------------------------------------------------------------------- Northwest Natural Gas Co. 2 42,700 1,951,390 - ----------------------------------------------------------------------------------------------------------------------------------- ONEOK, Inc. 23,000 1,090,200 - ----------------------------------------------------------------------------------------------------------------------------------- SEMCO Energy, Inc. 1,2 3,000 23,670 - ----------------------------------------------------------------------------------------------------------------------------------- South Jersey Industries, Inc. 2 14,600 508,080 - ----------------------------------------------------------------------------------------------------------------------------------- Southwest Gas Corp. 36,800 1,041,072 - ----------------------------------------------------------------------------------------------------------------------------------- UGI Corp. 22,200 576,756 - ----------------------------------------------------------------------------------------------------------------------------------- WGL Holdings, Inc. 73,400 2,487,526 ---------------- 10,330,150 - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% Avista Corp. 51,888 1,055,921 - ----------------------------------------------------------------------------------------------------------------------------------- Black Hills Corp. 2 29,300 1,201,886 - ----------------------------------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc. 18,800 301,364 - ----------------------------------------------------------------------------------------------------------------------------------- DTE Energy Co. 2 4,000 193,760 - ----------------------------------------------------------------------------------------------------------------------------------- Energy East Corp. 10,300 278,615 - ----------------------------------------------------------------------------------------------------------------------------------- NiSource, Inc. 4,000 76,560 - ----------------------------------------------------------------------------------------------------------------------------------- Vectren Corp. 21,200 578,537 ---------------- 3,686,643 ---------------- Total Common Stocks (Cost $841,351,658) 915,305,346 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Redcorp Ventures Ltd. Wts., Exp. 7/5/09 1,3 (Cost $0) 333,200 26,799 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--0.5% - ----------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.37% 5,6 (Cost $4,828,539) 4,828,539 4,828,539 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $846,180,197) 920,160,684 - ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--24.0% 7 - ----------------------------------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--0.6% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.19%, 10/25/07 $ 208,511 208,511 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2006-2, Cl. 2A1, 5.20%, 10/25/07 410,591 410,591 - ----------------------------------------------------------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.22%, 10/25/07 869,446 869,446 - ----------------------------------------------------------------------------------------------------------------------------------- Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 5.21%, 10/25/07 1,062,085 1,062,085 - ----------------------------------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 5.22%, 10/25/07 473,663 473,663 - ----------------------------------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.74%, 12/17/07 2,250,000 2,250,000 --------------- 5,274,296
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------------------- BANK FLOATING RATE NOTE--0.6% Wachovia Bank NA, 4.86%, 10/1/07 $ 6,000,000 $ 6,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--9.5% Undivided interest of 8.69% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,425,000) with Bank of America NA, 5.10%, dated 9/28/07, to be repurchased at $86,930,544 on 10/1/07, collateralized by U.S. Agency Mortgages, 5%- 5.50%, 5/1/33-6/1/35, with a value of $1,020,000,000 86,893,614 86,893,614 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--12.9% American Express Credit Corp., 5.76%, 10/15/07 4,000,000 4,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- American General Finance Corp., 5.36%, 10/9/07 6,501,825 6,501,825 - ----------------------------------------------------------------------------------------------------------------------------------- American Honda Finance Corp., 5.73%, 12/10/07 6,504,661 6,504,661 - ----------------------------------------------------------------------------------------------------------------------------------- ANZ National (Int'l) Ltd., 4.87%, 10/1/07 7,996,852 7,996,852 - ----------------------------------------------------------------------------------------------------------------------------------- Beta Finance, Inc., 4.87%, 10/1/07 2,999,784 2,999,784 - ----------------------------------------------------------------------------------------------------------------------------------- Beta Finance, Inc., 4.89%, 10/1/07 4,997,310 4,997,310 - ----------------------------------------------------------------------------------------------------------------------------------- Caixa Catal, 5.75%, 12/7/07 8,000,000 8,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- CAM US Finance SA Unipersonal, 5.41%, 11/1/07 6,000,000 6,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 4.87%, 10/1/07 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 4.87%, 10/1/07 1,000,000 1,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 4.89%, 10/1/07 4,497,584 4,497,584 - ----------------------------------------------------------------------------------------------------------------------------------- Citigroup Funding, Inc., 4.86%, 10/1/07 5,000,000 5,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Dorada Finance, Inc., 4.87%, 10/1/07 7,500,000 7,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.41%, 10/1/07 7,000,000 7,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- HSBC FInance Corp., 5.81%, 10/9/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- K2 (USA) LLC, 4.87%, 10/1/07 5,996,854 5,996,854 - ----------------------------------------------------------------------------------------------------------------------------------- K2 (USA) LLC, 4.89%, 10/1/07 2,999,622 2,999,622 - ----------------------------------------------------------------------------------------------------------------------------------- LINKS Finance LLC, 4.87%, 10/1/07 3,000,254 3,000,254 - ----------------------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.87%, 10/1/07 2,500,000 2,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.87%, 10/1/07 4,000,000 4,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.14%, 10/30/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Metropolitan Life Global Funding, 5.13%, 10/22/07 7,250,000 7,250,000 - ----------------------------------------------------------------------------------------------------------------------------------- Nationwide Global Fund I, 5.69%, 12/17/07 7,005,880 7,005,880 - ----------------------------------------------------------------------------------------------------------------------------------- Sigma Finance, Inc., 4.87%, 10/1/07 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Tango Finance Corp., 4.88%, 10/1/07 3,499,651 3,499,651 --------------- 118,250,277 - ----------------------------------------------------------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.4% Natexis Banques Populaires NY, 4.87%, 10/1/07 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Natexis Banques Populaires NY, 4.89%, 10/1/07 1,999,903 1,999,903 --------------- 3,999,903 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $220,418,090) 220,418,090 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,066,598,287) 124.2% 1,140,578,774 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (24.2) (222,259,474) ------------------------------- NET ASSETS 100.0% $ 918,319,300 ===============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 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 $509,989 or 0.06% of the Fund's net assets as of September 30, 2007. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2007 was $29,338, which represents 0.00% of the Fund's net assets, all of which is considered restricted. See accompanying Notes. 5. Rate shown is the 7-day yield as of September 30, 2007. 6. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2007 - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 7,142,041 197,432,936 199,746,438 4,828,539 DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 4,828,539 $ 285,475
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. 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. 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. 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, if applicable. 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 OR RESTRICTED SECURITIES As of September 30, 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 SEPTEMBER 30, 2007 DEPRECIATION - ------------------------------------------------------------------------------- Tusk Energy Corp. 11/15/04 $ 38,148 $ 29,338 $ 8,810 SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of securities, letters of credit or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2007, the Fund had on loan securities valued at $213,890,864, 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 $220,418,090 was received for the loans, all of which was received in cash and subsequently invested in approved investments. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, 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 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2007 / UNAUDITED - -------------------------------------------------------------------------------- permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 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 September 30, 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 $ 1,069,754,373 ===================== Gross unrealized appreciation $ 108,630,716 Gross unrealized depreciation (37,806,315) --------------------- Net unrealized appreciation $ 70,824,401 ===================== 37 | OPPENHEIMER MAIN STREET SMALL CAP 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 09/30/2007, 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: 11/14/2007 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: 11/14/2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 11/14/2007 EX-99.CERT 2 rq620_42772cert302.txt RQ620_42772CERT302.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. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 11/14/2007 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. By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 11/14/2007 -----END PRIVACY-ENHANCED MESSAGE-----