N-Q 1 rq620_50230nq.txt RQ620_50230NQ 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: 09/30/2008 ---------- ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- ------------- COMMON STOCKS--56.5% CONSUMER DISCRETIONARY--5.9% MEDIA--5.9% Jupiter Telecommunications Co. Ltd. 29 $ 20,894 Liberty Global, Inc., Series A (1) 312,718 9,475,355 Liberty Global, Inc., Series C (1) 317,090 8,907,058 National CineMedia, Inc. 239,100 2,642,055 ------------- 21,045,362 CONSUMER STAPLES--6.6% BEVERAGES--0.4% InBev NV 26,500 1,560,722 FOOD PRODUCTS--1.2% Nestle SA 94,660 4,094,240 TOBACCO--5.0% Altria Group, Inc. 162,830 3,230,547 Lorillard, Inc. 96,140 6,840,361 Philip Morris International, Inc. 162,830 7,832,123 ------------- 17,903,031 ENERGY--4.1% OIL, GAS & CONSUMABLE FUELS--4.1% Alpha Natural Resources, Inc. (1) 17,200 884,596 BP plc, ADR 41,820 2,098,109 Exxon Mobil Corp. 115,610 8,978,273 Petroleo Brasileiro SA, ADR 56,600 2,487,570 ------------- 14,448,548 FINANCIALS--5.9% CAPITAL MARKETS--2.3% Credit Suisse Group AG, ADR 105,100 5,074,228 Goldman Sachs Group, Inc. (The) 3,300 422,400 Julius Baer Holding AG 53,787 2,644,439 ------------- 8,141,067 CONSUMER FINANCE--1.5% American Express Co. 82,600 2,926,518 SLM Corp. (1) 205,100 2,530,934 ------------- 5,457,452 INSURANCE--2.1% Everest Re Group Ltd. 73,780 6,384,183 National Financial Partners Corp. 68,700 1,030,500 ------------- 7,414,683 HEALTH CARE--7.6% BIOTECHNOLOGY--1.6% Amicus Therapeutics, Inc. (1) 101,200 1,530,144 deCODE genetics, Inc. (1) 193,500 75,465 Human Genome Sciences, Inc. (1) 243,900 1,548,765 Orexigen Therapeutics, Inc. (1) 160,230 1,728,882 Theravance, Inc. (1) 58,800 732,648 ------------- 5,615,904
1 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- ------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.7% Beckman Coulter, Inc. 34,630 $ 2,458,384 HEALTH CARE PROVIDERS & SERVICES--2.0% Medco Health Solutions, Inc. (1) 57,500 2,587,500 Skilled Healthcare Group, Inc., Cl. A (1) 125,900 2,000,551 WellPoint, Inc. (1) 56,400 2,637,828 ------------- 7,225,879 LIFE SCIENCES TOOLS & SERVICES--0.5% Waters Corp. (1) 30,900 1,797,762 PHARMACEUTICALS--2.8% Abbott Laboratories 52,200 3,005,676 Mylan, Inc. (1) 329,200 3,759,464 Schering-Plough Corp. 171,800 3,173,146 ------------- 9,938,286 INDUSTRIALS--5.2% AEROSPACE & DEFENSE--1.4% Orbital Sciences Corp. (1) 68,424 1,640,123 United Technologies Corp. 53,240 3,197,594 ------------- 4,837,717 COMMERCIAL SERVICES & SUPPLIES--0.1% Sinomem Technology Ltd. (1) 1,333,000 135,269 INDUSTRIAL CONGLOMERATES--2.1% Siemens AG, Sponsored ADR 80,700 7,576,923 MACHINERY--1.0% Joy Global, Inc. 34,900 1,575,386 Navistar International Corp. (1) 37,800 2,048,004 ------------- 3,623,390 TRADING COMPANIES & DISTRIBUTORS--0.6% Aircastle Ltd. 222,000 2,200,020 INFORMATION TECHNOLOGY--18.0% COMMUNICATIONS EQUIPMENT--0.8% Cisco Systems, Inc. (1) 124,750 2,814,360 COMPUTERS & PERIPHERALS--1.2% International Business Machines Corp. 36,410 4,258,514 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.0% CalAmp Corp. (1) 19 25 INTERNET SOFTWARE & SERVICES--1.6% eBay, Inc. (1) 113,490 2,539,906 Google, Inc., Cl. A (1) 3,100 1,241,612 Yahoo!, Inc. (1) 106,220 1,837,606 ------------- 5,619,124 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.3% Lam Research Corp. (1) 59,800 1,883,102 Texas Instruments, Inc. 125,030 2,688,145 ------------- 4,571,247 SOFTWARE--13.1% Microsoft Corp. 305,600 8,156,464
2 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- ------------- SOFTWARE CONTINUED Novell, Inc. (1) 364,440 $ 1,873,222 Synopsys, Inc. (1) 112,720 2,248,764 Take-Two Interactive Software, Inc. 1,578,950 25,894,780 THQ, Inc. (1) 698,800 8,413,552 ------------- 46,586,782 MATERIALS--1.0% CHEMICALS--0.6% Lubrizol Corp. (The) 47,600 2,053,464 METALS & MINING--0.4% Teck Cominco Ltd., Cl. B 48,700 1,382,865 TELECOMMUNICATION SERVICES--1.3% DIVERSIFIED TELECOMMUNICATION SERVICES--0.9% AT&T, Inc. 114,000 3,182,880 XO Holdings, Inc. (1) 85 35 ------------- 3,182,915 WIRELESS TELECOMMUNICATION SERVICES--0.4% Sprint Nextel Corp. 231,300 1,410,930 UTILITIES--0.9% ENERGY TRADERS--0.9% AES Corp. (The) (1) 138,300 1,616,727 Constellation Energy Group, Inc. 22,700 551,610 Dynegy, Inc., Cl. A (1) 163,600 585,688 NRG Energy, Inc. (1) 26,400 653,400 ------------- 3,407,425 ------------- Total Common Stocks (Cost $198,013,950) 200,762,290 PREFERRED STOCKS--1.2% Companhia Vale do Rio Doce, Sponsored ADR 103,440 1,830,888 Petroleo Brasileiro SA, Preference 129,980 2,360,665 ------------- Total Preferred Stocks (Cost $537,982) 4,191,553
Units ---------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% XO Communications, Inc.: Series A Wts., Strike Price $6.25, Exp. 1/16/10 (1) 171 4 Series B Wts., Strike Price $7.50, Exp. 1/16/10 (1,2) 128 3 Series C Wts., Strike Price $10, Exp. 1/16/10 (1,2) 128 1 ------------- Total Rights, Warrants and Certificates (Cost $0) 8
Principal Amount ---------- ASSET-BACKED SECURITIES--2.2% Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 3.687%, 5/25/34 (3) $ 830,484 732,379 Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 2.508%, 4/15/11 (3) 1,694,921 1,687,481
3 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ---------- -------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 $ 180,000 $ 142,944 Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 3.947%, 2/25/33 (3) 18,836 15,024 Series 2005-11, Cl. AF2, 4.657%, 2/25/36 154,335 153,278 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 (3) 360,000 328,651 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 (3) 240,000 219,597 CWABS, Inc. Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 3.327%, 12/5/29 (3) 480,000 407,393 Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-2, Cl. A4, 4.15%, 10/15/10 233,636 233,682 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 2.731%, 1/20/35 (3) 303,198 256,653 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 3.298%, 3/20/36 (3) 180,000 165,761 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 (3) 144,454 143,711 MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 3.838%, 3/15/16 (3) 1,710,000 1,349,942 Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 3.307%, 7/1/36 (3) 1,033,109 976,273 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 3.307%, 9/25/36 (3) 775,239 739,523 Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 3.247%, 9/25/36 (3) 249,834 244,885 -------------- Total Asset-Backed Securities (Cost $8,650,300) 7,797,177 MORTGAGE-BACKED OBLIGATIONS--41.5% GOVERNMENT AGENCY--25.9% FHLMC/FNMA/SPONSORED--25.8% Federal Home Loan Mortgage Corp.: 4.50%, 7/15/19 529,507 519,569 5%, 12/15/32-12/15/34 2,949,507 2,883,211 6%, 3/15/33 258,945 263,549 6.50%, 4/15/18-4/1/34 2,267,267 2,349,039 7%, 12/1/23-10/1/31 992,090 1,044,379 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 12.808%, 3/25/36 (3) 327,309 343,053 Series 2043, Cl. ZP, 6.50%, 4/15/28 533,439 551,237 Series 2055, Cl. ZM, 6.50%, 5/15/28 286,602 295,306 Series 2075, Cl. D, 6.50%, 8/15/28 714,740 740,123 Series 2080, Cl. Z, 6.50%, 8/15/28 192,230 199,044 Series 2461, Cl. PZ, 6.50%, 6/15/32 779,757 814,831 Series 2500, Cl. FD, 2.988%, 3/15/32 (3) 91,865 90,964 Series 2526, Cl. FE, 2.888%, 6/15/29 (3) 133,010 131,627 Series 2538, Cl. F, 3.088%, 12/15/32 (3) 1,422,190 1,410,928
4 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- FHLMC/FNMA/SPONSORED CONTINUED Series 2551, Cl. FD, 2.888%, 1/15/33 (3) $ 101,607 $ 100,429 Series 2676, Cl. KY, 5%, 9/15/23 298,000 286,816 Series 3025, Cl. SJ, 15.629%, 8/15/35 (3) 105,724 111,752 Series 3094, Cl. HS, 15.263%, 6/15/34 (3) 202,748 209,960 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 12.206%, 6/1/26 (4) 177,356 39,408 Series 183, Cl. IO, 10.166%, 4/1/27 (4) 283,276 55,562 Series 184, Cl. IO, 16.497%, 12/1/26 (4) 309,600 68,225 Series 192, Cl. IO, 12.09%, 2/1/28 (4) 84,530 17,750 Series 200, Cl. IO, 11.737%, 1/1/29 (4) 103,819 23,266 Series 2130, Cl. SC, 8.742%, 3/15/29 (4) 222,824 21,381 Series 216, Cl. IO, 11.483%, 12/1/31 (4) 164,933 42,301 Series 224, Cl. IO, 8.24%, 3/1/33 (4) 522,434 117,322 Series 243, Cl. 6, 8.782%, 12/15/32 (4) 313,547 71,348 Series 2527, Cl. SG, 28.662%, 2/15/32 (4) 215,578 15,823 Series 2531, Cl. ST, 30.563%, 2/15/30 (4) 253,728 19,322 Series 2796, Cl. SD, 34.501%, 7/15/26 (4) 318,147 29,260 Series 2802, Cl. AS, 65.571%, 4/15/33 (4) 468,189 35,264 Series 2920, Cl. S, 40.301%, 1/15/35 (4) 1,792,389 151,360 Series 3000, Cl. SE, 70.918%, 7/15/25 (4) 1,829,480 121,376 Series 3110, Cl. SL, 93.685%, 2/15/26 (4) 267,765 17,838 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 4.672%, 6/1/26 (5) 78,053 65,767 Series 192, Cl. PO, 6.572%, 2/1/28 (5) 84,530 69,169 Federal National Mortgage Assn.: 4.50%, 8/1/20 507,759 500,450 4.50%, 10/1/21 (6) 5,435,000 5,297,429 5%, 6/25/33-9/25/35 3,587,941 3,507,910 5%, 10/1/21-10/1/38 (6) 11,617,000 11,434,723 5.50%, 9/25/20-9/1/36 4,322,391 4,324,667 5.50%, 10/1/23-10/1/38 (6) 18,709,000 18,675,884 6%, 8/25/32-8/1/34 2,509,777 2,555,635 6%, 10/1/23-10/1/36 (6) 6,719,000 6,822,051 6%, 3/1/33 (7) 2,661,119 2,710,096 6.50%, 6/25/17-1/1/34 1,666,120 1,731,169 6.50%, 12/25/29 (7) 2,399,983 2,486,153 7%, 11/1/17-11/25/35 2,237,185 2,359,144 7.50%, 1/1/33 311,769 337,744 8.50%, 7/1/32 13,091 14,432 Federal National Mortgage Assn. Grantor Trust, Gtd. Trust Mtg. Pass-Through Certificates, Trust 2002-T1, Cl. A2, 7%, 11/25/31 611,936 641,110 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-215, Cl. ZQ, 6.50%, 11/25/23 597,844 621,229 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 539,501 556,941
5 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 1998-61, Cl. PL, 6%, 11/25/28 $ 286,777 $ 292,811 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 745,436 774,050 Trust 2001-70, Cl. LR, 6%, 9/25/30 18,322 18,341 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 263,955 273,187 Trust 2002-9, Cl. PC, 6%, 3/25/17 584,916 603,650 Trust 2003-130, Cl. CS, 7.686%, 12/25/33 (3) 182,592 166,350 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,052,000 1,014,657 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,094,370 Trust 2005-59, Cl. NQ, 8.858%, 5/25/35 (3) 334,864 314,283 Trust 2006-24, Cl. DB, 5.50%, 4/25/26 1,000,000 941,013 Trust 2006-46, Cl. SW, 12.441%, 6/25/36 (3) 243,529 249,584 Trust 2006-50, Cl. KS, 12.441%, 6/25/36 (3) 638,123 639,413 Trust 2006-50, Cl. SK, 12.441%, 6/25/36 (3) 604,456 604,780 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 36.344%, 11/25/31 (4) 839,184 93,969 Trust 2001-81, Cl. S, 24.373%, 1/25/32 (4) 178,460 19,171 Trust 2002-47, Cl. NS, 22.779%, 4/25/32 (4) 393,924 42,626 Trust 2002-51, Cl. S, 23.035%, 8/25/32 (4) 361,715 38,987 Trust 2002-52, Cl. SD, 21.804%, 9/25/32 (4) 403,307 39,983 Trust 2002-77, Cl. SH, 27.515%, 12/18/32 (4) 241,827 27,577 Trust 2002-84, Cl. SA, 37.518%, 12/25/32 (4) 741,175 81,193 Trust 2002-9, Cl. MS, 23.516%, 3/25/32 (4) 266,390 29,802 Trust 2003-118, Cl. S, 34.232%, 12/25/33 (4) 1,591,232 190,074 Trust 2003-33, Cl. SP, 39.933%, 5/25/33 (4) 833,795 101,909 Trust 2003-4, Cl. S, 34.97%, 2/25/33 (4) 479,634 56,433 Trust 2003-46, Cl. IH, 0.873%, 6/1/33 (4) 2,788,642 564,056 Trust 2003-89, Cl. XS, 27.165%, 11/25/32 (4) 400,589 34,565 Trust 2004-54, Cl. DS, 26.682%, 11/25/30 (4) 344,836 33,455 Trust 2005-19, Cl. SA, 40.263%, 3/25/35 (4) 4,676,887 373,618 Trust 2005-40, Cl. SA, 40.413%, 5/25/35 (4) 985,188 80,880 Trust 2005-6, Cl. SE, 48.789%, 2/25/35 (4) 1,306,901 108,732 Trust 2005-71, Cl. SA, 51.769%, 8/25/25 (4) 1,148,532 92,428 Trust 2005-87, Cl. SE, 99.999%, 10/25/35 (4) 2,346,689 152,646 Trust 2005-87, Cl. SG, 72.624%, 10/25/35 (4) 2,333,032 205,421 Trust 2006-33, Cl. SP, 56.46%, 5/25/36 (4) 2,606,486 269,562 Trust 222, Cl. 2, 18.024%, 6/1/23 (4) 652,365 151,943 Trust 233, Cl. 2, 18.569%, 8/1/23 (4) 544,432 132,924 Trust 240, Cl. 2, 22.402%, 9/1/23 (4) 1,033,645 259,199 Trust 252, Cl. 2, 17.181%, 11/1/23 (4) 485,225 121,121 Trust 273, Cl. 2, 15.437%, 8/1/26 (4) 134,810 29,382 Trust 319, Cl. 2, 11.47%, 2/1/32 (4) 177,945 41,867 Trust 321, Cl. 2, 6.852%, 4/1/32 (4) 1,851,299 432,439 Trust 331, Cl. 9, 15.81%, 2/1/33 (4) 506,507 114,110 Trust 333, Cl. 2, 3.891%, 4/1/33 (4) 433,596 95,147 Trust 334, Cl. 17, 22.813%, 2/1/33 (4) 291,668 69,221
6 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 334, Cl. 3, 11.057%, 7/1/33 (4) $ 76,898 $ 16,870 Trust 338, Cl. 2, 2.812%, 7/1/33 (4) 399,145 87,746 Trust 339, Cl. 12, 9.777%, 7/1/33 (4) 518,543 118,271 Trust 339, Cl. 7, 7.551%, 7/1/33 (4) 1,966,767 428,675 Trust 339, Cl. 8, 8.584%, 8/1/33 (4) 42,977 9,510 Trust 342, Cl. 2, 11.484%, 9/1/33 (4) 16,725 3,769 Trust 343, Cl. 13, 10.171%, 9/1/33 (4) 419,984 93,297 Trust 344, Cl. 2, 8.219%, 12/1/33 (4) 2,978,524 660,103 Trust 345, Cl. 9, 11.203%, 1/1/34 (4) 729,529 145,061 Trust 346, Cl. 2, 2.956%, 12/1/33 (4) 417,726 91,880 Trust 351, Cl. 10, 9.48%, 4/1/34 (4) 72,032 15,856 Trust 351, Cl. 11, 9.889%, 11/1/34 (4) 72,823 14,883 Trust 351, Cl. 8, 8.01%, 4/1/34 (4) 220,558 44,291 Trust 356, Cl. 10, 9.542%, 6/1/35 (4) 187,396 44,352 Trust 356, Cl. 12, 7.968%, 2/1/35 (4) 101,900 24,129 Trust 362, Cl. 12, 9.291%, 8/1/35 (4) 1,217,352 284,491 Trust 362, Cl. 13, 7.50%, 8/1/35 (4) 674,574 157,731 Trust 364, Cl. 16, 9.857%, 9/1/35 (4) 532,369 129,387 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.996%, 9/25/23 (5) 229,512 179,960 ------------- 91,525,517 GNMA/GUARANTEED--0.1% Government National Mortgage Assn., 8%, 4/15/23 135,717 148,859 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 41.431%, 1/16/27 (4) 368,731 38,297 Series 2002-15, Cl. SM, 35.996%, 2/16/32 (4) 440,736 43,231 Series 2002-76, Cl. SY, 38.458%, 12/16/26 (4) 922,974 96,618 Series 2004-11, Cl. SM, 22.25%, 1/17/30 (4) 292,029 30,184 Series 2006-47, Cl. SA, 37.964%, 8/16/36 (4) 1,595,118 144,881 ------------- 502,070 NON-AGENCY--15.6% COMMERCIAL--5.4% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AM, 5.421%, 9/1/45 1,800,000 1,463,291 Banc of America Funding Corp., Mtg. Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 508,871 509,456 Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 447,308 414,692 ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 2.572%, 9/25/36 (3) 128,873 126,517 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.404%, 12/1/49 (3) 780,000 621,934
7 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- COMMERCIAL CONTINUED Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 $ 68,823 $ 67,844 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 3.607%, 10/25/36 (3) 1,373,955 1,183,355 Series 2006-A5, Cl. 1A13, 3.657%, 10/25/36 (3) 724,313 597,494 CWALT Alternative Loan Trust 2006-HY13, Mtg. Pass-Through Certificates, Series 2006-HY13, Cl. 3A1, 5.975%, 1/1/47 (3) 162,393 136,111 Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 238,996 236,315 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 715,257 699,707 Series 2006-AB3, Cl. A7, 6.36%, 7/1/36 84,996 83,491 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 368,068 313,156 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 433,285 391,878 Greenwich Capital Commercial Mortgage 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17 790,000 672,524 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 450,000 377,758 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 1,650,000 1,426,411 LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates: Series 2006-C1, Cl. A2, 5.084%, 2/11/31 1,010,000 976,307 Series 2006-C1, Cl. AM, 5.217%, 2/11/31 (3) 1,010,000 810,515 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 910,000 851,717 Mastr Alternative Loan Trust, CMO Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 767,861 678,528 Merrill Lynch/Countrywide Commercial Mortgage Trust 2007-9, Commercial Mtg. Pass-Through Certificates, Series 2007-9, Cl. A4, 5.70%, 9/1/17 1,450,000 1,231,514 Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 14,151 14,147 Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 983,000 1,000,737 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 630,797 512,559 Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 829,141 768,318 STARM Mortgage Loan Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.659%, 6/1/37 (2,3) 1,181,341 974,607
8 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- COMMERCIAL CONTINUED Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 $ 256,000 $ 243,400 Wachovia Mortgage Loan Trust LLC, Mtg. Pass-Through Certificates, Series 2007-A, Cl. 1A1, 5.982%, 3/1/37 (3) 261,065 249,805 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A2, 5.711%, 2/25/37 (2,3) 344,578 137,831 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.668%, 3/1/37 (3) 884,034 526,013 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 5A1, 5.584%, 11/1/36 (3) 228,720 179,209 WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.658%, 5/1/37 (3) 238,495 198,746 Wells Fargo Mortgage-Backed Securities 2004-EE Trust, Mtg. Pass-Through Certificates, Series 2004-EE, Cl. 3A2, 4.261%, 12/1/34 (3) 424,130 393,211 Wells Fargo Mortgage-Backed Securities 2004-U Trust, Mtg. Pass-Through Certificates, Series 2004-U, Cl. A1, 5.673%, 10/1/34 (3) 75,964 73,918 ------------- 19,143,016 MANUFACTURED HOUSING--0.8% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 (3) 1,430,762 1,196,223 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.106%, 3/25/36 (3) 1,743,632 1,551,153 ------------- 2,747,376 MULTIFAMILY--4.4% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates: Series 2003-E, Cl. 2A2, 4.709%, 6/25/33 (3) 814,012 811,931 Series 2005-F, Cl. 2A3, 4.71%, 7/25/35 (3) 1,277,699 1,175,005 Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.788%, 10/25/36 (3) 685,180 497,492 CHL Mortgage Pass-Through Trust 2003-46, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 4.411%, 1/19/34 (3) 724,886 723,888 CHL Mortgage Pass-Through Trust 2005-HYB1, Mtg. Pass-Through Certificates, Series 2005-HYB1, Cl. 1A2, 4.981%, 3/25/35 (3) 1,223,714 983,942 CHL Mortgage Pass-Through Trust 2007-HY1, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.696%, 4/25/37 (3) 1,679,348 1,293,945
9 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- MULTIFAMILY CONTINUED Citigroup Mortgage Loan Trust, Inc. 2006-AR5, Asset-Backed Pass-Through Certificates, Series 2006-AR5, Cl. 1A3A, 5.888%, 7/25/36 (3) $ 562,899 $ 490,100 CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 2A4, 5.75%, 1/25/35 1,166,000 947,518 CWALT Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl. 2A3, 5.50%, 2/25/36 860,000 755,898 GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates: Series 2005-AR4, Cl. 2A1, 5.30%, 7/19/35 (3) 1,251,409 1,054,383 Series 2004-J4, Cl. A7, 5.50%, 9/25/34 800,000 678,968 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.144%, 11/25/35 (3) 2,003,563 1,792,395 Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 5.975%, 6/25/37 (3) 1,509,903 1,335,379 Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.992%, 12/25/34 (3) 412,904 375,388 Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.621%, 9/25/34 (3) 344,622 304,645 Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.549%, 3/25/35 (3) 247,105 214,088 Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.537%, 4/25/35 (3) 408,394 354,713 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 4A1, 5.561%, 7/25/36 (3) 854,924 702,997 Series 2006-AR10, Cl. 2A1, 5.636%, 7/25/36 (3) 656,831 505,041 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A6, 5.106%, 3/25/36 (3) 337,004 261,576 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.093%, 3/25/36 (3) 431,088 395,303 ------------- 15,654,595 RESIDENTIAL--5.0% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. A4, 5.936%, 7/1/17 (3) 820,000 702,894 Chase Mortgage Finance Trust 2005-S1, Multiclass Mtg. Pass-Through Certificates, Series 2005-S1, Cl. 1A5, 5.50%, 5/25/35 490,000 413,982 CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 1A1, 6.092%, 9/1/47 (3) 1,712,022 1,330,530 CWALT Alternative Loan Trust 2004-24CB, Mtg. Pass-Through Certificates, Series 2004-24CB, Cl. 1A1, 6%, 11/1/34 665,921 595,110
10 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- RESIDENTIAL CONTINUED CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 3A1, 6%, 1/1/35 $ 542,689 $ 414,254 CWALT Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 1,170,000 898,703 CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,001,989 878,473 LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates: Series 2007-C7, Cl. A3, 5.866%, 9/11/45 1,840,000 1,581,474 Series 2007-C7, Cl. AM, 6.374%, 9/11/45 (3) 550,000 440,166 Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.417%, 6/25/36 (3) 530,000 441,774 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 309,835 291,997 RALI Series 2004-QS10 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-QS10, Cl. A3, 3.707%, 7/25/34 (3) 116,115 104,354 RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 427,344 425,216 RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36 269,509 262,190 STARM Mortgage Loan Trust 2007-S1, Mtg. Pass-Through Certificates, Series 2007-S1, Cl. 3A1, 5.01%, 8/1/22 (3) 1,904,979 1,714,481 WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.489%, 9/25/33 (3) 509,388 492,315 WaMu Mortgage Pass-Through Certificates 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 (3) 1,776,022 1,351,539 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.128%, 8/25/36 (3) 1,633,750 1,457,005 WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 2A1, 6.612%, 11/1/36 (3) 102,318 88,688 WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.695%, 6/25/37 (3) 1,206,511 985,118 Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 1,847,220 1,793,640 Wells Fargo Mortgage-Backed Securities 2003-6 Trust, Mtg. Pass-Through Certificates, Series 2003-6, Cl. 1A1, 5%, 6/25/18 657,788 621,027 Wells Fargo Mortgage-Backed Securities 2004-EE Trust, Mtg. Pass-Through Certificates, Series 2004-EE, Cl. 3A1, 4.261%, 12/1/34 (3) 179,077 166,022 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.369%, 9/1/34 (3) 95,614 80,722
11 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------- ------------- RESIDENTIAL CONTINUED Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A2, 5.539%, 4/1/36 (2,3) $ 715,338 $ 343,362 ------------- 17,875,036 ------------- Total Mortgage-Backed Obligations (Cost $154,012,415) 147,447,610 NON-CONVERTIBLE CORPORATE BONDS AND NOTES--12.2% ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 400,000 391,756 Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 880,000 818,244 American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37 560,000 89,732 Axa SA, 6.379% Sub. Perpetual Bonds (8,9) 2,135,000 1,191,958 Bank of America Corp.: 8% Unsec. Perpetual Bonds, Series K (9) 1,345,000 1,066,020 8.125% Perpetual Bonds, Series M (9) 225,000 182,068 Barclays Bank plc, 6.278% Perpetual Bonds (9) 2,600,000 1,903,408 Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 1,520,000 1,489,600 Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 310,000 296,006 Capmark Financial Group, Inc.: 3.453% Sr. Unsec. Nts., 5/10/10 (3) 375,000 266,409 5.875% Sr. Unsec. Nts., 5/10/12 585,000 291,882 Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 (2) 765,000 726,750 CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 670,000 473,782 Citigroup, Inc.: 8.30% Jr. Sub. Bonds, 12/21/57 (3) 1,870,000 1,393,752 8.40% Perpetual Bonds, Series E (9) 760,000 518,252 Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 710,000 461,500 Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 398,748 D.R. Horton, Inc., 8% Sr. Nts., 2/1/09 (2) 285,000 281,794 Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 126,000 132,334 Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 (2) 445,000 446,113 EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 (2) 1,285,000 1,285,000 Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 195,000 189,696 Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 2,030,000 1,456,474 Gap, Inc. (The), 10.05% Unsub. Nts., 12/15/08 (2,3) 141,000 142,586 General Motors Acceptance Corp., 8% Bonds, 11/1/31 1,400,000 528,317 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,850,000 1,216,175 HBOS plc, 6.413% Sub. Perpetual Bonds, Series A (8,9) 3,100,000 1,749,135 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 (3) 2,530,000 1,901,902 Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 (8) 610,000 611,249 JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1 (9) 1,520,000 1,283,079 Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 830,000 808,852 Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38 (10) 2,910,000 14,550
12 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ------------ ------------- Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 $ 1,010,000 $ 979,700 Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 290,000 292,350 Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 950,000 956,529 Macy's Retail Holdings, Inc., 4.80% Sr. Nts., 7/15/09 875,000 855,355 MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 565,000 311,602 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 1,795,000 1,509,433 MetLife Capital Trust X, 9.25% Sec. Bonds, 4/8/68 (3) 300,000 284,870 MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/66 (3) 1,710,000 1,066,481 MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 1,305,000 1,226,700 Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,030,000 1,059,454 NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 865,000 869,991 PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 (8) 256,787 259,579 Popular North America, Inc., 4.70% Nts., 6/30/09 1,360,000 1,321,704 Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 (8) 1,285,000 1,488,863 Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 (8) 1,110,000 1,233,964 Qwest Corp.: 5.625% Unsec. Nts., 11/15/08 (2) 131,000 130,345 8.875% Unsec. Unsub. Nts., 3/15/12 670,000 659,950 R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 504,958 SLM Corp., 4% Nts., 1/15/09 915,000 750,291 TEPPCO Partners LP, 6.125% Nts., 2/1/13 490,000 497,935 Tribune Co., 5.50% Nts., Series E, 10/6/08 (2) 765,000 761,175 Univision Communications, Inc., 3.875% Sr. Unsec. Nts., 10/15/08 315,000 313,425 Valero Logistics Operations LP, 6.05% Nts., 3/15/13 210,000 203,522 Washington Mutual Bank NV, 2.891% Sr. Unsec. Nts., 5/1/09 (3) 970,000 237,650 Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 985,000 1,009,775 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 740,000 634,550 ------------- Total Non-Convertible Corporate Bonds and Notes (Cost $55,612,518) 43,427,274 CONVERTIBLE CORPORATE BONDS AND NOTES--0.3% Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $1,486,000) 1,486,000 1,077,350
Shares ------------ ------------- INVESTMENT COMPANY--0.9% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15% (11,12) (Cost $3,333,004) 3,333,004 3,333,004 Total Investments, at Value (Cost $421,646,169) 114.8% 408,036,266 Liabilities in Excess of Other Assets (14.8) (52,686,515) ------------ ------------- Net Assets 100.0% $ 355,349,751 ============ =============
Footnotes to Statement of Investments 1. Non-income producing security. 2. Illiquid security. The aggregate value of illiquid securities as of September 30, 2008 was $5,229,567, which represents 1.47% of the Fund's net assets. See accompanying Notes. 3. Represents the current interest rate for a variable or increasing rate security. 13 | Oppenheimer Balanced Fund/VA 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 $7,654,759 or 2.15% of the Fund's net assets as of September 30, 2008. 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 $314,896 or 0.09% of the Fund's net assets as of September 30, 2008. 6. When-issued security or delayed delivery to be delivered and settled after September 30, 2008. 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 $5,180,052. See accompanying Notes. 8. 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 $6,534,748 or 1.84% of the Fund's net assets as of September 30, 2008. 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. Issue is in default. See accompanying Notes. 11. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------ OFI Liquid Assets Fund, LLC -- 667,850 667,850 -- Oppenheimer Institutional Money Market Fund, Cl. E 16,578,809 104,022,725 117,268,530 3,333,004
VALUE INCOME ----------- ------------------ OFI Liquid Assets Fund, LLC $ -- $ 96 (a) Oppenheimer Institutional Money Market Fund, Cl. E 3,333,004 143,926 ----------- ------------------ $ 3,333,004 $ 144,022 =========== ==================
a. Net of compensation to counterparties. 12. Rate shown is the 7-day yield as of September 30, 2008. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
OTHER FINANCIAL VALUATION DESCRIPTION INVESTMENTS IN SECURITIES INSTRUMENTS* ----------------------------------------------- ------------------------- ------------------- Level 1--Quoted Prices $ 201,392,013 $ 286,845 Level 2--Other Significant Observable Inputs 206,644,253 (6,897,360) Level 3--Significant Unobservable Inputs -- -- ------------------------- ------------------- Total $ 408,036,266 $ (6,610,515) ========================= ===================
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 14 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
BUY/ CONTRACT AMOUNT EXPIRATION UNREALIZED CONTRACT DESCRIPTION SELL (000S) DATES VALUE APPRECIATION --------------------------------------- ---- --------------- --- --------------- -------- ------------ Singapore Dollar (SGD) Sell 13 SGD 10/2/08-10/3/08 $ 8,994 $ 52
FUTURES CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
NUMBER UNREALIZED BUY/ OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION SELL CONTRACTS DATE VALUE (DEPRECIATION) --------------------------------------- ---- --------- ---------- ------------ -------------- U.S. Long Bonds, 20 yr. Buy 114 12/19/08 $ 13,357,594 $ (165,047) U.S. Treasury Nts., 2 yr. Sell 310 12/31/08 66,165,625 (315,453) U.S. Treasury Nts., 5 yr. Buy 73 12/31/08 8,193,109 26,075 U.S. Treasury Nts., 10 yr. Sell 160 12/19/08 18,340,000 231,785 -------------- $ (222,640) ==============
CREDIT DEFAULT SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT SWAP CREDIT AMOUNT FIXED TERMINATION RECEIVED/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) RATE DATE (PAID) VALUE ---------------------- ----------------------------------- ---------- -------- ------- ----------- --------- ---------- Barclays Bank plc: ABX.HE.AA.06-2 Index Sell $ 350 0.170% 5/25/46 $ 270,766 $ (270,643) American International Group, Inc. Sell 180 3.000 3/20/09 -- (4,833) American International Group, Inc. Sell 695 4.000 3/20/09 -- (15,364) American International Group, Inc. Sell 595 5.350 3/20/09 -- (9,342) Capmark Financial Group, Inc. Sell 520 1.000 6/20/12 -- (218,085) Citigroup, Inc. Sell 115 10.500 6/20/09 -- (4,098) Dillard's, Inc. Sell 370 1.900 12/20/08 -- (3,499) HCP, Inc. Sell 455 4.600 3/20/09 -- 367 iStar Financial, Inc. Sell 480 4.400 12/20/12 -- (179,177) Kohl's Corp. Buy 285 1.180 6/20/18 -- 3,686 Kohl's Corp. Sell 285 1.080 6/20/13 -- (1,479) Kohl's Corp. Sell 285 0.900 6/20/13 -- (3,637) Kohl's Corp. Buy 285 1.040 6/20/18 -- 6,627 Lehman Brothers Holdings, Inc. Sell 1,110 0.490 9/20/10 -- (977,191) Merrill Lynch & Co., Inc. Sell 1,080 4.150 9/20/09 -- 1,299 Six Flags, Inc. Sell 535 8.250 12/20/08 -- (6,288) The Goldman Sachs Group, Inc. Sell 520 5.750 12/20/09 -- 1,358
15 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited XL Capital Ltd. Sell 610 3.550 9/20/09 -- 310 --------- ---------- 270,766 (1,679,989) Credit Suisse International: iStar Financial, Inc. Sell 65 4.000 12/20/12 -- (24,780) iStar Financial, Inc. Sell 160 12.000 3/20/09 -- (14,857) JPMorgan Chase & Co. Sell 645 2.088 12/20/08 -- 267 Merrill Lynch & Co., Inc. Sell 540 4.150 9/20/09 -- 650 Morgan Stanley Sell 715 7.800 12/20/13 -- (65,793) Rite Aid Corp. Sell 115 7.500 3/20/09 -- (5,297) Rite Aid Corp. Sell 305 5.000 9/20/09 18,300 (15,796) Sprint Nextel Corp. Sell 1,300 6.300 3/20/09 -- 17,133 Tribune Co. Sell 50 5.000 12/20/09 11,000 (11,942) Tribune Co. Sell 255 5.000 12/20/09 58,650 (61,043) TXU Corp. Sell 175 5.910 12/20/12 -- (13,539) TXU Corp. Sell 170 6.050 12/20/12 -- (12,436) TXU Corp. Sell 175 6.000 12/20/12 -- (13,065) Vornado Realty LP Sell 300 3.600 3/20/09 -- 4,673 Wachovia Corp. Sell 585 1.000 3/20/09 -- (12,537) Washington Mutual, Inc. Sell 320 6.500 12/20/08 -- (115,234) Washington Mutual, Inc. Sell 1,110 6.800 6/20/09 -- (399,718) --------- ---------- 87,950 (743,314) Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 240 0.170 5/25/46 28,798 (185,583) Allied Waste North America, Inc. Sell 340 2.000 9/20/09 -- (1,454) Allied Waste North America, Inc. Sell 530 2.000 9/20/09 -- (2,267) Ambac Assurance Corp. Sell 315 8.450 12/20/08 -- (9,634) American International Group, Inc. Sell 870 4.000 3/20/09 -- (19,233) Cemex Sell 300 2.000 3/20/09 -- 64 Centex Corp. Sell 135 1.550 9/20/09 -- (2,791) Dow Jones CDX.NA.IG.7 Index Buy 4,700 0.400 12/20/11 (483) 164,166 iStar Financial, Inc. Sell 1,035 2.925 12/20/08 -- (69,574) iStar Financial, Inc. Sell 600 3.000 12/20/08 -- (40,229) iStar Financial, Inc. Sell 75 4.320 12/20/12 -- (28,116)
16 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited iStar Financial, Inc. Sell 400 12.000 3/20/09 -- (37,143) Jones Apparel Group, Inc. Sell 290 2.720 6/20/13 -- (2,980) Jones Apparel Group, Inc. Buy 290 2.635 6/20/18 -- 5,788 Kohl's Corp. Sell 280 1.180 6/20/13 -- (275) Kohl's Corp. Buy 280 1.300 6/20/18 -- 1,145 Liz Claiborne, Inc. Sell 1,095 3.250 6/20/09 -- 609 MBIA Insurance Corp. Sell 865 8.850 12/20/08 -- (23,213) Prudential Financial, Inc. Sell 385 2.050 6/20/09 -- (90) Temple-Inland, Inc. Sell 135 3.000 9/20/09 -- 52 Tenet Healthcare Corp. Sell 870 1.600 3/20/09 -- (5,526) The Goldman Sachs Group, Inc. Sell 525 5.500 12/20/09 -- (141) The Goldman Sachs Group, Inc. Sell 420 5.450 12/20/09 -- (418) Vornado Realty LP Sell 605 3.875 6/20/09 -- 10,254 Wachovia Corp. Sell 1,305 1.000 3/20/09 -- (27,968) Washington Mutual, Inc. Sell 125 4.500 12/20/08 -- (45,013) Washington Mutual, Inc. Sell 610 4.500 12/20/08 -- (219,665) XL Capital Ltd. Sell 690 3.550 9/20/09 -- 351 --------- ---------- 28,315 (538,884) Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 85 0.170 5/25/46 7,003 (65,727) ABX.HE.AA.06-2 Index Sell 330 0.170 5/25/46 130,342 (255,177) Capmark Financial Group, Inc. Sell 535 0.950 6/20/12 -- (224,885) D.R. Horton, Inc. Sell 475 4.210 12/20/08 -- 545 iStar Financial, Inc. Sell 75 3.950 12/20/12 -- (28,667) Pulte Homes, Inc. Sell 800 2.750 9/20/09 -- (7,357) Sprint Nextel Corp. Sell 470 6.300 3/20/09 -- 6,194 --------- ---------- 137,345 (575,074) Goldman Sachs International: R.H. Donnelley Corp. Sell 655 9.000 3/20/09 -- (5,722) Univision Communications, Inc. Sell 155 5.000 6/20/09 15,500 (10,454) Univision Communications, Inc. Sell 60 5.000 6/20/09 6,600 (4,047) Univision Communications, Inc. Sell 160 5.000 6/20/09 9,600 (10,791) --------- ---------- 31,700 (31,014)
17 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 85 0.170 5/25/46 6,791 (65,727) ABX.HE.AA.06-2 Index Sell 160 0.170 5/25/46 15,999 (123,722) American International Group, Inc. Sell 520 4.000 3/20/09 -- (11,495) Capmark Financial Group, Inc. Sell 50 5.000 6/20/12 13,500 (17,164) Countrywide Home Loans, Inc. Sell 1,615 0.420 6/20/09 -- (31,026) Ford Motor Co. Sell 1,100 7.150 12/20/16 -- (387,676) Ford Motor Co. Sell 525 7.050 12/20/16 -- (196,249) General Motors Corp. Sell 545 5.800 12/20/16 -- (287,593) General Motors Corp. Sell 535 5.750 12/20/16 -- (282,553) Inco Ltd. Buy 545 0.700 3/20/17 -- 13,160 Inco Ltd. Buy 550 0.630 3/20/17 -- 23,738 J.C. Penney Co., Inc. Sell 545 1.300 12/20/17 -- (29,018) J.C. Penney Co., Inc. Sell 525 1.070 12/20/17 -- (36,101) Jones Apparel Group, Inc. Sell 575 3.200 6/20/13 -- 4,953 Jones Apparel Group, Inc. Buy 575 2.970 6/20/18 -- (1,202) Kohl's Corp. Buy 785 0.660 12/20/17 -- 45,992 Kohl's Corp. Buy 820 0.870 12/20/17 -- 35,932 Lennar Corp. Sell 535 2.900 12/20/08 -- (4,358) Liz Claiborne, Inc. Sell 560 3.100 6/20/13 -- (13,822) Liz Claiborne, Inc. Buy 560 2.900 6/20/18 -- 25,469 Louisiana-Pacific Corp. Sell 550 6.250 9/20/09 -- (617) The Hartford Financial Services Group, Inc. Sell 300 2.400 3/20/09 -- 2,049 Univision Communications Inc. Sell 110 5.000 12/20/09 7,700 (7,449) Vale Overseas Ltd. Sell 545 1.170 3/20/17 -- (35,774) Vale Overseas Ltd. Sell 550 1.100 3/20/17 -- (38,521) Wachovia Corp. Sell 1,455 3.250 3/20/09 -- (9,858) --------- ----------- 43,990 (1,428,632) --------- ----------- $ 600,066 $(4,996,907) ========= ===========
18 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited INTEREST RATE SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
RECEIVED SWAP NOTIONAL BY TERMINATION COUNTERPARTY AMOUNT PAID BY THE FUND THE FUND DATE VALUE ---------------------- ----------- ------------------------- -------- ----------- --------- Deutsche Bank AG $ 4,300,000 Three-Month USD BBA LIBOR 5.529% 8/10/17 $ 430,783
Index abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate TOTAL RETURN SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
RECEIVED NOTIONAL BY TERMINATION SWAP COUNTERPARTY AMOUNT PAID BY THE FUND THE FUND DATE VALUE -------------------------------- ---------- --------------------- -------------------- ----------- ------------ Goldman Sachs Group, Inc. (The): If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change* receives the spread $1,100,000 change* 3/1/09 $ (60,030) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change plus receives the spread 1,440,000 200 basis points* change* 3/1/09 (78,399) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change minus receives the spread 3,750,000 50 basis points* change* 12/1/08 (205,723) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change* receives the spread 445,000 change* 11/1/08 (23,946) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change* receives the spread 1,880,000 change* 2/1/09 (102,597) If credit spreads as If credit spreads as represented by the represented by the Banc of America Banc of America Securities LLC AAA Securities LLC AAA 10 yr CMBS Daily 10 yr CMBS Daily Index widen, pays the Index narrow, spread change minus receives the spread 16,370,000 660 basis points* change* 3/31/09 (500,451) ------------ (971,146)
Morgan Stanley: 19 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA U.S. CMBS AAA Index widen, pays the Index narrow, spread change* receives the spread 3,200,000 change* 2/1/09 (89,146) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA U.S. CMBS AAA Index widen, pays the Index narrow, spread change* receives the spread 6,100,000 change* 3/1/09 (170,242) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change plus receives the spread 2,670,000 250 basis points* change* 3/1/09 (145,512) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change plus receives the spread 2,900,000 350 basis points* change* 3/1/09 (156,885) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change minus receives the spread 7,280,000 50 basis points* change* 12/1/08 (395,890) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change minus receives the spread 1,860,000 65 basis points* change* 12/1/08 (101,249) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change minus receives the spread 1,530,000 95 basis points* change* 2/1/09 (82,330) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change minus receives the spread 1,530,000 95 basis points* change* 2/1/09 (83,217) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index widen, pays the Index narrow, spread change minus receives the spread 1,590,000 70 basis points* change* 2/1/09 (86,880)
20 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited If credit spreads as If credit spreads as represented by the Lehman represented by the Lehman Brothers U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA 8.5+ Index widen, pays the spread Index narrow, receives the 900,000 change minus 50 basis points* spread change* 2/1/09 (48,791) ------------ (1,360,142) ------------ $ (2,331,288) ============
* The CMBS Indexes are representative indexes of segments of the commercial mortgage backed securities market. These indexes are measured by movements in the credit spreads of the underlying holdings. As the credit market perceives an improvement in the credit quality of an Index's underlying holdings and reduced probability of default, the spread of an index narrows. As the credit market perceives a decrease in credit quality and an increased probability of default on an Index's underlying holdings, the spread widens. Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ (R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. 21 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the 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 purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS -------------------------------- Purchased securities $ 46,191,019 Sold securities 3,810,595
CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2008, securities with an aggregate market value of $14,550, representing less than .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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities 22 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS WITH OFF-BALANCE SHEET MARKET 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 EXCHANGE CONTRACTS The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is 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 within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. 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 payments that the Fund has not yet received. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. 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. 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. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in 23 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annaual and semiannual reports at the closing or expiration of futures contracts. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. 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) is comprised of the change in the valuation of the swap 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. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports as a component of unrealized gain or loss on t he Statement of Operation in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. Credit risk arises from the possibility that the counterparty fails to make a payment when due or otherwise defaults under the terms of the contract. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the performance of the asset or non-asset reference. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee, similar to an insurance premium, to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. 24 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include credit, market and liquidity risk. Additional risks include but are not limited to: the cost of paying for credit protection if there are no credit events or the cost of selling protection when a credit event occurs (paying the notional amount to the protection buyer); and pricing transparency when assessing the value of a credit default swap. INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. Risks of interest rate swaps include credit, market and liquidity risk. Additional risks include but are not limited to, interest rate risk. There is a risk, based on future movements of interest rates that the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Risks of total return swaps include credit, market and liquidity risk. ILLIQUID SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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 an 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 the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of September 30, 2008, the Fund had no securities on loan. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 are noted below. The 25 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited 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 $ 422,064,296 Federal tax cost of other investments (63,332,347) -------------- Total federal tax cost $ 358,731,949 ============== Gross unrealized appreciation $ 39,314,756 Gross unrealized depreciation (59,862,773) -------------- Net unrealized depreciation $ (20,548,017) ==============
26 | Oppenheimer Balanced Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ ASSET-BACKED SECURITIES--1.5% Ace Securities Corp. Home Equity Loan Trust, Asset-Backed Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 3.387%, 11/25/35 (1) $ 85,880 $ 85,320 AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14 (2) 1,319,000 923,300 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 3.687%, 5/25/34 (1) 924,857 815,604 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 3.307%, 9/25/36 (1) 530,000 479,701 Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 3.307%, 5/26/36 (1) 582,373 564,154 Capital Auto Receivables Asset Trust 2006-1, Automobile Asset-Backed Securities, Series 2006-1, Cl. A3, 5.03%, 10/15/09 473,097 473,248 Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12 262,000 229,526 Capital Auto Receivables Asset Trust 2008-2, Automobile Asset-Backed Securities, Series 2008-2, Cl. A2A, 3.78%, 3/15/11 2,950,000 2,928,870 Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 2.518%, 5/15/13 (1) 1,312,000 1,096,555 Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 2.508%, 4/15/11 (1) 6,602,705 6,573,722 Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 3.307%, 5/16/36 (1) 608,783 596,509 Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 3.307%, 10/31/36 (1) 730,000 700,940 Countrywide Home Loans, Asset-Backed Certificates: Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 (1) 1,530,000 1,396,766 Series 2005-17, Cl. 1AF1, 3.407%, 5/25/36 (1) 2,785 2,769 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 (1) 250,000 228,746 CWABS, Inc. Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 3.327%, 12/5/29 (1) 1,050,000 891,172 CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl.2A, 2.718%, 12/15/35 (1) 277,331 116,582 Series 2006-H, Cl. 2A1A, 2.638%, 11/15/36 (1) 102,370 32,044 DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates, Series 2008-B, Cl. A2A, 3.81%, 6/8/11 2,950,000 2,924,037 Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 (2,3,4) 1,820,063 1,706 First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 3.417%, 11/25/35 (1) 360,110 358,387 First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 3.297%, 7/25/36 (1) 1,000,000 952,470 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 3.317%, 7/7/36 (1) 430,000 405,087
1 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 3.327%, 9/25/36 (1) $ 1,077,315 $ 332,620 Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2007-3, Cl. A3, 2.838%, 6/15/12 (1) 8,340,000 8,212,683 Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.363%, 6/1/35 1,046,000 484,783 Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37 451,966 108,278 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 2.731%, 1/20/35 (1) 243,307 205,957 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 3.298%, 3/20/36 (1) 440,000 405,193 Hyundai Auto Receivables Trust 2008-A, Asset-Backed Automobile Securities, Series 2008-A, Cl. A2, 4.16%, 5/16/11 4,160,000 4,125,778 Ice Em CLO, Collateralized Loan Obligations: Series 2007-1A, Cl. B, 4.795%, 8/15/22 (1,2) 7,870,000 5,527,101 Series 2007-1A, Cl. C, 6.095%, 8/15/22 (1,2) 5,270,000 3,224,713 Series 2007-1A, Cl. D, 8.095%, 8/15/22 (1,2) 5,270,000 2,956,470 Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 (1) 96,936 96,438 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 116,094 115,946 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 3.307%, 8/25/36 (1) 1,310,000 723,682 Merrill Lynch Mortgage Investors Trust 2006-WMC1, Mtg. Asset-Backed Certificates, Series 2006-WMC1, Cl. A2B, 3.347%, 1/25/37 (1) 99,590 98,625 NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 6.368%, 1/25/29 (1,2) 66,744 8,510 Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 3.307%, 7/1/36 (1) 3,268,382 3,088,573 Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 (1) 400,000 378,679 RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 3.287%, 7/25/36 (1) 135,660 134,756 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 3.307%, 9/25/36 (1) 1,279,144 1,220,212 Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 3.437%, 2/25/37 (1) 829,242 477,233 SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 3.219%, 6/15/39 (1) 2,487,000 1,485,996 Specialty Underwriting & Residential Finance Trust, Home Equity Asset-Backed Obligations: Series 2005-BC3, Cl. A2B, 3.457%, 6/25/36 (1) 234,173 233,231 Series 2006-BC1, Cl. A2B, 3.357%, 12/25/36 (1) 1,488,638 1,461,240
2 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 19.815%, 6/7/11 (1,2) $ 1,630,000 $ 1,319,159 Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 5.787%, 11/14/13 (1,2) 655,000 626,508 Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37 224,494 83,709 Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 3.307%, 7/25/36 (1) 1,000,000 985,025 ------------ Total Asset-Backed Securities (Cost $70,770,608) 60,898,313 MORTGAGE-BACKED OBLIGATIONS--28.6% GOVERNMENT AGENCY--14.7% FHLMC/FNMA/SPONSORED--14.5% Federal Home Loan Mortgage Corp.: 4.50%, 12/15/18-7/15/19 3,431,949 3,376,742 5%, 8/15/33-9/15/33 4,107,433 4,014,530 5.50%, 5/1/34 16,928,448 16,875,787 6%, 5/15/18-3/15/33 5,233,116 5,333,401 6.50%, 3/15/18-6/15/35 5,919,471 6,124,658 7%, 12/1/23-10/1/31 389,553 409,963 7.50%, 4/25/36 1,295,217 1,406,987 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Participation Certificates, Series 1897, Cl. K, 7%, 9/15/26 2,987,787 3,165,176 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22 1,610,123 1,722,656 Series 151, Cl. F, 9%, 5/15/21 40,940 40,927 Series 1674, Cl. Z, 6.75%, 2/15/24 1,216,922 1,274,716 Series 2002-66, Cl. FG, 4.207%, 9/25/32 (1) 2,157,555 2,178,171 Series 2002-84, Cl. FB, 4.207%, 12/25/32 (1) 2,157,495 2,145,136 Series 2003-11, Cl. FA, 4.207%, 9/25/32 (1) 2,157,545 2,152,149 Series 2006-11, Cl. PS, 12.808%, 3/25/36 (1) 729,006 764,072 Series 2043, Cl. ZP, 6.50%, 4/15/28 878,605 907,920 Series 2055, Cl. ZM, 6.50%, 5/15/28 145,319 149,733 Series 2080, Cl. Z, 6.50%, 8/15/28 96,115 99,522 Series 2106, Cl. FG, 2.938%, 12/15/28 (1) 2,098,455 2,062,930 Series 2116, Cl. ZA, 6%, 1/15/29 958,123 982,350 Series 2122, Cl. F, 2.938%, 2/15/29 (1) 67,903 66,591 Series 2135, Cl. OH, 6.50%, 3/15/29 1,161,740 1,199,005 Series 2148, Cl. ZA, 6%, 4/15/29 2,020,038 2,067,372 Series 2173, Cl. Z, 6.50%, 7/15/29 752,864 768,333 Series 2195, Cl. LH, 6.50%, 10/15/29 888,573 935,816 Series 2326, Cl. ZP, 6.50%, 6/15/31 145,733 150,149 Series 2344, Cl. FP, 3.438%, 8/15/31 (1) 635,438 635,848 Series 2351, Cl. PZ, 6.50%, 8/15/31 1,250,385 1,299,105 Series 2368, Cl. PR, 6.50%, 10/15/31 603,570 621,329 Series 2410, Cl. PF, 3.468%, 2/15/32 (1,5) 3,016,593 3,020,684 Series 2412, Cl. GF, 3.438%, 2/15/32 (1) 1,474,294 1,476,036 Series 2415, Cl. ZA, 6.50%, 2/15/32 1,705,820 1,756,117 Series 2435, Cl. EQ, 6%, 5/15/31 1,252,592 1,271,859
3 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ FHLMC/FNMA/SPONSORED CONTINUED Series 2449, Cl. FL, 3.038%, 1/15/32 (1) $ 830,168 $ 825,771 Series 2451, Cl. FD, 3.488%, 3/15/32 (1) 465,034 465,518 Series 2453, Cl. BD, 6%, 5/15/17 252,543 260,996 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,739,458 1,817,700 Series 2464, Cl. FI, 3.488%, 2/15/32 (1) 481,377 482,282 Series 2470, Cl. AF, 3.488%, 3/15/32 (1) 798,162 811,033 Series 2470, Cl. LF, 3.488%, 2/15/32 (1) 492,620 492,805 Series 2471, Cl. FD, 3.488%, 3/15/32 (1) 893,792 889,536 Series 2477, Cl. FZ, 3.038%, 6/15/31 (1) 1,817,472 1,809,440 Series 2500, Cl. FD, 2.988%, 3/15/32 (1) 47,291 46,828 Series 2517, Cl. GF, 3.488%, 2/15/32 (1) 428,308 426,389 Series 2526, Cl. FE, 2.888%, 6/15/29 (1) 68,363 67,652 Series 2551, Cl. FD, 2.888%, 1/15/33 (1) 52,343 51,736 Series 2641, Cl. CE, 3.50%, 9/15/25 587,756 584,866 Series 2676, Cl. KY, 5%, 9/15/23 3,843,000 3,698,774 Series 2691, Cl. MG, 4.50%, 10/15/33 6,806,400 5,949,783 Series 2727, Cl. UA, 3.50%, 10/15/22 185,115 185,000 Series 2736, Cl. DB, 3.30%, 11/15/26 2,761,083 2,735,658 Series 2750, Cl. XG, 5%, 2/1/34 6,037,000 5,664,431 Series 2777, Cl. PJ, 4%, 5/15/24 212,681 212,751 Series 2890, Cl. PE, 5%, 11/1/34 6,120,000 5,706,959 Series 2934, Cl. NA, 5%, 4/15/24 796,059 799,447 Series 2936, Cl. PE, 5%, 2/1/35 4,858,000 4,523,050 Series 2939, Cl. PE, 5%, 2/15/35 1,585,000 1,475,641 Series 3025, Cl. SJ, 15.629%, 8/15/35 (1) 895,133 946,166 Series 3035, Cl. DM, 5.50%, 11/15/25 2,667,416 2,696,509 Series 3094, Cl. HS, 15.263%, 6/15/34 (1) 499,071 516,825 Series 3105, Cl. BD, 5.50%, 1/15/26 1,500,000 1,441,584 Series 3138, Cl. PA, 5.50%, 2/15/27 4,207,221 4,283,599 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. IO, 12.609%, 7/1/26 (6) 172,271 38,228 Series 192, Cl. IO, 11.993%, 2/1/28 (6) 45,426 9,539 Series 200, Cl. IO, 11.642%, 1/1/29 (6) 55,957 12,540 Series 2003-13, Cl. IO, 10.997%, 3/25/33 (6) 1,006,231 241,856 Series 2003-26, Cl. DI, 11.752%, 4/25/33 (6) 789,535 168,797 Series 205, Cl. IO, 9.556%, 9/1/29 (6) 234,278 59,158 Series 2074, Cl. S, 27.219%, 7/17/28 (6) 58,531 7,888 Series 2079, Cl. S, 32.156%, 7/17/28 (6) 93,743 13,079 Series 208, Cl. IO, (18.309)%, 6/1/30 (6) 258,312 62,472 Series 2136, Cl. SG, 51.712%, 3/15/29 (6) 2,549,642 238,221 Series 216, Cl. IO, 11.483%, 12/1/31 (6) 258,339 66,257 Series 2177, Cl. S, 43.323%, 8/15/29 (6) 2,832,043 306,879 Series 224, Cl. IO, 9.104%, 3/1/33 (6) 1,738,418 390,392 Series 2399, Cl. SG, 45.019%, 12/15/26 (6) 1,523,373 151,126 Series 243, Cl. 6, 8.782%, 12/15/32 (6) 743,763 169,245 Series 2437, Cl. SB, 52.645%, 4/15/32 (6) 4,410,635 422,099 Series 2526, Cl. SE, 24.031%, 6/15/29 (6) 127,809 9,844
4 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ FHLMC/FNMA/SPONSORED CONTINUED Series 2802, Cl. AS, 65.571%, 4/15/33 (6) $ 1,203,290 $ 90,631 Series 2920, Cl. S, 40.12%, 1/15/35 (6) 1,042,705 88,052 Series 2989, Cl. TS, 51.075%, 6/15/25 (6) 23,327,628 2,117,635 Series 3000, Cl. SE, 67.845%, 7/15/25 (6) 1,198,256 79,498 Series 3110, Cl. SL, 93.686%, 2/15/26 (6) 679,210 45,247 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 6.572%, 2/1/28 (7) 45,426 37,171 Federal National Mortgage Assn.: 4.50%, 5/25/18-8/1/20 24,773,606 24,376,794 4.50%, 10/1/21 (8) 3,345,000 3,260,331 5%, 12/1/17-8/25/34 102,451,383 101,404,262 5%, 8/25/33 (5) 8,040,766 7,861,410 5%, 10/1/38 (8) 9,068,000 8,837,047 5.296%, 10/1/36 23,857,062 24,164,596 5.50%, 4/25/21-2/25/34 54,368,328 54,412,766 5.50%, 12/25/32 (5) 36,640,691 36,675,562 5.50%, 10/1/23-10/1/38 (8) 23,741,000 23,697,813 6%, 10/25/16-4/1/35 30,188,809 30,766,585 6%, 7/25/24-12/1/33 (5) 7,449,921 7,583,342 6%, 10/1/23-10/1/36 (8) 23,762,000 24,132,500 6.50%, 4/25/17-1/1/34 6,513,759 6,756,682 6.50%, 3/25/17 (5) 5,687,332 5,912,368 6.50%, 10/1/38 (8) 6,786,000 6,958,833 7%, 11/1/17-6/25/34 7,563,636 7,963,865 7%, 10/1/38 (8) 1,160,000 1,212,200 7.50%, 2/25/27-3/25/33 4,623,302 5,008,990 8.50%, 7/1/32 7,030 7,751 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 915,925 932,942 Trust 2001-44, Cl. QC, 6%, 9/25/16 1,771,734 1,828,215 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 469,349 487,365 Trust 2001-69, Cl. PF, 4.207%, 12/25/31 (1) 1,088,004 1,091,481 Trust 2001-70, Cl. LR, 6%, 9/25/30 9,653 9,663 Trust 2001-74, Cl. QE, 6%, 12/25/31 5,633,255 5,722,718 Trust 2001-80, Cl. ZB, 6%, 1/25/32 1,171,223 1,194,660 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 437,412 452,709 Trust 2002-12, Cl. PG, 6%, 3/25/17 764,705 789,190 Trust 2002-29, Cl. F, 4.207%, 4/25/32 (1) 526,493 527,986 Trust 2002-56, Cl. KW, 6%, 4/25/23 3,651,389 3,710,890 Trust 2002-60, Cl. FH, 4.207%, 8/25/32 (1) 1,099,119 1,101,480 Trust 2002-64, Cl. FJ, 4.207%, 4/25/32 (1) 162,124 161,501 Trust 2002-68, Cl. FH, 3.248%, 10/18/32 (1) 367,218 365,074 Trust 2002-71, Cl. UB, 5%, 11/25/15 2,363,539 2,375,240 Trust 2002-9, Cl. PC, 6%, 3/25/17 785,581 810,741 Trust 2002-9, Cl. PR, 6%, 3/25/17 961,907 992,714 Trust 2002-90, Cl. FH, 3.707%, 9/25/32 (1) 1,207,125 1,193,820 Trust 2003-116, Cl. FA, 3.607%, 11/25/33 (1) 133,628 131,960 Trust 2003-130, Cl. CS, 7.686%, 12/25/33 (1) 2,902,797 2,644,582
5 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ FHLMC/FNMA/SPONSORED CONTINUED Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 $ 1,452,000 $ 1,386,328 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 2,883,000 2,728,689 Trust 2003-81, Cl. NB, 4.50%, 11/25/14 3,160,000 3,165,100 Trust 2003-81, Cl. PW, 4%, 3/25/25 611,665 610,145 Trust 2003-84, Cl. AJ, 3%, 4/25/13 61,667 61,561 Trust 2003-84, Cl. GC, 4.50%, 5/25/15 3,790,000 3,796,152 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 621,129 Trust 2004-52, Cl. JR, 4.50%, 7/25/24 1,001,128 1,001,474 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 571,000 543,539 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,038,446 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 541,941 Trust 2005-59, Cl. NQ, 8.858%, 5/25/35 (1) 1,064,696 999,258 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 448,556 Trust 2006-29, Cl. PA, 5.50%, 8/25/26 4,656,103 4,706,780 Trust 2006-46, Cl. SW, 12.441%, 6/25/36 (1) 1,251,099 1,282,210 Trust 2006-50, Cl. KS, 12.441%, 6/25/36 (1) 535,436 536,519 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 1,623,376 1,650,314 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 35.936%, 11/18/31 (6) 598,739 67,104 Trust 2001-63, Cl. SD, 25.781%, 12/18/31 (6) 138,949 15,739 Trust 2001-68, Cl. SC, 22.393%, 11/25/31 (6) 96,119 10,568 Trust 2001-81, Cl. S, 24.538%, 1/25/32 (6) 109,851 11,801 Trust 2002-28, Cl. SA, 25.553%, 4/25/32 (6) 65,462 6,753 Trust 2002-38, Cl. IO, 30.753%, 4/25/32 (6) 318,831 29,441 Trust 2002-48, Cl. S, 24.379%, 7/25/32 (6) 105,134 11,341 Trust 2002-52, Cl. SL, 24.502%, 9/25/32 (6) 65,779 7,102 Trust 2002-56, Cl. SN, 26.381%, 7/25/32 (6) 144,468 15,602 Trust 2002-77, Cl. IS, 27.478%, 12/18/32 (6) 543,194 55,802 Trust 2002-77, Cl. SH, 27.515%, 12/18/32 (6) 144,951 16,530 Trust 2002-9, Cl. MS, 23.536%, 3/25/32 (6) 139,079 15,559 Trust 2003-117, Cl. KS, 36.224%, 8/25/33 (6) 11,065,319 1,096,803 Trust 2003-118, Cl. S, 34.232%, 12/25/33 (6) 1,242,241 148,387 Trust 2003-33, Cl. SP, 39.933%, 5/25/33 (6) 998,430 122,032 Trust 2003-38, Cl. SA, 21.60%, 3/25/23 (6) 1,830,864 174,840 Trust 2003-4, Cl. S, 34.97%, 2/25/33 (6) 301,887 35,519 Trust 2005-105, Cl. S, 70.862%, 12/25/35 (6) 2,913,700 249,191 Trust 2005-40, Cl. SA, 40.413%, 5/25/35 (6) 2,892,294 237,446 Trust 2005-40, Cl. SB, 62.74%, 5/25/35 (6) 4,623,960 396,769 Trust 2005-63, Cl. SA, 66.017%, 10/25/31 (6) 227,588 18,890 Trust 2005-71, Cl. SA, 51.774%, 8/25/25 (6) 755,199 60,775 Trust 2005-83, Cl. SL, 67.784%, 10/25/35 (6) 4,250,552 344,876 Trust 2005-85, Cl. SA, 99.999%, 10/25/35 (6) 11,559,439 779,824 Trust 2005-87, Cl. SE, 99.999%, 10/25/35 (6) 11,277,080 733,544 Trust 2005-87, Cl. SG, 72.624%, 10/25/35 (6) 3,027,251 266,546 Trust 2006-119, Cl. MS, 69.041%, 12/25/36 (6) 2,320,122 212,019 Trust 2006-33, Cl. SP, 56.46%, 5/25/36 (6) 2,793,505 288,903
6 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ FHLMC/FNMA/SPONSORED CONTINUED Trust 2006-34, Cl. SK, 55.338%, 5/25/36 (6) $ 5,083,693 $ 513,324 Trust 2006-42, Cl. CI, 28.061%, 6/25/36 (6) 7,399,983 655,858 Trust 2006-48, Cl. QA, 30.127%, 6/25/36 (6) 5,547,833 497,787 Trust 2006-90, Cl. SX, 77.199%, 9/25/36 (6) 2,856,284 266,228 Trust 214, Cl. 2, 21.794%, 3/1/23 (6) 709,306 168,070 Trust 221, Cl. 2, 17.43%, 5/1/23 (6) 77,802 18,225 Trust 240, Cl. 2, 25.871%, 9/1/23 (6) 151,217 37,919 Trust 254, Cl. 2, 11.742%, 1/1/24 (6) 1,246,180 318,545 Trust 2682, Cl. TQ, 74.997%, 10/15/33 (6) 1,098,617 78,747 Trust 2981, Cl. BS, 82.237%, 5/15/35 (6) 2,009,649 176,369 Trust 301, Cl. 2, 6.056%, 4/1/29 (6) 328,396 72,457 Trust 302, Cl. 2, 2.575%, 6/1/29 (6) 1,236,052 267,112 Trust 313, Cl. 2, (13.601)%, 6/1/31 (6) 343,992 84,994 Trust 319, Cl. 2, 11.399%, 2/1/32 (6) 106,097 24,963 Trust 321, Cl. 2, 11.249%, 4/1/32 (6) 473,410 110,582 Trust 324, Cl. 2, 5.595%, 7/1/32 (6) 826,252 189,306 Trust 328, Cl. 2, 1.93%, 12/1/32 (6) 7,640,508 1,703,737 Trust 331, Cl. 5, 9.399%, 2/1/33 (6) 1,826,880 407,711 Trust 332, Cl. 2, 4.525%, 3/1/33 (6) 6,006,740 1,318,211 Trust 333, Cl. 2, 3.891%, 4/1/33 (6) 5,199,573 1,140,979 Trust 334, Cl. 12, 5.596%, 2/1/33 (6) 1,562,630 361,739 Trust 334, Cl. 3, 11.057%, 7/1/33 (6) 928,076 203,602 Trust 334, Cl. 5, 11.073%, 5/1/33 (6) 1,090,454 242,134 Trust 338, Cl. 2, 2.812%, 7/1/33 (6) 1,188,865 261,355 Trust 339, Cl. 15, 13.15%, 7/1/33 (6) 4,045,697 999,975 Trust 339, Cl. 7, 7.857%, 7/1/33 (6) 7,529,524 1,641,129 Trust 339, Cl. 8, 8.584%, 8/1/33 (6) 512,659 113,442 Trust 342, Cl. 2, 9.215%, 9/1/33 (6) 127,761 28,790 Trust 344, Cl. 2, 8.459%, 12/1/33 (6) 4,439,785 983,949 Trust 345, Cl. 9, 11.203%, 1/1/34 (6) 1,942,058 386,164 Trust 346, Cl. 2, 2.956%, 12/1/33 (6) 1,244,209 273,666 Trust 351, Cl. 10, 9.48%, 4/1/34 (6) 856,384 188,511 Trust 351, Cl. 11, 9.889%, 11/1/34 (6) 452,871 92,556 Trust 351, Cl. 8, 8.01%, 4/1/34 (6) 1,368,240 274,758 Trust 351, Cl. 9, 7.046%, 10/1/34 (6) 16,887,005 3,775,527 Trust 356, Cl. 10, 9.542%, 6/1/35 (6) 1,210,043 286,389 Trust 356, Cl. 12, 7.968%, 2/1/35 (6) 626,685 148,391 Trust 362, Cl. 12, 9.293%, 8/1/35 (6) 1,155,616 270,063 Trust 362, Cl. 13, 7.503%, 8/1/35 (6) 689,119 161,132 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 322, Cl. 1, 5.869%, 4/1/32 (7) 5,991,443 4,722,660 Trust 324, Cl. 1, 6.054%, 7/1/32 (7) 206,321 166,536 ------------ 587,850,420
7 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ GNMA/GUARANTEED--0.2% Government National Mortgage Assn.: 5.125%, 12/9/25 (1) $ 7,131 $ 7,217 7%, 3/29/28-7/29/28 372,638 393,015 7.50%, 3/1/27 32,261 34,838 8%, 11/29/25-5/29/26 103,148 113,237 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,486,219 1,624,991 Series 2000-12, Cl. ZA, 8%, 2/16/30 3,484,297 3,815,714 Series 2001-62, Cl. KZ, 6.50%, 12/16/31 2,885,661 2,980,882 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 25.339%, 7/16/28 (6) 189,198 26,083 Series 1998-6, Cl. SA, 37.623%, 3/16/28 (6) 119,086 14,229 Series 2001-21, Cl. SB, 41.539%, 1/16/27 (6) 890,821 92,521 Series 2006-47, Cl. SA, 55.458%, 8/16/36 (6) 4,521,214 410,651 ------------ 9,513,378 NON-AGENCY--13.9% COMMERCIAL--5.1% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-5, Cl. A2, 5.348%, 10/10/11 3,160,000 3,015,344 Series 2008-1, Cl. A4, 6.346%, 12/1/17 (1) 3,670,000 3,234,904 Series 2008-1, Cl. AJ, 6.389%, 1/1/18 (1) 940,000 639,002 Series 2008-1, Cl. AM, 6.389%, 1/1/18 (1) 940,000 751,401 Banc of America Funding Corp., Mtg. Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 305,323 305,673 Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 275,495 255,406 Bear Stearns Commercial Mortgage Securities Trust 2006-PW13, Commercial Mtg. Pass-Through Certificates, Series PW13, Cl. A4, 5.54%, 9/1/41 5,760,000 5,144,391 ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 2.572%, 9/25/36 (1) 169,963 166,855 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 3,740,000 3,170,649 CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.573%, 12/20/35 (1) 217,893 152,033 Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.915%, 3/1/49 (1) 2,940,000 2,665,915 Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 68,823 67,844 Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 9,170,000 8,538,874 Series 2007-CD4, Cl. AJ, 5.398%, 12/1/49 2,680,000 1,742,754
8 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ COMMERCIAL CONTINUED CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 1A13, 3.657%, 10/25/36 (1) $ 2,501,494 $ 2,063,510 Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.913%, 6/1/39 (1) 1,560,000 1,338,982 CWABS, Inc. Asset-Backed Certificates Trust 2006-8, Asset-Backed Certificates, Series 2006-8, Cl.2A1, 3.237%, 1/25/46 (1) 533,917 529,369 CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37 5,178,694 4,829,334 Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB1, Cl. A2A, 5.50%, 2/25/36 930,674 886,447 Series 2006-AB2, Cl. A1, 5.888%, 6/25/36 1,419,308 1,363,895 Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 337,155 333,373 Series 2006-AB3, Cl. A7, 6.36%, 7/1/36 131,036 128,715 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 1,961,061 1,918,427 Series 2007-RS1, Cl. A2, 4.209%, 1/27/37 (1,2) 1,677,887 977,894 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 1,182,354 1,069,361 First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.128%, 11/1/37 (1) 5,819,142 4,740,116 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 2,135,000 2,107,757 GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.133%, 5/15/30 (1) 1,567,000 1,559,342 Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 1,990,000 1,859,169 Greenwich Capital Commercial Mortgage 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17 7,325,000 6,235,745 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39 1,960,000 1,738,579 GSR Mortgage Loan Trust 2005-4F, Mtg. Pass-Through Certificates, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 3,272,999 3,047,883 GSR Mortgage Loan Trust 2006-2F, Mtg. Pass-Through Certificates, Series 2006-2F, Cl. 2A2, 5.75%, 2/1/36 541,328 440,383 GSR Mortgage Loan Trust 2006-AR1, Mtg. Pass-Through Certificates, Series 2006-AR1, Cl. 3A1, 5.371%, 1/1/36 (1) 1,116,057 947,281 Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 5.328%, 1/1/36 (1) 611,782 389,990 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47 630,000 412,727 Series 2007-CB18, Cl. A4, 5.44%, 6/1/47 5,600,000 4,685,894 Series 2007-CB18, Cl. AM, 5.466%, 6/1/47 6,380,000 4,896,967
9 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ COMMERCIAL CONTINUED Series 2007-LD11, Cl. A2, 5.992%, 6/15/49 (1) $ 5,390,000 $ 5,081,355 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 5,682,000 5,333,216 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 2,380,000 2,214,197 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 8,390,000 7,253,085 Series 2008-C2, Cl. AJ, 6.799%, 2/1/51 (1) 3,210,000 2,272,764 Series 2008-C2, Cl. AM, 6.799%, 2/1/51 4,990,000 4,097,738 JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDPX, Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49 4,410,000 3,675,415 JPMorgan Commercial Mortgage Finance Corp., Mtg. Pass-Through Certificates, Series 2000-C9, Cl. A2, 7.77%, 10/15/32 2,256,732 2,282,030 JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.675%, 4/1/36 (1) 2,883,445 2,040,010 JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.802%, 1/1/37 (1) 1,165,220 1,056,753 LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. A2, 5.084%, 2/11/31 1,650,000 1,594,957 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 8,330,000 7,796,483 LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.317%, 4/11/41 (1) 2,610,000 2,066,965 Mastr Alternative Loan Trust, CMO Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 423,810 374,504 Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 3.657%, 10/25/36 (1) 6,541,091 5,738,868 Merrill Lynch Mortgage Investors Trust 2005-A9, Mtg. Asset-Backed Certificates, Series 2005-A9, Cl.4A1, 5.492%, 12/1/35 (1) 3,221,180 2,630,113 Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.841%, 5/1/39 (1) 1,175,000 881,787 Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49 3,420,000 2,922,237 Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 461,260 461,151 Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 556,000 566,033 RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 5.379%, 4/25/35 (1) 169,526 117,881 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,652,849 1,343,035 Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,073,340 994,604 Residential Asset Securitization Trust, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36 1,212,817 912,886 STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.826%, 2/1/37 (1) 9,352,579 7,313,681
10 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- COMMERCIAL CONTINUED STARM Mortgage Loan Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.659%, 6/1/37 (1,2) $ 3,103,225 $ 2,560,161 Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 3.53%, 9/19/32 (1) 680,304 428,592 Wachovia Bank Commercial Mortgage Trust 2006-C28, Commercial Mtg. Pass-Through Certificates, Series 2006-C28, Cl. A4, 5.572%, 10/1/48 3,970,000 3,484,106 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 2,849,490 Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 6.10%, 2/1/51 (1) 5,790,000 4,996,695 Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 6.148%, 5/1/46 (1) 2,610,000 1,749,430 Wachovia Mortgage Loan Trust LLC, Mtg. Pass-Through Certificates, Series 2007-A, Cl. 1A1, 5.982%, 3/1/37 (1) 4,314,096 4,128,022 WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A7, 5.647%, 11/1/36 (1) 1,753,995 1,057,710 WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 3.695%, 11/1/46 (1,2) 1,590,259 934,277 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A4, 5.877%, 8/1/46 (1) 7,755,377 6,444,172 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 1A2, 5.711%, 2/25/37 (1,2) 2,692,517 1,077,007 Series 2007-HY1, Cl. 2A4, 5.868%, 2/1/37 (1) 667,798 411,742 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.668%, 3/1/37 (1) 3,990,547 2,374,431 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 5A1, 5.584%, 11/1/36 (1) 741,367 580,885 WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.658%, 5/1/37 (1) 792,143 660,120 WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 4.079%, 4/1/47 (1,2) 1,088,334 620,350 Wells Fargo Mortgage-Backed Securities 2004-EE Trust, Mtg. Pass-Through Certificates, Series 2004-EE, Cl. 3A2, 4.261%, 12/1/34 (1) 6,814,359 6,317,590 Wells Fargo Mortgage-Backed Securities 2004-U Trust, Mtg. Pass-Through Certificates, Series 2004-U, Cl. A1, 5.673%, 10/1/34 (1) 1,215,418 1,182,682
11 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------- COMMERCIAL CONTINUED Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 3.92%, 10/1/34 (1) $ 3,940,257 $ 3,862,013 Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 4.546%, 11/1/34 (1) 1,337,621 982,287 Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 4.538%, 2/1/35 (1) 6,661,946 5,712,244 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 5.547%, 4/25/36 (1) 4,054,945 3,841,349 ------------- 205,629,288 MANUFACTURED HOUSING--0.1% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 (1) 6,747,969 5,641,803 MULTIFAMILY--0.6% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2003-E, Cl. 2A2, 4.709%, 6/25/33 (1) 2,679,456 2,672,605 CHL Mortgage Pass-Through Trust 2003-46, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 4.411%, 1/19/34 (1) 4,506,797 4,500,593 CHL Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. 2A1, 5.50%, 4/1/35 442,925 389,308 CHL Mortgage Pass-Through Trust 2007-HY1, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.696%, 4/25/37 (1) 1,186,847 914,471 Merrill Lynch Mortgage Investors Trust, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 4.487%, 2/1/35 (1) 1,527,281 1,239,149 WaMu Mortgage Pass-Through Certificates 2003-AR10 Trust, Mtg. Pass-Through Certificates, Series 2003-AR10, Cl. A7, 4.36%, 10/1/33 (1) 1,250,000 1,200,843 Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A1, 5.539%, 4/1/36 (1) 10,571,877 8,456,242 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.093%, 3/25/36 (1) 2,846,669 2,610,366 ------------- 21,983,577 OTHER--0.0% JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.735%, 2/25/32 (1) 1,678,807 1,629,695 RESIDENTIAL--8.1% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-4, Cl. A4, 5.936%, 7/1/17 (1) 5,160,000 4,423,090 Series 2007-4, Cl. AM, 6.003%, 8/1/17 (1) 6,560,000 5,129,408
12 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ RESIDENTIAL CONTINUED Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 4.395%, 5/1/34 (1) $ 5,884,279 $ 5,325,272 Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 5.029%, 11/1/34 (1) 3,719,025 3,416,323 Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36 4,210,000 3,187,645 Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.571%, 2/1/37 (1) 4,038,239 3,615,231 CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35 3,748,137 3,369,313 CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35 3,360,868 3,021,158 CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.476%, 1/1/36 (1,2) 1,469,669 440,901 CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 2,110,000 1,640,333 CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.646%, 6/1/47 (1) 3,421,056 2,685,529 CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates: Series 2007-HY4, Cl. 1A1, 6.092%, 9/1/47 (1) 11,654,234 9,057,307 Series 2007-HY4, Cl. 1A2, 6.092%, 9/1/47 (1,2) 3,967,968 1,745,906 Series 2007-HY4, Cl. 2A2, 6.229%, 11/1/37 (1,2) 890,914 392,002 Series 2007-HY4, Cl. 3A2, 6.40%, 11/1/37 (1,2) 929,043 408,779 CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Series 2007-HY5, Cl. 1A2, 5.929%, 9/1/37 (1,2) 4,368,483 2,227,926 Series 2007-HY5, Cl. 2A2, 6.001%, 9/1/37 (1,2) 1,104,461 541,186 Series 2007-HY5, Cl. 3A2, 6.201%, 9/1/37 (1,2) 2,763,333 1,326,400 Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates: Series 2007-C6, Cl. A2, 5.889%, 8/1/12 (1) 1,110,000 1,040,303 Series 2007-C6, Cl. A4, 5.889%, 12/1/49 (1) 6,170,000 5,289,339 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. A4, 6.299%, 12/1/49 (1) 3,800,000 3,349,465 Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.952%, 5/1/35 (1) 4,304,250 3,860,374 Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.198%, 8/1/35 (1) 8,405,862 6,905,222 Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Asset-Backed Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/36 (1,2) 4,481,754 2,420,147 Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Asset-Backed Pass-Through Certificates: Series 2006-AR2, Cl. 1A2, 5.523%, 3/1/36 (1) 9,521,132 8,242,203 Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36 (2) 4,078,107 2,039,053
13 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- RESIDENTIAL CONTINUED Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49 $ 5,680,000 $ 4,329,511 CitiMortgage Alternative Loan Trust 2006-A1, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A1, Cl. 2A1, 5.25%, 3/1/21 2,545,840 2,327,408 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21 3,191,121 3,029,066 CitiMortgage Alternative Loan Trust 2007-A2, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2007-A2, Cl. 1A5, 6%, 2/25/37 5,688,075 5,044,012 COMM 2007-C9 Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C9, Cl. A4, 6.01%, 7/1/17 (1) 5,160,000 4,452,982 CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 5,104,573 4,475,329 CWALT Alternative Loan Trust 2006-43CB, Mtg.Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37 (2) 15,857,672 10,610,369 GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 4.485%, 5/1/34 (1) 608,770 565,827 GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates: Series 2005-AR6, Cl. 1A4, 4.626%, 9/1/35 (1) 10,935,886 10,194,942 Series 2005-AR6, Cl. 3A1, 4.56%, 9/25/35 (1) 5,013,493 4,239,017 GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates: Series 2007-AR1, Cl. 2A1, 5.998%, 3/1/37 (1) 20,606,838 16,599,812 Series 2007-AR1, Cl. 4A1, 5.827%, 3/1/37 (1) 3,910,096 3,088,976 JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.299%, 7/1/35 (1,2) 6,471,597 5,890,383 JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 6.019%, 5/1/37 (1,2) 1,909,717 1,022,653 LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates: Series 2007-C7, Cl. A3, 5.866%, 9/11/45 1,655,000 1,422,467 Series 2007-C7, Cl. AM, 6.374%, 9/11/45 (1) 4,980,000 3,985,503 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 272,444 241,485 Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 4.951%, 4/1/36 (1) 3,834,001 3,598,597 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.073%, 10/25/36 (1) 6,463,213 5,901,258 Merrill Lynch Mortgage Investors Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.797%, 9/1/37 (1,2) 2,677,958 2,481,351 RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 3,771,566 2,846,397 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 676,372 673,004
14 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- RESIDENTIAL CONTINUED RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36 $ 330,041 $ 321,078 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 1,557,031 1,392,284 Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35 3,720,000 2,534,467 Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35 6,225,182 4,752,111 Residential Funding Mortgage Securities I, Inc., Mtg. Pass-Through Certificates, 5.775%, 7/1/37 (1,2) 3,254,950 1,269,756 WaMu Asset-Backed Certificates 2005-AR12 Trust, Mtg. Asset-Backed Certificates, Series 2007-AR12, Cl. 1A8, 4.833%, 10/1/35 (1) 3,935,638 3,661,142 WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.489%, 9/25/33 (1) 1,678,475 1,622,218 WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A1, 5.051%, 12/1/35 (1) 4,355,185 4,058,202 WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.931%, 9/1/36 (1) 4,918,896 4,519,835 WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 2A4, 5.758%, 11/1/36 (1,2) 532,381 271,514 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 5.469%, 2/1/37 (1) 19,716,586 16,582,146 Series 2007-HY1, Cl. 5A1, 5.771%, 2/1/37 (1) 11,347,129 8,762,388 WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates: Series 2007-HY2, Cl. 1A1, 5.614%, 12/1/36 (1) 13,103,928 10,288,223 Series 2007-HY2, Cl. 1A2, 5.614%, 12/1/36 (1,2) 1,565,145 516,498 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.348%, 3/1/37 (1) 12,867,774 10,809,455 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.504%, 9/25/36 (1) 11,385,384 10,274,531 WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.695%, 6/25/37 (1) 5,881,742 4,802,451 WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.873%, 7/1/37 (1) 3,219,062 2,177,189 Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 5,098,327 4,950,447
15 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- -------------- RESIDENTIAL CONTINUED Wells Fargo Mortgage-Backed Securities 2004-EE Trust, Mtg. Pass-Through Certificates, Series 2004-EE, Cl. 3A1, 4.261%, 12/1/34 (1) $ 2,841,673 $ 2,634,514 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.369%, 9/1/34 (1) 425,481 359,215 Wells Fargo Mortgage-Backed Securities 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2005-AR12, Cl. 2A6, 4.336%, 7/1/35 (1) 2,292,405 1,942,863 Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.945%, 10/1/35 (1) 2,712,609 2,363,013 Wells Fargo Mortgage-Backed Securities 2006-12 Trust, Mtg. Pass-Through Certificates, Series 2006-12, Cl. A1, 6%, 10/25/36 1,931,617 1,929,570 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 2A2, 5.636%, 7/1/36 (1,2) 2,416,198 1,171,856 Series 2006-AR10, Cl. 3A2, 4.871%, 7/1/36 (1,2) 991,263 480,762 Series 2006-AR10, Cl. 4A2, 5.561%, 7/1/36 (1,2) 3,587,627 1,739,999 Series 2006-AR10, Cl. 5A3, 5.594%, 7/1/36 (1) 1,777,766 1,502,344 Series 2006-AR10, Cl. 5A6, 5.594%, 7/1/36 (1) 17,567,460 14,196,632 Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates: Series 2006-AR13, Cl. A2, 5.748%, 9/1/36 (1) 14,510,407 12,381,283 Series 2006-AR13, Cl. A4, 5.748%, 9/1/36 (1) 11,440,000 8,916,826 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 5.24%, 4/1/36 (1) 2,738,673 2,357,007 -------------- 327,661,983 -------------- Total Mortgage-Backed Obligations (Cost $1,219,696,349) 1,159,910,144 U.S. GOVERNMENT OBLIGATIONS--3.8% Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/13 6,020,000 5,861,812 Federal Home Loan Mortgage Corp. Unsec. Nts.: 3.375%, 4/15/09 (9) 38,125,000 38,125,572 3.75%, 6/28/13 (9) 8,975,000 8,914,850 4.125%, 9/27/13 (9) 18,280,000 18,443,240 5.25%, 5/21/09 6,940,000 7,021,989 Federal National Mortgage Assn. Sr. Unsec. Nts., 4.875%, 5/18/12 28,970,000 30,121,181 Federal National Mortgage Assn. Unsec. Nts.: 3.25%, 4/9/13 (9,10) 19,165,000 18,673,916 3.875%, 7/12/13 (9) 11,457,000 11,440,903 4.625%, 10/15/14 9,070,000 9,229,523 Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.155%, 1/15/21 (11) 5,667,000 3,164,339 U.S. Treasury Bonds: STRIPS, 4.201%, 2/15/11 (5,11) 900,000 857,432
16 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------- STRIPS, 4.808%, 2/15/16 (5,11) $ 4,491,000 $ 3,413,021 ------------- Total U.S. Government Obligations (Cost $155,487,643) 155,267,778 FOREIGN GOVERNMENT OBLIGATIONS--24.7% ARGENTINA--0.1% Argentina (Republic of) Bonds: 3.127%, 8/3/12 (1) 571,500 410,873 Series GDP, 0.971%, 12/15/35 (1) 8,600,000 696,600 Series V, 7%, 3/28/11 2,320,000 1,726,145 Series VII, 7%, 9/12/13 3,035,000 2,061,398 ------------- 4,895,016 AUSTRALIA--0.1% New South Wales Treasury Corp. Sr. Bonds, Series 12RG, 6%, 5/1/12 1,115,000 AUD 881,355 New South Wales Treasury Corp. Sr. Unsec. Bonds, Series 14RG, 5.50%, 8/1/14 1,625,000 AUD 1,248,880 ------------- 2,130,235 AUSTRIA--0.1% Austria (Republic of) Unsec. Unsub. Nts., Series E, 4%, 9/15/16 3,767,000 EUR 5,200,701 BELGIUM--0.1% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 3,490,000 EUR 4,954,333 BRAZIL--2.7% Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/18 (12) 5,340,000 4,725,900 Brazil (Federal Republic of) Bonds: 6%, 1/17/17 11,870,000 11,484,225 8%, 1/15/18 18,670,000 20,070,250 8.75%, 2/4/25 2,950,000 3,473,625 8.875%, 10/14/19 9,085,000 10,674,875 10.50%, 7/14/14 6,288,000 7,938,600 Brazil (Federal Republic of) Letras Tesouro Nacional Treasury Bills, 0%, 1/1/09 (11) 22,670,000 BRR 11,517,096 Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 10%, 1/10/10 18,216,000 BRR 9,108,325 10%, 1/1/12 13,111,000 BRR 6,289,477 10%, 1/1/17 54,018,000 BRR 23,327,748 Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 130,000 139,230 ------------- 108,749,351 BULGARIA--0.0% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 740,000 817,700 8.25%, 1/15/15 (12) 710,000 784,550 ------------- 1,602,250 CANADA--0.3% Canada (Government of) Bonds: 3.50%, 6/1/13 3,630,000 CAD 3,466,961 5%, 6/1/37 3,820,000 CAD 4,064,975
17 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- ----------- Canada (Government of) Nts.: 3.75%, 6/1/10 2,725,000 CAD $ 2,600,330 4.25%, 6/1/18 1,665,000 CAD 1,631,364 ----------- 11,763,630 COLOMBIA--0.6% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28 (12) 3,058,000,000 COP 1,170,968 Colombia (Republic of) Bonds: 7.375%, 9/18/37 3,805,000 3,818,318 10.75%, 1/15/13 3,900,000 4,587,375 12%, 10/22/15 17,234,000,000 COP 8,281,815 Colombia (Republic of) Nts., 8.25%, 12/22/14 3,283,000 3,578,470 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 960,000 1,008,000 EEB International Ltd. Sr. Unsec. Bonds, 8.75%, 10/31/14 (12) 3,330,000 3,330,000 ----------- 25,774,946 COSTA RICA--0.1% Costa Rica (Republic of) Unsec. Bonds, 9.995%, 8/1/20 1,498,000 1,902,460 DENMARK--0.1% Denmark (Kingdom of) Bonds, 5%, 11/15/13 22,650,000 DKK 4,451,494 ECUADOR--0.0% Ecuador (Republic of) Unsec. Bonds, 10%, 8/15/30 (1) 1,455,000 1,062,150 EGYPT--0.2% Egypt (The Arab Republic of) Treasury Bills: Series 182, 11.021%, 1/6/09 (11) 11,600,000 EGP 2,064,535 Series 364, 8.371%, 1/6/09 (11) 9,800,000 EGP 1,732,156 Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12 (12) 28,530,000 EGP 4,439,451 ----------- 8,236,142 EL SALVADOR--0.1% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 (12) 590,000 587,050 7.65%, 6/15/35 (12) 4,570,000 4,501,450 ----------- 5,088,500 FRANCE--1.7% France (Government of) Obligations Assimilables du Tresor Bonds: 3.25%, 4/25/16 15,270,000 EUR 20,210,237 4%, 10/25/38 11,475,000 EUR 14,235,879 France (Government of) Treasury Nts.: 3.75%, 1/12/13 18,395,000 EUR 25,615,956 4.50%, 7/12/12 7,280,000 EUR 10,450,504 ----------- 70,512,576 GERMANY--1.7% Germany (Federal Republic of) Bonds: Series 03, 3.75%, 7/4/13 17,900,000 EUR 25,222,235 Series 05, 4%, 1/4/37 10,870,000 EUR 13,860,004 Series 07, 4.25%, 7/4/17 20,275,000 EUR 29,038,579 ----------- 68,120,818
18 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- ----------- GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17 (12) $ 3,500,000 $ 3,325,000 GREECE--0.3% Greece (Republic of) Bonds, 4.60%, 5/20/13 8,125,000 EUR 11,439,203 GUATEMALA--0.1% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 (12) 250,000 278,750 10.25%, 11/8/11 2,150,000 2,397,250 ------------ 2,676,000 HUNGARY--0.2% Hungary (Republic of) Bonds, Series 12/C, 6%, 10/24/12 1,609,000,000 HUF 8,356,058 INDONESIA--0.6% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 (12) 7,620,000 7,334,250 6.90%, 1/17/18 (12) 4,490,000 4,100,627 7.25%, 4/20/15 (12) 4,870,000 4,736,075 Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38 (12) 2,880,000 2,606,400 Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 (12) 6,700,000 6,549,250 ------------ 25,326,602 ISRAEL--0.4% Israel (State of) Bonds: 5.50%, 2/28/17 24,370,000 ILS 7,017,999 Series 2682, 7.50%, 3/31/14 25,080,000 ILS 7,922,456 ------------ 14,940,455 ITALY--0.4% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 4.70%, 7/1/09 (1) 10,855,000 EUR 15,298,439 JAPAN--4.7% Japan (Government of) Bonds: 2 yr., Series 269, 0.90%, 6/15/10 5,656,000,000 JPY 53,335,407 5 yr., Series 72, 1.50%, 6/20/13 6,492,000,000 JPY 62,355,674 10 yr., Series 279, 2%, 3/20/16 1,057,000,000 JPY 10,554,397 10 yr., Series 282, 1.70%, 9/20/16 2,958,000,000 JPY 28,671,365 20 yr., Series 61, 1%, 3/20/23 1,759,000,000 JPY 14,705,276 20 yr., Series 73, 2%, 12/20/24 1,320,000,000 JPY 12,449,305 20 yr., Series 75, 2.10%, 3/20/25 733,000,000 JPY 6,996,806 ------------ 189,068,230 MALAYSIA--0.1% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 (2) 7,980,000 MYR 2,480,349 MEXICO--1.6% United Mexican States Bonds: 8.375%, 1/14/11 14,930,000 16,087,075 Series A, 6.375%, 1/16/13 3,800,000 3,915,900 Series M7, 8%, 12/24/08 (1) 240,660,000 MXN 21,985,957 Series MI10, 8%, 12/19/13 126,490,000 MXN 11,377,141
19 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ------------ Series M20, 10%, 12/5/24 (1) 125,300,000 MXN $ 13,025,231 ------------ 66,391,304 NIGERIA--0.9% Nigeria (Federal Republic of) Nts., Series 3Y2S, 12.50%, 2/24/09 60,500,000 NGN 518,762 Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 73,495 61,509 Nigeria (Federal Republic of) Treasury Bills: Series 364, 9.186%, 1/8/09 (11) 773,700,000 NGN 6,395,367 Series 364, 9.17%, 2/5/09 (11) 605,400,000 NGN 4,952,220 Series 364, 9.30%, 4/9/09 (11) 175,100,000 NGN 1,407,619 Nigeria (Federal Republic of) Treasury Bonds: Series 3Y, 9.23%, 5/25/12 624,300,000 NGN 5,069,137 Series 3Y1S, 15%, 1/27/09 116,700,000 NGN 1,005,615 Series 5 yr., 9.50%, 2/23/12 278,300,000 NGN 2,302,308 Series 5Y, 9.50%, 8/31/12 623,000,000 NGN 5,045,339 Series 5Y13, 12.99%, 9/29/11 142,800,000 NGN 1,338,579 Series 7Y16, 11.99%, 12/22/13 236,500,000 NGN 2,010,798 Series 7YR, 12.74%, 10/27/13 317,100,000 NGN 2,783,707 Series 10 yr., 9.35%, 8/31/17 600,000,000 NGN 4,285,168 ------------ 37,176,128 NORWAY--0.0% Norway (Kingdom of) Bonds, 6.50%, 5/15/13 8,700,000 NOK 1,614,660 PANAMA--0.5% Panama (Republic of) Bonds: 6.70%, 1/26/36 8,540,000 8,113,000 7.25%, 3/15/15 6,905,000 7,198,463 8.875%, 9/30/27 1,375,000 1,612,188 9.375%, 4/1/29 655,000 815,475 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 2,760,000 2,842,800 ------------ 20,581,926 PERU--1.6% Peru (Republic of) Bonds: 7.84%, 8/12/20 28,080,000 PEN 8,955,519 8.375%, 5/3/16 1,320,000 1,412,400 9.91%, 5/5/15 10,351,000 PEN 3,748,110 Series 7, 8.60%, 8/12/17 27,250,000 PEN 9,233,433 Series 8-1, 12.25%, 8/10/11 52,015,000 PEN 19,215,466 Peru (Republic of) Certificates of Deposit: 3.925%, 10/20/08 (11) 8,461,000 PEN 2,822,712 4.066%, 4/13/09 (11) 604,000 PEN 194,037 4.163%, 7/9/09 (11) 12,692,000 PEN 3,997,523 5.713%, 1/5/09 (11) 28,800,000 PEN 9,460,476 5.719%, 11/6/08 (11) 11,490,000 PEN 3,819,690 Peru (Republic of) Sr. Nts., 4.533%, 2/28/16 (11) 363,913 239,709 ------------ 63,099,075
20 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------- PHILIPPINES--0.2% Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 $ 1,120,000 $ 1,181,600 9%, 2/15/13 7,625,000 8,425,625 ------------- 9,607,225 POLAND--0.2% Poland (Republic of) Bonds: Series WS0922, 5.75%, 9/23/22 1,000,000 PLZ 414,855 Series 0413, 5.25%, 4/25/13 13,810,000 PLZ 5,556,140 ------------- 5,970,995 SWEDEN--0.1% Sweden (Kingdom of) Bonds, Series 1049, 4.50%, 8/12/15 27,210,000 SEK 4,098,890 THE NETHERLANDS--0.2% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 3,070,000 EUR 4,469,313 Netherlands (Kingdom of the) Nts., 4.50%, 7/15/17 2,035,000 EUR 2,903,785 ------------- 7,373,098 TURKEY--2.6% Turkey (Republic of) Bonds: 6.75%, 4/3/18 10,035,000 9,432,900 7%, 9/26/16 6,560,000 6,576,400 7%, 3/11/19 3,855,000 3,647,447 14%, 1/19/11 (1) 15,250,000 TRY 10,949,488 15.861%, 10/7/09 (11) 18,240,000 TRY 12,022,164 16%, 3/7/12 (1) 54,190,000 TRY 39,730,085 18.141%, 1/13/10 (11) 28,520,000 TRY 17,865,494 Series CPI, 12%, 8/14/13 1,455,000 TRY 1,180,504 Turkey (Republic of) Nts., 7.25%, 3/15/15 4,115,000 4,104,713 ------------- 105,509,195 UKRAINE--0.2% Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine, 8.625% Nts., 7/15/11 (12) 8,210,000 7,389,000 UNITED KINGDOM--0.9% United Kingdom Gilt Bonds: 4.75%, 6/7/10 4,165,000 GBP 7,494,231 5%, 3/7/12 3,800,000 GBP 6,941,850 United Kingdom Treasury Bonds: 4.75%, 12/7/38 8,125,000 GBP 15,047,385 5%, 3/7/18 4,060,000 GBP 7,524,151 ------------- 37,007,617 URUGUAY--0.4% Uruguay (Oriental Republic of) Bonds: 4.25%, 4/5/27 48,300,000 UYU 2,205,364 7.625%, 3/21/36 3,525,000 3,366,375 Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 54,110,000 UYU 2,926,539
21 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- -------------- 8%, 11/18/22 $ 7,030,000 $ 7,065,150 -------------- 15,563,428 VENEZUELA--0.5% Venezuela (Republic of) Bonds: 9%, 5/7/23 3,495,000 2,394,075 9.25%, 9/15/27 10,915,000 8,169,878 Venezuela (Republic of) Nts., 10.75%, 9/19/13 6,875,000 6,342,188 Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25 7,445,000 4,504,225 -------------- 21,410,366 -------------- Total Foreign Government Obligations (Cost $1,045,000,052) 1,000,147,845 LOAN PARTICIPATIONS--0.1% Credit Suisse First Boston International, Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16 (2) (Cost $4,125,424) 4,340,000 2,343,600 CORPORATE BONDS AND NOTES--16.0% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Nts., 10/1/12 (2,13) 100,000 96,500 AES Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 (12) 2,758,000 2,275,350 AES Panama SA, 6.35% Sr. Nts., 12/21/16 (12) 1,100,000 1,052,356 AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 241,942 241,942 Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 4,210,000 3,914,555 Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 890,000 765,400 Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 605,000 568,700 Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 2,955,000 2,888,513 Alrosa Finance SA, 8.875% Nts., 11/17/14 (12) 13,025,000 11,234,063 AmBev International Finance Co. Ltd., 9.50% Bonds, 7/24/17 (12) 4,470,000 BRR 1,714,804 AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 895,000 774,175 America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 52,700,000 MXN 4,249,153 American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 (2) 5,454 3,845 8.875% Sr. Unsec. Sub. Nts., 1/15/11 145,000 100,775 American Tower Corp., 7.50% Sr. Nts., 5/1/12 2,040,000 2,019,600 Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/18 (12) 2,850,000 2,579,250 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 1,910,000 1,766,750 Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 (12) 4,551,750 3,971,402 Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 4,450,000 2,836,875 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 3,320,000 EUR 4,252,393 Banco Bilbao Vizcaya Argentaria SA, 4.25% Sec. Bonds, 7/15/14 2,490,000 EUR 3,352,086 Banco BMG SA, 9.15% Nts., 1/15/16 (12) 3,520,000 3,388,000 Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21 (1,12) 1,345,000 1,277,750 Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 (12) 1,585,000 1,022,325 Banco Invex SA, 26.137% Mtg.-Backed Certificates, Series 062U, 3/13/34 (1,14) 4,830,734 MXN 1,658,435 Banco Pine SA, 7.375% Sr. Unsec. Nts., 6/17/10 (12) 4,020,000 3,879,300
22 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 12,400,000 EUR $15,920,139 4.50% Sr. Sec. Nts., 7/13/21 5,775,000 EUR 7,028,406 Barclays Bank plc, 6.278% Perpetual Bonds (15) 6,850,000 5,014,748 Bausch & Lomb, Inc., 9.875% Sr. Unsec. Nts., 11/1/15 (12) 1,095,000 1,042,988 BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18 1,025,000 996,813 Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 905,000 769,250 Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 3,210,000 2,519,850 Biomet, Inc., 10% Sr. Unsec. Bonds, 10/15/17 1,190,000 1,219,750 Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18 (12) 5,350,000 4,895,250 C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs. (12,15) 4,630,000 4,299,066 Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 6,255,000 5,723,325 Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15 (16) 2,065,000 1,610,700 CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/15 2,355,000 1,566,075 CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 (12) 1,335,000 1,091,363 CellNet Data Systems, Inc., Sr. Unsec. Nts., 10/1/07 (2,3,4) 400,000 -- Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 (2) 1,250,000 1,187,500 Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16 4,370,000 4,009,475 Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 200,000 190,000 Cinemark, Inc., 0%/9.75% Sr. Unsec. Nts., 3/15/14 (2,13) 2,210,000 2,135,413 Citigroup, Inc., 8.40% Perpetual Bonds, Series E (15) 2,695,000 1,837,747 Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 5,440,000 5,120,400 Claire's Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17 5,990,000 2,036,600 Cloverie plc, 7.454% Sec. Nts., Series 2005-93, 12/20/10 (1,2) 1,100,000 916,850 Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15 1,440,000 1,375,200 Constellation Brands, Inc.: 8.125% Sr. Sub. Nts., 1/15/12 1,130,000 1,101,750 8.375% Sr. Nts., 12/15/14 (2) 995,000 990,025 Copano Energy LLC/Copano Energy Finance Corp., 7.75% Sr. Nts., 6/1/18 (12) 3,280,000 2,886,400 Coriolanus Ltd.: 3.359% Pass-Through Sec. Nts., 12/31/17 (2,11) 23,130,000 BRR 8,095,318 10.62% Sec. Nts., 8/10/10 (2) 3,300,000 1,320,000 Corrections Corp. of America, 7.50% Sr. Nts., 5/1/11 865,000 866,081 Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 2,995,000 2,935,100 CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,265,000 1,220,725 Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09 37,000,000 RUR 1,413,097 Dali Capital SA (ROSBANK), 8% Sec. Nts., Series 23, Tranche 1, 9/30/09 36,400,000 RUR 1,344,079 DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13 3,575,000 3,414,125 Del Monte Corp., 8.625% Sr. Sub. Nts., 12/15/12 1,245,000 1,238,775 Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 3,489,000 3,664,389 Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15 2,645,000 2,446,625 Depfa ACS Bank, 3.875% Sec. Nts., 11/14/16 635,000 EUR 808,118
23 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 $ 55,000 $ 48,813 9.875% Sr. Sub. Nts., 8/15/13 180,000 112,050 Dex Media, Inc., 0%/9% Unsec. Nts., 11/15/13 (13) 200,000 93,000 Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 (2) 790,000 791,975 DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14 2,415,000 2,324,438 Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 100,000 88,500 8.625% Sr. Nts., 5/1/09 306,000 293,760 8.875% Sr. Unsec. Nts., 3/15/11 71,000 59,995 DRS Technologies, Inc., 6.625% Sr. Nts., 2/1/16 2,020,000 2,050,300 EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11 2,730,000 2,518,425 Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 3,310,000 2,995,550 Eirles Two Ltd.: 4.692% Sec. Nts., Series 335, 4/30/12 (1,2) 6,300,000 3,578,400 6.082% Sec. Nts., Series 324, 4/30/12 (1,2) 4,100,000 2,574,800 Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 (12) 1,115,000 BRR 585,948 Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,365,000 1,248,975 Enterprise Products Operating LP, 8.375% Jr. Sub. Nts., 8/1/66 (1) 3,475,000 3,223,897 Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 (2,3,4) 337,947 EUR -- Exsportfinans ASA, 3.50% Nts., 2/11/11 (1) 19,880,000 EUR 24,702,411 FairPoint Communications, Inc., 13.125% Sr. Nts., 4/1/18 3,015,000 2,758,725 Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp., 6.75% Sr. Unsec. Nts., 5/1/14 150,000 123,000 Ferrellgas Partners LP, 6.75% Sr. Nts,, 5/1/14 (12) 1,020,000 836,400 Fiserv, Inc., 6.125% Sr. Unsec. Unsub. Nts., 11/20/12 2,185,000 2,120,626 Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,790,000 1,700,500 Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 4,875,000 4,809,046 Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11 1,225,000 1,243,375 GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12 1,195,000 1,206,950 GAZ Capital SA, 7.51% Sec. Nts., 7/31/13 (12) 5,970,000 5,462,550 Gazprom Capital SA: 7.288% Sr. Unsec. Nts., 8/16/37 (12) 14,680,000 10,364,080 8.146% Sr. Unsec. Bonds, 4/11/18 (12) 3,220,000 2,801,400 8.625% Sr. Unsec. Nts., 4/28/34 (12) 3,950,000 3,672,434 Gazprom International SA, 7.201% Unsec. Bonds, 2/1/20 (12) 1,851,520 1,680,254 General Motors Acceptance Corp., 8% Bonds, 11/1/31 3,840,000 1,449,097 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 4,585,000 3,014,142 Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,110,000 1,085,025 9% Sr. Unsec. Nts., 7/1/15 705,000 701,475 Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 2,590,000 2,266,250 Graphic Packaging International Corp., 8.50% Sr. Nts., 8/15/11 3,155,000 3,013,025 Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 (4,12) 2,510,000 1,744,450 GTL Trade Finance, Inc., 7.25% Sr. Unsec. Nts., 10/20/17 (12) 5,620,000 5,393,626
24 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ----------- Harrah's Operating Co., Inc., 10.75% Sr. Unsec. Nts., 2/1/16 (12) $ 3,705,000 $ 1,908,075 HBOS plc, 6.413% Sub. Perpetual Bonds, Series A (12,15) 6,915,000 3,901,699 HCA, Inc.: 6.375% Nts., 1/15/15 3,075,000 2,436,938 9.25% Sr. Sec. Nts., 11/15/16 1,430,000 1,394,250 HealthSouth Corp., 10.75% Sr. Unsec. Nts., 6/15/16 (2) 1,785,000 1,811,775 Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16 (12) 2,115,000 1,988,100 Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 610,000 529,175 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,135,000 953,400 HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10 (11) 2,510,000 2,188,720 12.278% Sr. Unsec. Nts., 3/9/09 (11) 1,960,000 1,920,800 9.751% Sr. Unsec. Nts., 7/8/09 (11) 1,960,000 2,022,720 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 (1) 5,800,000 4,360,092 HSBK Europe BV: 7.25% Unsec. Unsub. Nts., 5/3/17 (12) 1,360,000 822,800 9.25% Sr. Nts., 10/16/13 (12) 15,930,000 12,186,450 ICICI Bank Ltd.: 6.375% Bonds, 4/30/22 (1,12) 6,960,000 4,808,246 6.625% Nts., 10/3/12 (12) 6,620,000 6,393,464 Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16 2,770,000 768,675 IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24 (12) 8,338,058 8,838,341 Inter-American Development Bank: 6.26% Nts., 12/8/09 (1) 920,000 BRR 477,671 11.108% Nts., 1/25/12 (1) 618,500,012 COP 252,324 Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,765,000 1,747,350 ISA Capital do Brasil SA: 7.875% Sr. Nts., 1/30/12 (12) 1,130,000 1,087,625 8.80% Sr. Nts., 1/30/17 (12) 1,410,000 1,357,125 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 5,565,000 3,756,375 Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,015,000 1,073,017 Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19 (12) 8,015,000 8,036,721 iStar Financial, Inc., 3.369% Sr. Unsec. Nts., 3/16/09 (1) 1,595,000 1,327,912 Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17 2,300,000 1,926,250 JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1 (15) 2,530,000 2,135,651 JPMorgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35 (2) 6,110,442 MXN 467,655 24.62% Mtg.-Backed Certificates, Series 06U, 9/25/35 (1) 2,824,738 MXN 755,562 JPMorgan Securities Ltd., Red Square Capital Ltd., 9% Collateralized Debt Obligation Nts., 11/20/08 (12) 62,000,000 RUR 2,349,771 JSC Astana Finance, 9.16% Nts., 3/14/12 (2) 7,200,000 4,983,411 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 410,000 233,700 8.875% Sr. Sub. Nts., 4/1/12 975,000 624,000 Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 402,000 Kazmunaigaz Finance Sub BV, 9.125% Nts., 7/2/18 (12) 14,880,000 12,722,400
25 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ------------ ----------- KB Home, 8.625% Sr. Sub. Nts., 12/15/08 $ 250,000 $ 251,250 Key Energy Services, Inc., 8.375% Sr. Nts., 12/1/14 (12) 2,060,000 1,987,900 Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 3,396,000 3,101,631 Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 (2) 510,000 527,850 L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 2,700,000 2,457,000 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,070,000 989,750 Lamar Media Corp.: 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,295,000 1,078,088 7.25% Sr. Unsec. Sub. Nts., 1/1/13 2,005,000 1,824,550 Lear Corp., 8.75% Sr. Unsec. Nts., Series B, 12/1/16 6,450,000 4,515,000 Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38 (4) 4,656,000 23,280 Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 1,180,000 1,003,000 Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 3,440,000 2,889,600 Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 2,375,000 1,864,375 Majapahit Holding BV: 7.25% Nts., 10/17/11 (12) 1,990,000 1,895,475 7.75% Nts., 10/17/16 (12) 4,230,000 3,616,650 Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/14 (1) 2,010,000 1,492,425 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15 (12) 2,690,000 1,761,950 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,330,000 405,650 6.875% Sr. Unsec. Sub. Nts., 10/1/13 2,870,000 875,350 MGM Mirage, Inc.: 6.625% Sr. Unsec. Nts., 7/15/15 1,835,000 1,284,500 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,390,000 1,965,775 MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11 (12) 1,360,000 1,156,000 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 1,770,000 1,477,950 8% Sr. Sub. Nts., 4/1/12 3,770,000 3,223,350 Momentive Performance Materials, Inc.: 9.75% Sr. Unsec. Nts., 12/1/14 (12) 1,745,000 1,387,275 11.50% Sr. Unsec. Sub. Nts., 12/1/16 2,110,000 1,445,350 Morgan Stanley, 5.95% Sr. Unsec. Nts., Series F, 12/28/17 3,150,000 1,976,370 Mosaic Co. (The), 7.375% Sr. Nts., 12/1/14 (12) 170,000 176,125 National Gas Co., 6.05% Nts., 1/15/36 (12) 3,470,000 3,028,241 National Power Corp.: 5.875% Unsec. Unsub. Bonds, 12/19/16 109,600,000 PHP 1,984,913 6.875% Nts., 11/2/16 (12) 1,474,000 1,359,765 9.625% Unsec. Bonds, 5/15/28 2,550,000 2,862,375 Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 2,120,000 1,918,600 NewPage Corp., 10% Sr. Sec. Nts., 5/1/12 2,085,000 1,876,500 Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,110,000 2,053,763 Nielsen Finance LLC/Nielsen Finance Co.: 0%/12.50% Sr. Unsec. Sub. Nts., 8/1/16 (13) 1,725,000 1,129,875 10% Sr. Unsec. Nts., 8/1/14 2,195,000 2,096,225 Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 1,500,000 862,500 NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 (2,3,4) 200,173 --
26 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15 (1) $ 2,180,000 $ 1,907,500 NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14 (13) 3,705,000 1,611,675 NTL Cable plc, 9.125% Sr. Nts., 8/15/16 2,605,000 2,194,713 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 (2,3,4) 90,000 -- Orion Network Systems, Inc., 12.50% Sr. Unsub. Nts., 1/15/07 (2,3,4) 675,000 7 Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26 (12) 3,665,000 3,096,925 Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 5,275,000 4,127,688 Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 1,350,000 1,309,500 Pemex Project Funding Master Trust, 6.625% Nts., 6/15/38 (12) 6,680,000 6,087,484 Petrobras International Finance Co., 5.785% Sr. Unsec. Nts., 3/1/18 10,040,000 9,168,990 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 (12) 2,581,479 2,557,848 Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 3,230,000 3,137,138 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 2,985,000 2,253,675 Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 (12) 1,060,000 1,078,550 Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 (2,3,4) 250,000 -- Pride International, Inc., 7.375% Sr. Unsec. Nts., 7/15/14 1,280,000 1,228,800 PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 (2,3,4) 100,000 EUR -- Quicksilver Resources, Inc.: 7.125% Sr. Sub. Nts., 4/1/16 1,885,000 1,545,700 8.25% Sr. Unsec. Nts., 8/1/15 1,030,000 947,600 Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 5,040,000 4,964,400 R.H. Donnelley Corp.: 6.875% Sr. Nts., 1/15/13 860,000 339,700 6.875% Sr. Nts., Series A-2, 1/15/13 1,865,000 736,675 Rabobank Nederland, 3% Nts., 3/11/11 (1,2) 15,480,000 14,198,070 Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 493,500 Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 (12) 670,000 673,350 Real Time Data Co., 11% Nts., 5/31/09 (2,3,4,16) 142,981 -- Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 1,805,000 1,856,643 RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/18 (12) 2,010,000 1,536,042 Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 1,425,000 1,132,875 7.50% Sr. Sec. Nts., 11/30/16 2,065,000 1,621,025 Salisbury International Investments Ltd., 6.936% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 (1,2) 1,100,000 834,130 Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 1,725,000 1,634,438 10.50% Sr. Unsec. Sub. Nts., 11/15/16 1,315,000 1,255,825 Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 2,265,000 1,845,975 Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 1,985,000 1,741,838 Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 3,095,000 2,994,413 SLM Corp., 4.50% Nts., Series A, 7/26/10 4,590,000 3,490,328
27 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- Smithfield Foods, Inc.: 7% Sr. Nts., 8/1/11 $ 1,215,000 $ 1,063,125 8% Sr. Nts., Series B, 10/15/09 1,510,000 1,472,250 Sprint Capital Corp., 8.75% Nts., 3/15/32 3,930,000 3,071,845 Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14 7,485,000 2,245,500 Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13 (2) 5,310,000 5,323,275 Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12 2,065,000 1,899,800 Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 (12) 3,290,100 PEN 1,098,436 Teligent, Inc., 11.50% Sr. Nts., 12/1/08 (2,3,4) 500,000 -- Tengizchevroil LLP, 6.124% Nts., 11/15/14 (12) 1,971,495 1,587,053 Tesoro Corp., 6.625% Sr. Unsec. Nts., 11/1/15 2,375,000 1,947,500 TGI International Ltd., 9.50% Nts., 10/3/17 (12) 6,100,000 6,100,000 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 (13) 2,695,000 1,356,663 Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 1,000,000 965,000 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 545,000 393,763 Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 1,240,000 514,600 United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 3,905,000 2,753,025 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15 (16) 1,965,000 1,842,188 US Oncology Holdings, Inc., 8.334% Sr. Unsec. Nts., 3/15/12 (1,16) 1,319,621 1,016,108 US Oncology, Inc., 9% Sr. Unsec. Nts., 8/15/12 1,945,000 1,954,725 Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/15 (13) 2,775,000 2,414,250 Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18 (12) 11,010,000 9,401,439 Videotron Ltd., 9.125% Sr. Nts., 4/15/18 (12) 935,000 949,025 VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18 (12) 6,680,000 5,189,959 Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14 1,570,000 1,326,650 VTB Capital SA: 6.875% Sr. Sec. Nts., 5/29/18 (12) 6,940,000 5,369,825 6.315% Sub. Unsec. Nts., 2/4/15 16,280,000 14,733,400 Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14 500,000 373,750 William Lyon Homes, Inc.: 7.50% Sr. Unsec. Nts., 2/15/14 160,000 63,200 10.75% Sr. Nts., 4/1/13 (2) 1,390,000 604,650 Williams Cos., Inc. (The): 7.625% Nts., 7/15/19 1,895,000 1,868,072 8.125% Sr. Unsec. Nts., 3/15/12 1,915,000 1,936,027 Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 2,990,000 2,855,450 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 1,970,000 1,827,175 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 (2,3,4) 250,000 -- WM Covered Bond Program: 3.875% Sec. Nts., Series 1, 9/27/11 10,610,000 EUR 13,343,718 4% Sec. Mtg. Nts., Series 2, 9/27/16 14,655,000 EUR 16,938,261 WMG Holdings Corp., 0%/9.50% Sr. Nts., 12/15/14 (13) 2,057,000 1,141,635 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 4,645,000 3,983,088 ------------ Total Corporate Bonds and Notes (Cost $752,916,945) 648,177,395
28 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
SHARES VALUE -------------- ----------- PREFERRED STOCKS--0.0% AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. (2,3,16) 4,253 $ -- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. (2,3) 5,000 -- Fannie Mae, 8.25% Non-Cum. Sub., Series S, Non-Vtg. 148,310 323,316 ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. (2,3,16) 151 -- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A (2) 250 190,625 ----------- Total Preferred Stocks (Cost $4,486,155) 513,941 COMMON STOCKS--0.3% Arco Capital Corp. Ltd. (2,3) 690,638 8,632,975 AT&T, Inc. 83,717 2,337,347 Global Aero Logistics, Inc. (2,3) 2,168 2,168 National Maintenance Group, Inc. (3) 18,514 667 Revlon, Inc., Cl A (3) 134,166 1,992,365 ----------- Total Common Stocks (Cost $15,415,626) 12,965,522
UNITS -------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11 (2,3) 266 3 MHP SA, GDR Wts., Strike Price 0.01 UAH, Exp. 5/8/09 (3) 56,610 622,710 ----------- Total Rights, Warrants and Certificates (Cost $2,025) 622,713
PRINCIPAL AMOUNT -------------- STRUCTURED SECURITIES--6.9% Barclays Bank plc: Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/15/09 (12) $ 3,030,000 3,078,783 Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/7/09 (12) 3,030,000 3,089,085 Citibank NA, New York, Dominican Republic Credit Linked Nts., 14.218%, 5/11/09 (11) 61,180,000 DOP 1,584,889 Citibank NA New York, Dominican Republic Credit Linked Nts., 12%, 2/22/11 (12) 22,200,000 DOP 553,660 Citigroup Funding, Inc., Custom Basket of African Currencies Credit Linked Nts., 0%, 4/29/09 (11) 6,070,000 6,164,631 Citigroup Global Markets Holdings, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 9.762%, 1/3/17 (2) 8,850,000 BRR 3,733,850 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10 (11) 2,480,096 BRR 1,097,827 Colombia (Republic of) Credit Linked Nts., 12.509%, 2/26/15 (12) 2,199,000,000 COP 1,859,232 Colombia (Republic of) Credit Linked Nts., Series 01, 7%, 2/26/15 (12) 811,000,000 COP 685,692 Colombia (Republic of) Credit Linked Nts., Series 02, 7%, 2/26/15 (12) 1,345,000,000 COP 1,137,184 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 552,359,546 COP 271,680
29 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- ----------- Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 (12) 1,200,000,000 COP $ 590,225 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 1,034,000,000 COP 508,577 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 927,000,000 COP 455,949 Dominican Republic Credit Linked Bonds, 9.85%, 11/10/08 (11) 22,620,000 DOP 635,870 Dominican Republic Credit Linked Nts., 22%, 10/3/11 25,600,000 DOP 794,603 Dominican Republic Unsec. Credit Linked Nts., 12.047%, 2/23/09 (11) 48,100,000 DOP 1,290,138 Dominican Republic Unsec. Credit Linked Nts., 13.182%, 2/23/09 (11) 90,800,000 DOP 2,435,438 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 49,300,000 DOP 1,236,626 Egypt (The Arab Republic of) Credit Linked Nts., 5.765%, 2/5/09 (11) 18,110,000 EGP 3,162,495 Egypt (The Arab Republic of) Credit Linked Nts., 6.089%, 3/5/09 (11) 12,920,000 EGP 2,233,309 Egypt (The Arab Republic of) Credit Linked Nts., 6.267%, 3/26/09 (11) 17,610,000 EGP 3,021,022 Egypt (The Arab Republic of) Credit Linked Nts., 6.641%, 2/19/09 (11) 17,850,000 EGP 3,101,211 Egypt (The Arab Republic of) Credit Linked Nts., 7.01%, 10/30/08 (11) 13,540,000 EGP 2,452,370 Egypt (The Arab Republic of) Credit Linked Nts., 7.812%, 4/16/09 (11) 7,100,000 EGP 1,208,891 Egypt (The Arab Republic of) Credit Linked Nts., 7.981%, 4/2/09 (11) 8,140,000 EGP 1,392,927 Egypt (The Arab Republic of) Credit Linked Nts., 8%, 4/2/09 (11) 14,190,000 EGP 2,428,211 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 6.529%, 3/26/09 (11) 17,690,000 EGP 3,034,746 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10 2,990,000 GHS 2,400,768 Nigeria (Federal Republic of) Credit Linked Nts., 11.647%, 10/15/08 (11) 349,000,000 NGN 2,954,549 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 (1,12) 347,000,000 NGN 3,210,226 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 (12) 265,000,000 NGN 2,459,725 Nigeria (Federal Republic of) Unsec. Credit Linked Nts., 6.211%, 12/10/08 (11) 165,200,000 NGN 1,370,030 Renins Nonlife Ltd. Credit Linked Nts., 12.50%, 5/30/12 (2) 4,878,314 4,439,266 Russian Federation Credit Linked Nts., 7.65%, 12/4/08 (1,2) 21,350,000 RUR 815,395 Russian Federation Credit Linked Nts., Series 2, 7.50%, 12/4/08 (1,2) 50,900,000 RUR 1,943,963 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10 880,000 UAH 172,478 Zambia (Republic of) Credit Linked Nts., 11.399%, 6/11/09 (11) 2,165,000,000 ZMK 554,476 Zimbabwe (Republic of) Credit Linked Nts., 10.076%, 11/26/08 (11) 1,810,000,000 ZMK 498,299 Zimbabwe (Republic of) Credit Linked Nts., 10.717%, 3/4/09 (11) 3,850,000,000 ZMK 1,022,991 Zimbabwe (Republic of) Credit Linked Nts., 10.793%, 2/25/09 (11) 3,850,000,000 ZMK 1,020,535
30 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- ----------- Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10 (1) 4,840,000 UAH $ 731,093 Federal Grid Co. of Unified Energy System Total Return Linked Nts., 7.10%, 12/12/08 (1,2) 37,100,000 RUR 1,362,698 Federal Grid Co. of Unified Energy System Total Return Linked Nts., 8.25%, 6/22/10 (1,2) 93,500,000 RUR 3,534,496 Gazprom Total Return Linked Nts., 6.79%, 10/29/09 73,800,000 RUR 2,885,511 Gazprom Total Return Linked Nts., Series 002, 6.95%, 8/6/09 72,600,000 RUR 2,787,664 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 14,800,000,000 IDR 1,529,411 Moitk Total Return Linked Nts., 8.966%, 3/26/11 (1,2) 59,900,000 RUR 2,217,658 NAK Naftogaz of Ukraine Credit Linked Nts., 5%, 1/20/09 3,890,000 3,790,805 Oreniz Total Return Linked Nts., 9.24%, 2/21/12 (1,2) 116,835,000 RUR 3,870,224 RuRail Total Return Linked Nts., 6.67%, 1/22/09 (1,2) 49,210,000 RUR 1,860,241 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 (2) 2,195,000 UAH 387,903 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17 (2) 14,609,000,000 VND 567,639 Credit Suisse First Boston, Inc. (Nassau Branch): Russian Specialized Construction and Installation Administration Credit Linked Nts., 13%, 5/20/10 (1,2) 97,250,000 RUR 3,714,154 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 (12) 5,650,000 UAH 998,475 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 (2) 661,000 UAH 116,813 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 (12) 4,170,000 UAH 736,927 Credit Suisse Group, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12 (2) 106,500,000 RUR 3,735,393 Credit Suisse International, Federal Grid Co. of Unified Energy System Total Return Linked Nts., 8.25%, 6/22/10 (1,2) 54,200,000 RUR 2,048,874 Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 12.479%, 12/21/11 (2) 2,990,000 ARP 2,604,978 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 (2) 10,092,880 MXN 909,019 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 (2) 6,690,711 MXN 602,601 Brazil Real Credit Linked Nts., 13.882%, 3/3/10 (11) 4,580,760 BRR 2,149,160 Brazil Real Total Return Linked Nts., 6%, 8/18/10 2,065,000 BRR 1,826,205 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/16/14 2,002,000,000 COP 966,425 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10 (2,11) 705,000 640,634 Federal Grid Co. of Unified Energy System Total Return Linked Nts., Series FSK3, 7.10%, 12/16/08 (1) 50,530,000 RUR 2,008,995 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 (2) 2,126,029 2,051,618 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/24/09 258,990,000 KZT 2,129,617 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 715,007 Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 29,700,000,000 IDR 2,772,187 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13 873,600 951,761
31 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- ----------- Moscow (City of) Total Return Linked Nts., Series II, 9%, 4/22/11 21,590,000 RUR $ 832,723 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 67,900,000 NGN 588,738 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 91,000,000 NGN 804,505 Opic Reforma I Credit Linked Nts., Cl. 1A, 10.65%, 8/4/14 (1,2) 14,850,000 MXN 1,357,838 Opic Reforma I Credit Linked Nts., Cl. 1B, 10.65%, 8/4/14 (1,2) 2,970,000 MXN 271,568 Opic Reforma I Credit Linked Nts., Cl. 1C, 10.65%, 9/24/14 (1,2) 4,950,000 MXN 452,613 Opic Reforma I Credit Linked Nts., Cl. 2A, 12.15%, 5/22/15 (1,2) 1,417,014 MXN 129,567 Opic Reforma I Credit Linked Nts., Cl. 2B, 12.15%, 5/22/15 (1,2) 2,479,100 MXN 226,681 Opic Reforma I Credit Linked Nts., Cl. 2C, 12.15%, 5/22/15 (1,2) 37,378,810 MXN 3,417,804 Opic Reforma I Credit Linked Nts., Cl. 2D, 12.15%, 8/4/14 (1,2) 2,724,116 MXN 249,085 Opic Reforma I Credit Linked Nts., Cl. 2E, 12.15%, 5/20/15 (1,2) 1,979,122 MXN 180,965 Opic Reforma I Credit Linked Nts., Cl. 2F, 12.15%, 5/22/12 (1,2) 1,263,966 MXN 115,573 Opic Reforma I Credit Linked Nts., Cl. 2G, 12.15%, 5/22/15 (1,2) 232,771 MXN 21,284 Peru (Republic of) Credit Linked Nts., 4.416%, 2/20/11 (1) 875,000 871,644 Rosselkhozbank Total Return Linked Nts., 7.919%, 3/20/09 (11) 45,900,000 RUR 1,679,879 Rosselkhozbank Total Return Linked Nts., 7.949%, 1/15/09 (11) 86,420,000 RUR 3,236,311 Rosselkhozbank Total Return Linked Nts., Series 2, 7.948%, 1/16/09 (11) 59,560,000 RUR 2,231,276 RuRail Total Return Linked Nts., 0%, 12/4/09 (11) 19,221,000 RUR 761,748 RuRail Total Return Linked Nts., 6.67%, 1/26/09 (1) 75,090,000 RUR 2,955,614 Sberbank Total Return Linked Nts., 7.375%, 5/7/09 (11) 96,070,000 RUR 3,494,656 Sberbank Total Return Linked Nts., 7.406%, 6/9/09 (11) 38,430,000 RUR 1,384,336 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 885,000 775,853 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11 885,000 750,232 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11 885,000 728,444 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12 885,000 707,929 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12 885,000 689,557 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 (2) 6,684,270 MXN 602,021 Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 1,630,000 1,708,224 Deutsche Bank AG Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 36,800,000,000 VND 1,155,210 Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11 (1,12) 34,190,000 RUR 1,244,750 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17 (11,12) 21,980,000 TRY 2,886,228 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37 (11,12) 63,720,800,000 COP 104,792 Goldman Sachs International, Rosselkhozbank Total Return Linked Nts., 8%, 5/13/09 (1) 84,500,000 RUR 3,162,339 Hallertau SPC, Philippines (Republic of) Credit Linked Nts., Series 2007-01, 5.244%, 12/20/17 (1,2) 14,290,000 11,789,250 Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10 (2,4,11) 14,337,604 BRR 1,668,162 ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 (2) 4,689,000 UAH 918,398
32 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- ----------- JPMorgan Chase Bank NA: Brazil (Federal Republic of) Credit Linked Nts., 10.291%, 5/16/45 (12) 1,445,000 BRR $ 1,134,810 Brazil (Federal Republic of) Credit Linked Nts., 14.35%, 2/20/12 (2) 5,770,000 BRR 2,352,695 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15 (11) 10,948,600 BRR 2,503,392 Brazil (Federal Republic of) Credit Linked Nts., Series III, 12.184%, 1/2/15 (2,11) 5,245,000 BRR 1,199,267 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 (11,12) 20,100,000,000 COP 3,724,246 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16 (2,11) 12,177,000,000 COP 2,012,580 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16 (2,11) 12,125,000,000 COP 2,003,986 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15 (11,12) 3,470,000 PEN 624,891 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 (12) 1,120,000 1,203,552 JPMorgan Chase Bank NA London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21 (12) 25,490,000,000 IDR 2,593,541 Lehman Brothers Treasury Co. BV: Brazil (Federal Republic of) Credit Linked Nts., 6.357%, 4/20/11 (11,12) 13,157,420 BRR 5,900,317 Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12 (2) 7,541,026 7,299,713 Merrill Lynch: Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 (2) 1,784,000,000 COP 694,840 Renaissance Capital International Services Ltd. Total Return Linked Nts., 10.50%, 10/7/08 (2) 80,000,000 RUR 2,805,929 Morgan Stanley: Credit Linked Nts., 6.25%, 3/23/17 (2) 4,885,000 PEN 1,053,162 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 96,184,619 RUR 3,047,526 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12 (2) 22,023,191 RUR 772,444 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22 (11,12) 28,914,000 BRR 592,593 Brazil (Federal Republic of) Credit Linked Nts., 14.40%, 8/4/16 (2) 5,793,682 BRR 2,401,018 Eurokommerz Total Return Linked Nts., Series 1, 12.43%, 10/19/09 (1) 319,000,000 RUR 12,431,825 Russian Federation Total Return Linked Nts., 12.43%, 10/19/09 (1) 179,000,000 RUR 6,975,851 Ukraine (Republic of) Credit Linked Nts., 4.511%, 10/15/17 (1,12) 8,300,000 4,814,000 Ukraine (Republic of) Credit Linked Nts., Series 2, 5.728%, 10/15/17 (1,2) 6,800,000 4,080,000 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 (12) 2,000,000 1,996,200 WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12 (2) 4,440,493 4,262,873
33 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE -------------- ------------ WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12 (2) $ 5,934,498 $ 5,697,118 UBS AG: Egypt (The Arab Republic of) Credit Linked Nts., 7.298%, 4/29/09 (11,12) 14,040,000 EGP 2,399,073 Egypt (The Arab Republic of) Credit Linked Nts., 7.449%, 11/26/08 (11,12) 13,930,000 EGP 2,496,562 Egypt (The Arab Republic of) Credit Linked Nts., 7.808%, 4/15/09 (11,12) 7,090,000 EGP 1,216,170 Egypt (The Arab Republic of) Credit Linked Nts., Series 2, 7.54%, 4/22/09 (11,12) 7,030,000 EGP 1,204,591 Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11 (2) 1,222,052 GHS 911,664 ------------ Total Structured Securities (Cost $311,510,699) 279,868,234 EVENT-LINKED BONDS--1.2% Aiolos Ltd. Catastrophe Linked Nts., 9.709%, 4/8/09 (1,12) 800,000 EUR 1,116,101 Akibare Ltd. Catastrophe Linked Nts., Cl. A, 5.762%, 5/22/12 (1,12) 1,888,000 1,906,314 Calabash Re Ltd. Catastrophe Linked Nts., Cl. A-1, 11.311%, 6/1/09 (1,12) 1,750,000 1,818,075 Cascadia Ltd. Catastrophe Linked Nts., 6.811%, 8/31/09 (1,12) 1,130,000 1,139,040 Cat-Mex Ltd. Catastrophe Linked Nts., Cl. A, 5.153%, 5/19/09 (1,12) 3,200,000 3,161,280 Champlain Ltd. Catastrophe Linked Nts., Series A, 15.541%, 1/7/09 (1,12) 940,000 946,392 Eurus Ltd. Catastrophe Linked Nts., 9.043%, 4/8/09 (1,12) 1,400,000 1,387,960 Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 6.691%, 8/10/11 (1,12) 2,630,000 2,676,551 Foundation Re II Ltd. Catastrophe Linked Nts., 12.607%, 1/8/09 (1,12) 926,000 909,888 Foundation Re Ltd. Catastrophe Linked Nts., 6.907%, 11/24/08 (1,12) 1,000,000 990,500 Fusion 2007 Ltd. Catastrophe Linked Nts., 8.809%, 5/19/09 (1,12) 2,600,000 2,629,120 GlobeCat Ltd. Catastrophe Linked Nts., 4.883%, 12/30/08 (1) 2,150,000 2,147,850 Lakeside Re Ltd. Catastrophe Linked Nts., 10.262%, 12/31/09 (1,12) 4,100,000 4,222,180 Medquake Ltd. Catastrophe Linked Nts., 7.904%, 5/31/10 (1,12) 1,250,000 1,250,500 Midori Ltd. Catastrophe Linked Nts., 5.541%, 10/24/12 (1,12) 1,600,000 1,611,040 Muteki Ltd. Catastrophe Linked Nts., 7.204%, 5/24/11 (1,12) 2,100,000 2,090,550 Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 14.704%, 6/21/10 (1,12) 3,340,000 3,361,042 Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 7.791%, 1/15/10 (1,12) 890,000 894,717 Redwood Capital X Ltd. Catastrophe Linked Nts., Series C, 7.541%, 1/9/09 (1,2) 360,000 359,964 Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.: Series CL2, 14.311%, 6/6/11 (1,12) 2,590,000 2,624,447 Series CL3, 15.061%, 6/7/10 (1,12) 1,000,000 1,028,100 VASCO Re 2006 Ltd. Catastrophe Linked Nts., 11.314%, 6/5/09 (1,12) 3,550,000 3,634,490
34 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/11 (2,11) $ 4,205,000 $ 4,171,360 Willow Re Ltd. Catastrophe Linked Nts., 7.924%, 6/16/10 (1,12) 2,480,000 1,959,200 ----------- Total Event-Linked Bonds (Cost $48,168,494) 48,036,661
EXPIRATION STRIKE DATE PRICE CONTRACTS ---------- --------- ------------- OPTIONS PURCHASED--0.0% Brazilian Real (BRR) Call (3) 10/6/08 1.6635BRR 43,245,000 25,995 Brazilian Real (BRR) Call (3) 10/9/08 1.7142BRR 45,625,000 10,270 Brazilian Real (BRR) Call (3) 12/9/08 1.7142BRR 22,800,000 55,411 Japanese Yen (JPY) Call (3) 10/9/08 104.20JPY 2,717,000,000 207,307 ------- Total Options Purchased (Cost $591,647) 298,983
EXERCISE NOTIONAL DATE AMOUNT -------- -------------- SWAPTIONS PURCHASED--0.0% J Aron & Co., Swap Counterparty, Interest Rate Swap call option; Swap Terms-Receive fixed rate of 9.32% and pay floating rate based on 28 day MXN TIIE BANXICO; terminating 5/31/21 (3,17) (Cost $333,398) 6/11/09 117,625,000MXN 465,485
PRINCIPAL AMOUNT ------------ SHORT-TERM NOTES--4.5% Federal Home Loan Mortgage Corp., 2.74%, 2/26/09 (9,18) $ 60,000,000 59,278,500 Federal National Mortgage Assn.: 2.76%, 2/25/09 (19) 60,000,000 59,283,360 2.71%, 2/23/09 (10,20) 63,830,000 63,078,019 ----------- Total Short-Term Notes (Cost $181,811,162) 181,639,879
SHARES ------------ INVESTMENT COMPANIES--16.7% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15% (21,22) 531,376,749 531,376,749 Oppenheimer Master Event-Linked Bond Fund, LLC (21) 1,231,279 12,189,590 Oppenheimer Master Loan Fund, LLC (21) 14,194,313 132,673,866 ------------- Total Investment Companies (Cost $690,832,147) 676,240,205 Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $4,501,148,374) 4,227,396,698 INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--3.8% (23) OFI Liquid Assets Fund, LLC, 3.40% (21,22) (Cost $151,492,410) 151,492,410 151,492,410
35 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
VALUE --------------- Total Investments, at Value (Cost $4,652,640,784) 108.1% $ 4,378,889,108 Liabilities in Excess of Other Assets (8.1) (327,664,996) ----- --------------- Net Assets 100.0% $ 4,051,224,112 ===== ===============
Footnotes to Statement of Investments Principal, Notional amounts and Strike Price are 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 DKK Danish Krone DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro GBP British Pound Sterling GHS Ghana Cedi HUF Hungarian Forint IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen KZT Kazakhstan Tenge MXN Mexican Nuevo Peso MYR Malaysian Ringgit NGN Nigeria Naira NOK Norwegian Krone PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso VND Vietnam Dong ZMK Zambian Kwacha
Swaption Purchased abbreviation is as follows: MXN TIIE BANXICO Mexican Nuevo Peso-Interbank Equilibrium Interest Rate-Banco de Mexico 1. Represents the current interest rate for a variable or increasing rate security. 36 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2008 was $226,482,605, which represents 5.59% of the Fund's net assets, of which $6,422,978 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION -------- ----------- ----------- ----------- ------------ Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 10.65%, 8/4/14 12/27/07 $ 1,364,764 $ 1,357,838 $ 6,926 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 10.65%, 8/4/14 6/12/08 286,334 271,568 14,766 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 10.65%, 9/24/14 8/12/08 487,085 452,613 34,472 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 12.15%, 5/22/15 5/21/08 136,622 129,567 7,055 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 12.15%, 5/22/15 6/12/08 239,007 226,681 12,326 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 12.15%, 5/22/15 6/18/08 3,626,317 3,417,804 208,513 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 12.15%, 8/04/14 7/8/08 264,086 249,085 15,001 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 12.15%, 5/20/15 7/15/08 192,185 180,965 11,220 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 12.15%, 5/22/12 8/8/08 124,426 115,573 8,853 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 12.15%, 5/22/15 8/22/08 22,959 21,284 1,675 ----------- ----------- --------- $ 6,743,785 $ 6,422,978 $ 320,807 =========== =========== =========
3. Non-income producing security. 4. Issue is in default. See accompanying Notes. 5. 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 $34,715,794. See accompanying Notes. 6. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $29,506,269 or 0.73% of the Fund's net assets as of September 30, 2008. 7. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $4,926,367 or 0.12% of the Fund's net assets as of September 30, 2008. 8. When-issued security or delayed delivery to be delivered and settled after September 30, 2008. See accompanying Notes. 9. Partial or fully-loaned security. See accompanying Notes. 10. A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See accompanying Notes. 11. Zero coupon bond reflects effective yield on the date of purchase. 12. 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 $356,398,681 or 8.80% of the Fund's net assets as of September 30, 2008. 13. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 14. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 15. 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. 16. Interest or dividend is paid-in-kind, when applicable. 17. Swap contract terms if the option was exercised on exercise date. 18. All or a portion of the security was segregated by the Fund in the amount of $3,562,000, which represented 100.71% of the market value of securities sold short. See accompanying Notes. 19. A sufficient amount of liquid assets has been designated to cover outstanding written call options. 20. A sufficient amount of liquid assets has been designated to cover outstanding written put options. 37 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited 21. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ------------- ------------- ------------------ OFI Liquid Assets Fund, LLC -- 199,377,828 47,885,418 151,492,410 Oppenheimer Institutional Money Market Fund, Cl. E 587,306,313 3,284,249,844 3,340,179,408 531,376,749 Oppenheimer Master Event-Linked Bond Fund, LLC -- 1,231,279 -- 1,231,279 Oppenheimer Master Loan Fund, LLC 14,194,313 -- -- 14,194,313
REALIZED VALUE INCOME GAIN (LOSS) ------------- ------------ ------------ OFI Liquid Assets Fund, LLC $ 151,492,410 $ 67,420 (a) $ -- Oppenheimer Institutional Money Market Fund, Cl. E 531,376,749 13,501,980 -- Oppenheimer Master Event-Linked Bond Fund, LLC 12,189,590 132,463 (b) 1,259 (b) Oppenheimer Master Loan Fund, LLC 132,673,866 8,360,443 (c) (2,667,558) (c) ------------- ------------ ------------ $ 827,732,615 $ 22,062,306 $ (2,666,299) ============= ============ ============
a. Net of compensation to counterparties. b. Represents the amount allocated to the fund from Oppenheimer Event-Linked Bond Fund, LLC. c. Represents the amount allocated to the fund from Oppenheimer Master Loan Fund, LLC. 22. Rate shown is the 7-day yield as of September 30, 2008. 23. 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--(0.1)% Federal National Mortgage Assn., 5%, 10/1/21 (8) (Proceeds $3,577,584) $ (3,562,000) $ (3,536,956) VALUATION INPUTS
Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
VALUATION DESCRIPTION INVESTMENTS IN SECURITIES OTHER FINANCIAL INSTRUMENTS* --------------------- ------------------------- ---------------------------- Level 1--Quoted Prices $ 832,253,651 $ (11,760,503) Level 2--Other Significant Observable Inputs 3,535,726,836 (100,158,797) Level 3--Significant Unobservable Inputs 10,908,621 -- --------------- -------------- Total $ 4,378,889,108 $ (111,919,300) =============== ==============
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. See the accompanying Notes for further discussion of the methods used in determining value of the Fund's investments, and a summary of changes to the valuation techniques, if any, during the reporting period. 38 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED CONTRACT DESCRIPTION BUY/SELL (000s) DATES VALUE APPRECIATION DEPRECIATION -------------------- -------- ----------- ------------------ ------------- ------------ ------------ Australian Dollar (AUD) Sell 44,447 AUD 10/8/08-11/3/08 $ 35,097,660 $ 619,713 $ -- Australian Dollar (AUD) Buy 10,375 AUD 10/8/08 8,197,081 -- 147,221 Brazilian Real (BRR) Sell 24,240 BRR 11/4/08 12,643,449 225,259 33,967 Brazilian Real (BRR) Buy 174,793 BRR 11/4/08-1/5/10 90,671,514 2,476,368 4,536,011 British Pound Sterling (GBP) Sell 25,010 GBP 10/1/08-2/5/09 44,518,570 2,347,263 35,890 British Pound Sterling (GBP) Buy 1,220 GBP 10/1/08-10/2/08 2,168,966 -- 84,072 Canadian Dollar (CAD) Sell 87,875 CAD 10/6/08-10/31/08 82,631,285 423,673 94,300 Chilean Peso (CLP) Buy 6,400,000 CLP 10/22/08-11/12/08 11,559,904 -- 381,127 Chinese Renminbi (Yuan) (CNY) Buy 170,475 CNY 5/13/09-9/2/09 24,575,467 -- 1,228,858 Colombian Peso (COP) Sell 14,704,000 COP 11/4/08 6,676,175 100,354 -- Czech Koruna (CZK) Sell 3,103 CZK 12/31/09 179,539 9,562 -- Euro (EUR) Sell 198,355 EUR 10/1/08-2/5/09 279,726,619 17,681,378 -- Euro (EUR) Buy 129,605 EUR 10/1/08-1/16/09 182,742,075 -- 10,128,212 Hungarian Forint (HUF) Sell 1,452,906 HUF 11/12/08-12/31/09 8,416,621 2,933 90,756 Hungarian Forint (HUF) Buy 3,128,000 HUF 12/2/08 18,112,531 -- 62,949 Indian Rupee (INR) Sell 707,000 INR 10/20/08-11/3/08 15,055,099 77,240 106,108 Indonesia Rupiah (IDR) Buy 284,895,000 IDR 10/14/08-12/19/08 29,457,623 30,221 586,654 Israeli Shekel (ILS) Sell 35,580 ILS 10/3/08-10/30/08 10,242,309 -- 290,736 Japanese Yen (JPY) Sell 5,011,000 JPY 10/1/08-2/5/09 47,559,658 25,814 544,581 Japanese Yen (JPY) Buy 14,251,000 JPY 10/1/08-3/10/09 134,782,964 6,608 2,738,102 Kuwaiti Dinar (KWD) Buy 661 KWD 1/29/09 2,459,983 -- 4,595 Malaysian Ringgit (MYR) Sell 45,815 MYR 10/14/08-10/15/08 13,328,848 -- 104,529 Malaysian Ringgit (MYR) Buy 11,170 MYR 10/10/08 3,248,202 -- 275,457 Mexican Nuevo Peso (MXN) Sell 126,168 MXN 10/6/08-10/30/08 11,516,131 273,391 -- Mexican Nuevo Peso (MXN) Buy 275,945 MXN 11/24/08 25,052,459 -- 1,862,347 New Taiwan Dollar (TWD) Sell 756,000 TWD 10/31/08-12/2/08 23,469,473 314,710 15,430 New Turkish Lira (TRY) Sell 12,895 TRY 10/20/08 10,091,254 201,690 -- New Zealand Dollar (NZD) Sell 15,830 NZD 10/10/08-10/22/08 10,566,228 511,885 -- New Zealand Dollar (NZD) Buy 40,280 NZD 10/31/08-1/16/09 26,657,027 -- 2,316,991 Norwegian Krone (NOK) Sell 51,400 NOK 10/10/08 8,743,041 40,281 -- Norwegian Krone (NOK) Buy 267,230 NOK 10/6/08-1/16/09 45,335,568 -- 3,467,518 Peruvian New Sol (PEN) Sell 24,530 PEN 1/7/09 8,160,999 10,756 22,071 Peruvian New Sol (PEN) Buy 19,981 PEN 11/5/08 6,682,504 -- 412,268 Philippines Peso (PHP) Sell 92,900 PHP 10/17/08 1,974,721 -- 47,335 Philippines Peso (PHP) Buy 396,000 PHP 10/17/08 8,417,541 129,027 30,312 Polish Zloty (PLZ) Sell 115,208 PLZ 10/2/08-12/31/09 47,729,139 548,380 331,911 Polish Zloty (PLZ) Buy 91,210 PLZ 10/2/08-10/30/08 37,807,662 64,218 2,050,863 Qatari Riyal (QAR) Buy 8,650 QAR 1/29/09 2,384,181 -- 81,611 Russian Ruble (RUR) Sell 621,170 RUR 9/18/09-9/21/09 23,307,122 77,173 72,424 Russian Ruble (RUR) Buy 604,550 RUR 10/15/08-11/19/08 23,462,495 31,970 581,733 Saudi Riyal (SAR) Buy 9,110 SAR 1/29/09 2,427,572 -- 39,591 Singapore Dollar (SGD) Buy 33,670 SGD 10/10/08-10/31/08 23,459,491 -- 186,935 South African Rand (ZAR) Sell 100,390 ZAR 10/20/08 12,061,409 613,102 -- South African Rand (ZAR) Buy 3,872 ZAR 12/31/09 431,739 -- 43,048 South Korean Won (KRW) Sell 6,376,000 KRW 10/31/08 5,307,070 98,802 26,899 Swedish Krona (SEK) Sell 85,750 SEK 1/16/09 12,388,161 1,567,213 -- Swedish Krona (SEK) Buy 9,240 SEK 10/10/08 1,334,947 -- 197,900 Swiss Franc (CHF) Sell 1,109 CHF 10/8/08 987,459 12,181 -- Swiss Franc (CHF) Buy 52,845 CHF 10/10/08-10/31/08 47,091,575 -- 2,286,633 Ukraine Hryvnia (UAH) Buy 42,980 UAH 10/17/08-1/28/09 8,351,094 -- 356,238 United Arab Emirates Dirham (AED) Buy 8,820 AED 1/29/09 2,401,981 -- 65,152 Vietnam Dong (VND) Buy 39,180,000 VND 1/30/09 2,237,727 -- 227,975 ------------ ------------ Total unrealized appreciation and depreciation $ 28,521,165 $ 36,197,310 ============ ============
39 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited FUTURES CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ------------------------------------------ -------- --------- ---------- ------------ -------------- Amsterdam Exchange Index Buy 32 10/17/08 $ 2,985,429 $ (324,418) CAC40 10 Euro Index Sell 123 10/17/08 7,005,146 130,539 Canadian Bond, 10 yr. Buy 241 12/18/08 26,533,211 (348,469) Cotton No. 2 Sell 72 12/8/08 2,061,000 627,164 Crude Oil Buy 21 10/21/08 2,113,440 (46,332) DAX Index Sell 107 12/19/08 22,173,356 487,292 Euro-Bundesobligation, 5 yr. Buy 19 12/8/08 2,934,671 18,594 Euro-Bundesobligation, 10 yr. Buy 2,239 12/8/08 362,707,094 1,220,792 Euro-Bundesobligation, 10 yr. Sell 486 12/8/08 78,729,633 (318,035) Euro-Schatz Buy 591 12/8/08 86,844,959 666,801 FTSE 100 Index Sell 163 12/19/08 14,411,161 332,379 Hang Seng China Enterprises Index (The) Sell 55 10/30/08 3,234,544 235,391 IBEX 35 Index Buy 23 10/17/08 3,546,345 83,747 Japan (Government of) Bonds, 10 yr. Buy 51 12/10/08 6,584,853 (29,836) Japan (Government of) Bonds, 10 yr. Sell 43 12/11/08 55,608,293 (9,324) London Metals Exchange Aluminum High Grade Buy 34 11/17/08 2,043,613 (238) London Metals Exchange Copper Buy 13 11/17/08 2,069,600 (184,419) London Metals Exchange Lead Sell 45 11/17/08 2,049,750 25,191 London Metals Exchange Nickel Buy 21 11/17/08 1,984,500 (394) London Metals Exchange Zinc Buy 49 11/17/08 2,048,200 (163,668) Mexican Bolsa Index Sell 153 12/19/08 3,522,365 (125,189) NASDAQ 100 E-Mini Index Sell 385 12/19/08 12,275,725 983,617 Nikkei 225 Index Buy 25 12/11/08 1,332,801 (72,017) Nikkei 225 Index Sell 160 12/11/08 17,029,759 1,253,890 OMXS30 Index Sell 711 10/17/08 7,960,986 294,204 SGX CNX Nifty Index Sell 477 10/29/08 3,751,128 162,059 Soybean Sell 37 11/14/08 1,933,250 (2,345) Standard & Poor's 500 E-Mini Index Buy 154 12/19/08 8,988,980 (222,915) Standard & Poor's 500 E-Mini Index Sell 814 12/19/08 47,513,180 1,177,341 Standard & Poor's 500 Index Sell 8 12/18/08 2,334,800 155,838 Standard & Poor's/MIB Index, 10 yr. Buy 19 12/19/08 3,435,262 (110,409) Standard & Poor's/Toronto Stock Exchange 60 Index Buy 67 12/18/08 8,915,706 (729,233) Sugar #11 Sell 133 2/27/09 2,034,794 (3,104) U.S. Long Bonds, 20 yr. Buy 2,562 12/19/08 300,194,344 (1,747,571) U.S. Long Bonds, 20 yr. Sell 149 12/19/08 17,458,609 96,937 U.S. Treasury Nts., 2 yr. Sell 2,197 12/31/08 468,922,188 (2,413,841) U.S. Treasury Nts., 5 yr. Buy 260 12/31/08 29,180,938 114,815 U.S. Treasury Nts., 5 yr. Sell 1,161 12/31/08 130,304,109 (239,910) U.S. Treasury Nts., 10 yr. Buy 3,549 12/19/08 406,804,125 (9,316,634) U.S. Treasury Nts., 10 yr. Sell 765 12/19/08 87,688,125 664,317 United Kingdom Long Gilt Sell 9 12/29/08 1,794,464 5,538 Wheat Sell 61 12/12/08 2,074,000 333,102 ------------- $ (7,338,753) =============
WRITTEN OPTIONS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE ----------------------- ---- ----------- -------- ---------- --------- ------------ British Pound Sterling (GBP) Call 750,000 $ 1.858 10/2/08 $ 11,138 $ -- British Pound Sterling (GBP) Call 720,000 1.810 10/7/08 12,934 (12,934) British Pound Sterling (GBP) Call 695,000 1.807 10/6/08 11,777 (11,616) British Pound Sterling (GBP) Call 690,000 1.856 10/1/08 9,381 -- British Pound Sterling (GBP) Call 660,000 1.841 10/3/08 10,725 (134) British Pound Sterling (GBP) Put 750,000 1.858 10/2/08 11,138 (62,551) British Pound Sterling (GBP) Put 720,000 1.810 10/7/08 12,934 (12,934) British Pound Sterling (GBP) Put 695,000 1.807 10/6/08 11,777 (11,604) British Pound Sterling (GBP) Put 690,000 1.856 10/1/08 9,381 (54,299) British Pound Sterling (GBP) Put 660,000 1.841 10/3/08 10,725 (43,317) Euro (EUR) Call 3,140,000 1.469 10/2/08 40,661 --
40 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Euro (EUR) Call 3,030,000 1.472 10/1/08 36,890 -- Euro (EUR) Call 2,945,000 1.433 10/7/08 46,562 (46,562) Euro (EUR) Call 2,890,000 1.438 10/6/08 42,416 (45,771) Euro (EUR) Call 2,525,000 1.464 10/3/08 36,737 (1,442) Euro (EUR) Put 3,140,000 1.469 10/2/08 40,661 (198,852) Euro (EUR) Put 3,030,000 1.472 10/1/08 36,890 (203,472) Euro (EUR) Put 2,945,000 1.433 10/7/08 46,562 (46,562) Euro (EUR) Put 2,890,000 1.438 10/6/08 42,416 (45,812) Euro (EUR) Put 2,525,000 1.464 10/3/08 36,737 (148,308) Japanese Yen (JPY) Call 313,000,000 105.850 10/6/08 30,235 (24,852) Japanese Yen (JPY) Call 312,000,000 105.900 10/2/08 28,873 (12,948) Japanese Yen (JPY) Call 308,000,000 105.050 10/7/08 33,955 (33,954) Japanese Yen (JPY) Call 290,000,000 105.000 10/3/08 31,679 (11,658) Japanese Yen (JPY) Call 268,000,000 105.750 10/1/08 23,759 (4,878) Japanese Yen (JPY) Put 313,000,000 105.850 10/6/08 30,235 (40,659) Japanese Yen (JPY) Put 312,000,000 105.900 10/2/08 28,873 (28,049) Japanese Yen (JPY) Put 308,000,000 105.050 10/7/08 33,955 (33,954) Japanese Yen (JPY) Put 290,000,000 105.000 10/3/08 31,679 (44,718) Japanese Yen (JPY) Put 268,000,000 105.750 10/1/08 23,759 (22,432) --------- ------------ $ 815,444 $ (1,204,272) ========= ============
CREDIT DEFAULT SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT SWAP CREDIT AMOUNT FIXED TERMINATION RECEIVED/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000s) RATE DATE (PAID) VALUE -------------- ------------------------------ ---------- -------- ------- ----------- ------------ ------------- Barclays Bank plc: ABX.HE.AA.06-2 Index Sell $ 1,630 0.170% 5/25/46 $ 1,260,997 $ (1,260,421) CDX.NA.IG.10 Index Sell 13,305 1.550 6/20/13 (268,597) (136,583) CDX.NA.IG.10 Index Sell 5,320 1.550 6/20/13 (118,435) (54,613) CDX.NA.IG.10 Index Sell 3,990 1.550 6/20/13 (22,848) (40,959) CMBX.NA.AJ.5 Index Sell 1,380 0.980 2/15/51 322,558 (354,425) Nalco Co. Sell 575 4.500 9/20/13 -- 13,039 R.H. Donnelley Corp. Sell 535 5.000 9/20/10 96,300 (94,260) Station Casinos, Inc. Sell 500 5.000 6/20/13 90,000 (210,046) ------------ ------------- 1,359,975 (2,138,268) Citibank NA, New York: Ambac Assurance Corp. Sell 6,455 8.400 12/20/08 -- (198,177) Cablevision Systems Corp. Sell 100 3.100 12/20/10 -- (1,941) Capmark Financial Group, Inc. Sell 2,480 7.125 12/20/12 -- (776,904) Capmark Financial Group, Inc. Sell 1,620 9.700 12/20/12 -- (423,529) Capmark Financial Group, Inc. Sell 1,350 9.750 12/20/12 -- (351,582) Ford Motor Credit Co. Sell 1,800 2.320 3/20/12 -- (703,168) Intelsat Ltd. Sell 415 4.300 12/20/08 -- 1,837 Intelsat Ltd. Sell 430 5.000 3/20/09 -- 4,472 Morgan Stanley Sell 1,910 7.800 12/20/13 -- (175,755) Nalco Co. Sell 595 3.600 9/20/12 -- 3,314 Nalco Co. Sell 555 4.170 9/20/13 -- 5,344 Owens-Illinois, Inc. Sell 520 2.500 6/20/13 -- (2,095) Pakistan Sell 1,570 5.100 3/20/13 -- (339,659) Reliant Energy, Inc. Sell 500 2.450 9/20/11 -- (35,498) Reliant Energy, Inc. Sell 1,200 2.600 9/20/11 -- (80,635) Republic of Hungary Buy 2,300 0.400 12/20/15 -- 179,002 Russian Federation Sell 10,000 0.360 1/20/11 -- (447,040) Smurfit-Stone Container Enterprises, Inc. Sell 275 8.000 12/20/13 -- 223 Tribune Co. Sell 435 5.000 3/20/10 139,200 (116,593) Tribune Co. Sell 460 5.000 3/20/10 150,650 (123,294) Tribune Co. Sell 520 5.000 3/20/10 171,600 (139,375) Tribune Co. Sell 475 5.000 3/20/10 166,250 (127,314) Ukraine Buy 1,660 4.180 8/20/13 -- 137,008
41 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Ukraine Buy 2,340 6.650 10/20/13 -- (188) Univision Communications, Inc. Sell 670 5.000 12/20/09 46,900 (45,372) ------------ ------------- 674,600 (3,756,919) Credit Suisse International: Aramark Corp. Sell 690 6.000 3/20/13 -- 37,864 Aramark Corp. Sell 550 4.750 12/20/13 -- (28) Capmark Financial Group, Inc. Sell 790 5.200 12/20/12 -- (278,091) Capmark Financial Group, Inc. Sell 415 6.250 12/20/12 -- (137,315) CDX.NA.HY.10 Index Sell 11,050 5.000 6/20/13 593,170 (973,052) CDX.NA.HY.8 Index Sell 2,876 2.750 6/20/12 144,826 (313,826) Charter Communications Holdings LLC Buy 235 7.000 9/20/10 -- 28,243 Charter Communications Holdings LLC Sell 235 5.000 9/20/17 47,000 (134,988) Charter Communications Holdings LLC Buy 285 5.000 9/20/10 (18,169) 43,050 Charter Communications Holdings LLC Sell 285 5.000 9/20/17 57,000 (163,709) Development Bank of Kazakhstan Sell 8,170 3.750 2/20/13 -- (878,292) Dow Jones CDX.NA.HY.7 Index Sell 1,267 3.250 12/20/11 (47,467) (57,940) Eastman Kodak Co. Buy 1,110 3.700 12/20/18 -- 1,578 Eastman Kodak Co. Sell 1,110 3.650 12/20/13 -- (464) El Paso Corp. Sell 435 2.800 3/20/18 -- (14,064) Ford Motor Credit Co. Sell 3,750 2.385 3/20/12 -- (1,460,513) Ford Motor Credit Co. Sell 1,150 2.550 3/20/12 -- (444,450) GMAC LLC Sell 1,690 1.390 3/20/17 -- (995,372) GMAC LLC Sell 3,205 5.000 3/20/09 464,725 (458,565) Harrah'S Operating Co., Inc. Sell 1,275 5.000 3/20/10 81,281 (156,688) Intelsat Ltd. Sell 425 4.400 3/20/09 -- 3,179 Intelsat Ltd. Sell 50 5.750 3/20/09 -- 702 iStar Financial, Inc. Sell 100 4.000 12/20/12 -- (38,124) iStar Financial, Inc. Sell 765 4.150 12/20/12 -- (289,365) iStar Financial, Inc. Sell 410 12.000 3/20/09 -- (38,072) Joint Stock Co. "Halyk Bank of Kazakhstan" Sell 1,600 4.950 3/20/13 -- (268,926) Massey Energy Co. Sell 605 5.000 3/20/13 -- 22,665 Massey Energy Co. Sell 215 5.000 3/20/13 -- 8,055 MGM Mirage Sell 545 8.400 12/20/13 -- (17,424) NJSC Naftogaz Sell 2,570 3.250 4/20/11 -- (412,126) Owens-Illinois, Inc. Sell 305 2.500 6/20/13 -- (1,229) Reliant Energy, Inc. Sell 970 5.750 12/20/13 -- 278 Rite Aid Corp. Sell 10 7.500 3/20/09 -- (461) Tenet Healthcare Corp. Sell 1,365 4.050 12/20/08 -- 4,461 Tribune Co. Sell 370 6.350 12/20/08 -- (10,648) Tribune Co. Sell 70 5.000 12/20/09 15,400 (16,718) Tribune Co. Sell 315 5.000 12/20/09 72,450 (75,405) TXU Corp. Sell 940 1.530 6/20/11 -- (126,729) TXU Corp. Sell 490 1.610 6/20/11 -- (65,183) Univision Communications, Inc. Sell 535 14.600 3/20/09 -- 19,742 ------------ ------------- 1,410,216 (7,657,950) Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 720 0.170 5/25/46 86,393 (556,750) ABX.HE.AAA.06-2 Index Sell 1,720 0.110 5/25/46 85,989 (534,276) ABX.HE.AAA.06-2 Index Sell 1,720 0.110 5/25/46 85,974 (534,276) CDX.NA.HY.10 Index Sell 15,840 5.000 6/20/13 508,200 (1,394,854) CDX.NA.HY.10 Index Sell 12,740 5.000 6/20/13 744,051 (1,121,871) CDX.NA.HY.10 Index Sell 11,110 5.000 6/20/13 738,352 (978,335) CDX.NA.HY.10 Index Sell 5,495 5.000 6/20/13 491,497 (479,265) CDX.NA.HY.10 Index Sell 8,235 5.000 6/20/13 766,312 (952,657) CDX.NA.HY.9 Index Sell 7,588 3.750 12/20/12 (15,170) (990,638) Countrywide Home Loans, Inc. Sell 1,305 8.500 12/20/08 -- 18,428 Countrywide Home Loans, Inc. Sell 2,990 9.000 12/20/08 -- 45,867
42 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Countrywide Home Loans, Inc. Sell 2,990 9.750 12/20/08 -- 51,335 CVRD Inco Ltd. Buy 995 0.630 3/20/17 -- 42,944 Dow Jones CDX.NA.HY.7 Index Sell 3,579 3.250 12/20/11 (134,056) (163,635) Ford Motor Co. Sell 2,065 6.000 12/20/16 -- (820,696) Ford Motor Co. Sell 3,180 5.850 12/20/16 -- (1,274,565) Ford Motor Co. Sell 2,540 5.800 12/20/16 -- (1,020,906) Ford Motor Credit Co. Sell 2,760 2.390 3/20/12 -- (1,074,687) Ford Motor Credit Co. Sell 1,300 2.340 3/20/12 -- (507,372) General Motors Corp. Sell 1,650 4.750 12/20/16 -- (886,011) General Motors Corp. Sell 2,035 4.680 12/20/16 -- (1,094,006) GMAC LLC Sell 1,750 1.370 3/20/17 -- (1,032,030) Intelsat Ltd. Sell 175 4.400 3/20/09 -- 1,309 Intelsat Ltd. Sell 430 4.750 3/20/09 -- 3,949 Intelsat Ltd. Sell 260 5.000 3/20/09 -- 2,704 iStar Financial, Inc. Sell 2,085 2.925 12/20/08 -- (140,156) iStar Financial, Inc. Sell 1,215 3.000 12/20/08 -- (81,463) iStar Financial, Inc. Sell 1,790 5.850 12/20/08 -- (108,218) iStar Financial, Inc. Sell 560 4.320 12/20/12 -- (209,930) iStar Financial, Inc. Sell 770 4.500 12/20/12 -- (285,899) iStar Financial, Inc. Sell 935 4.000 12/20/12 -- (356,456) iStar Financial, Inc. Sell 1,015 12.000 3/20/09 -- (94,252) Lehman Brothers Holdings, Inc. Sell 1,380 2.070 3/20/09 -- (1,214,886) MBIA Insurance Corp. Sell 280 8.850 12/20/08 -- (7,514) Owens-Illinois, Inc. Sell 145 2.500 6/20/13 -- (584) Republic of Peru Buy 1,900 1.710 12/20/16 -- 38,158 Vale Overseas Ltd. Sell 995 1.050 3/20/17 -- (72,813) Washington Mutual, Inc. Sell 415 4.500 12/20/08 -- (149,444) ------------ ------------- 3,357,542 (17,933,751) Goldman Sachs Capital Markets LP: CMBX.NA.AJ.3 Index Sell 1,500 1.470 12/13/49 184,417 (311,540) CMBX.NA.AJ.4 Index Sell 1,500 0.960 2/17/51 258,710 (367,994) General Motors Corp. Sell 1,650 4.950 12/20/16 -- (883,093) Nalco Co. Sell 555 4.250 9/20/13 -- 7,100 ------------ ------------- 443,127 (1,555,527) Goldman Sachs International: ABX.HE.AA.06-2 Index Sell 240 0.170 5/25/46 19,774 (185,583) ABX.HE.AA.06-2 Index Sell 970 0.170 5/25/46 383,127 (750,067) ABX.HE.AAA.06-2 Index Sell 1,000 0.110 5/25/46 110,607 (310,625) Bolivarian Republic of Venezuela Sell 645 6.350 5/20/13 -- (44,935) CDX.NA.HY.10 Index Sell 15,800 5.000 6/20/13 459,736 (1,391,332) Dole Food Co., Inc. Buy 960 5.000 6/20/09 (31,200) (5,302) Dole Food Co., Inc. Sell 960 5.000 6/20/13 127,200 (131,591) Dole Food Co., Inc. Buy 480 5.000 6/20/09 (15,600) (2,651) Dole Food Co., Inc. Sell 480 5.000 6/20/13 63,600 (65,796) Dole Food Co., Inc. Sell 485 5.000 6/20/13 64,263 (66,481) Dole Food Co., Inc. Buy 485 5.000 6/20/09 (15,763) (2,679) Dole Food Co., Inc. Buy 670 5.000 6/20/09 (25,125) (3,701) Dole Food Co., Inc. Sell 670 5.000 6/20/13 88,775 (91,840) GMAC LLC Sell 850 1.390 3/20/17 -- (500,631) GMAC LLC Sell 1,040 1.390 3/20/17 -- (612,536) GMAC LLC Sell 1,200 1.370 3/20/17 -- (707,677) GMAC LLC Sell 2,190 1.390 3/20/17 -- (1,289,860) Idearc, Inc. Sell 2,030 5.000 9/20/09 213,150 (208,937) iStar Financial, Inc. Sell 2,060 3.950 12/20/12 -- (787,394) JSC VTB Bank Buy 3,300 7.400 5/28/13 -- 462 Lennar Corp. Sell 550 2.900 12/20/08 -- (4,481) MGM Mirage Sell 905 8.400 12/20/13 -- (28,933) Nalco Co. Sell 660 3.700 9/20/12 -- 5,902 Nalco Co. Sell 590 4.700 9/20/13 -- 18,044 Nalco Co. Sell 1,070 4.700 9/20/13 -- 32,724
43 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited R.H. Donnelley Corp. Sell 745 5.000 9/20/10 163,900 (131,259) Rite Aid Corp. Sell 55 8.060 3/20/09 -- (2,392) Rite Aid Corp. Sell 2,600 5.000 12/20/09 185,250 (163,193) Station Casinos, Inc. Sell 295 5.000 6/20/13 51,994 (122,821) Ukraine Buy 7,580 4.220 8/20/13 -- 614,685 Univision Communications, Inc. Sell 510 5.000 6/20/09 51,000 (34,397) Univision Communications, Inc. Sell 125 5.000 6/20/09 13,750 (8,431) Univision Communications, Inc. Sell 105 5.000 6/20/09 6,300 (7,082) ------------ ------------- 1,914,738 (6,990,790) JPMorgan Chase Bank NA, NY Branch: CDX.NA.HY.10 Index Sell 15,840 5.000 6/20/13 528,000 (1,394,854) CDX.NA.HY.10 Index Sell 3,385 5.000 6/20/13 302,769 (295,234) CDX.NA.HY.10 Index Sell 4,125 5.000 6/20/13 383,854 (477,196) CDX.NA.HY.8 Index Sell 3,460 2.750 6/20/12 174,240 (377,564) CDX.NA.HY.9 Index Sell 6,390 3.750 12/20/12 6,724 (834,256) CMBX.NA.AJ.3 Index Sell 700 1.470 12/13/49 83,920 (145,386) CMBX.NA.AJ.3 Index Sell 5,800 1.470 12/13/49 1,282,806 (1,204,623) CMBX.NA.AJ.4 Index Sell 700 0.960 2/17/51 118,552 (171,730) Constellation Brands, Inc. Sell 525 3.970 9/20/13 -- 15,315 Dean Foods Co. Sell 915 1.030 6/20/11 -- (57,015) Dean Foods Co. Sell 915 1.060 6/20/11 -- (56,345) Dean Foods Co. Sell 500 1.050 6/20/11 -- (30,912) Dean Foods Co. Sell 975 1.080 6/20/11 -- (59,564) Ford Motor Co. Sell 2,065 6.000 12/20/16 -- (820,696) General Motors Corp. Sell 2,545 4.750 12/20/16 -- (1,366,604) Idearc, Inc. Sell 315 5.000 9/20/09 40,950 (32,421) Morgan Stanley Sell 2,250 7.800 12/20/13 -- (207,042) Nalco Co. Sell 590 4.650 9/20/13 -- 16,878 Republic of Turkey Sell 3,190 2.640 8/20/13 -- (24,713) Republic of Turkey Sell 2,570 2.680 9/20/13 -- (26,624) Univision Communications, Inc. Sell 340 5.000 6/20/09 44,200 (22,932) ------------ ------------- 2,966,015 (7,573,518) Merrill Lynch International: El Paso Corp. Sell 460 2.900 3/20/18 -- (11,968) El Paso Corp. Sell 1,175 2.890 3/20/18 -- (31,311) Ford Motor Co. Sell 2,450 5.300 12/20/12 -- (815,404) General Motors Corp. Sell 1,635 4.050 12/20/12 -- (813,343) Reliant Energy, Inc. Sell 595 2.050 9/20/11 -- (48,270) Smurfit-Stone Container Enterprises, Inc. Sell 515 6.700 6/20/13 -- (25,253) Smurfit-Stone Container Enterprises, Inc. Sell 640 6.800 6/20/13 -- (29,292) Smurfit-Stone Container Enterprises, Inc. Sell 685 7.950 12/20/13 -- (641) TXU Corp. Sell 935 1.530 6/20/11 -- (126,055) TXU Corp. Sell 960 1.580 6/20/11 -- (128,350) TXU Corp. Sell 960 1.590 6/20/11 -- (128,135) TXU Corp. Sell 1,210 1.620 6/20/11 -- (160,691) TXU Corp. Sell 1,405 2.060 6/20/11 -- (172,739) Ukraine Buy 7,580 4.300 8/20/13 -- 592,824 -- (1,898,628) Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 240 0.170 5/25/46 19,174 (185,583) ABX.HE.AA.06-2 Index Sell 480 0.170 5/25/46 47,998 (371,167) ABX.HE.AAA.06-2 Index Sell 1,535 0.110 5/25/46 475,770 (476,810) Aramark Corp. Sell 750 5.920 3/20/13 -- 39,011 Capmark Financial Group, Inc. Sell 460 7.400 12/20/12 -- (141,557) Capmark Financial Group, Inc. Sell 415 7.150 12/20/12 -- (129,797) CDX North America Investment Grade Index Sell 7,622 3.000 3/23/13 -- (490,060)
44 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited CDX.NA.HY.10 Index Sell 15,780 5.000 6/20/13 543,533 (1,389,571) CDX.NA.HY.9 Index Sell 5,826 3.750 12/20/12 31,264 (760,588) CDX.NA.IG.10 Index Sell 13,305 1.550 6/20/13 (278,443) 222,340 CDX.NA.IG.10 Index Sell 7,985 1.550 6/20/13 (146,662) (81,970) CDX.NA.IG.10 Index Sell 3,990 1.550 6/20/13 (57,383) (40,959) CMBX.NA.AJ.3 Index Sell 2,050 1.470 12/13/49 269,298 (427,937) CMBX.NA.AJ.3 Index Sell 3,260 1.470 12/13/49 543,644 (677,081) CMBX.NA.AJ.4 Index Sell 3,260 0.960 2/17/51 670,524 (799,773) CMBX.NA.AJ.4 Index Sell 2,050 0.960 2/17/51 348,319 (506,631) CMBX.NA.AJ.5 Index Sell 1,390 0.980 2/15/51 321,362 (356,993) CMBX.NA.AJ.5 Index Sell 1,300 0.980 2/15/51 838,324 (333,879) Ford Motor Co. Sell 2,065 6.150 12/20/16 -- (813,727) Ford Motor Co. Sell 520 5.900 12/20/16 -- (207,834) Frangosul SA Agro Avicola Sell 19,430 6.000 8/29/13 -- 81,781 General Motors Corp. Sell 1,650 4.900 12/20/16 -- (883,823) General Motors Corp. Sell 420 4.620 12/20/16 -- (226,013) Istanbul Bond Co. SA for Finansbank Sell 5,180 1.300 3/24/13 -- (454,876) iStar Financial, Inc. Sell 450 4.860 12/20/12 -- (163,864) Joint Stock Co. "Halyk Bank of Kazakhstan" Sell 3,200 4.780 3/20/13 -- (553,652) Joint Stock Co. "Halyk Bank of Kazakhstan" Sell 3,200 4.880 3/20/13 -- (544,358) Lennar Corp. Sell 410 2.900 12/20/08 -- (3,340) R.H. Donnelley Corp. Sell 325 5.000 9/20/10 58,500 (57,261) Republic of Turkey Buy 3,230 2.670 9/20/13 -- 34,781 Yasar Sell 1,340 8.750 6/20/10 -- 36,717 Yasar Sell 1,340 8.500 10/20/09 -- 41,100 ------------ ------------- 3,685,222 (10,623,374) UBS AG: ABX.HE.AAA.06-2 Index Sell 1,035 0.110 5/25/46 323,384 (321,497) CDX.NA.HY.10 Index Sell 15,850 5.000 6/20/13 516,226 (1,395,735) CDX.NA.HY.10 Index Sell 3,385 5.000 6/20/13 302,769 (295,234) CDX.NA.HY.10 Index Sell 2,750 5.000 6/20/13 255,903 (318,131) iStar Financial, Inc. Sell 410 4.560 12/20/12 -- (151,743) Massey Energy Co. Sell 360 5.050 9/20/12 -- 17,196 Massey Energy Co. Sell 600 5.100 9/20/12 -- 29,665 Republic of The Philippines Sell 3,095 1.450 6/20/17 -- (362,299) Republic of The Philippines Sell 1,870 2.500 6/20/17 -- (101,772) Ukraine Buy 3,350 4.180 8/20/13 -- 276,492 Univision Communications, Inc. Sell 235 5.000 6/20/09 21,150 (15,850) ------------ ------------- 1,419,432 (2,638,908) ------------ ------------- $ 17,230,867 $ (62,767,633) ============ =============
INTEREST RATE SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE ------------------------- ------------ --- ---------------------------- ------------------------- ----------- ----------- Banco Santander Central Hispano SA: 4,420,000 BRR BZDI 14.000% 1/3/12 $ 49,861 56,000,000 BRR BZDI 12.290 1/4/10 (656,850) (606,989) Banco Santander SA, Inc.: 31,310,000 MXN MXN TIIE BANXICO 8.570 5/3/18 (83,259) 28,100,000 MXN MXN TIIE BANXICO 8.645 5/17/18 (62,225) 8,490,000 BRR BZDI 13.550 1/2/17 (64,662) (210,146) Barclays Bank plc: Six-Month HUF BUBOR 1,433,000,000 HUF Reuters 7.820 9/19/13 1,408 9,630,000 EUR Six-Month EUR EURIBOR 4.688 9/17/18 (31,032) 9,630,000 EUR Six-Month EUR EURIBOR 4.703 9/17/18 (15,075)
45 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Three-Month USD BBA 13,250,000 4.228% LIBOR 9/17/18 77,075 Three-Month USD BBA 13,250,000 4.225 LIBOR 9/17/18 79,752 9,580,000 EUR Six-Month EUR EURIBOR 4.670 9/18/18 (50,076) Three-Month USD BBA 13,260,000 4.035 LIBOR 9/18/18 286,694 ----------- 348,746 Citibank NA, New York 297,000,000 CZK Six-Month CZK PRIBOR PRBO 3.560 9/27/10 29,852 Credit Suisse International 22,480,000 MXN MXN TIIE 8.300 12/17/26 (153,258) Deutsche Bank AG: 9,610,000 EUR Six-Month EUR EURIBOR 4.669 9/18/18 (51,288) Three-Month USD BBA 13,260,000 3.980 LIBOR 9/18/18 299,490 31,075,000 NZD Three-Month NZD BBR FRA 6.910 9/10/18 (407,798) 59,900,000 SEK Three-Month SEK STIBOR SIDE 5.110 7/16/18 339,737 ----------- 180,141 Goldman Sachs Capital Markets LP: 62,900,000 MXN MXN TIIE 8.140 1/10/18 (27,716) 21,000,000 BRR BZDI 14.550 1/4/10 223,188 ----------- 195,472 Goldman Sachs International: 18,300,000 CNY 4.000 CNY CFXSREPOFIX01 2/16/17 (49,643) 59,900,000 SEK Three-Month SEK STIBOR SIDE 5.080 7/17/18 237,401 23,970,000 PLZ Six-Month PLZ WIBOR WIBO 6.140 8/26/10 (9,833) 2,640,000 BRR BZDI 14.100 1/2/17 517 44,200,000 SEK Three-Month SEK STIBOR SIDE 4.840 8/21/18 107,854 17,000,000 BRR BZDI 13.900 1/2/17 (228,248) ----------- 58,048 J Aron & Co.: 43,800,000 BRR BZDI 10.670 1/2/12 (1,869,343) 22,300,000 MXN MXN TIIE 9.150 8/27/26 43,171 8,745,000 BRR BZDI 14.160 1/2/17 5,138 9,700,000 MXN One-Month MXN TIIE BANXICO 9.330 9/16/26 34,215 8,790,000 BRR BZDI 12.920 1/2/14 (156,598) 4,390,000 BRR BZDI 12.870 1/2/14 (82,508) 8,750,000 BRR BZDI 12.710 1/4/10 (24,670) 15,140,000 BRR BZDI 12.610 1/4/10 (53,355) 19,400,000 BRR BZDI 12.390 1/2/12 (260,644) 25,560,000 BRR BZDI 14.890 1/4/10 509,279 6,910,000 BRR BZDI 12.260 1/2/15 (193,476) 3,160,000 BRR BZDI 12.290 1/2/15 (86,532) 4,420,000 BRR BZDI 14.050 1/2/12 50,362 13,000,000 BRR BZDI 14.300 1/2/17 35,634 8,550,000 BRR BZDI 13.670 1/2/17 (65,110) 10,360,000 BRR BZDI 13.100 1/2/17 (167,032) ----------- (2,281,469) JPMorgan Chase Bank NA: 294,700,000 CZK Six-Month CZK PRIBOR PRBO 3.470 9/18/10 (2,385) 213,340,000 MXN One-Month MXN TIIE BANXICO 8.369 4/23/18 (776,075) 240,000,000 CZK Six-Month CZK PRIBOR PRBO 3.560 9/12/10 20,527 666,000,000 HUF Six-Month HUF BUBOR Reuters 7.890 9/12/13 747 19,400,000 BRR BZDI 12.380 1/2/12 (263,285) 17,080,000 BRR BZDI 13.900 1/2/17 (229,125)
46 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Three-Month ZAR 77,000,000 ZAR 9.705 JIBAR SAFEX 8/4/18 (144,762) 1,142,000,000 HUF Six-Month HUF BUBOR Reuters 8.480 6/6/13 104,505 8,750,000 BRR BZDI 13.910 1/2/12 99,088 Three-Month TWD 672,720,000 TWD 2.685 Telerate 9/8/18 (14,440) 15,840,000 PLZ Six-Month PLZ WIBOR WIBO 6.040 8/8/13 88,219 27,055,000 MXN MXN TIIE BANXICO 9.320 6/1/18 54,394 753,000,000 HUF Six-Month HUF BUBOR Reuters 7.880 8/12/13 2,736 ----------- (1,059,856) Merrill Lynch Capital Services, Inc. 36,370,000 MXN MXN TIIE BANXICO 8.570 5/11/18 (96,714) Morgan Stanley: 8,540,000 BRR BZDI 14.860 1/2/17 59,604 8,540,000 BRR BZDI 14.880 1/2/17 63,580 ----------- 123,184 Morgan Stanley Capital Services, Inc.: Six-Month NOK NIBOR 168,200,000 NOK 4.985 NIBR 1/18/11 5,497 67,000,000 SEK Three-Month SEK STIBOR 4.260 1/18/11 92,103 7,110,000 EUR Six-Month EUR EURIBOR 3.996 1/18/11 9,289 11,500,000 CHF Six-Month CHF BBA LIBOR 2.660 1/18/11 112,371 14,260,000 EUR 4.713 Six-Month EURIBOR 8/22/17 (129,244) 5,590,000 BRR BZDI 13.930 1/2/17 (42,631) ----------- 47,385 UBS AG: Three-Month ILS 68,200,000 ILS 5.010 TELBOR01 8/28/10 27,496 15,300,000 ILS Three-Month ILS TELBOR01 5.880 8/28/10 17,170 Three-Month ILS 69,600,000 ILS 5.020 TELBOR01 9/4/10 30,907 15,550,000 ILS Three-Month ILS TELBOR01 5.850 9/4/18 21,683 Three-Month ZAR 78,000,000 ZAR 9.740 JIBAR SAFEX 8/1/18 (324,714) 9,100,000 BRR BZDI 14.340 1/2/17 25,035 ----------- (202,423) ----------- $(3,628,027) ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CHF Swiss Franc CNY Chinese Renminbi (Yuan) CZK Czech Koruna EUR Euro HUF Hungarian Forint ILS Israeli Shekel MXN Mexican Nuevo Peso NOK Norwegian Krone NZD New Zealand Dollar PLZ Polish Zloty SEK Swedish Krona TWD New Taiwan Dollar ZAR South African Rand Index abbreviations are as follows: BANXICO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR FRA Bank Bill Rate Forward Rate Agreement BUBOR Reuters Budapest Interbank Offered Rate 47 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited BZDI Brazil Interbank Deposit Rate CFXSREPOFIX01 Chinese Renminbi 7 Days Repurchase Fixing Rates EURIBOR Euro Interbank Offered Rate LIBOR London-Interbank Offered Rate MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate NIBOR NIBR Norwegian Interbank Offered Rate-Den Norsk Bank PRIBOR PRBO Prague Interbank Offering Rate STIBOR SIDE Stockholm Interbank Offered Rate TELBOR01 Tel Aviv Interbank Offered Rate 1 Month WIBOR WIBO Poland Warsaw Interbank Offer Bid Rate ZAR JIBAR SAFEX South African Rand-Johannesburg Interbank Agreed Rate-South African Futures Exchange
TOTAL RETURN SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
NOTIONAL SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND TERMINATION DATE VALUE -------------------- -------------- ----------------------- ------------------------- ---------------- ------------- Citibank NA: If credit spreads as If credit spreads as represented by the represented by the Lehman Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA Index widen, Index narrow, receives $ 15,700,000 pays the spread change* the spread change* 2/1/09 $ (436,892) If credit spreads as represented by the Lehman Brothers U.S. If credit spreads as CMBS AAA Index widen, represented by the Lehman pays the spread Brothers U.S. CMBS AAA change plus 15 basis Index narrow, receives 7,800,000 points* the spread change* 2/1/09 (218,352) ------------- (655,244) Citibank NA, New York: One-Month JPY BBA LIBOR plus 40 basis points and if negative, the absolute value of the Total If positive, the Total Return of a custom Return of a custom basket 1,373,389,039 JPY basket of securities of securities 4/14/09 (1,469,146) One-Month GBP BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total If positive, the Total Return of a custom Return of a custom basket 6,914,956 GBP basket of securities of securities 5/8/09 (2,070,818) ------------- (3,539,964) Deutsche Bank AG: 1,620,000 Six-Month USD BBA LIBOR 5.46% times UDI 5/13/15 455,597 930,000 Six-Month USD LIBOR 5.25% times UDI 6/23/15 225,513 ------------- 681,110 One-Month USD BBA LIBOR plus 20 basis points and if negative, the absolute value of the Total If positive, the Total Deutsche Bank AG, Return of a custom Return of a custom equity London 10,421,998 equity basket basket 10/05/09 (825,698) Goldman Sachs Group, Inc. (The): If credit spreads If credit spreads as as represented by the represented by the Lehman Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 8.5+ Index 8.5+ Index narrow, widen, pays the spread receives the spread 9,000,000 change* change* 3/1/09 (492,922)
48 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change plus 50 basis receives the spread 500,000 points* change* 3/1/09 (27,003) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change plus 250 basis receives the spread 23,430,000 points* change* 3/1/09 (1,270,188) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change plus 200 basis receives the spread 2,750,000 points* change* 3/1/09 (149,720) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 50 basis receives the spread 13,820,000 points* change* 12/1/08 (758,159) If credit spreads as If credit spreads as represented by the represented by the Lehman Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 8.5+ Index 8.5+ Index narrow, widen, pays the spread receives the spread 6,830,000 change* change* 1/1/09 (372,923) If credit spreads as If credit spreads as represented by the represented by the Lehman Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 8.5+ Index 8.5+ Index narrow, widen, pays the spread receives the spread 2,540,000 change* change* 11/1/08 (136,678) If credit spreads as If credit spreads as represented by the represented by the Lehman Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 8.5+ Index 8.5+ Index narrow, widen, pays the spread receives the spread 24,720,000 change* change* 2/1/09 (1,349,043) If credit spreads as represented by the Banc of America If credit spreads as Securities LLC AAA 10 represented by the Banc yr. CMBS Daily of America Securities LLC Index widen, pays the AAA 10 yr. CMBS Daily spread change minus Index narrow, receives 49,660,000 660 basis points the spread change 3/31/09 (1,518,166) 920,000 Six-Month USD BBA LIBOR 5.10% times UDI 1/14/15 260,797 920,000 Six-Month BBA LIBOR 5.08% times UDI 1/20/15 263,681 ------------- (5,550,324) Goldman Sachs International: If negative, the absolute value of the If positive, the Total Total Return of the Return of the BOVESPA 6,431,207 BRR BOVESPA 10/08 Index 10/08 Index 10/16/08 (547,769) One-Month USD BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total If positive, the Total Return of a custom Return of a custom equity 42,127,878 equity basket basket 6/8/09 (4,616,708)
49 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited One-Month USD BBA LIBOR and if negative, the absolute value of If positive, the Total the MSCI Daily Total Return of the MSCI Daily Return New Belgium USD Total Return New Belgium 605,922 Market Index USD Market Index 10/8/08 (120,103) One-Month USD BBA LIBOR and if negative, the absolute value of If positive, the Total the MSCI Daily Total Return of the MSCI Daily Return New Belgium USD Total Return New Belgium 2,714,359 Market Index USD Market Index 10/8/08 (463,254) One-Month USD BBA LIBOR and if negative, the absolute value of If positive, the Total the MSCI Daily Total Return of the MSCI Daily Return New Belgium USD Total Return New Belgium 592,754 Market Index USD Market Index 10/8/08 (106,758) One-Month USD BBA LIBOR and if negative, the absolute value of If positive, the Total the MSCI Daily Total Return of the MSCI Daily Return New Belgium USD Total Return New Belgium 459,776 Market Index USD Market Index 10/8/08 (74,349) One-Month USD BBA LIBOR and if negative, the absolute value of If positive, the Total the MSCI Daily Net Return of the MSCI Daily Belgium USD Market Net Belgium USD Market 946,332 Index Index 10/8/08 (226,861) ------------- (6,155,802) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 130 basis receives the spread JPMorgan Chase 6,520,000 points* change* 2/1/09 (352,775) Merrill Lynch Capital Services, Inc.: The Constant Maturity Option Price divided by 15,380,000 5.330% 10,000 8/13/17 (250,489) The Constant Maturity Option Price divided by 54,700,000 4.660 10,000 6/11/17 1,804,298 ------------- 1,553,809 Morgan Stanley: If credit spreads as If credit spreads as represented by the represented by the Lehman Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA Index widen, Index narrow, receives 28,300,000 pays the spread change* the spread change* 3/1/09 (789,809) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change plus 250 basis receives the spread 5,110,000 points* change* 3/1/09 (278,490)
50 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 50 basis receives the spread 16,140,000 points* change* 12/1/08 (877,702) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 65 basis receives the spread 4,120,000 points* change* 12/1/08 (224,272) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 95 basis receives the spread 5,280,000 points* change* 2/1/09 (284,119) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 95 basis receives the spread 5,280,000 points* change* 2/1/09 (287,181) If credit spreads as If credit spreads as represented by the represented by the Lehman Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 8.5+ Index 8.5+ Index narrow, widen, pays the spread receives the spread 12,530,000 change* change* 1/1/09 (682,179) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 70 basis receives the spread 9,120,000 points* change* 2/1/09 (498,332) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the Lehman CMBS AAA 8.5+ Index Brothers U.S. CMBS AAA widen, pays the spread 8.5+ Index narrow, change minus 50 basis receives the spread 11,490,000 points* change* 2/1/09 (622,896) One-Month EUR BBA LIBOR plus 25 basis points and if negative, the absolute value of the Total If positive, the Total Return of a custom Return of a custom basket 5,744,700 EUR basket of securities of securities 3/6/09 (1,238,928) ------------- (5,783,908) 7.75% from debt Morgan Stanley obligations of JSC Capital Services, Three-Month USD BBA Rushydro and OJSC Inc. 271,430,000 RUR LIBOR Saratovskaya HPP 12/26/13 (1,404,854) One-Month EUR BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total If positive, the Total Return of a custom Return of a custom basket Morgan Stanley 5,734,900 EUR basket of securities of securities International 10/7/08 (587,007) ------------- $ (22,620,657) =============
* The CMBS Indexes are representative indexes of segments of the commercial mortgage backed securities market. These indexes are measured by movements in the credit spreads of the underlying holdings. As the credit market perceives an improvement in the credit quality of an Index's underlying holdings and reduced probability of default, the spread of an index narrows. As the credit market 51 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited perceives a decrease in credit quality and an increased probability of default on an Index's underlying holdings, the spread widens. Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real EUR Euro GBP British Pound Sterling JPY Japanese Yen RUR Russian Ruble Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BOVESPA Bovespa Index that trades on the Sao Paulo Stock Exchange CMBS Commercial Mortgage Backed Securities LIBOR London Interbank Offered Rate MSCI Morgan Stanley Capital International UDI Unidad de Inversion (Unit of Investment) CURRENCY SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT (000s) THE FUND THE FUND DATE VALUE -------------------- -------------- ------------- ----------- ----------- ----------- Credit Suisse International: Three Month 3,170,000 TRY USD BBA LIBOR 16.75% 2/26/12 $ 350,540 Three-Month 1,255,000 TRY USD BBA LIBOR 17.25 2/7/12 167,796 Three-Month 1,890,000 TRY USD BBA LIBOR 17.30 2/9/12 250,438 ----------- 768,774 Merrill Lynch Three-Month International 1,960,000 TRY BBA LIBOR 17.10 2/6/12 327,369 ----------- $ 1,096,143 ===========
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 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is 52 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 note's market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures. EVENT-LINKED BONDS. The Fund may invest in "event-linked" bonds. Event-linked bonds, which are sometimes referred to as "catastrophe" bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Statement of Operations in the annual and semiaanual reports as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations in the annual and semiannual reports upon the sale or maturity of such securities. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are 53 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the 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 purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------------------- Purchased securities $ 73,592,547 Sold securities 8,837,428
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. 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. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll. SECURITIES SOLD SHORT. The Fund may short sell when-issued securities for future settlement. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss for the change in value of the open short position. The Fund records a realized gain or loss when the short position is closed out. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2008, securities with an aggregate market value of $3,437,605, representing 0.08% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. 54 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS IN OPPENHEIMER MASTER FUNDS. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC and Oppenheimer Master Event-Linked Bond Fund, LLC (the "master funds"). Each master fund has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. To the extent that the Fund invests more of its assets in one master fund than in another, the Fund will have greater exposure to the risks of that master fund. The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund's investments in the master funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding master fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the master funds. As a shareholder, the Fund is subject to its proportional share of master funds's 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 the master funds. INVESTMENTS IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. The Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. INVESTMENTS WITH OFF-BALANCE SHEET MARKET 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 EXCHANGE CONTRACTS The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is 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 within the 55 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. 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 payments that the Fund has not yet received. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. 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. 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. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. 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. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities 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 that there may be an illiquid market where the Fund is unable to close the contract. Written option activity for the period ended September 30, 2008 was as follows: 56 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
CALL OPTIONS PUT OPTIONS ------------------------------ ----------------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS ---------------- ----------- --------------- ----------- Options outstanding as of December 31, 2007 2,878,960,000 $ 384,268 6,960,000 $ 52,511 Options written 16,898,375,000 4,610,481 17,049,025,000 4,784,049 Options closed or expired (10,365,205,000) (2,593,395) (8,339,600,000) (2,344,677) Options exercised (7,903,085,000) (1,993,632) (7,207,340,000) (2,084,161) ---------------- ----------- --------------- ----------- Options outstanding as of September 30, 2008 1,509,045,000 $ 407,722 1,509,045,000 $ 407,722 ================ =========== =============== ===========
SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. 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) is comprised of the change in the valuation of the swap 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. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports and as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. Credit risk arises from the possibility that the counterparty fails to make a payment when due or otherwise defaults under the terms of the contract. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the performance of the asset or non-asset reference. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee, similar to an insurance premium, to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. 57 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include credit, market and liquidity risk. Additional risks include but are not limited to: the cost of paying for credit protection if there are no credit events or the cost of selling protection when a credit event occurs (paying the notional amount to the protection buyer); and pricing transparency when assessing the value of a credit default swap. INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. Risks of interest rate swaps include credit, market and liquidity risk. Additional risks include but are not limited to, interest rate risk. There is a risk, based on future movements of interest rates that the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Risks of total return swaps include credit, market and liquidity risk. CURRENCY SWAPS. A currency swap is an agreement between counterparties 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. Risks of currency swaps include credit, market and liquidity risk. Additional risks of currency swaps include, but are not limited to, exchange rate 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 also a risk, based on movements of interest rates or indexes that periodic payments made by the Fund will be greater than the payments received. SWAPTION TRANSACTIONS. The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into an interest rate swap at a preset rate within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap. Swaptions are marked to market daily using primarily quotations from counterparties and brokers. Written swaptions are reported on a schedule following the Statement of Investments. Written swaptions are reported as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. The difference between the premium received or paid, and market value of the swaption, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports for the amount of the premium paid or received. 58 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the option, according to the terms of the underlying agreement. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the option expires unexercised. However, when the Fund purchases a swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract. ILLIQUID OR RESTRICTED SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of September 30, 2008, the Fund had on loan securities valued at $148,514,845. Collateral of $151,492,410 was received for the loans, of which all was received in cash and subsequently invested in approved instruments. UNFUNDED PURCHASE COMMITMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase commitments of $20,454,833 at September 30, 2008. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded purchase loan commitments. The following commitments are subject to funding based on the borrower's discretion. The Fund is obligated to fund these commitments at the time of the request by the borrower. These commitments have been excluded from the Statement of Investments. As of September 30, 2008, the Fund had unfunded purchase commitments as follows:
COMMITMENT TERMINATION UNFUNDED DATE AMOUNT ----------- ------------ Deutsche Bank AG, Opic Reforma I Credit Linked Nts. 10/23/13 $ 8,454,833
59 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
COMMITMENT INTEREST TERMINATION UNFUNDED UNREALIZED RATE DATE AMOUNT DEPRECIATION --------- ------------ ----------- -------------- Deutsche Bank AG; An unfunded commitment that Oppenheimer receives 0.125% quarterly; and will pay out, upon request, up to 12,000,000 USD to a Peruvian Trust through Deutsche Bank's Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the Fund to maintain a consistent exposure level. 0.50% 9/20/10 $ 12,000,000 $ 178,750
RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $ 4,654,526,255 Federal tax cost of other investments 256,103,483 --------------- Total federal tax cost $ 4,910,629,738 =============== Gross unrealized appreciation $ 52,991,388 Gross unrealized depreciation (406,823,412) --------------- Net unrealized depreciation $ (353,832,024) ===============
60 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- CERTIFICATES OF DEPOSIT--19.4% Abbey National Treasury Services plc, Stamford, CT, 3.06%, 12/12/08 $ 4,500,000 $ 4,500,000 Bank of Nova Scotia, Houston, TX: 3.063%, 9/4/09(1) 3,000,000 3,000,000 3.114%, 9/8/09(1) 3,000,000 3,000,000 3.20%, 12/18/08 2,500,000 2,500,000 Bank of the West: 2.80%, 10/6/08 3,000,000 3,000,000 2.805%, 10/24/08 3,000,000 3,000,000 2.82%, 11/13/08 1,700,000 1,700,000 BNP Paribas, New York, 3.10%, 2/27/09 1,800,000 1,800,000 Governor & Co. of the Bank of Ireland, Stamford, CT: 2.82%, 10/14/08 2,500,000 2,500,004 2.83%, 10/3/08 2,400,000 2,400,001 2.845%, 11/20/08 2,500,000 2,500,017 Royal Bank of Canada, New York, 3.00%, 8/7/09(1) 5,000,000 5,000,000 Toronto Dominion Bank, New York: 3.03%, 2/5/09 3,000,000 3,000,000 3.13%, 1/30/09 2,500,000 2,500,000 --------------- Total Certificates of Deposit (Cost $40,400,022) 40,400,022 DIRECT BANK OBLIGATIONS--18.4% Danske Corp.: 4.20%, 10/22/08(2) 4,000,000 3,990,200 5.50%, 10/30/08(2) 2,000,000 1,991,139 Dexia Delaware LLC: 2.53%, 10/20/08 3,700,000 3,695,059 2.78%, 10/9/08 1,000,000 999,382 DnB NOR Bank ASA, 2.80%, 11/3/08 2,600,000 2,593,327 Fortis Funding LLC, 2.70%, 11/10/08(2) 2,000,000 1,994,000 Governor & Co. of the Bank of Ireland, 2.80%, 10/15/08(2) 2,000,000 1,997,822 HSBC USA, Inc.: 2.67%, 10/8/08 5,000,000 4,997,404 2.81%, 12/2/08 3,000,000 2,985,482 3.06%, 12/19/08 1,450,000 1,440,263 ING (US) Funding LLC, 2.82%, 12/5/08 2,000,000 1,989,817 Royal Bank of Canada, 2.99%, 7/15/09(1) 3,000,000 3,000,000 Santander Central Hispano Finance (Delaware), Inc.: 3.12%, 12/30/08 2,000,000 1,984,400 4%, 11/21/08 2,500,000 2,490,190 Societe Generale North America, Inc., 4.50%, 10/7/08 2,000,000 1,998,500 --------------- Total Direct Bank Obligations (Cost $38,146,985) 38,146,985 SHORT-TERM NOTES--61.6% ASSET-BACKED SECURITIES--23.3% Amsterdam Funding Corp., 3.08%, 3/5/09(2) 3,000,000 2,960,217 Barton Capital Corp., 2.50%, 10/2/08(2) 2,119,000 2,118,844 FCAR Owner Trust I, 5%, 10/3/08 3,000,000 2,998,667 FCAR Owner Trust II: 6.05%, 10/23/08 3,000,000 2,988,908
1 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- 8.16%, 10/1/08 $ 3,500,000 $ 3,500,000 Gemini Securitization Corp.: 2.80%, 10/15/08(2) 356,000 355,612 2.80%, 10/21/08(2) 5,000,000 4,992,222 4.40%, 10/9/08(2) 2,000,000 1,998,044 6.50%, 10/1/08(2) 2,500,000 2,500,000 GOVCO, Inc.: 3.06%, 12/22/08(2) 2,000,000 1,986,060 3.06%, 12/23/08(2) 2,000,000 1,985,890 Legacy Capital LLC: 3%, 11/4/08 1,000,000 997,167 3.05%, 11/7/08 3,200,000 3,189,969 3.05%, 11/12/08 3,100,000 3,088,969 3.05%, 11/18/08 1,000,000 995,933 Lexington Parker Capital Co. LLC: 3%, 10/10/08(2) 2,500,000 2,498,125 3%, 11/5/08(2) 2,000,000 1,994,167 3%, 11/6/08(2) 2,500,000 2,492,500 3.10%, 1/6/09(2) 2,000,000 1,983,294 Sheffield Receivables Corp., 5%, 10/9/08(2) 1,500,000 1,498,333 Windmill Funding Corp., 2.60%, 10/21/08(2) 1,300,000 1,298,122 --------------- 48,421,043 CAPITAL MARKETS--3.8% Banc of America Securities LLC, 7.15%, 10/1/08(1) 5,000,000 5,000,000 Citigroup Funding, Inc., 2.89%, 11/12/08 3,000,000 2,989,885 --------------- 7,989,885 COMMERCIAL BANKS--1.0% Bank of America Corp., 2.50%, 10/28/08 2,100,000 2,096,063 COMMERCIAL FINANCE--0.5% Caterpillar Financial Services Corp., Series F, 2.93%, 11/26/08(1) 1,000,000 1,000,000 CONSUMER FINANCE--4.6% American Express Credit Corp.: 2.77%, 10/7/08 1,500,000 1,499,308 2.80%, 11/14/08 3,000,000 2,989,733 2.80%, 11/17/08 1,000,000 996,344 2.80%, 11/18/08 4,000,000 3,985,067 --------------- 9,470,452 DIVERSIFIED FINANCIAL SERVICES--3.4% General Electric Capital Corp., 2.15%, 10/1/08 1,000,000 1,000,000 Prudential Funding LLC: 2.80%, 11/5/08(3) 3,000,000 2,991,833 2.80%, 11/19/08(3) 3,000,000 2,988,567 --------------- 6,980,400
2 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- FOOD PRODUCTS--1.2% Nestle Capital Corp.: 2.395%, 3/13/09(2) $ 1,500,000 $ 1,483,734 2.40%, 3/6/09(2) 1,000,000 989,600 --------------- 2,473,334 INSURANCE--5.0% ING America Insurance Holdings, Inc., 5%, 10/1/08 3,000,000 3,000,000 Jackson National Life Global Funding, Series 2004-6, 2.58%, 8/15/09(1, 3) 2,500,000 2,500,000 Jackson National Life Global Funding, Series 2008-1, 3.10%, 2/10/09(1, 4) 1,000,000 1,000,000 Security Life of Denver, 2.74%, 9/8/09(1, 3) 2,000,000 2,000,000 United of Omaha Life Insurance Co., 2.69%, 12/29/08(1) 2,000,000 2,000,000 --------------- 10,500,000 LEASING & FACTORING--7.2% American Honda Finance Corp.: 2.91%, 11/20/08(1, 4) 3,000,000 3,000,000 2.917%, 12/10/08(1, 4) 2,500,000 2,500,000 2.924%, 5/5/09(1, 4) 3,000,000 3,000,000 3.026%, 9/18/09(1, 4) 1,000,000 1,000,000 Toyota Motor Credit Corp.: 2.60%, 12/15/08(2) 3,000,000 2,983,750 2.65%, 1/26/09 2,400,000 2,379,330 --------------- 14,863,080 MUNICIPAL--6.3% Alta Mira LLC, Series 2004, 8.40%, 10/1/08(1) 2,250,000 2,250,000 Black Property Management LLC, Series 2006, 10%, 10/1/08(1) 2,515,000 2,515,000 Columbus, GA Development Authority Revenue Bonds, MAC Property LLC Project, Series 2007, 6%, 10/1/08(1) 1,735,000 1,735,000 Denver City & Cnty., CO School District No. 1, Series 2008A, 14%, 10/15/08(1) 1,000,000 1,000,000 Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts. Project, Series A-T, 7.65%, 10/1/08(1) 710,000 710,000 Jackson Tube Service, Inc., Series 2000, 10%, 10/1/08(1) 1,595,000 1,595,000 Premier Senior Living LLC, Series 2007 A-H, 12%, 10/1/08(1) 1,500,000 1,500,000 St. Johns Cnty., FL Industrial Development Authority Revenue Bonds, Presbyterian Retirement Communities Project, Series 2004B, 6%, 10/1/08(1) 1,000,000 1,000,000 Taxable Adjustable Demand Health Care Revenue Bonds, SFO Associates Project, Series 1994, 8%, 10/1/08(1) 785,000 785,000 --------------- 13,090,000
3 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- PERSONAL PRODUCTS--4.1% Reckitt Benckiser Treasury Services plc: 2.83%, 10/14/08(2) $ 1,500,000 $ 1,498,467 2.84%, 10/16/08(2) 4,500,000 4,494,675 2.85%, 10/17/08(2) 2,500,000 2,496,833 --------------- 8,489,975 SPECIAL PURPOSE FINANCIAL--1.2% Ticonderoga Funding LLC, 4.25%, 10/1/08 2,500,000 2,500,001 --------------- Total Short-Term Notes (Cost $127,874,233) 127,874,233 TOTAL INVESTMENTS, AT VALUE (COST $206,421,240) 99.4% 206,421,240 OTHER ASSETS NET OF LIABILITIES 0.6 1,227,150 --------------- --------------- NET ASSETS 100.0% $ 207,648,390 =============== ===============
FOOTNOTES TO STATEMENT OF INVESTMENTS SHORT-TERM NOTES AND DIRECT BANK OBLIGATIONS ARE GENERALLY TRADED ON A DISCOUNT BASIS; THE INTEREST RATE SHOWN IS THE DISCOUNT RATE RECEIVED BY THE FUND AT THE TIME OF PURCHASE. OTHER SECURITIES NORMALLY BEAR INTEREST AT THE RATES SHOWN. (1.) Represents the current interest rate for a variable or increasing rate security. (2.) Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $54,581,650, or 26.29% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. (3.) Illiquid security. The aggregate value of illiquid securities as of September 30, 2008 was $10,480,400, which represents 5.05% of the Fund's net assets. See accompanying Notes. (4.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $10,500,000 or 5.06% of the Fund's net assets as of September 30, 2008. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgment about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- ---------------- Level 1--Quoted Prices $ -- $-- Level 2--Other Significant Observable Inputs 206,421,240 -- Level 3--Significant Unobservable Inputs -- -- ------------ --- Total $206,421,240 $-- ============ ===
4 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (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. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. "Money market-type" instruments are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. ILLIQUID SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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 an applicable footnote on the Statement of Investments. RECENT ACCOUNTING PRONOUNCEMENT 5 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 6 | OPPENHEIMER MONEY FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMON STOCKS--95.8% CONSUMER DISCRETIONARY--7.2% MEDIA--7.2% Cinemark Holdings, Inc. 4,540 $ 61,744 Liberty Global, Inc., Series C(1) 5,678 159,495 News Corp., Inc., Cl. A 9,192 110,210 Time Warner Cable, Inc., Cl. A(1) 3,010 72,842 --------------- 404,291 CONSUMER STAPLES--4.7% BEVERAGES--2.9% Coca-Cola Co. (The) 3,110 164,457 TOBACCO--1.8% Philip Morris International, Inc. 2,081 100,096 ENERGY--11.1% OIL, GAS & CONSUMABLE FUELS--11.1% Devon Energy Corp. 2,970 270,864 EOG Resources, Inc. 1,810 161,923 Hess Corp. 2,340 192,067 --------------- 624,854 FINANCIALS--30.7% CAPITAL MARKETS--16.4% Credit Suisse Group AG, ADR 5,990 289,197 Goldman Sachs Group, Inc. (The) 1,520 194,560 Julius Baer Holding AG 5,030 247,300 Morgan Stanley 8,350 192,050 --------------- 923,107 COMMERCIAL BANKS--0.7% National City Corp. 21,990 38,483 CONSUMER FINANCE--1.4% SLM Corp.(1) 6,340 78,236 DIVERSIFIED FINANCIAL SERVICES--7.7% Citigroup, Inc. 9,610 197,101 JPMorgan Chase & Co. 5,060 236,302 --------------- 433,403 INSURANCE--4.5% Everest Re Group Ltd. 2,277 197,029 National Financial Partners Corp. 3,730 55,950 --------------- 252,979 HEALTH CARE--10.6% HEALTH CARE PROVIDERS & SERVICES--2.6% Aetna, Inc. 2,270 81,970 WellPoint, Inc.(1) 1,350 63,140 --------------- 145,110 PHARMACEUTICALS--8.0% Abbott Laboratories 4,960 285,597 Schering-Plough Corp. 9,120 168,446 --------------- 454,043
1 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- INDUSTRIALS--6.3% INDUSTRIAL CONGLOMERATES--3.5% Siemens AG, Sponsored ADR 2,074 $ 194,728 MACHINERY--1.8% Joy Global, Inc. 470 21,216 Navistar International Corp.(1) 1,513 81,974 --------------- 103,190 TRADING COMPANIES & DISTRIBUTORS--1.0% Aircastle Ltd. 6,020 59,658 INFORMATION TECHNOLOGY--11.2% COMMUNICATIONS EQUIPMENT--4.9% QUALCOMM, Inc. 6,410 275,438 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--6.3% Lam Research Corp.(1) 7,230 227,673 Varian Semiconductor Equipment Associates, Inc.(1) 4,980 125,098 --------------- 352,771 MATERIALS--7.0% CHEMICALS--7.0% Eastman Chemical Co. 3,280 180,597 Lubrizol Corp. (The) 4,957 213,845 --------------- 394,442 TELECOMMUNICATION SERVICES--1.0% DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% AT&T, Inc. 1,970 55,002 UTILITIES--6.0% ELECTRIC UTILITIES--6.0% Exelon Corp. 2,056 128,747 FirstEnergy Corp. 2,260 151,397 PPL Corp. 1,510 55,900 --------------- 336,044 --------------- Total Common Stocks (Cost $5,930,718) 5,390,332 PREFERRED STOCKS--3.5% Petroleo Brasileiro SA, Sponsored ADR (Cost $188,905) 5,300 198,326 TOTAL INVESTMENTS, AT VALUE (COST $6,119,623) 99.3% 5,588,658 OTHER ASSETS NET OF LIABILITIES 0.7 37,193 --------------- --------------- NET ASSETS 100.0% $ 5,625,851 =============== ===============
FOOTNOTE TO STATEMENT OF INVESTMENTS (1.) Non-income producing security. 2 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $5,341,358 $-- Level 2--Other Significant Observable Inputs 247,300 -- Level 3--Significant Unobservable Inputs -- -- ---------- --- TOTAL $5,588,658 $-- ========== ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 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, 2008 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, 2008. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES SHARES GROSS GROSS SEPTEMBER 30, DECEMBER 31, 2007 ADDITIONS REDUCTIONS 2008 ----------------- --------- ---------- ------------- Oppenheimer Institutional Money Market Fund, Cl. E 177,433 4,374,670 4,552,103 --
INCOME ------ Oppenheimer Institutional Money Market Fund, $6,913 Cl. E
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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. 3 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. 4 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $6,163,700 ========== Gross unrealized appreciation $ 245,844 Gross unrealized depreciation (820,886) ---------- Net unrealized depreciation $(575,042) ==========
5 | OPPENHEIMER VALUE FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- ASSET-BACKED SECURITIES--2.9% Ace Securities Corp. Home Equity Loan Trust, Asset-Backed Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 3.387%, 11/25/35(1) $ 6,482 $ 6,439 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 3.687%, 5/25/34(1) 1,538,283 1,356,566 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 3.307%, 9/25/36(1) 30,000 27,153 Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 3.307%, 5/26/36(1) 35,949 34,824 Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 3.307%, 5/16/36(1) 30,955 30,331 Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 246,181 Countrywide Home Loans, Asset-Backed Certificates: 35,747 28,513 Series 2002-4, Cl. A1, 3.947%, 2/25/33(1) Series 2005-11, Cl. AF2, 4.657%, 2/25/36 308,671 306,556 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36(1) 700,000 639,043 Series 2005-17, Cl. 1AF1, 3.407%, 5/25/36(1) 218 216 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36(1) 460,000 420,894 CWABS, Inc. Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 3.327%, 12/5/29(1) 40,000 33,949 First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 3.417%, 11/25/35(1) 26,408 26,282 First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 3.297%, 7/25/36(1) 50,000 47,623 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 3.317%, 7/7/36(1) 30,000 28,262 Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-2, Cl. A4, 4.15%, 10/15/10 467,271 467,364 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 2.731%, 1/20/35(1) 602,652 510,138 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 3.298%, 3/20/36(1) 25,000 23,022 Lehman XS Trust, Mtg. Pass-Through Certificates: 10,454 10,400 Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35(1) Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 308,989 308,593 Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31(2) 1,635,948 1,589,634 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 3.307%, 8/25/36(1) 70,000 38,670 Merrill Lynch Mortgage Investors Trust 2006-WMC1, Mtg. Asset-Backed Certificates, Series 2006-WMC1, Cl. A2B, 3.347%, 1/25/37(1) 90,444 89,567
1 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- NC Finance Trust, CMO Pass-Through Certificates, Series $ 3,370,016 $ 429,677 1999-I, Cl. ECFD, 6.368%, 1/25/29(1, 2) Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 3.307%, 7/1/36(1) 1,173,988 1,109,401 Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36(1) 720,000 681,622 RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 3.287%, 7/25/36(1) 2,423 2,406 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 3.307%, 9/25/36(1) 58,143 55,464 Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 3.247%, 9/25/36(1) 507,089 497,045 Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 660,000 677,510 Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 3.307%, 7/25/36(1) 50,000 49,251 --------------- Total Asset-Backed Securities (Cost $13,266,102) 9,772,596 MORTGAGE-BACKED OBLIGATIONS--103.3% GOVERNMENT AGENCY--62.5% FHLMC/FNMA/SPONSORED--62.0% Federal Home Loan Mortgage Corp.: 4.50%, 5/15/19 2,040,612 2,002,313 5%, 8/15/33-12/15/34 3,930,449 3,841,548 6%, 7/15/17-3/15/33 7,528,194 7,680,805 6.50%, 4/15/18-4/1/34 1,251,566 1,295,776 7%, 8/15/16-10/1/31 814,847 857,425 8%, 4/1/16 462,353 494,024 9%, 8/1/22-5/1/25 133,011 146,515 10.50%, 11/14/20 5,128 5,961 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 27,293 27,285 Series 1674, Cl. Z, 6.75%, 2/15/24 90,142 94,423 Series 2006-11, Cl. PS, 12.808%, 3/25/36(1) 629,326 659,597 Series 2034, Cl. Z, 6.50%, 2/15/28 11,846 12,308 Series 2042, Cl. N, 6.50%, 3/15/28 33,560 34,629 Series 2043, Cl. ZP, 6.50%, 4/15/28 988,430 1,021,410 Series 2046, Cl. G, 6.50%, 4/15/28 100,852 104,480 Series 2053, Cl. Z, 6.50%, 4/15/28 14,548 15,064 Series 2055, Cl. ZM, 6.50%, 5/15/28 20,183 20,796 Series 2066, Cl. Z, 6.50%, 6/15/28 1,926,189 2,016,003 Series 2080, Cl. Z, 6.50%, 8/15/28 14,135 14,636 Series 2195, Cl. LH, 6.50%, 10/15/29 1,111,456 1,170,549 Series 2220, Cl. PD, 8%, 3/15/30 4,740 5,026 Series 2326, Cl. ZP, 6.50%, 6/15/31 378,906 390,389 Series 2435, Cl. EQ, 6%, 5/15/31 41,753 42,395 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,444,050 1,509,004 Series 2470, Cl. LF, 3.488%, 2/15/32(1) 17,399 17,406 Series 2500, Cl. FD, 2.988%, 3/15/32(1) 281,574 278,813
2 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Series 2526, Cl. FE, 2.888%, 6/15/29(1) $ 460,706 $ 455,914 Series 2538, Cl. F, 3.088%, 12/15/32(1) 2,746,195 2,724,449 Series 2551, Cl. FD, 2.888%, 1/15/33(1) 343,307 339,329 Series 2641, Cl. CE, 3.50%, 9/15/25 20,267 20,168 Series 2676, Cl. KY, 5%, 9/15/23 665,000 640,043 Series 2727, Cl. UA, 3.50%, 10/15/22 6,329 6,325 Series 2736, Cl. DB, 3.30%, 11/15/26 96,607 95,717 Series 2750, Cl. XG, 5%, 2/1/34 130,000 121,977 Series 2777, Cl. PJ, 4%, 5/15/24 6,699 6,701 Series 2890, Cl. PE, 5%, 11/1/34 130,000 121,226 Series 2936, Cl. PE, 5%, 2/1/35 69,000 64,243 Series 2939, Cl. PE, 5%, 2/15/35 247,000 229,958 Series 3025, Cl. SJ, 15.629%, 8/15/35(1) 133,918 141,552 Series 3035, Cl. DM, 5.50%, 11/15/25 63,209 63,898 Series 3094, Cl. HS, 15.263%, 6/15/34(1) 374,303 387,619 Series 3138, Cl. PA, 5.50%, 2/15/27 64,636 65,809 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 12.287%, 6/1/26(3) 478,952 106,423 Series 183, Cl. IO, 10.232%, 4/1/27(3) 738,065 144,765 Series 184, Cl. IO, 16.564%, 12/1/26(3) 814,926 179,580 Series 192, Cl. IO, 12.154%, 2/1/28(3) 201,841 42,384 Series 200, Cl. IO, 11.798%, 1/1/29(3) 247,757 55,524 Series 2003-26, Cl. D I, 11.702%, 4/25/33(3) 38,931 8,323 Series 202, Cl. IO, 0.721%, 4/1/29(3) 1,684,995 349,534 Series 205, Cl. IO, 9.629%, 9/1/29(3) 37,922 9,576 Series 206, Cl. IO, (7.718)%, 12/1/29(3) 474,770 115,843 Series 2074, Cl. S, 28.233%, 7/17/28(3) 7,634 1,029 Series 2079, Cl. S, 33.441%, 7/17/28(3) 12,468 1,740 Series 2130, Cl. SC, 8.742%, 3/15/29(3) 522,044 50,092 Series 216, Cl. IO, 11.482%, 12/1/31(3) 332,390 85,249 Series 224, Cl. IO, 8.218%, 3/1/33(3) 1,022,153 229,542 Series 243, Cl. 6, 8.782%, 12/15/32(3) 612,511 139,378 Series 2526, Cl. SE, 25.017%, 6/15/29(3) 20,806 1,602 Series 2527, Cl. SG, 28.662%, 2/15/32(3) 630,862 46,305 Series 2531, Cl. ST, 30.563%, 2/15/30(3) 744,141 56,668 Series 2796, Cl. SD, 34.452%, 7/15/26(3) 828,915 76,235 Series 2802, Cl. AS, 65.744%, 4/15/33(3) 918,876 69,209 Series 2819, Cl. S, 27.846%, 6/15/34(3) 167,975 14,992 Series 2920, Cl. S, 40.354%, 1/15/35(3) 3,199,548 270,190 Series 3000, Cl. SE, 71.045%, 7/15/25(3) 3,781,996 250,915 Series 3004, Cl. SB, 99.999%, 7/15/35(3) 190,574 13,241 Series 3110, Cl. SL, 93.917%, 2/15/26(3) 535,531 35,675 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 4.662%, 6/1/26(4) 195,132 164,418 Series 192, Cl. PO, 6.572%, 2/1/28(4) 201,841 165,162
3 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Federal National Mortgage Assn.: 4.50%, 5/25/18-8/1/20 $ 2,111,815 $ 2,081,064 4.50%, 10/1/21(5) 11,477,000 11,186,494 5%, 2/25/22-8/25/34 2,659,068 2,600,549 5%, 10/1/21-10/1/38(5) 34,202,000 33,612,292 5%, 6/1/33(6) 3,833,380 3,750,161 5.296%, 10/1/36 515,219 521,861 5.50%, 1/25/33-11/1/34 16,350,798 16,360,975 5.50%, 10/1/23-10/1/38(5) 39,839,000 39,770,396 5.50%, 8/25/33(6) 336,945 337,055 6%, 7/25/24-11/1/33 8,995,384 9,170,391 6%, 10/1/23-10/1/36(5) 5,395,000 5,489,577 6.50%, 2/25/09-1/1/34 4,560,529 4,733,904 6.50%, 10/1/38(5) 5,883,000 6,032,834 6.50%, 8/25/17(6) 360,962 375,245 7%, 11/25/13-7/25/35 1,446,626 1,523,388 7%, 10/1/38(5) 6,500,000 6,792,500 7.50%, 1/1/33 19,923 21,583 8%, 5/25/17 1,978 2,133 8.50%, 7/1/32 47,999 52,917 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 42,245 45,647 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,152,242 1,189,491 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 972,188 1,002,423 Trust 1998-61, Cl. PL, 6%, 11/25/28 539,815 551,174 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 760,684 774,816 Trust 2001-44, Cl. QC, 6%, 9/25/16 59,290 61,180 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 55,218 57,337 Trust 2001-70, Cl. LR, 6%, 9/25/30 43,539 43,584 Trust 2001-74, Cl. QE, 6%, 12/25/31 1,619,863 1,645,588 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 497,744 515,152 Trust 2002-12, Cl. PG, 6%, 3/25/17 28,218 29,121 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,161,294 1,198,487 Trust 2003-130, Cl. CS, 7.686%, 12/25/33(1) 365,703 333,172 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 137,000 129,667 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 3,823,289 Trust 2003-84, Cl. AJ, 3%, 4/25/13 2,145 2,141 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,975,000 1,947,191 Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 525,824 560,384 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,160,000 1,104,213 Trust 2005-117, Cl. LA, 5.50%, 12/25/27 142,012 144,179 Trust 2005-59, Cl. NQ, 8.858%, 5/25/35(1) 670,444 629,237 Trust 2006-110, Cl. PW, 5.50%, 5/25/28 187,205 190,640 Trust 2006-46, Cl. SW, 12.441%, 6/25/36(1) 474,608 486,411 Trust 2006-50, Cl. KS, 12.441%, 6/25/36(1) 1,085,542 1,087,737 Trust 2006-50, Cl. SK, 12.441%, 6/25/36(1) 405,341 405,559 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 36.965%, 11/18/31(3) 65,168 7,304
4 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2001-63, Cl. SD, 26.495%, 12/18/31(3) $ 19,347 $ 2,192 Trust 2001-65, Cl. S, 36.344%, 11/25/31(3) 1,635,054 183,088 Trust 2001-68, Cl. SC, 22.631%, 11/25/31(3) 13,412 1,475 Trust 2001-81, Cl. S, 24.556%, 1/25/32(3) 403,785 43,377 Trust 2002-28, Cl. SA, 25.827%, 4/25/32(3) 10,304 1,063 Trust 2002-38, Cl. IO, 31.094%, 4/25/32(3) 22,649 2,091 Trust 2002-39, Cl. SD, 22.711%, 3/18/32(3) 14,976 1,470 Trust 2002-47, Cl. NS, 22.779%, 4/25/32(3) 1,025,364 110,953 Trust 2002-48, Cl. S, 24.64%, 7/25/32(3) 17,411 1,878 Trust 2002-51, Cl. S, 23.034%, 8/25/32(3) 941,287 101,456 Trust 2002-52, Cl. SD, 21.514%, 9/25/32(3) 1,054,055 104,497 Trust 2002-52, Cl. SL, 24.71%, 9/25/32(3) 10,650 1,150 Trust 2002-53, Cl. SK, 22.387%, 4/25/32(3) 52,181 5,315 Trust 2002-56, Cl. SN, 26.667%, 7/25/32(3) 23,739 2,564 Trust 2002-60, Cl. SM, 34.36%, 8/25/32(3) 224,283 24,143 Trust 2002-7, Cl. SK, 36.545%, 1/25/32(3) 106,628 10,515 Trust 2002-77, Cl. BS, 29.388%, 12/18/32(3) 134,022 15,067 Trust 2002-77, Cl. IS, 28.224%, 12/18/32(3) 38,587 3,964 Trust 2002-77, Cl. JS, 29.068%, 12/18/32(3) 230,105 25,886 Trust 2002-77, Cl. SA, 29.514%, 12/18/32(3) 214,476 23,553 Trust 2002-77, Cl. SH, 27.541%, 12/18/32(3) 504,778 57,563 Trust 2002-84, Cl. SA, 37.518%, 12/25/32(3) 1,447,150 158,529 Trust 2002-9, Cl. MS, 23.743%, 3/25/32(3) 19,792 2,214 Trust 2002-90, Cl. SN, 34.358%, 8/25/32(3) 115,382 12,782 Trust 2002-90, Cl. SY, 36.896%, 9/25/32(3) 72,427 8,167 Trust 2003-118, Cl. S, 34.243%, 12/25/33(3) 3,190,774 381,140 Trust 2003-33, Cl. SP, 39.933%, 5/25/33(3) 1,532,166 187,267 Trust 2003-4, Cl. S, 34.985%, 2/25/33(3) 1,010,053 118,840 Trust 2003-89, Cl. XS, 27.165%, 11/25/32(3) 1,175,392 101,418 Trust 2004-54, Cl. DS, 26.682%, 11/25/30(3) 766,741 74,387 Trust 2005-19, Cl. SA, 40.263%, 3/25/35(3) 7,804,109 623,440 Trust 2005-40, Cl. SA, 40.429%, 5/25/35(3) 1,775,869 145,792 Trust 2005-40, Cl. SB, 50.47%, 5/25/35(3) 80,931 6,945 Trust 2005-6, Cl. SE, 48.897%, 2/25/35(3) 2,282,942 189,937 Trust 2005-71, Cl. SA, 51.794%, 8/25/25(3) 2,370,487 190,764 Trust 2005-87, Cl. SE, 99.999%, 10/25/35(3) 4,556,810 296,408 Trust 2005-87, Cl. SG, 72.668%, 10/25/35(3) 4,580,709 403,327 Trust 2006-33, Cl. SP, 56.607%, 5/25/36(3) 3,880,277 401,297 Trust 2006-42, Cl. CI, 28.061%, 6/25/36(3) 4,560,715 404,215 Trust 221, Cl. 2, 17.54%, 5/1/23(3) 12,986 3,042 Trust 222, Cl. 2, 18.732%, 6/1/23(3) 1,647,412 383,699 Trust 240, Cl. 2, 21.199%, 9/1/23(3) 2,000,750 501,712 Trust 252, Cl. 2, 17.285%, 11/1/23(3) 1,269,404 316,866 Trust 273, Cl. 2, 15.54%, 8/1/26(3) 364,079 79,351 Trust 294, Cl. 2, 9.856%, 2/1/28(3) 142,797 35,943
5 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 301, Cl. 2, 6.109%, 4/1/29(3) $ 17,929 $ 3,956 Trust 302, Cl. 2, 2.575%, 6/1/29(3) 590,245 127,553 Trust 303, Cl. IO, (1.779)%, 11/1/29(3) 212,260 54,257 Trust 319, Cl. 2, 11.549%, 2/1/32(3) 358,708 84,398 Trust 321, Cl. 2, 6.769%, 4/1/32(3) 3,890,521 908,774 Trust 324, Cl. 2, 6.02%, 7/1/32(3) 67,531 15,472 Trust 331, Cl. 5, 9.399%, 2/1/33(3) 55,850 12,464 Trust 331, Cl. 9, 15.888%, 2/1/33(3) 893,288 201,247 Trust 333, Cl. 2, 3.891%, 4/1/33(3) 2,644,580 580,319 Trust 334, Cl. 12, 5.597%, 2/1/33(3) 97,272 22,518 Trust 334, Cl. 17, 22.937%, 2/1/33(3) 615,731 146,129 Trust 334, Cl. 3, 11.057%, 7/1/33(3) 471,993 103,546 Trust 334, Cl. 5, 11.074%, 5/1/33(3) 67,254 14,934 Trust 338, Cl. 2, 2.812%, 7/1/33(3) 655,096 144,014 Trust 339, Cl. 12, 9.777%, 7/1/33(3) 1,243,605 283,646 Trust 339, Cl. 7, 8.581%, 7/1/33(3) 3,309,182 721,267 Trust 339, Cl. 8, 8.584%, 8/1/33(3) 260,934 57,740 Trust 342, Cl. 2, 9.192%, 9/1/33(3) 19,699 4,439 Trust 343, Cl. 13, 10.171%, 9/1/33(3) 1,002,066 222,602 Trust 343, Cl. 18, 11.165%, 5/1/34(3) 309,612 63,936 Trust 344, Cl. 2, 7.714%, 12/1/33(3) 5,329,194 1,181,060 Trust 345, Cl. 9, 11.203%, 1/1/34(3) 1,387,069 275,808 Trust 346, Cl. 2, 2.956%, 12/1/33(3) 685,592 150,797 Trust 351, Cl. 10, 9.48%, 4/1/34(3) 436,195 96,017 Trust 351, Cl. 11, 9.889%, 11/1/34(3) 223,022 45,580 Trust 351, Cl. 8, 8.01%, 4/1/34(3) 671,433 134,832 Trust 355, Cl. 7, 9.006%, 11/1/33(3) 193,084 43,480 Trust 356, Cl. 10, 9.542%, 6/1/35(3) 591,636 140,026 Trust 356, Cl. 12, 7.968%, 2/1/35(3) 305,700 72,386 Trust 356, Cl. 6, 9.598%, 12/1/33(3) 254,074 56,358 Trust 362, Cl. 12, 9.291%, 8/1/35(3) 1,799,329 420,497 Trust 362, Cl. 13, 7.50%, 8/1/35(3) 997,066 233,138 Trust 364, Cl. 15, 10.379%, 9/1/35(3) 69,221 15,895 Trust 364, Cl. 16, 9.857%, 9/1/35(3) 1,278,304 310,679 Trust 365, Cl. 16, 14.084%, 3/1/36(3) 1,982,244 419,063 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 1993-184, Cl. M, 4.982%, 9/25/23(4) 485,622 380,775 Trust 324, Cl. 1, 6.059%, 7/1/32(4) 16,863 13,611 --------------- 207,821,500 GNMA/GUARANTEED--0.5% Government National Mortgage Assn.: 7%, 1/30/09-3/15/26 53,253 56,230 8.50%, 8/1/17-12/15/17 208,703 228,725
6 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- GNMA/GUARANTEED CONTINUED Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 $ 117,720 $ 128,712 Series 2000-7, Cl. Z, 8%, 1/16/30 53,255 58,418 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 26.306%, 7/16/28(3) 25,198 3,474 Series 2001-21, Cl. SB, 41.76%, 1/16/27(3) 951,534 98,827 Series 2002-15, Cl. SM, 35.996%, 2/16/32(3) 1,021,765 100,222 Series 2004-11, Cl. SM, 22.257%, 1/17/30(3) 666,847 68,926 Series 2006-47, Cl. SA, 64.117%, 8/16/36(3) 9,226,754 838,044 --------------- 1,581,578 NON-AGENCY--40.8% COMMERCIAL--17.7% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 2.257%, 4/14/29(3) 13,162,985 427,609 Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AM, 5.421%, 9/1/45 4,070,000 3,308,665 Banc of America Funding Corp., Mtg. Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 1,161,271 1,162,604 Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 980,523 909,026 Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, (6.50)%, 6/22/24(3) 9,086,543 269,019 ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 2.572%, 9/25/36(1) 9,339 9,168 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 80,000 67,821 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl AM, 6.404%, 12/1/49(1) 1,920,000 1,530,915 Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 121,763 120,032 Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 1,630,000 1,517,815 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 3.607%, 10/25/36(1) 2,852,450 2,456,749 Series 2006-A5, Cl. 1A13, 3.657%, 10/25/36(1) 1,485,962 1,225,787 CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37 145,424 135,613 Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 456,653 451,530 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 55,020 53,824 Series 2006-AB3, Cl. A7, 6.36%, 7/1/36 168,221 165,242
7 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- COMMERCIAL CONTINUED First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 $ 760,674 $ 647,189 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 837,195 757,188 First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.128%, 11/1/37(1) 665,274 541,914 GE Capital Commercial Mortgage Corp., Commercial Mtg Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 50,000 49,362 Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 4,310,000 4,026,643 Greenwich Capital Commercial Mortgage 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17 1,890,000 1,608,950 GSR Mortgage Loan Trust 2006-2F, Mtg. Pass-Through Certificates, Series 2006-2F, Cl. 2A2, 5.75%, 2/1/36 292,145 237,667 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 1,110,000 931,803 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 3,950,000 3,674,823 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 1,080,000 1,013,705 Series 2007-LD11, Cl. A2, 5.992%, 6/15/49(1) 110,000 103,701 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 3,760,000 3,250,489 LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates: Series 2006-C1, Cl. A2, 5.084%, 2/11/31 2,320,000 2,242,606 Series 2006-C1, Cl. AM, 5.217%, 2/11/31(1) 2,300,000 1,845,728 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 1,770,000 1,656,636 Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0.484%, 2/18/30(3) 4,770,776 142,091 Lehman Structured Securities Corp., Commercial Mtg Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/26/24(2) 250,581 203,597 Mastr Alternative Loan Trust, CMO Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,477,715 1,305,798 Mastr Asset Securitization Trust 2006-3, Mtg Pass-Through Certificates, Series 2006-3, Cl. 2A1, 3.657%, 10/25/36(1) 152,279 133,603 Merrill Lynch Mortgage Investors Trust 2005-A9, Mtg Asset-Backed Certificates, Series 2005-A9, Cl.4A1, 5.492%, 12/1/35(1) 1,969,145 1,607,819 Merrill Lynch/Countrywide Commercial Mortgage Trust 2007-9, Commercial Mtg. Pass-Through Certificates, Series 2007-9, Cl. A4, 5.70%, 9/1/17 1,650,000 1,401,379 Nomura Asset Securities Corp., Commercial Mtg Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 1,089 1,088
8 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- COMMERCIAL CONTINUED Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 $ 96,000 $ 97,732 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,205,701 979,702 Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,635,566 1,515,587 Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 10.908%, 5/18/32(3) 125,228,202 325,982 STARM Mortgage Loan Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.659%, 6/1/37(1, 2) 3,811,148 3,144,197 Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,228,394 1,020,502 Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 370,000 351,789 Wachovia Mortgage Loan Trust LLC, Mtg. Pass-Through Certificates, Series 2007-A, Cl. 1A1, 5.982%, 3/1/37(1) 1,429,330 1,367,680 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A4, 5.877%, 8/1/46(1) 3,672,248 3,051,379 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A2, 5.711%, 2/25/37(1, 2) 801,344 320,538 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.668%, 3/1/37(1) 2,090,287 1,243,750 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 5A1, 5.584%, 11/1/36(1) 1,135,712 889,867 WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.658%, 5/1/37(1) 1,209,508 1,007,926 Wells Fargo Mortgage-Backed Securities 2004-EE Trust, Mtg. Pass-Through Certificates, Series 2004-EE, Cl. 3A2, 4.261%, 12/1/34(1) 2,384,554 2,210,719 Wells Fargo Mortgage-Backed Securities 2004-U Trust, Mtg. Pass-Through Certificates, Series 2004-U, Cl. A1, 5.673%, 10/1/34(1) 424,966 413,520 --------------- 59,136,068 MANUFACTURED HOUSING--1.7% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36(1) 2,999,097 2,507,468 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.106%, 3/25/36(1) 3,626,461 3,226,138 --------------- 5,733,606
9 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- MULTIFAMILY--9.4% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2005-F, Cl. 2A3, 4.71%, 7/25/35(1) $ 2,590,119 $ 2,381,940 Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.788%, 10/25/36(1) 1,423,066 1,033,253 CHL Mortgage Pass-Through Trust 2003-46, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 4.411%, 1/19/34(1) 1,470,615 1,468,590 CHL Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. 2A1, 5.50%, 4/1/35 237,058 208,362 CHL Mortgage Pass-Through Trust 2005-HYB1, Mtg. Pass-Through Certificates, Series 2005-HYB1, Cl. 1A2, 4.981%, 3/25/35(1) 2,498,683 2,009,097 CHL Mortgage Pass-Through Trust 2007-HY1, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.696%, 4/25/37(1) 4,279,108 3,297,072 Citigroup Mortgage Loan Trust, Inc. 2006-AR5, Asset-Backed Pass-Through Certificates, Series 2006-AR5, Cl. 1A3A, 5.888%, 7/25/36(1) 1,473,906 1,283,288 CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 2A4, 5.75%, 1/25/35 2,316,000 1,882,033 CWALT Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl. 2A3, 5.50%, 2/25/36 1,790,000 1,573,323 GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates: Series 2005-AR4, Cl. 2A1, 5.30%, 7/19/35(1) 2,601,744 2,192,117 Series 2004-J4, Cl. A7, 5.50%, 9/25/34 1,660,000 1,408,858 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.144%, 11/25/35(1) 4,124,599 3,689,881 Merrill Lynch Mortgage Investors Trust 2007-2, Mtg Pass-Through Certificates, Series 2007-2, Cl. 2A1, 5.975%, 6/25/37(1) 3,134,193 2,771,924 Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.992%, 12/25/34(1) 850,096 772,857 Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.621%, 9/25/34(1) 702,499 621,007 Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.549%, 3/25/35(1) 511,861 443,468 Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.537%, 4/25/35(1) 852,822 740,725 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 4A1, 5.561%, 7/25/36(1) 1,770,914 1,456,207 Series 2006-AR10, Cl. 2A1, 5.636%, 7/25/36(1) 1,360,578 1,046,157 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A6, 5.106%, 3/25/36(1) 688,661 534,525
10 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- MULTIFAMILY CONTINUED Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.093%, 3/25/36(1) $ 891,907 $ 817,869 --------------- 31,632,553 OTHER--0.0% JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.735%, 2/25/32(1) 80,132 77,787 Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 78.043%, 10/23/17(3) 5,215 620 Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series1987-3, Cl. A, 4.81%, 10/23/17(4) 7,718 7,270 --------------- 85,677 RESIDENTIAL--12.0% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. A4, 5.936%, 7/1/17(1) 1,880,000 1,611,513 Chase Mortgage Finance Trust 2005-S1, Multiclass Mtg. Pass-Through Certificates, Series 2005-S1, Cl. 1A5, 5.50%, 5/25/35 1,000,000 844,861 CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 40,000 31,096 CitiMortgage Alternative Loan Trust 2006-A1, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A1, Cl. 2A1, 5.25%, 3/1/21 1,328,264 1,214,300 CWALT Alternative Loan Trust 2004-24CB, Mtg. Pass-Through Certificates, Series 2004-24CB, Cl. 1A1, 6%, 11/1/34 1,490,755 1,332,234 CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 3A1, 6%, 1/1/35 1,191,717 909,679 CWALT Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 2,420,000 1,858,856 CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 2,006,663 1,759,300 CWALT Alternative Loan Trust 2005-J3, Mtg. Pass-Through Certificates, Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 1,836,876 1,621,484 JP Morgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 5A3, 4.334%, 11/1/33(1) 1,746,176 1,669,644 LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. A3, 5.866%, 9/11/45 4,370,000 3,756,000 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 626,144 554,991 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.073%, 10/25/36(1) 102,395 93,492 Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.417%, 6/25/36(1) 1,110,000 925,225 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 617,657 582,098 RALI Series 2004-QS10 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-QS10, Cl. A3, 3.707%, 7/25/34(1) 1,465,563 1,317,122
11 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- RESIDENTIAL CONTINUED RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 $ 107,554 $ 81,171 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 33,819 33,650 RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36 524,607 510,359 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 39,924 35,700 STARM Mortgage Loan Trust 2007-S1, Mtg. Pass-Through Certificates, Series 2007-S1, Cl. 3A1, 5.01%, 8/1/22(1) 3,925,144 3,532,629 WaMu Mortgage Pass-Through Certificates 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36(1) 3,686,203 2,805,172 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.128%, 8/25/36(1) 3,396,481 3,029,036 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 5.469%, 2/1/37(1) 84,548 71,107 WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 2A1, 6.612%, 11/1/36(1) 1,269,943 1,100,775 WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.695%, 6/25/37(1) 2,501,736 2,042,672 Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 3,415,304 3,316,241 Wells Fargo Mortgage-Backed Securities 2003-6 Trust, Mtg. Pass-Through Certificates, Series 2003-6, Cl. 1A1, 5%, 6/25/18 1,349,453 1,274,038 Wells Fargo Mortgage-Backed Securities 2004-EE Trust, Mtg. Pass-Through Certificates, Series 2004-EE, Cl. 3A1, 4.261%, 12/1/34(1) 994,350 921,861 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.369%, 9/1/34(1) 478,068 403,612 Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A2, 5.539%, 4/1/36(1, 2) 1,602,633 769,264 --------------- 40,009,182 --------------- Total Mortgage-Backed Obligations (Cost $363,583,493) 346,000,164 U.S. GOVERNMENT OBLIGATIONS--2.2% Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.218%, 1/15/21(7) 825,000 460,664 U.S. Treasury Bonds, 7.625%, 2/15/25 5,000,000 6,882,035 --------------- Total U.S. Government Obligations (Cost $7,378,363) 7,342,699
12 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- CORPORATE BONDS AND NOTES--26.7% CONSUMER DISCRETIONARY--8.2% AUTOMOBILES--1.6% Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 $ 4,080,000 $ 2,927,298 General Motors Acceptance Corp., 8% Bonds, 11/1/31 3,185,000 1,201,920 Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08(8) 1,115,000 1,117,284 --------------- 5,246,502 HOTELS, RESTAURANTS & LEISURE--1.3% MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 2,700,000 2,538,000 Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10(9) 350,000 273,875 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 1,765,000 1,513,488 --------------- 4,325,363 HOUSEHOLD DURABLES--1.2% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09(2) 1,440,000 1,368,000 D.R. Horton, Inc., 8% Sr. Nts., 2/1/09(2) 615,000 608,081 Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 2,045,000 1,983,650 --------------- 3,959,731 MEDIA--3.1% Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 2,825,000 2,768,500 Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 1,370,000 890,500 EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08(2) 2,445,000 2,445,000 Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 580,000 584,701 Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 1,840,000 1,852,646 Tribune Co., 5.50% Nts., Series E, 10/6/08(2) 1,427,000 1,419,865 Univision Communications, Inc., 3.875% Sr. Unsec. Nts., 10/15/08 590,000 587,050 --------------- 10,548,262 MULTILINE RETAIL--0.9% Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08(2) 930,000 932,325 Macy's Retail Holdings, Inc., 4.80% Sr. Nts., 7/15/09 2,125,000 2,077,290 --------------- 3,009,615 SPECIALTY RETAIL--0.1% Gap, Inc. (The), 10.05% Unsub. Nts., 12/15/08(1, 2) 466,000 471,243 CONSUMER STAPLES--0.6% FOOD & STAPLES RETAILING--0.6% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 1,675,000 1,557,454 Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 266,000 279,372 --------------- 1,836,826 ENERGY--1.5% OIL, GAS & CONSUMABLE FUELS--1.5% Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 745,000 711,369 Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 430,000 418,304 Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 1,560,000 1,520,253
13 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- OIL, GAS & CONSUMABLE FUELS CONTINUED PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13(8) $ 920,395 $ 930,402 TEPPCO Partners LP, 6.125% Nts., 2/1/13 900,000 914,574 Valero Logistics Operations LP, 6.05% Nts., 3/15/13 540,000 523,342 --------------- 5,018,244 FINANCIALS--14.0% CAPITAL MARKETS--1.9% Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 3,595,000 2,363,324 Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38(10) 7,200,000 36,000 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 4,490,000 3,775,686 --------------- 6,175,010 COMMERCIAL BANKS--4.4% Barclays Bank plc, 6.278% Perpetual Bonds(11) 5,830,000 4,268,026 HBOS plc, 6.413% Sub. Perpetual Bonds, Series A(8, 11) 6,600,000 3,723,964 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(1) 5,920,000 4,450,301 Popular North America, Inc., 4.70% Nts., 6/30/09 2,485,000 2,415,025 --------------- 14,857,316 CONSUMER FINANCE--0.5% SLM Corp., 4% Nts., 1/15/09 2,005,000 1,644,080 DIVERSIFIED FINANCIAL SERVICES--3.7% Bank of America Corp.: 8% Unsec. Perpetual Bonds, Series K(11) 3,050,000 2,417,369 8.125% Perpetual Bonds, Series M(11) 515,000 416,733 Capmark Financial Group, Inc.: 3.453% Sr. Unsec. Nts., 5/10/10(1) 700,000 497,297 5.875% Sr. Unsec. Nts., 5/10/12 1,470,000 733,446 CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 1,235,000 873,314 Citigroup, Inc.: 4,485,000 3,342,769 8.30% Jr. Sub. Bonds, 12/21/57(1) 8.40% Perpetual Bonds, Series E(11) 1,730,000 1,179,704 JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(11) 3,625,000 3,059,975 --------------- 12,520,607 INSURANCE--3.3% American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37 1,290,000 206,703 Axa SA, 6.379% Sub. Perpetual Bonds(8, 11) 5,205,000 2,905,920 MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 1,055,000 581,841 MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/66(1) 3,875,000 2,416,733 Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23(8) 2,400,000 2,780,755 Prudential Insurance Co. of America, 8.30% Nts., 7/1/25(8) 2,035,000 2,262,267 --------------- 11,154,219 THRIFTS & MORTGAGE FINANCE--0.2% Washington Mutual Bank NV, 2.891% Sr. Unsec. Nts., 5/1/09(1) 2,380,000 583,100
14 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- INDUSTRIALS--0.2% INDUSTRIAL CONGLOMERATES--0.2% MetLife Capital Trust X, 9.25% Sec. Bonds, 4/8/68(1) $ 700,000 $ 664,696 INFORMATION TECHNOLOGY--0.5% COMPUTERS & PERIPHERALS--0.5% NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 1,700,000 1,709,809 TELECOMMUNICATION SERVICES--0.5% DIVERSIFIED TELECOMMUNICATION SERVICES--0.5% Qwest Corp.: 5.625% Unsec. Nts., 11/15/08(2) 250,000 248,750 8.875% Unsec. Unsub. Nts., 3/15/12 1,605,000 1,580,925 --------------- 1,829,675 UTILITIES--1.2% ELECTRIC UTILITIES--1.2% Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,925,000 1,980,047 Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 1,820,000 1,865,784 --------------- 3,845,831 --------------- Total Corporate Bonds and Notes (Cost $116,903,125) 89,400,129
UNITS --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Pathmark Stores, Inc. Wts., Strike Price $22.31, Exp. 9/19/10(2, 12) (Cost $14,872) 5,408 189
SHARES --------------- INVESTMENT COMPANY--0.2% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15%(13, 14) (Cost $566,702) 566,702 566,702 Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $501,712,657) 453,082,479 INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.0%(15) OFI Liquid Assets Fund, LLC, 3.40%(13, 14) (Cost $71,600) 71,600 71,600 TOTAL INVESTMENTS, AT VALUE (COST $501,784,257) 135.3% 453,154,079 LIABILITIES IN EXCESS OF OTHER ASSETS (35.3) (118,184,471) --------------- --------------- NET ASSETS 100.0% $ 334,969,608 =============== ===============
FOOTNOTES TO STATEMENT OF INVESTMENTS (1.) Represents the current interest rate for a variable or increasing rate security. (2.) Illiquid security. The aggregate value of illiquid securities as of September 30, 2008 was $13,950,360, which represents 4.16% of the Fund's net assets. See accompanying Notes. (3.) Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $17,755,701 or 5.30% of the Fund's net assets as of September 30, 2008. (4.) Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $731,236 or 0.22% of the Fund's net assets as of September 30, 2008. 15 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED (5.) When-issued security or delayed delivery to be delivered and settled after September 30, 2008. 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 $1,298,519. See accompanying Notes. (7.) Zero coupon bond reflects effective yield on the date of purchase. (8.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $13,720,592 or 4.10% of the Fund's net assets as of September 30, 2008. (9.) Partial or fully-loaned security. See accompanying Notes. (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.) Non-income producing security. (13.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------ OFI Liquid Assets Fund, LLC -- 8,751,305 8,679,705 71,600 Oppenheimer Institutional Money Market Fund, Cl. E 4,105,793 146,490,161 150,029,252 566,702
VALUE INCOME -------- -------- OFI Liquid Assets Fund, LLC $ 71,600 $ 1,992 (a) Oppenheimer Institutional Money Market Fund, Cl. E 566,702 159,399 -------- -------- $638,302 $161,391 ======== ========
(a.) Net of compensation to counterparties. (14.) Rate shown is the 7-day yield as of September 30, 2008. (15.) 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. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $ 638,302 $ 356,448 Level 2--Other Significant Observable Inputs 452,311,991 (16,361,060) Level 3--Significant Unobservable Inputs 203,786 -- -------------- --------------- Total $ 453,154,079 $ (16,004,612) ============== ===============
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 16 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED FUTURES CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION NUMBER OF APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) -------------------- -------- --------- ---------- ------------ -------------- U.S. Long Bonds, 20 yr. Buy 229 12/19/08 $ 26,832,359 $ (720,414) U.S. Treasury Nts., 2 yr. Sell 615 12/31/08 131,264,063 (678,684) U.S. Treasury Nts., 10 yr. Sell 123 12/19/08 14,098,875 34,544 ----------- $(1,364,554) ===========
CREDIT DEFAULT SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT SWAP CREDIT AMOUNT FIXED TERMINATION RECEIVED/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) RATE DATE (PAID) VALUE ------------ ---------------------------------- ---------- -------- ------- ----------- ---------- ------------ Barclays Bank plc: ABX.HE.AA.06-2 Index Sell $ 930 0.170% 5/25/46 $ 719,465 $ (719,136) American International Group, Inc. Sell 495 3.000 3/20/09 -- (13,291) American International Group, Inc. Sell 2,600 5.350 3/20/09 -- (40,823) Capmark Financial Group, Inc. Sell 950 1.000 6/20/12 -- (398,425) Citigroup, Inc. Sell 195 10.500 6/20/09 -- (6,949) Dillard's, Inc. Sell 750 1.900 12/20/08 -- (7,092) HCP, Inc. Sell 1,005 4.600 3/20/09 -- 810 iStar Financial, Inc. Sell 1,140 4.400 12/20/12 -- (425,545) Kohl's Corp. Buy 665 1.180 6/20/18 -- 8,602 Kohl's Corp. Sell 665 1.080 6/20/13 -- (3,450) Kohl's Corp. Sell 665 0.900 6/20/13 -- (8,487) Kohl's Corp. Buy 665 1.040 6/20/18 -- 15,464 Lehman Brothers Holdings, Inc. Sell 2,050 0.490 9/20/10 -- (1,804,721) Lehman Brothers Holdings, Inc. Sell 330 9.600 9/20/09 -- (290,516) Merrill Lynch & Co., Inc. Sell 2,575 4.150 9/20/09 -- 3,098 Six Flags, Inc. Sell 1,075 8.250 12/20/08 -- (12,635) The Goldman Sachs Group, Inc. Sell 1,285 5.750 12/20/09 -- 3,356 XL Capital Ltd. Sell 1,485 3.550 9/20/09 -- 754 ---------- ------------ 719,465 (3,698,986) ---------- ------------ Credit Suisse International: iStar Financial, Inc. Sell 165 4.000 12/20/12 -- (62,904) iStar Financial, Inc. Sell 410 12.000 3/20/09 -- (38,072) JPMorgan Chase & Co. Sell 1,830 2.088 12/20/08 -- 758 Merrill Lynch & Co., Inc. Sell 1,285 4.150 9/20/09 -- 1,546 Morgan Stanley Sell 1,775 7.800 12/20/13 -- (163,333) Rite Aid Corp. Sell 530 7.500 3/20/09 -- (24,412) Rite Aid Corp. Sell 615 5.000 9/20/09 36,900 (31,850) Sprint Nextel Corp. Sell 2,940 6.300 3/20/09 -- 38,746 Tribune Co. Sell 120 5.000 12/20/09 26,400 (28,660) Tribune Co. Sell 600 5.000 12/20/09 138,000 (143,630) TXU Corp. Sell 365 5.910 12/20/12 -- (28,239) TXU Corp. Sell 350 6.050 12/20/12 -- (25,603) TXU Corp. Sell 365 6.000 12/20/12 -- (27,249) Univision Communications, Inc. Sell 25 14.600 3/20/09 -- 923 Vornado Realty LP Sell 665 3.600 3/20/09 -- 10,359 Wachovia Corp. Sell 1,345 1.000 3/20/09 -- (28,825) Washington Mutual, Inc. Sell 770 6.500 12/20/08 -- (277,282) Washington Mutual, Inc. Sell 2,670 6.800 6/20/09 -- (961,484) ---------- ------------ 201,300 (1,789,211) ---------- ------------ Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 450 0.170 5/25/46 53,996 (347,969) ABX.HE.AAA.06-2 Index Sell 40 0.110 5/25/46 -- (12,425) ABX.HE.AAA.06-2 Index Sell 40 0.110 5/25/46 -- (12,425) Allied Waste North America, Inc. Sell 630 2.000 9/20/09 -- (2,694) Allied Waste North America, Inc. Sell 990 2.000 9/20/09 -- (4,234) Ambac Assurance Corp. Sell 805 8.450 12/20/08 -- (24,620) Cemex Sell 665 2.000 3/20/09 -- 142 Centex Corp. Sell 355 1.550 9/20/09 -- (7,339) Citigroup, Inc. Sell 125 5.000 3/20/09 14,375 (6,954) Dow Jones CDX.NA.IG.7 Index Buy 3,600 0.400 12/20/11 (370) 125,744
17 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED iStar Financial, Inc. Sell 2,025 2.925 12/20/08 -- (136,123) iStar Financial, Inc. Sell 1,175 3.000 12/20/08 -- (78,781) iStar Financial, Inc. Sell 180 4.320 12/20/12 -- (67,478) iStar Financial, Inc. Sell 1,005 12.000 3/20/09 -- (93,323) Jones Apparel Group, Inc. Sell 675 2.720 6/20/13 -- (6,937) Jones Apparel Group, Inc. Buy 675 2.635 6/20/18 -- 13,472 Kohl's Corp. Sell 675 1.180 6/20/13 -- (662) Kohl's Corp. Buy 675 1.300 6/20/18 -- 2,761 Lehman Brothers Holdings, Inc. Sell 90 2.070 3/20/09 -- (79,232) Liz Claiborne, Inc. Sell 2,485 3.250 6/20/09 -- 1,382 MBIA Insurance Corp. Sell 2,580 8.850 12/20/08 -- (69,238) Prudential Financial, Inc. Sell 1,430 2.050 6/20/09 -- (335) Temple-Inland, Inc. Sell 335 3.000 9/20/09 -- 129 Tenet Healthcare Corp. Sell 1,635 1.600 3/20/09 -- (10,386) The Goldman Sachs Group, Inc. Sell 1,290 5.500 12/20/09 -- (346) The Goldman Sachs Group, Inc. Sell 930 5.450 12/20/09 -- (925) Vornado Realty LP Sell 1,345 3.875 6/20/09 -- 22,796 Wachovia Corp. Sell 2,990 1.000 3/20/09 -- (64,080) Wachovia Corp. Sell 50 1.750 3/20/09 -- (827) Washington Mutual, Inc. Sell 255 4.500 12/20/08 -- (91,827) Washington Mutual, Inc. Sell 1,275 4.500 12/20/08 -- (459,136) XL Capital Ltd. Sell 1,675 3.550 9/20/09 -- 851 ---------- ------------ 68,001 (1,411,019) ---------- ------------ Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 155 0.170 5/25/46 12,771 (119,856) ABX.HE.AA.06-2 Index Sell 760 0.170 5/25/46 300,182 (587,681) ABX.HE.AAA.06-2 Index Sell 20 0.110 5/25/46 -- (6,213) Capmark Financial Group, Inc. Sell 1,035 0.950 6/20/12 -- (435,058) ---------- ------------ 312,953 (1,148,808) ---------- ------------ Goldman Sachs International: D.R. Horton, Inc. Sell 935 4.210 12/20/08 -- 1,073 First Data Corp. Sell 110 4.700 3/20/09 -- 1,495 iStar Financial, Inc. Sell 185 3.950 12/20/12 -- (70,713) Pulte Homes, Inc. Sell 1,625 2.750 9/20/09 -- (14,945) R.H. Donnelley Corp. Sell 1,465 9.000 3/20/09 -- (12,798) Sprint Nextel Corp. Sell 1,060 6.300 3/20/09 -- 13,970 Univision Communications, Inc. Sell 350 5.000 6/20/09 35,000 (23,606) Univision Communications, Inc. Sell 140 5.000 6/20/09 15,400 (9,442) Univision Communications, Inc. Sell 360 5.000 6/20/09 21,600 (24,281) ---------- ------------ 72,000 (139,247) ---------- ------------ Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 155 0.170 5/25/46 12,383 (119,856) ABX.HE.AA.06-2 Index Sell 300 0.170 5/25/46 29,999 (231,979) ABX.HE.AAA.06-2 Index Sell 20 0.110 5/25/46 -- (6,213) Capmark Financial Group, Inc. Sell 405 5.000 6/20/12 109,350 (139,029) Countrywide Home Loans, Inc. Sell 3,070 0.420 6/20/09 -- (58,978) Ford Motor Co. Sell 2,065 7.150 12/20/16 -- (727,774) Ford Motor Co. Sell 980 7.050 12/20/16 -- (366,331) General Motors Corp. Sell 1,035 5.800 12/20/16 -- (546,164) General Motors Corp. Sell 1,000 5.750 12/20/16 -- (528,136) Inco Ltd. Buy 1,030 0.700 3/20/17 -- 24,871 Inco Ltd. Buy 1,015 0.630 3/20/17 -- 43,807 iStar Financial, Inc. Sell 170 4.860 12/20/12 -- (61,904) J.C. Penney Co., Inc. Sell 1,095 1.300 12/20/17 -- (58,301) J.C. Penney Co., Inc. Sell 1,060 1.070 12/20/17 -- (72,890) Jones Apparel Group, Inc. Sell 1,370 3.200 6/20/13 -- 11,801 Jones Apparel Group, Inc. Buy 1,370 2.970 6/20/18 -- (2,865) Kohl's Corp. Buy 1,590 0.660 12/20/17 -- 93,157 Kohl's Corp. Buy 1,640 0.870 12/20/17 -- 71,865 Lehman Brothers Holdings, Inc. Sell 220 9.600 9/20/09 -- (193,677)
18 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED Lennar Corp. Sell 1,210 2.900 12/20/08 -- (9,857) Liz Claiborne, Inc. Sell 1,345 3.100 6/20/13 -- (33,198) Liz Claiborne, Inc. Buy 1,345 2.900 6/20/18 -- 61,171 Louisiana-Pacific Corp. Sell 1,345 6.250 9/20/09 -- (1,510) The Hartford Financial Services Group, Inc. Sell 665 2.400 3/20/09 -- 4,543 Univision Communications, Inc. Sell 300 5.000 12/20/09 21,000 (20,316) Vale Overseas Ltd. Sell 1,030 1.170 3/20/17 -- (67,610) Vale Overseas Ltd. Sell 1,015 1.100 3/20/17 -- (71,089) Wachovia Corp. Sell 3,885 3.250 3/20/09 -- (26,321) ---------- ------------ 172,732 (3,032,783) ---------- ------------ $1,546,451 $(11,220,054) ========== ============
INTEREST RATE SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE ------------ ----------- ------------- ------------- ----------- --------- Credit Suisse Three-Month International $ 4,580,000 USD BBA LIBOR 5.428% 8/7/17 $ 424,763 Goldman Sachs Three-Month International 12,000,000 4.275% USD BBA LIBOR 9/5/16 (113,567) Deutsche Bank AG Three-Month 3,870,000 USD BBA LIBOR 5.445 8/8/17 363,954 --------- $ 675,150 =========
Index abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate TOTAL RETURN SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
NOTIONAL TERMINATION SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATE VALUE ----------------- ----------- ------------------ -------------------- ----------- ----------- Goldman Sachs Group, Inc. (The): If credit If credit spreads spreads as as represented by represented by the the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index narrow, Index widen, pays receives the spread $ 8,500,000 the spread change* change* 3/1/09 $ (463,870) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, plus 200 basis receives the spread 3,210,000 points* change* 3/1/09 (174,764) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, minus 50 basis receives the spread 5,280,000 points* change* 12/1/08 (289,658) If credit If credit spreads spreads as as represented by represented by the the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index narrow, Index widen, pays receives the spread 1,750,000 the spread change* change* 11/1/08 (94,168) If credit If credit spreads spreads as as represented by represented by the the Lehman Brothers Lehman Brothers U.S. CMBS AAA 8.5+ U.S. CMBS AAA 8.5+ Index narrow, Index widen, pays receives the spread 6,630,000 the spread change* change* 2/1/09 (361,818)
19 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED If credit spreads as represented by the If credit spreads Banc of America as represented by Securities LLC AAA the Banc of America 10 yr CMBS Daily Securities LLC AAA Index widen, pays 10 yr CMBS Daily the spread change Index narrow, minus 660 basis receives the spread 36,590,000 points* change* 3/31/09 (1,118,601) ----------- (2,502,879) Morgan Stanley: If credit spreads as If credit spreads represented by the as represented by Lehman Brothers the Lehman Brothers U.S. CMBS AAA U.S. CMBS AAA Index Index widen, pays narrow, receives 7,300,000 the spread change* the spread change* 2/1/09 (203,364) If credit spreads as If credit spreads represented by the as represented by Lehman Brothers the Lehman Brothers U.S. CMBS AAA U.S. CMBS AAA Index Index widen, pays narrow, receives 14,200,000 the spread change* the spread change* 3/1/09 (396,300) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, plus 250 basis receives the spread 5,960,000 points* change* 3/1/09 (324,814) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, plus 350 basis receives the spread 5,860,000 points* change* 3/1/09 (317,017) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, minus 50 basis receives the spread 17,290,000 points* change* 12/1/08 (940,240) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, minus 65 basis receives the spread 4,420,000 points* change* 12/1/08 (240,602) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, minus 95 basis receives the spread 3,530,000 points* change* 2/1/09 (189,951) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, minus 95 basis receives the spread 3,530,000 points* change* 2/1/09 (191,998) If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, minus 70 basis receives the spread 6,170,000 points* change* 2/1/09 (337,139)
20 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED If credit spreads as represented by the If credit spreads Lehman Brothers as represented by U.S. CMBS AAA 8.5+ the Lehman Brothers Index widen, pays U.S. CMBS AAA 8.5+ the spread change Index narrow, minus 50 basis receives the spread 3,170,000 points* change* 2/1/09 (171,852) ----------- (3,313,277) ----------- $(5,816,156) ===========
* The CMBS Indexes are representative indexes of segments of the commercial mortgage backed securities market. These indexes are measured by movements in the credit spreads of the underlying holdings. As the credit market perceives an improvement in the credit quality of an Index's underlying holdings and reduced probability of default, the spread of an index narrows. As the credit market perceives a decrease in credit quality and an increased probability of default on an Index's underlying holdings, the spread widens. Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. 21 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the 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 purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------ Purchased securities $109,473,929 Sold securities 6,145,960
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. 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. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may 22 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2008, securities with an aggregate market value of $36,000 , representing 0.01% of the Fund's net assets, were in default. 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. The Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. INVESTMENTS WITH OFF-BALANCE SHEET MARKET 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 financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. 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. 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. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semainnual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As 23 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. 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) is comprised of the change in the valuation of the swap 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. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports and as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. Credit risk arises from the possibility that the counterparty fails to make a payment when due or otherwise defaults under the terms of the contract. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the performance of the asset or non-asset reference. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee, similar to an insurance premium, to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include credit, market and liquidity risk. Additional risks include but are not limited to: the cost of paying for credit protection if there are no credit events or the cost of selling protection when a credit event occurs (paying the notional amount to the protection buyer); and pricing transparency when assessing the value of a credit default swap. INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic interest payments on the notional amount of the contract. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. 24 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED Interest rate swap agreements include interest rate risk. There is a risk, based on future movements of interest rates where the payments made by the Fund under a swap agreement will be greater than the payments it received. As of September 30, 2008, the Fund had no outstanding interest rate swap agreements. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Risks of total return swaps include credit, market and liquidity risk. ILLIQUID SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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 an 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 the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of September 30, 2008, the Fund had on loan securities valued at $256,559. Collateral of $290,883 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $ 501,862,686 Federal tax cost of other investments (118,712,476) ------------- Total federal tax cost $ 383,150,210 ============= Gross unrealized appreciation $ 5,296,210 Gross unrealized depreciation (70,183,980) ------------- Net unrealized depreciation $ (64,887,770) =============
25 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMON STOCKS--99.4% CONSUMER DISCRETIONARY--16.2% AUTO COMPONENTS--0.8% American Axle & Manufacturing Holdings, Inc.(1) 103,900 $ 556,904 Amerigon, Inc.(1, 2) 2,900 19,082 ArvinMeritor, Inc. 12,400 161,696 ATC Technology Corp.(2) 24,700 586,378 Autoliv, Inc. 27,200 918,000 Cooper Tire & Rubber Co.(1) 45,600 392,160 Drew Industries, Inc.(1, 2) 12,000 205,320 Exide Technologies(2) 25,100 185,238 Fuel Systems Solutions, Inc.(2) 579 19,947 Hayes Lemmerz International, Inc.(2) 2,900 7,917 Lear Corp.(1, 2) 123,200 1,293,600 Modine Manufacturing Co. 2,700 39,096 Shiloh Industries, Inc. 2,800 23,660 Stoneridge, Inc.(2) 39,487 444,229 Superior Industries International, Inc.(1) 23,200 444,512 Tenneco, Inc.(1, 2) 52,900 562,327 TRW Automotive Holdings Corp.(2) 67,500 1,073,925 Visteon Corp.(2) 15,800 36,656 --------------- 6,970,647 AUTOMOBILES--0.2% Thor Industries, Inc.(1) 62,900 1,561,178 Winnebago Industries, Inc. 5,000 64,600 --------------- 1,625,778 DISTRIBUTORS--0.1% Core-Mark Holding Co., Inc.(2) 3,300 82,467 Genuine Parts Co. 2,900 116,609 LKQ Corp.(2) 33,900 575,283 --------------- 774,359 DIVERSIFIED CONSUMER SERVICES--0.6% Career Education Corp.(2) 10,700 174,945 Coinstar, Inc.(2) 23,200 742,400 Corinthian Colleges, Inc.(2) 14,300 214,500 Hillenbrand, Inc. 7,800 157,248 K12, Inc.(2) 2,280 60,420 Learning Tree International, Inc.(2) 100 1,245 Matthews International Corp., Cl. A 10,690 542,411 Noah Education Holdings Ltd., ADR(1, 2) 20,400 71,808 Pre-Paid Legal Services, Inc.(2) 800 33,008 Regis Corp. 39,800 1,094,500 Service Corp. International 64,300 537,548 Steiner Leisure Ltd.(2) 8,700 299,106 Stewart Enterprises, Inc.(1) 97,400 765,564
1 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- DIVERSIFIED CONSUMER SERVICES CONTINUED Strayer Education, Inc. 700 $ 140,182 thinkorswim Group, Inc.(2) 12,000 99,960 Universal Technical Institute, Inc.(1, 2) 2,500 42,650 --------------- 4,977,495 HOTELS, RESTAURANTS & LEISURE--1.7% AFC Enterprises, Inc.(2) 5,400 39,204 Bob Evans Farms, Inc.(1) 79,014 2,156,292 Boyd Gaming Corp. 13,600 127,296 Brinker International, Inc. 143,400 2,565,426 Buffalo Wild Wings, Inc.(1, 2) 17,500 704,200 California Pizza Kitchen, Inc.(2) 13,900 178,893 CBRL Group, Inc. 27,150 714,045 CEC Entertainment, Inc.(2) 53,370 1,771,884 Churchill Downs, Inc. 2,500 122,450 CKE Restaurants, Inc. 71,300 755,780 Denny's Corp.(2) 160,000 412,800 DineEquity, Inc.(1) 4,700 79,242 International Speedway Corp. 31,700 1,233,447 Interval Leisure Group, Inc.(2) 8,320 86,528 Jack in the Box, Inc.(2) 52,300 1,103,530 Krispy Kreme Doughnuts, Inc.(1, 2) 46,400 153,120 Marcus Corp. (The) 19,100 307,128 O'Charley's, Inc. 5,600 49,000 Papa John's International, Inc.(1, 2) 11,933 324,100 Peet's Coffee & Tea, Inc.(1, 2) 3,900 108,888 Red Robin Gourmet Burgers, Inc.(2) 3,000 80,400 Riviera Holdings Corp.(2) 700 5,145 Ruby Tuesday, Inc.(2) 8,000 46,320 Speedway Motorsports, Inc. 24,779 482,695 Steak n Shake Co. (The)(2) 2,000 17,360 Town Sports International Holdings, Inc.(2) 9,300 56,730 Wyndham Worldwide Corp. 56,000 879,760 --------------- 14,561,663 HOUSEHOLD DURABLES--1.6% American Greetings Corp., Cl. A 82,300 1,258,367 Beazer Homes USA, Inc.(2) 24,700 147,706 Blyth, Inc. 56,580 641,617 Cavco Industries, Inc.(2) 3,300 119,295 Centex Corp. 33,000 534,600 Champion Enterprises, Inc.(1, 2) 119,600 663,780 CSS Industries, Inc.(1) 12,150 312,741 Ethan Allen Interiors, Inc.(1) 33,700 944,274 Furniture Brands International, Inc.(1) 57,200 601,744 Helen of Troy Ltd.(1, 2) 38,510 876,873 Hooker Furniture Corp. 21,210 376,478
2 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- HOUSEHOLD DURABLES CONTINUED Hovnanian Enterprises, Inc., Cl. A(2) 44,200 $ 353,158 KB Home 6,100 120,048 La-Z-Boy, Inc.(1) 62,749 584,821 Lennar Corp., Cl. A(1) 110,200 1,673,938 M/I Homes, Inc. 13,536 308,350 Meritage Homes Corp.(2) 10,500 259,350 National Presto Industries, Inc. 7,900 588,550 NVR, Inc.(2) 300 171,600 Pulte Homes, Inc. 14,700 205,359 Ryland Group, Inc. (The)(1) 67,400 1,787,448 Sealy Corp.(1) 33,500 216,410 Snap-On, Inc. 17,700 932,082 Tempur-Pedic International, Inc.(1) 5,600 65,856 Tupperware Brands Corp. 7,800 215,514 Universal Electronics, Inc.(2) 300 7,494 --------------- 13,967,453 INTERNET & CATALOG RETAIL--0.6% 1-800-FLOWERS.com, Inc.(2) 60,900 366,618 Expedia, Inc.(2) 9,700 146,567 Gaiam, Inc.(1, 2) 8,400 89,040 HSN, Inc.(2) 8,320 91,603 Liberty Media Corp.-Interactive, Series A(2) 40,700 525,437 NetFlix.com, Inc.(1, 2) 86,700 2,677,296 NutriSystem, Inc.(1) 7,500 132,900 Orbitz Worldwide, Inc.(2) 3,200 18,784 Overstock.com, Inc.(1, 2) 6,800 134,708 PetMed Express, Inc.(2) 32,000 502,400 Priceline.com, Inc.(1, 2) 5,600 383,208 Stamps.com, Inc.(2) 24,930 290,933 Ticketmaster(2) 8,320 89,274 --------------- 5,448,768 LEISURE EQUIPMENT & PRODUCTS--1.0% Brunswick Corp.(1) 84,200 1,076,918 Callaway Golf Co. 169,000 2,377,830 Hasbro, Inc. 22,800 791,616 JAKKS Pacific, Inc.(1, 2) 48,500 1,208,135 Leapfrog Enterprises, Inc.(1, 2) 69,000 728,640 Polaris Industries, Inc.(1) 45,400 2,065,246 Pool Corp.(1) 14,100 328,953 RC2 Corp.(2) 6,500 130,000 Steinway Musical Instruments, Inc.(2) 8,760 248,083 --------------- 8,955,421 MEDIA--1.1% Belo Corp., Cl. A 84,600 504,216
3 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- MEDIA CONTINUED Cablevision Systems Corp. New York Group, Cl. A 19,800 $ 498,168 Charter Communications, Inc., Cl. A(1, 2) 247,100 180,383 Cox Radio, Inc., Cl. A(1, 2) 34,700 366,432 CTC Media, Inc.(2) 3,900 58,500 Cumulus Media, Inc., Cl. A(1, 2) 24,100 102,666 DreamWorks Animation SKG, Inc., Cl. A(2) 24,700 776,815 Entercom Communications Corp. 4,000 20,080 Entravision Communications Corp.(2) 130,400 350,776 EW Scripps Co. (The), Cl. A(1) 61,100 431,977 Fisher Communications, Inc. 200 7,880 Gannett Co., Inc. 9,100 153,881 Global Sources Ltd.(1, 2) 53,800 541,766 Harte-Hanks, Inc.(1) 19,200 199,104 Journal Communications, Inc. 15,400 75,152 Liberty Media Holding Corp.-Capital, Series A(2) 7,400 99,012 Lin TV Corp., Cl. A(2) 14,300 73,788 Marvel Entertainment, Inc.(2) 10,500 358,470 McClatchy Co., Cl. A(1) 24,900 109,560 Media General, Inc., Cl. A(1) 12,000 149,160 Mediacom Communications Corp.(2) 14,900 88,208 Meredith Corp.(1) 52,400 1,469,296 National CineMedia, Inc. 24,700 272,935 Scholastic Corp. 70,100 1,800,168 Sinclair Broadcast Group, Inc., Cl. A(1) 91,899 463,171 Warner Music Group Corp.(1) 24,300 184,680 --------------- 9,336,244 MULTILINE RETAIL--1.0% Big Lots, Inc.(1, 2) 111,500 3,103,045 Dillard's, Inc., Cl. A(1) 57,800 682,040 Dollar Tree, Inc.(2) 57,600 2,094,336 Family Dollar Stores, Inc. 41,468 982,792 Fred's, Inc.(1) 60,398 858,860 Macy's, Inc. 22,300 400,954 Retail Ventures, Inc.(2) 2,500 9,750 --------------- 8,131,777 SPECIALTY RETAIL--5.5% Aaron Rents, Inc. 5,000 135,350 Aeropostale, Inc.(1, 2) 107,100 3,438,981 America's Car-Mart, Inc.(1, 2) 19,630 364,922 American Eagle Outfitters, Inc. 12,000 183,000 Ann Taylor Stores Corp.(2) 64,200 1,325,088 Asbury Automotive Group, Inc. 43,000 495,360 AutoNation, Inc.(1, 2) 168,100 1,889,444 Barnes & Noble, Inc.(1) 48,500 1,264,880
4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- SPECIALTY RETAIL CONTINUED bebe stores, inc 85,700 $ 837,289 Blockbuster, Inc., Cl. A(2) 45,600 93,480 Books-A-Million, Inc. 3,300 16,500 Borders Group, Inc. 17,700 116,112 Brown Shoe Co., Inc.(1) 70,275 1,151,105 Buckle, Inc. (The)(1) 54,000 2,999,160 Cato Corp., Cl. A 23,500 412,425 Charlotte Russe Holding, Inc.(2) 3,000 30,750 Charming Shoppes, Inc.(2) 18,700 91,443 Children's Place Retail Stores, Inc.(1, 2) 29,500 983,825 Christopher & Banks Corp. 24,000 184,080 Citi Trends, Inc.(2) 14,727 239,903 Conn's, Inc.(1, 2) 12,200 228,262 Dress Barn, Inc. (The)(1, 2) 121,704 1,860,854 Finish Line, Inc. (The), Cl. A 121,200 1,210,788 Foot Locker, Inc. 193,900 3,133,424 Genesco, Inc.(2) 23,000 770,040 Group 1 Automotive, Inc.(1) 11,700 254,241 Gymboree Corp.(2) 35,400 1,256,700 Haverty Furniture Cos., Inc.(1) 25,800 295,152 Hibbett Sports, Inc.(1, 2) 33,400 668,668 Hot Topic, Inc.(2) 48,500 320,585 Jo-Ann Stores, Inc.(1, 2) 52,617 1,103,905 Limited Brands, Inc. 51,800 897,176 Lumber Liquidators, Inc.(2) 3,700 46,472 Men's Wearhouse, Inc. (The) 12,000 254,880 Monro Muffler Brake, Inc. 4,980 114,839 New York & Co., Inc.(2) 71,100 678,294 Office Depot, Inc.(2) 118,000 686,760 OfficeMax, Inc. 83,300 740,537 Pacific Sunwear of California, Inc.(2) 21,700 146,041 Penske Automotive Group, Inc.(1) 104,700 1,200,909 Pep Boys-Manny, Moe & Jack 8,100 50,058 Pier 1 Imports, Inc.(2) 16,900 69,797 RadioShack Corp. 176,100 3,043,008 Rent-A-Center, Inc.(2) 106,600 2,375,048 Ross Stores, Inc. 30,300 1,115,343 Sally Beauty Holdings, Inc.(1, 2) 219,500 1,887,700 Sonic Automotive, Inc.(1) 9,500 80,370 Stage Stores, Inc. 37,600 513,616 Systemax, Inc.(1) 12,800 179,968 Talbots, Inc. (The)(1) 31,700 415,270 Tractor Supply Co.(1, 2) 58,005 2,439,110 Tween Brands, Inc.(2) 6,300 61,677 Wet Seal, Inc., Cl. A(2) 160,900 584,067
5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- SPECIALTY RETAIL CONTINUED Williams-Sonoma, Inc.(1) 93,000 $ 1,504,740 Zale Corp.(1, 2) 25,700 642,500 --------------- 47,083,896 TEXTILES, APPAREL & LUXURY GOODS--2.0% Carter's, Inc.(2) 55,400 1,093,042 Columbia Sportswear Co.(1) 8,300 348,268 Jones Apparel Group, Inc. 155,200 2,872,752 Kenneth Cole Productions, Inc., Cl. A 3,100 45,570 Liz Claiborne, Inc. 179,563 2,950,220 Maidenform Brands, Inc.(2) 25,900 375,809 Movado Group, Inc. 2,500 55,875 Oxford Industries, Inc. 2,000 51,660 Perry Ellis International, Inc.(2) 31,200 465,192 Phillips/Van Heusen Corp. 11,400 432,174 Quicksilver, Inc.(2) 20,900 119,966 Skechers USA, Inc., Cl. A(2) 33,100 557,073 Steven Madden Ltd.(2) 17,200 426,216 Timberland Co., Cl. A(2) 17,200 298,764 True Religion Apparel, Inc.(1, 2) 30,200 780,670 Unifi, Inc.(2) 4,600 22,264 UniFirst Corp. 16,954 730,548 Warnaco Group, Inc. (The)(2) 63,900 2,894,031 Wolverine World Wide, Inc.(1) 92,050 2,435,643 --------------- 16,955,737 CONSUMER STAPLES--3.0% BEVERAGES--0.0% Boston Beer Co., Inc., Cl. A(2) 6,400 303,936 FOOD & STAPLES RETAILING--0.9% Arden Group, Inc., Cl. A 1,505 219,158 BJ's Wholesale Club, Inc.(2) 4,800 186,528 Casey's General Stores, Inc. 51,000 1,538,670 Ingles Markets, Inc., Cl. A 8,000 182,640 Longs Drug Stores, Inc. 43,659 3,302,367 Nash Finch Co.(1) 24,600 1,060,752 Pantry, Inc. (The)(2) 4,700 99,593 Spartan Stores, Inc. 26,300 654,344 Weis Markets, Inc. 600 21,606 --------------- 7,265,658 FOOD PRODUCTS--0.8% Agria Corp., ADR(2) 1,065 3,621 Chiquita Brands International, Inc.(1, 2) 108,700 1,718,547 Darling International, Inc.(2) 111,200 1,235,432 Del Monte Foods Co. 135,600 1,057,680 Diamond Foods, Inc. 26,800 751,204 Flowers Foods, Inc. 27,950 820,612
6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- FOOD PRODUCTS CONTINUED Fresh Del Monte Produce, Inc.(2) 25,300 $ 561,660 J&J Snack Foods Corp. 5,200 176,332 Omega Protein Corp.(2) 33,540 394,430 Pilgrim's Pride Corp.(1) 11,800 29,382 Ralcorp Holdings, Inc.(2) 3,000 202,230 Reddy Ice Holdings, Inc. 5,600 20,440 Sanderson Farms, Inc. 2,157 79,248 TreeHouse Foods, Inc.(2) 4,900 145,530 --------------- 7,196,348 HOUSEHOLD PRODUCTS--0.1% Central Garden & Pet Co., Cl. A(2) 2,700 16,065 WD-40 Co. 16,386 588,749 --------------- 604,814 PERSONAL PRODUCTS--0.9% American Oriental Bioengineering, Inc.(1, 2) 138,700 900,163 Chattem, Inc.(1, 2) 28,500 2,228,130 Elizabeth Arden, Inc.(2) 14,520 285,028 Herbalife Ltd. 13,200 521,664 Inter Parfums, Inc. 26,750 362,730 NBTY, Inc.(2) 75,000 2,214,000 Nu Skin Asia Pacific, Inc., Cl. A(1) 65,100 1,055,922 Prestige Brands Holdings, Inc.(2) 60,200 534,576 Revlon, Inc., Cl. A(2) 1,200 17,820 --------------- 8,120,033 TOBACCO--0.3% Universal Corp. 50,900 2,498,681 ENERGY--5.8% ENERGY EQUIPMENT & SERVICES--2.6% Allis-Chalmers Energy, Inc.(2) 9,100 115,115 Atwood Oceanics, Inc.(2) 2,700 98,280 Basic Energy Services, Inc.(1, 2) 6,700 142,710 BJ Services Co. 27,000 516,510 Complete Production Services, Inc.(1, 2) 15,000 301,950 Dawson Geophysical Co.(1, 2) 5,100 238,119 Dresser-Rand Group, Inc.(2) 8,800 276,936 ENGlobal Corp.(1, 2) 34,100 452,507 ENSCO International, Inc. 31,465 1,813,328 FMC Technologies, Inc.(2) 11,500 535,325 Forbes Energy Services Ltd., Legend Shares(2, 3) 101,800 359,660 Grey Wolf, Inc.(2) 340,400 2,648,312 Gulf Island Fabrication, Inc. 22,700 782,469 Gulfmark Offshore, Inc.(2) 35,600 1,597,728 Hornbeck Offshore Services, Inc.(1, 2) 12,100 467,302 ION Geophysical Corp.(1, 2) 39,400 559,086
7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- ENERGY EQUIPMENT & SERVICES CONTINUED Key Energy Services, Inc.(2) 65,600 $ 760,960 Lufkin Industries, Inc. 18,600 1,475,910 Matrix Service Co.(2) 5,900 112,690 Nabors Industries Ltd.(2) 32,100 799,932 NATCO Group, Inc., Cl. A(1, 2) 2,600 104,468 Natural Gas Services Group(2) 17,800 310,966 Newpark Resources, Inc.(1, 2) 114,397 835,098 North American Energy Partners, Inc.(2) 13,800 143,106 Oil States International, Inc.(2) 18,900 668,115 Parker Drilling Co.(2) 13,100 105,062 Patterson-UTI Energy, Inc. 61,000 1,221,220 Pioneer Drilling Co.(2) 57,500 764,750 Pride International, Inc.(2) 17,900 530,019 Seacor Holdings, Inc.(1, 2) 21,900 1,729,005 T-3 Energy Services, Inc.(2) 600 22,272 Technicoil Corp.(2) 126,700 69,050 Technicoil Corp., Legend Shares(2) 7,100 3,869 Union Drilling, Inc.(2) 17,548 185,833 Unit Corp.(2) 22,100 1,101,022 Willbros Group, Inc.(2) 2,400 63,600 --------------- 21,912,284 OIL, GAS & CONSUMABLE FUELS--3.2% Abraxas Petroleum Corp.(2) 14,700 38,367 Alberta Clipper Energy, Inc.(2) 3,287 5,405 Alpha Natural Resources, Inc.(2) 11,300 581,159 Arlington Tankers Ltd.(1) 9,300 143,034 Berry Petroleum Co., Cl. A 45,200 1,750,596 Bill Barrett Corp.(2) 40,800 1,310,088 BPZ Resources, Inc.(1, 2) 21,900 376,680 Brigham Exploration Co.(2) 61,000 670,390 Callon Petroleum Co.(2) 36,600 659,898 Cano Petroleum, Inc.(2) 6,700 15,477 Celtic Exploration Ltd., Legend Shares(2) 2,800 37,044 Cimarex Energy Co.(1) 31,100 1,521,101 Comstock Resources, Inc.(2) 10,300 515,515 Concho Resources, Inc.(2) 24,600 679,206 Continental Resources, Inc.(2) 1,120 43,938 CVR Energy, Inc.(2) 3,500 29,820 Delek US Holdings, Inc. 6,700 62,109 Delphi Energy Corp., Legend Shares(2) 3,700 5,910 Delta Petroleum Corp.(1, 2) 21,100 286,538 Denbury Resources, Inc.(2) 38,100 725,424 Enbridge Energy Management LLC(2) 408 17,083
8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Energy Partners Ltd.(2) 36,332 $ 314,998 EXCO Resources, Inc.(2) 13,400 218,688 Frontier Oil Corp. 21,000 386,820 Galleon Energy, Inc., Cl. A(2) 5,050 44,462 Galleon Energy, Inc., Subscription Receipts, Legend Shares(2) 11,250 99,049 Gasco Energy, Inc.(1, 2) 95,100 173,082 General Maritime Corp.(1) 23,000 448,040 GeoResources, Inc.(2) 8,500 97,410 Great Plains Exploration, Inc.(2) 32,360 19,764 Houston American Energy Corp. 1,600 10,112 Jura Energy Corp., Legend Shares(2) 110,300 35,238 Knightsbridge Tankers Ltd.(1) 28,300 749,101 Mariner Energy, Inc.(2) 75,000 1,537,500 Massey Energy Co. 21,400 763,338 Meridian Resource Corp. (The)(2) 46,000 84,640 Midnight Oil Exploration Ltd.(2) 45,050 57,146 Noble Energy, Inc. 3,000 166,770 Nordic American Tanker Shipping Ltd.(1) 23,100 740,586 Overseas Shipholding Group, Inc. 13,100 763,861 Paramount Resources Ltd., Cl. A(2) 4,500 47,992 Penn Virginia Corp.(1) 4,800 256,512 Petrohawk Energy Corp.(2) 31,900 689,997 PetroQuest Energy, Inc.(2) 19,200 294,720 Plains Exploration & Production Co.(2) 22,600 794,616 Rentech, Inc.(1, 2) 12,100 16,093 Rosetta Resources, Inc.(2) 84,200 1,545,912 Ship Finance International Ltd.(1) 3,400 73,304 Stone Energy Corp.(2) 57,984 2,454,463 Swift Energy Co.(2) 50,300 1,946,107 Teekay Tankers Ltd., Cl. A(1) 25,100 424,943 Tristar Oil & Gas Ltd.(2) 4,800 69,999 Tusk Energy Corp.(2) 38,312 57,958 Tusk Energy Corp., Legend Shares(2, 4) 21,300 32,223 Tusk Energy Corp., Legend Shares(2) 77,900 117,847 VAALCO Energy, Inc.(2) 124,600 852,264 Venoco, Inc.(2) 7,400 96,200 VeraSun Energy Corp.(1, 2) 70,600 220,978 Vero Energy, Inc.(2) 22,282 154,932 W&T Offshore, Inc. 45,500 1,241,695 Warren Resources, Inc.(2) 25,100 250,498 Westmoreland Coal Co.(1, 2) 4,000 63,200 --------------- 27,887,840
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- FINANCIALS--16.1% CAPITAL MARKETS--0.7% E*TRADE Financial Corp.(2) 136,500 $ 382,200 GAMCO Investors, Inc., Cl. A 4,640 275,152 Greenhill & Co., Inc. 2,000 147,500 Invesco Ltd. 13,900 291,622 KBW, Inc.(1, 2) 23,000 757,620 Knight Capital Group, Inc., Cl. A(1, 2) 55,500 824,730 LaBranche & Co., Inc.(2) 65,200 293,400 Legg Mason, Inc. 9,600 365,376 NGP Capital Resources Co.(1) 4,500 65,565 Penson Worldwide, Inc.(2) 22,000 305,140 Sanders Morris Harris Group, Inc. 900 7,785 Stifel Financial Corp.(2) 8,150 406,685 SWS Group, Inc. 44,656 900,265 TD Ameritrade Holding Corp.(2) 47,900 775,980 Tradestation Group, Inc.(2) 3,900 36,465 U.S. Global Investors, Inc., Cl. A 1,200 12,060 --------------- 5,847,545 COMMERCIAL BANKS--4.0% 1st Source Corp. 400 9,400 BancFirst Corp. 5,400 260,982 Banco Latinoamericano de Exportaciones SA, Cl. E 12,500 180,250 Cathay Bancorp, Inc. 5,500 130,900 Central Pacific Financial Corp. 9,200 154,652 Chemical Financial Corp.(1) 17,700 551,178 Citizens Republic Bancorp, Inc. 13,100 40,348 City Holding Co. 24,100 1,018,225 CoBiz Financial, Inc. 1,000 12,010 Colonial BancGroup, Inc. (The) 47,000 369,420 Community Bank System, Inc.(1) 49,500 1,244,925 Community Trust Bancorp, Inc. 11,200 385,280 CVB Financial Corp. 200 2,780 East West Bancorp, Inc. 21,918 300,277 First Commonwealth Financial Corp.(1) 44,400 598,068 First Community Bancshares, Inc.(1) 4,700 176,344 First Financial Bancorp 15,300 223,380 First Horizon National Corp.(1) 100,794 943,432 First Merchants Corp. 16,300 371,640 First Midwest Bancorp, Inc.(1) 30,600 741,744 First Security Group, Inc. 14,800 108,336 FirstMerit Corp. 21,200 445,200 Frontier Financial Corp.(1) 44,170 593,203 Hancock Holding Co.(1) 12,700 647,700 Hanmi Financial Corp. 2,900 14,645 Huntington Bancshares, Inc.(1) 48,600 388,314 IBERIABANK Corp. 8,000 422,800
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMERCIAL BANKS CONTINUED Independent Bank Corp., Massachusetts 4,600 $ 143,382 International Bancshares Corp. 38,800 1,047,600 MainSource Financial Group, Inc.(1) 8,500 166,600 MB Financial, Inc. 1,800 59,526 National Penn Bancshares, Inc.(1) 112,200 1,638,120 NBT Bancorp, Inc.(1) 29,600 885,632 Old National Bancorp(1) 79,490 1,591,390 Oriental Financial Group, Inc.(1) 30,800 550,088 Pacific Capital Bancorp(1) 91,400 1,859,990 PacWest Bancorp 4,700 134,373 Park National Corp.(1) 7,500 585,000 Popular, Inc.(1) 176,400 1,462,356 Porter Bancorp, Inc. 2,400 42,696 Prosperity Bancshares, Inc. 7,200 244,728 Provident Bankshares Corp. 14,600 141,766 Regions Financial Corp.(1) 34,900 335,040 Renasant Corp. 4,000 86,840 Republic Bancorp, Inc., Cl. A 4,500 136,440 S&T Bancorp, Inc. 7,500 276,225 Sandy Spring Bancorp, Inc. 700 15,470 Santander BanCorp 3,400 36,720 Simmons First National Corp. 8,700 309,720 South Financial Group, Inc. (The) 14,200 104,086 Southside Bancshares, Inc. 8,300 209,160 Sterling Bancorp 33,500 484,410 Susquehanna Bancshares, Inc.(1) 128,400 2,506,368 SVB Financial Group(2) 7,600 440,192 TCF Financial Corp.(1) 118,600 2,134,800 Tompkins Financial Corp.(1) 8,530 430,765 Trustmark Corp.(1) 8,700 180,438 UMB Financial Corp. 4,300 225,836 Umpqua Holdings Corp.(1) 2,400 35,304 United Community Banks, Inc. 2,500 33,150 Webster Financial Corp. 88,400 2,232,100 WesBanco, Inc.(1) 26,900 716,078 Westamerica Bancorp 15,200 874,456 Western Alliance Bancorp(2) 1,900 29,374 Whitney Holding Corp.(1) 29,600 717,800 Wintrust Financial Corp. 12,400 363,940 Zions Bancorp 7,400 286,380 --------------- 34,089,772 CONSUMER FINANCE--0.9% Advance America Cash Advance Centers, Inc. 3,500 10,465 Advanta Corp., Cl. B 36,550 300,807 AmeriCredit Corp.(1, 2) 96,200 974,506 Cash America International, Inc. 57,882 2,086,067
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- CONSUMER FINANCE CONTINUED Discover Financial Services 101,900 $ 1,408,258 EZCORP, Inc., Cl. A(2) 78,890 1,483,132 First Cash Financial Services, Inc.(2) 26,200 393,000 First Marblehead Corp. (The) 17,800 44,322 Nelnet, Inc., Cl. A 6,200 88,040 World Acceptance Corp.(1, 2) 30,100 1,083,600 --------------- 7,872,197 DIVERSIFIED FINANCIAL SERVICES--0.3% Asset Acceptance Capital Corp.(1, 2) 23,100 243,474 Encore Capital Group, Inc.(1, 2) 4,400 60,280 Financial Federal Corp. 41,230 944,992 Interactive Brokers Group, Inc., Cl. A(2) 6,600 146,322 MarketAxess Holdings, Inc.(2) 8,600 69,402 PHH Corp.(2) 58,000 770,820 Pico Holdings, Inc.(2) 1,000 35,910 Portfolio Recovery Associates, Inc.(1, 2) 6,700 325,821 --------------- 2,597,021 INSURANCE--6.5% Allied World Assurance Holdings Ltd. 46,940 1,667,309 American Equity Investment Life Holding Co. 63,900 479,250 American Financial Group, Inc. 32,300 952,850 American Physicians Capital, Inc. 21,650 916,445 Amerisafe, Inc.(2) 39,300 715,260 AmTrust Financial Services, Inc. 63,200 858,888 Arch Capital Group Ltd.(2) 11,200 817,936 Argo Group International Holdings Ltd.(2) 990 36,482 Aspen Insurance Holdings Ltd. 108,300 2,978,250 Assurant, Inc. 23,100 1,270,500 Axis Capital Holdings Ltd. 44,400 1,407,924 Berkley (W.R.) Corp. 51,800 1,219,890 Brown & Brown, Inc.(1) 31,800 687,516 Cincinnati Financial Corp. 4,900 139,356 CNA Financial Corp. 37,000 970,880 CNA Surety Corp.(2) 24,000 400,800 Conseco, Inc.(2) 95,900 337,568 Crawford & Co.(2) 700 10,640 Darwin Professional Underwriters, Inc.(2) 7,600 236,436 Delphi Financial Group, Inc., Cl. A 27,550 772,502 Donegal Group, Inc., Cl. A 1,066 19,327 eHealth, Inc.(2) 2,400 38,400 EMC Insurance Group, Inc. 500 14,740 Employers Holdings, Inc. 41,200 716,056 Endurance Specialty Holdings Ltd. 70,400 2,176,768 Everest Re Group Ltd. 1,000 86,530 FBL Financial Group, Inc., Cl. A 25,000 697,250 Fidelity National Title Group, Inc., Cl. A(1) 52,700 774,690
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- INSURANCE CONTINUED First American Corp. 12,400 $ 365,800 Flagstone Reinsurance Holdings Ltd. 2,300 23,621 FPIC Insurance Group, Inc.(2) 16,200 832,518 Genworth Financial, Inc., Cl. A 82,600 711,186 Hallmark Financial Services, Inc.(1, 2) 7,700 69,993 Hanover Insurance Group, Inc. 13,500 614,520 Harleysville Group, Inc. 30,200 1,141,560 HCC Insurance Holdings, Inc. 19,400 523,800 Hilb Rogal & Hobbs Co. 3,800 177,612 Horace Mann Educators Corp. 14,400 185,328 Infinity Property & Casualty Corp. 23,100 951,720 IPC Holdings Ltd. 80,700 2,437,947 LandAmerica Financial Group, Inc. 5,100 123,675 Max Capital Group Ltd.(1) 99,500 2,311,385 Meadowbrook Insurance Group, Inc. 19,707 139,131 Montpelier Re Holdings Ltd. 41,400 683,514 National Financial Partners Corp. 27,000 405,000 National Interstate Corp.(1) 10,000 240,300 National Western Life Insurance Co., Cl. A 600 145,242 Nationwide Financial Services, Inc., Cl. A 13,900 685,687 Navigators Group, Inc. (The)(2) 20,900 1,212,200 Odyssey Re Holdings Corp.(1) 22,000 963,600 OneBeacon Insurance Group Ltd. 17,480 369,702 Philadelphia Consolidated Holding Co.(2) 31,700 1,856,669 Phoenix Cos., Inc. (The)(1) 48,800 450,912 Platinum Underwriters Holdings Ltd. 83,700 2,969,676 PMA Capital Corp., Cl. A(2) 8,500 74,970 Presidential Life Corp. 2,700 42,633 ProAssurance Corp.(1, 2) 44,200 2,475,200 Protective Life Corp. 28,200 803,982 Reinsurance Group of America, Inc.(1) 4,000 216,000 RenaissanceRe Holdings Ltd. 9,400 488,800 RLI Corp. 21,500 1,334,935 Safety Insurance Group, Inc. 17,200 652,396 Seabright Insurance Holdings, Inc.(2) 20,800 270,400 Selective Insurance Group, Inc.(1) 57,272 1,312,674 StanCorp Financial Group, Inc. 23,000 1,196,000 State Auto Financial Corp. 7,800 226,746 Transatlantic Holdings, Inc. 7,500 407,625 United America Indemnity Ltd., Cl. A(2) 28,606 407,063 United Fire & Casualty Co. 2,400 68,616 Unitrin, Inc. 23,900 596,066 UnumProvident Corp. 80,000 2,008,000 Validus Holdings Ltd. 1,400 32,550 Zenith National Insurance Corp. 23,996 879,213 --------------- 55,486,610
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- REAL ESTATE INVESTMENT TRUSTS--3.1% Acadia Realty Trust 2,500 $ 63,200 Agree Realty Corp.(1) 9,400 268,840 Alexander's, Inc.(2) 300 120,000 Alexandria Real Estate Equities, Inc. 6,700 753,750 American Campus Communities, Inc. 1,800 60,984 Arbor Realty Trust, Inc.(1) 3,900 39,000 Ashford Hospitality Trust 49,600 200,880 Associated Estates Realty Corp. 5,800 75,574 BioMed Realty Trust, Inc. 23,500 621,575 Brandywine Realty Trust 19,314 309,603 Capital Lease Funding, Inc.(1) 4,700 37,271 CBL & Associates Properties, Inc. 19,600 393,568 Cedar Shopping Centers, Inc. 10,300 136,166 Corporate Office Properties Trust 13,600 548,760 DCT Industrial Trust, Inc. 5,100 38,199 DiamondRock Hospitality Co. 79,400 722,540 Digital Realty Trust, Inc. 29,800 1,408,050 EastGroup Properties, Inc. 10,400 504,816 Entertainment Properties Trust(1) 19,000 1,039,680 Equity Lifestyle Properties, Inc. 8,600 456,058 Equity One, Inc.(1) 15,400 315,546 Extra Space Storage, Inc. 18,100 278,016 FelCor Lodging Trust, Inc. 61,700 441,772 First Industrial Realty Trust, Inc.(1) 35,400 1,015,272 Glimcher Realty Trust(1) 4,900 51,156 Gramercy Capital Corp. 6,200 16,058 Healthcare Realty Trust, Inc. 16,000 466,400 Hersha Hospitality Trust 10,500 78,120 Highwoods Properties, Inc. 27,000 960,120 Home Properties of New York, Inc.(1) 15,500 898,225 Inland Real Estate Corp. 45,700 717,033 Investors Real Estate Trust(1) 1,900 21,261 Kite Realty Group Trust 10,100 111,100 LaSalle Hotel Properties 11,800 275,176 Lexington Realty Trust(1) 26,800 461,496 LTC Properties, Inc. 13,700 401,684 Medical Properties Trust, Inc.(1) 20,400 231,540 Mid-America Apartment Communities, Inc.(1) 11,600 570,024 National Health Investors, Inc. 5,800 198,244 National Retail Properties, Inc.(1) 36,900 883,755 Nationwide Health Properties, Inc. 58,100 2,090,438 Omega Healthcare Investors, Inc. 47,000 924,020 Parkway Properties, Inc. 9,700 367,242 Pennsylvania Real Estate Investment Trust 24,100 454,285 Post Properties, Inc. 1,800 50,346 Potlatch Corp. 8,500 394,315 PS Business Parks, Inc. 6,900 397,440 Ramco-Gershenson Properties Trust 7,900 177,118
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED Realty Income Corp.(1) 42,200 $ 1,080,320 Saul Centers, Inc. 4,600 232,484 Senior Housing Properties Trust 51,600 1,229,628 Sovran Self Storage, Inc. 8,200 366,458 Strategic Hotels & Resorts, Inc. 40,800 308,040 Sunstone Hotel Investors, Inc. 19,979 269,717 Tanger Factory Outlet Centers, Inc.(1) 23,900 1,046,581 Taubman Centers, Inc. 11,000 550,000 Universal Health Realty Income Trust 500 19,450 Urstadt Biddle Properties, Inc., Cl. A 1,200 22,500 Washington Real Estate Investment Trust(1) 18,100 663,003 --------------- 26,833,897 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0% Avatar Holdings, Inc.(2) 300 9,900 Forestar Real Estate Group, Inc.(2) 2,500 36,875 --------------- 46,775 THRIFTS & MORTGAGE FINANCE--0.6% Anchor BanCorp Wisconsin, Inc.(1) 10,900 80,115 Bank Mutual Corp. 32,400 367,740 BankFinancial Corp. 1,100 16,148 Brookline Bancorp, Inc. 33,400 427,186 Dime Community Bancshares, Inc. 47,500 722,950 Encore Bancshares, Inc.(2) 8,400 151,200 First Niagara Financial Group, Inc. 10,400 163,800 First Place Financial Corp. 3,200 41,120 Flagstar Bancorp, Inc. 4,900 14,602 Flushing Financial Corp. 26,200 458,500 Hudson City Bancorp, Inc. 25,500 470,475 NewAlliance Bancshares, Inc. 16,500 247,995 Northwest Bancorp, Inc. 1,700 46,818 OceanFirst Financial Corp. 4,100 74,292 Ocwen Financial Corp.(1, 2) 16,400 132,020 PMI Group, Inc. (The) 64,100 189,095 Provident Financial Services, Inc. 63,500 1,048,385 Provident New York Bancorp 33,400 441,548 TierOne Corp. 8,300 42,579 Tree.com, Inc.(2) 1,386 6,681 Trustco Bank Corp. NY 27,300 319,683 WSFS Financial Corp. 4,100 246,000 --------------- 5,708,932 HEALTH CARE--8.7% BIOTECHNOLOGY--1.4% Acorda Therapeutics, Inc.(1, 2) 8,500 202,725 Alexion Pharmaceuticals, Inc.(2) 18,800 738,840 Allos Therapeutics, Inc.(2) 32,570 241,344 Alnylam Pharmaceuticals, Inc.(1, 2) 34,800 1,007,460
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- BIOTECHNOLOGY CONTINUED AVANT Immunotherapeutics, Inc.(1, 2) 9,675 $ 112,520 Celera Corp.(2) 3,100 47,895 Cubist Pharmaceuticals, Inc.(2) 89,800 1,996,254 CV Therapeutics, Inc.(2) 46,100 497,880 Dendreon Corp.(1, 2) 47,700 272,367 Emergent Biosolutions, Inc.(2) 30,910 404,612 Enzon Pharmaceuticals, Inc.(1, 2) 65,900 486,342 Geron Corp.(2) 4,800 18,960 GTx, Inc.(1, 2) 11,200 213,024 Halozyme Therapeutics, Inc.(2) 4,400 32,296 Human Genome Sciences, Inc.(2) 18,200 115,570 Ligand Pharmaceuticals, Inc., Cl. B(2) 2,600 7,670 MannKind Corp.(2) 3,200 12,352 Martek Biosciences Corp.(1) 77,919 2,448,215 Medarex, Inc.(2) 7,300 47,231 Momenta Pharmaceuticals, Inc.(2) 42,400 555,864 Myriad Genetics, Inc.(1, 2) 4,800 311,424 Nabi Biopharmaceuticals, Inc.(2) 2,200 10,252 Onyx Pharmaceuticals, Inc.(2) 3,100 112,158 OSI Pharmaceuticals, Inc.(2) 6,100 300,669 PDL BioPharma, Inc. 45,400 422,674 Progenics Pharmaceuticals, Inc.(2) 3,500 46,585 Rigel Pharmaceuticals, Inc.(2) 10,300 240,505 RXi Pharmaceuticals Corp.(1, 2) 4,285 34,966 Savient Pharmaceuticals, Inc.(1, 2) 19,400 289,254 Seattle Genetics, Inc.(2) 5,500 58,850 United Therapeutics Corp.(1, 2) 5,300 557,401 ZymoGenetics, Inc.(1, 2) 5,400 35,964 --------------- 11,880,123 HEALTH CARE EQUIPMENT & SUPPLIES--2.1% Abaxis, Inc.(1, 2) 7,690 151,493 Align Technology, Inc.(1, 2) 8,200 88,806 American Medical Systems Holdings, Inc.(2) 25,900 459,984 Analogic Corp.(1) 33,000 1,642,080 AngioDynamics, Inc.(2) 12,000 189,600 ConMed Corp.(2) 36,000 1,152,000 CryoLife, Inc.(1, 2) 41,900 549,728 Cyberonics, Inc.(1, 2) 41,503 705,551 Datascope Corp. 14,200 733,146 Exactech, Inc.(2) 10,800 240,192 Hill-Rom Holdings, Inc.(1) 42,000 1,273,020 Invacare Corp.(1) 27,000 651,780 IRIS International, Inc.(2) 8,400 150,360
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Kensey Nash Corp.(2) 25,600 $ 805,376 Masimo Corp.(2) 9,700 360,840 Merit Medical Systems, Inc.(2) 41,300 775,201 Natus Medical, Inc.(1, 2) 26,400 598,224 Neogen Corp.(2) 1,810 51,006 NuVasive, Inc.(1, 2) 9,104 449,100 Quidel Corp.(1, 2) 43,600 715,476 Sirona Dental Systems, Inc.(1, 2) 18,900 439,992 Somanetics Corp.(2) 17,600 384,912 SonoSite, Inc.(1, 2) 14,117 443,274 Spectranetics Corp. (The)(2) 1,800 8,334 Steris Corp. 73,000 2,743,340 Symmetry Medical, Inc.(2) 13,600 252,416 Synovis Life Technologies, Inc.(2) 14,800 278,536 Teleflex, Inc. 300 19,047 Vital Signs, Inc. 2,210 163,319 VNUS Medical Technologies, Inc.(2) 15,160 317,299 Zoll Medical Corp.(2) 31,300 1,024,136 --------------- 17,817,568 HEALTH CARE PROVIDERS & SERVICES--3.3% Alliance Imaging, Inc.(2) 41,300 424,151 Almost Family, Inc.(1, 2) 5,400 213,570 Amedisys, Inc.(1, 2) 9,100 442,897 AMERIGROUP Corp.(2) 58,100 1,466,444 AMN Healthcare Services, Inc.(1, 2) 35,200 618,464 AmSurg Corp.(2) 8,620 219,551 Apria Healthcare Group, Inc.(1, 2) 47,800 871,872 Assisted Living Concepts, Inc.(2) 8,600 54,782 Centene Corp.(2) 90,400 1,854,104 Chemed Corp. 37,360 1,534,002 Chindex International, Inc.(1, 2) 4,850 52,671 CorVel Corp.(2) 5,700 163,077 Coventry Health Care, Inc.(2) 3,100 100,905 Cross Country Healthcare, Inc.(2) 17,300 281,817 Emergency Medical Services LP, Cl. A(1, 2) 10,400 310,752 Gentiva Health Services, Inc.(2) 18,100 487,614 Hanger Orthopedic Group, Inc.(2) 44,400 774,780 Health Net, Inc.(2) 7,400 174,640 HealthExtras, Inc.(2) 17,848 466,190 Healthspring, Inc.(2) 126,200 2,670,392 Kindred Healthcare, Inc.(2) 39,500 1,089,015 Landauer, Inc. 13,700 996,675 LHC Group, Inc.(2) 2,100 59,808
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED LifePoint Hospitals, Inc.(1, 2) 86,000 $ 2,764,040 Lincare Holdings, Inc.(1, 2) 46,000 1,384,140 Magellan Health Services, Inc.(2) 3,200 131,392 MedCath Corp.(2) 1,600 28,672 Molina Healthcare, Inc.(1, 2) 41,900 1,298,900 National HealthCare Corp. 500 23,560 Odyssey Healthcare, Inc.(2) 20,700 210,105 Omnicare, Inc. 2,200 63,294 Owens & Minor, Inc. 67,200 3,259,200 PharMerica Corp.(2) 41,700 937,833 Providence Service Corp.(2) 4,600 45,080 PSS World Medical, Inc.(1, 2) 21,800 425,100 Psychiatric Solutions, Inc.(2) 4,800 182,160 RehabCare Group, Inc.(2) 28,400 514,040 Res-Care, Inc.(2) 22,656 410,980 Skilled Healthcare Group, Inc., Cl. A(2) 7,100 112,819 Sun Healthcare Group, Inc.(1, 2) 7,692 112,765 Universal American Corp.(1, 2) 7,567 92,242 WellCare Health Plans, Inc.(2) 23,140 833,040 --------------- 28,157,535 HEALTH CARE TECHNOLOGY--0.1% HLTH Corp.(2) 5,700 65,151 Phase Forward, Inc.(2) 24,500 512,295 --------------- 577,446 LIFE SCIENCES TOOLS & SERVICES--0.8% Albany Molecular Research, Inc.(2) 37,300 674,757 Bio-Rad Laboratories, Inc., Cl. A(2) 2,600 257,712 Bruker Corp.(2) 5,400 71,982 Dionex Corp.(2) 8,040 510,942 Enzo Biochem, Inc.(1, 2) 2,300 25,254 eResearch Technology, Inc.(2) 64,200 764,622 Illumina, Inc.(2) 9,800 397,194 Life Sciences Research, Inc.(2) 3,800 133,000 Luminex Corp.(2) 40,500 1,012,905 Medivation, Inc.(1, 2) 3,700 97,902 Nektar Therapeutics(2) 16,600 59,594 Parexel International Corp.(2) 58,200 1,668,012 Sequenom, Inc.(1, 2) 8,600 228,932 Varian, Inc.(1, 2) 28,800 1,235,520 --------------- 7,138,328 PHARMACEUTICALS--1.0% Adolor Corp.(2) 49,340 170,223 Auxilium Pharmaceuticals, Inc.(1, 2) 11,500 372,600
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- PHARMACEUTICALS CONTINUED BioMimetic Therapeutics, Inc.(2) 4,400 $ 48,664 CPEX Pharmaceuticals, Inc.(2) 350 6,563 Durect Corp.(2) 4,198 23,509 Endo Pharmaceuticals Holdings, Inc.(2) 47,300 946,000 K-V Pharmaceutical Co., Cl. A(1, 2) 12,813 290,983 King Pharmaceuticals, Inc.(1, 2) 211,300 2,024,254 Medicines Co. (The)(2) 6,000 139,320 Medicis Pharmaceutical Corp., Cl. A(1) 47,400 706,734 MiddleBrook Pharmaceuticals, Inc.(1, 2) 20,700 31,050 Noven Pharmaceuticals, Inc.(2) 29,000 338,720 Pain Therapeutics, Inc.(1, 2) 27,701 270,639 Par Pharmaceutical Cos., Inc.(2) 12,800 157,312 Pozen, Inc.(1, 2) 16,500 173,415 Salix Pharmaceuticals Ltd.(2) 3,900 24,999 Sepracor, Inc.(2) 60,500 1,107,755 Valeant Pharmaceuticals International, Inc.(1, 2) 11,854 242,651 ViroPharma, Inc.(2) 4,900 64,288 Vivus, Inc.(1, 2) 29,900 237,406 Warner Chilcott Ltd., Cl. A(2) 23,300 352,296 Watson Pharmaceuticals, Inc.(2) 38,300 1,091,550 Xenoport, Inc.(2) 3,600 174,564 --------------- 8,995,495 INDUSTRIALS--19.9% AEROSPACE & DEFENSE--1.9% Aerovironment, Inc.(2) 17,668 564,493 American Science & Engineering, Inc.(1) 6,800 406,164 Argon ST, Inc.(2) 12,500 293,625 Astronics Corp., Cl. B(2) 650 14,333 Axsys Technologies, Inc.(2) 17,613 1,038,110 Ceradyne, Inc.(2) 46,740 1,713,488 Cubic Corp. 38,930 957,289 Curtiss-Wright Corp. 2,734 124,260 DRS Technologies, Inc.(1) 45,600 3,499,800 Ducommun, Inc. 13,600 324,768 DynCorp International, Inc., Cl. A(2) 68,900 1,154,764 Esterline Technologies Corp.(2) 47,500 1,880,525 Gencorp, Inc.(1, 2) 27,100 182,654 HEICO Corp.(1) 11,600 380,712 Herley Industries, Inc.(2) 500 8,550 Orbital Sciences Corp.(2) 16,500 395,505 Stanley, Inc.(2) 17,100 631,161 Teledyne Technologies, Inc.(2) 24,200 1,383,272
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- AEROSPACE & DEFENSE CONTINUED Triumph Group, Inc. 22,600 $ 1,033,046 --------------- 15,986,519 AIR FREIGHT & LOGISTICS--0.6% Air Transport Services Group, Inc.(2) 11,500 8,510 Atlas Air Worldwide Holdings, Inc.(2) 19,300 777,983 Hub Group, Inc., Cl. A(1, 2) 60,844 2,290,777 Pacer International, Inc. 80,200 1,320,894 UTi Worldwide, Inc. 23,700 403,374 --------------- 4,801,538 AIRLINES--0.4% Continental Airlines, Inc., Cl. B(2) 24,400 406,992 Hawaiian Holdings, Inc.(1, 2) 85,000 788,800 Republic Airways Holdings, Inc.(2) 68,900 702,091 SkyWest, Inc. 94,200 1,505,316 --------------- 3,403,199 BUILDING PRODUCTS--1.0% Aaon, Inc. 21,600 392,904 American Woodmark Corp.(1) 3,800 85,310 Ameron International Corp. 9,314 667,348 Apogee Enterprises, Inc.(1) 20,700 311,121 Armstrong World Industries, Inc. 10,100 291,890 Gibraltar Industries, Inc. 19,000 355,490 Griffon Corp.(1, 2) 6,632 59,821 Insteel Industries, Inc.(1) 26,200 356,058 Lennox International, Inc. 73,200 2,435,364 NCI Building Systems, Inc.(1, 2) 48,200 1,530,350 Owens Corning, Inc.(2) 1,000 23,910 Quanex Building Products Corp. 64,723 986,379 Trex Co., Inc.(2) 3,000 54,330 Universal Forest Products, Inc.(1) 18,600 649,326 --------------- 8,199,601 COMMERCIAL SERVICES & SUPPLIES--5.4% ABM Industries, Inc. 14,968 326,901 Acco Brands Corp.(2) 5,100 38,454 Administaff, Inc. 57,800 1,573,316 American Ecology Corp. 30,600 846,702 American Reprographics Co.(1, 2) 29,500 508,875 AMREP Corp.(2) 1,300 55,133 Bowne & Co., Inc. 41,800 482,790 Casella Waste Systems, Inc., Cl. A(2) 10,675 125,325 CBIZ, Inc.(2) 87,900 742,755 CDI Corp.(1) 29,187 651,746 Clean Harbors, Inc.(2) 30,500 2,060,275 Comfort Systems USA, Inc. 81,400 1,087,504 COMSYS IT Partners, Inc.(2) 9,900 96,228
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Consolidated Graphics, Inc.(2) 20,200 $ 612,666 Copart, Inc.(2) 2,700 102,600 Cornell Corrections, Inc.(1, 2) 25,500 693,090 Corporate Executive Board Co. (The) 1,900 59,375 CoStar Group, Inc.(2) 600 27,234 Courier Corp. 400 8,144 CRA International, Inc.(1, 2) 11,100 305,028 Deluxe Corp. 96,600 1,390,074 Ennis, Inc. 17,700 273,642 Exponent, Inc.(2) 33,780 1,117,780 First Advantage Corp., Cl. A(2) 5,900 82,895 G&K Services, Inc., Cl. A 18,200 601,510 Healthcare Services Group, Inc. 7,800 142,662 Heidrick & Struggles International, Inc. 7,300 220,095 Hill International, Inc.(2) 40,000 554,000 HNI Corp.(1) 46,300 1,173,242 Hudson Highland Group, Inc.(2) 29,000 201,550 ICF International, Inc.(2) 17,200 339,700 Ikon Office Solutions, Inc. 118,975 2,023,765 Interface, Inc., Cl. A 93,600 1,064,232 Kelly Services, Inc., Cl. A 27,799 529,571 Kforce, Inc.(2) 1,200 12,252 Kimball International, Inc., Cl. B 18,600 200,880 Knoll, Inc. 83,700 1,265,544 Korn-Ferry International(1, 2) 78,700 1,402,434 M&F Worldwide Corp.(2) 900 36,000 Manpower, Inc. 20,900 902,044 McGrath Rentcorp 12,500 360,250 Metalico, Inc.(1, 2) 39,000 230,100 Miller (Herman), Inc.(1) 110,500 2,703,935 Mine Safety Appliances Co.(1) 26,570 1,012,848 Monster Worldwide, Inc.(2) 34,640 516,482 MPS Group, Inc.(2) 190,000 1,915,200 Navigant Consulting, Inc.(1, 2) 16,300 324,207 On Assignment, Inc.(2) 18,800 148,144 PRG-Schultz International, Inc.(2) 1,300 11,648 R.R. Donnelley & Sons Co. 30,100 738,353 Resources Connection, Inc.(2) 71,200 1,604,136 Robert Half International, Inc. 53,900 1,334,025 Rollins, Inc. 33,930 643,991 Schawk, Inc. 10,100 152,712 School Specialty, Inc.(1, 2) 21,900 683,061 Spherion Corp.(2) 32,400 157,788 Standard Parking Corp.(2) 6,000 133,320 Standard Register Co. (The) 28,324 278,991
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Steelcase, Inc., Cl. A 160,700 $ 1,727,525 Sykes Enterprises, Inc.(2) 53,600 1,177,056 Team, Inc.(2) 18,334 662,224 Tetra Tech, Inc.(2) 1,800 43,308 TrueBlue, Inc.(2) 95,100 1,536,816 United Stationers, Inc.(2) 45,688 2,185,257 Viad Corp. 43,300 1,246,607 Waste Connections, Inc.(2) 20,550 704,865 Waste Services, Inc.(2) 500 3,705 Watson Wyatt & Co. Holdings 12,300 611,679 --------------- 46,786,246 CONSTRUCTION & ENGINEERING--1.0% Aecom Technology Corp.(2) 21,200 518,128 Baker (Michael) Corp.(2) 7,700 267,960 Dycom Industries, Inc.(2) 53,200 692,664 EMCOR Group, Inc.(2) 71,500 1,881,880 Furmanite Corp.(2) 7,500 77,550 Granite Construction, Inc. 42,666 1,528,296 Insituform Technologies, Inc., Cl. A(1, 2) 37,100 555,016 Integrated Electrical Services, Inc.(1, 2) 11,200 196,672 KBR, Inc. 13,000 198,510 Layne Christensen Co.(2) 3,870 137,114 MasTec, Inc.(1, 2) 71,700 952,893 Northwest Pipe Co.(1, 2) 14,400 628,128 Perini Corp.(2) 18,600 479,694 Pike Electric Corp.(2) 28,806 424,312 --------------- 8,538,817 ELECTRICAL EQUIPMENT--2.3% Acuity Brands, Inc.(1) 64,100 2,676,816 Advanced Battery Technologies, Inc.(1, 2) 7,300 23,579 AZZ, Inc.(1, 2) 22,800 943,236 Baldor Electric Co.(1) 42,090 1,212,613 Belden, Inc. 67,200 2,136,288 Brady Corp., Cl. A 44,900 1,584,072 C&D Technologies, Inc.(1, 2) 19,500 110,760 Cooper Industries Ltd., Cl. A 5,600 223,720 Day4 Energy, Inc., Legend Shares(2) 82,300 296,179 Encore Wire Corp.(1) 35,100 635,661 Energy Conversion Devices, Inc.(2) 1,800 104,850 Fushi Copperweld, Inc.(2) 2,200 21,318 GrafTech International Ltd.(2) 135,200 2,042,872 Hubbell, Inc., Cl. B 300 10,515 II-VI, Inc.(2) 15,800 610,828 LSI Industries, Inc. 11,500 95,105
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- ELECTRICAL EQUIPMENT CONTINUED Plug Power, Inc.(2) 3,900 $ 3,861 Powell Industries, Inc.(2) 17,800 726,418 Regal-Beloit Corp. 38,900 1,654,028 Roper Industries, Inc. 1,200 68,352 Smith (A.O.) Corp.(1) 49,800 1,951,662 Thomas & Betts Corp.(2) 5,500 214,885 Valence Technology, Inc.(1, 2) 50,200 173,190 Vicor Corp. 11,370 100,966 Woodward Governor Co.(1) 65,200 2,299,604 --------------- 19,921,378 INDUSTRIAL CONGLOMERATES--0.2% Carlisle Cos., Inc. 9,800 293,706 Raven Industries, Inc. 19,500 767,325 Standex International Corp. 700 19,425 Tredegar Corp. 16,340 290,689 --------------- 1,371,145 MACHINERY--4.2% Actuant Corp., Cl. A(1) 57,339 1,447,236 Altra Holdings, Inc.(2) 17,200 253,872 Ampco-Pittsburgh Corp. 19,100 494,690 Astec Industries, Inc.(1, 2) 24,580 757,801 Badger Meter, Inc.(1) 26,320 1,235,724 Barnes Group, Inc.(1) 87,800 1,775,316 Blount International, Inc.(2) 63,100 702,303 Briggs & Stratton Corp. 10,300 166,654 Cascade Corp.(1) 4,946 216,684 Chart Industries, Inc.(2) 28,600 816,816 CIRCOR International, Inc. 21,699 942,388 Columbus McKinnon Corp.(1, 2) 30,670 722,892 Commercial Vehicle Group, Inc.(2) 3,800 27,018 Cummins, Inc. 17,000 743,240 Dover Corp. 9,100 369,005 EnPro Industries, Inc.(1, 2) 52,100 1,936,036 Federal Signal Corp. 46,600 638,420 Gardner Denver, Inc.(2) 56,300 1,954,736 Gorman-Rupp Co. (The)(1) 29,143 1,099,274 Graham Corp. 6,300 340,830 Greenbrier Cos., Inc. 6,200 120,962 Hurco Cos., Inc.(1, 2) 5,376 158,968 IDEX Corp. 20,800 645,216 Ingersoll-Rand Co. Ltd., Cl. A 44,300 1,380,831 John Bean Technologies Corp.(1, 2) 8,313 105,243 K-Tron International, Inc.(2) 500 64,415 Kadant, Inc.(2) 31,000 705,870 Kennametal, Inc. 5,300 143,736
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- MACHINERY CONTINUED L.B. Foster Co., Cl. A(2) 5,800 $ 176,436 Lincoln Electric Holdings, Inc. 12,300 791,013 Lydall, Inc.(2) 16,800 161,784 McCoy Corp., Legend Shares(3) 46,600 103,337 Mueller Industries, Inc. 76,200 1,753,362 Mueller Water Products, Inc., Cl. A(1) 18,900 169,722 NACCO Industries, Inc., Cl. A 1,300 122,876 Navistar International Corp.(2) 9,500 514,710 NN, Inc. 11,000 141,350 Nordson Corp. 28,300 1,389,813 Oshkosh Corp. 11,900 156,604 Pentair, Inc. 4,400 152,108 RBC Bearings, Inc.(2) 12,000 404,280 Robbins & Myers, Inc. 33,349 1,031,485 Sauer-Danfoss, Inc. 1,000 24,690 Sun Hydraulics Corp.(1) 27,850 725,214 Tecumseh Products Co., Cl. A(2) 34,900 873,896 Tennant Co. 10,600 363,156 Thermadyne Holdings Corp.(2) 700 11,669 Timken Co. 29,200 827,820 Titan International, Inc.(1) 25,549 544,705 Toro Co. (The)(1) 65,900 2,721,670 TriMas Corp.(2) 600 3,936 Trinity Industries, Inc. 2,700 69,471 Twin Disc, Inc. 4,500 61,920 Wabash National Corp. 18,000 170,100 Wabtec Corp.(1) 37,600 1,926,248 Watts Water Technologies, Inc., Cl. A(1) 35,500 970,925 Xerium Technologies, Inc. 7,200 46,368 --------------- 36,376,844 MARINE--0.3% Alexander & Baldwin, Inc. 30,300 1,334,109 American Commercial Lines, Inc.(1, 2) 20,900 222,376 Excel Maritime Carriers Ltd.(1) 15,500 233,740 Safe Bulkers, Inc.(1) 54,200 590,780 Star Bulk Carriers Corp.(1) 54,100 378,700 TBS International Ltd., Cl. A(2) 5,500 74,030 Ultrapetrol Ltd. (Bahamas)(2) 2,200 17,270 --------------- 2,851,005 ROAD & RAIL--1.2% Amerco(1, 2) 4,100 171,913 Arkansas Best Corp.(1) 51,400 1,731,666 Avis Budget Group, Inc.(2) 195,900 1,124,466 Celadon Group, Inc.(2) 10,800 123,876 Con-way, Inc. 1,361 60,034
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- ROAD & RAIL CONTINUED Genesee & Wyoming, Inc., Cl. A(2) 18,400 $ 690,368 Heartland Express, Inc.(1) 36,000 558,720 Hertz Global Holdings, Inc.(1, 2) 68,700 520,059 Marten Transport Ltd.(2) 21,800 425,318 Old Dominion Freight Line, Inc.(2) 18,500 524,290 Ryder Systems, Inc. 14,100 874,200 Werner Enterprises, Inc.(1) 75,300 1,634,763 YRC Worldwide, Inc.(1, 2) 126,100 1,508,156 --------------- 9,947,829 TRADING COMPANIES & DISTRIBUTORS--1.4% Applied Industrial Technologies, Inc. 83,375 2,245,289 Beacon Roofing Supply, Inc.(1, 2) 47,400 740,388 BlueLinx Holdings, Inc. 2,500 13,225 DXP Enterprises, Inc.(2) 3,100 165,261 GATX Corp. 35,100 1,388,907 H&E Equipment Services, Inc.(2) 6,837 66,045 Houston Wire & Cable Co.(1) 34,100 585,497 Interline Brands, Inc.(2) 2,100 34,041 Kaman Corp. 2,100 59,808 MSC Industrial Direct Co., Inc., Cl. A 14,300 658,801 RSC Holdings, Inc.(2) 400 4,544 Rush Enterprises, Inc., Cl. A(2) 30,000 384,000 TAL International Group, Inc. 9,311 193,855 Textainer Group Holdings Ltd. 4,600 69,874 United Rentals, Inc.(1, 2) 98,943 1,507,891 W.W. Grainger, Inc. 1,700 147,849 Watsco, Inc.(1) 20,200 1,015,656 WESCO International, Inc.(2) 78,400 2,522,912 --------------- 11,803,843 TRANSPORTATION INFRASTRUCTURE--0.0% CAI International, Inc.(1, 2) 34,500 381,570 INFORMATION TECHNOLOGY--20.1% COMMUNICATIONS EQUIPMENT--2.7% 3Com Corp.(2) 20,300 47,299 Acme Packet, Inc.(2) 9,700 55,581 ADTRAN, Inc. 99,600 1,941,204 Avocent Corp.(2) 89,200 1,825,032 Bel Fuse, Inc., Cl. A 4,800 132,000 Black Box Corp. 11,220 387,427 Brocade Communications Systems, Inc.(2) 237,300 1,381,086 Ciena Corp.(1, 2) 44,600 449,568 Comtech Telecommunications Corp.(2) 44,500 2,191,180 DG Fastchannel, Inc.(1, 2) 1,300 28,496 Digi International, Inc.(2) 1,400 14,280
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMUNICATIONS EQUIPMENT CONTINUED EchoStar Holding Corp.(2) 17,700 $ 426,570 EMS Technologies, Inc.(2) 23,100 515,361 Emulex Corp.(2) 154,338 1,646,786 Extreme Networks, Inc.(2) 12,920 43,540 F5 Networks, Inc.(2) 2,300 53,774 Foundry Networks, Inc.(2) 83,700 1,524,177 InterDigital, Inc.(2) 8,000 192,400 Ixia(2) 37,900 279,323 JDS Uniphase Corp.(1, 2) 49,600 419,616 Loral Space & Communications Ltd.(2) 300 4,431 Oplink Communications, Inc.(2) 1,500 18,105 ParkerVision, Inc.(1, 2) 4,700 47,000 Performance Technologies, Inc.(2) 3,200 14,016 Plantronics, Inc.(1) 114,900 2,587,548 Polycom, Inc.(2) 89,600 2,072,448 Powerwave Technologies, Inc.(1, 2) 137,700 545,292 SeaChange International, Inc.(2) 32,655 315,447 ShoreTel, Inc.(1, 2) 14,200 81,508 Symmetricom, Inc.(2) 700 3,479 Tekelec, Inc.(2) 130,253 1,822,239 Tellabs, Inc.(2) 313,400 1,272,404 UTStarcom, Inc.(1, 2) 75,900 255,783 ViaSat, Inc.(2) 18,000 424,440 --------------- 23,018,840 COMPUTERS & PERIPHERALS--1.7% 3PAR, Inc.(1, 2) 26,650 171,893 Adaptec, Inc.(2) 96,000 314,880 Avid Technology, Inc.(2) 7,100 170,826 Compellent Technologies, Inc.(2) 3,300 40,920 Electronics for Imaging, Inc.(2) 43,600 607,348 Hutchinson Technology, Inc.(2) 1,700 19,686 Hypercom Corp.(2) 2,000 7,960 Imation Corp. 44,800 1,012,032 Intermec, Inc.(1, 2) 1,054 20,701 Lexmark International, Inc., Cl. A(2) 45,900 1,494,963 NCR Corp.(2) 61,800 1,362,690 Netezza Corp.(2) 37,200 394,692 QLogic Corp.(2) 152,350 2,340,096 Rackable Systems, Inc.(2) 4,600 45,126 Seagate Technology 94,600 1,146,552 STEC, Inc.(1, 2) 89,700 690,690 Stratasys, Inc.(1, 2) 4,300 75,121 Sun Microsystems, Inc.(2) 53,300 405,080
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMPUTERS & PERIPHERALS CONTINUED Synaptics, Inc.(1, 2) 82,350 $ 2,488,617 Teradata Corp.(2) 3,000 58,500 Western Digital Corp.(2) 82,600 1,761,032 Xyratex Ltd.(2) 14,500 161,385 --------------- 14,790,790 ELECTRONIC EQUIPMENT & INSTRUMENTS--3.7% Acacia Research Corp.(2) 16,900 51,038 Agilysys, Inc. 1,100 11,099 Amphenol Corp., Cl. A 25,700 1,031,598 Anixter International, Inc.(2) 4,200 249,942 Arrow Electronics, Inc.(2) 50,700 1,329,354 Avnet, Inc.(2) 42,300 1,041,849 AVX Corp. 20,300 206,857 Benchmark Electronics, Inc.(2) 114,909 1,617,919 Checkpoint Systems, Inc.(2) 11,900 223,958 Cogent, Inc.(1, 2) 43,550 445,081 Cognex Corp. 69,700 1,405,152 Coherent, Inc.(2) 30,500 1,084,275 CPI International, Inc.(2) 100 1,448 CTS Corp. 59,900 765,522 Daktronics, Inc. 17,600 293,216 Dolby Laboratories, Inc., Cl. A(2) 600 21,114 DTS, Inc.(1, 2) 29,800 829,334 Electro Scientific Industries, Inc.(2) 19,900 282,978 FLIR Systems, Inc.(2) 10,200 391,884 Gerber Scientific, Inc.(2) 9,900 90,486 Ingram Micro, Inc., Cl. A(2) 32,400 520,668 Insight Enterprises, Inc.(2) 45,400 608,814 IPG Photonics Corp.(2) 7,800 152,178 Itron, Inc.(2) 500 44,265 Jabil Circuit, Inc. 29,500 281,430 Littlefuse, Inc.(2) 23,763 706,474 Measurement Specialties, Inc.(2) 300 5,232 Methode Electronics, Inc. 47,090 420,985 Molex, Inc. 43,100 967,595 MTS Systems Corp. 21,500 905,150 Multi-Fineline Electronix, Inc.(1, 2) 38,834 574,355 NAM TAI Electronics, Inc. 15,800 129,086 National Instruments Corp. 43,800 1,316,190 Newport Corp.(2) 11,100 119,658 OSI Systems, Inc.(2) 10,900 256,259 Park Electrochemical Corp.(1) 19,500 472,680 PC Connection, Inc.(1, 2) 7,400 49,506 Plexus Corp.(2) 94,490 1,955,943 Oppenheimer Main Street Small Cap Fund/VA
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED RadiSys Corp.(2) 800 $ 6,880 Rofin-Sinar Technologies, Inc.(2) 63,900 1,955,979 Rogers Corp.(2) 17,500 647,150 Sanmina-SCI Corp.(2) 125,100 175,140 ScanSource, Inc.(2) 22,010 633,668 SYNNEX Corp.(1, 2) 69,000 1,541,460 Tech Data Corp.(2) 78,568 2,345,255 Technitrol, Inc. 57,300 847,467 Trimble Navigation Ltd.(1, 2) 32,400 837,864 TTM Technologies, Inc.(1, 2) 88,200 874,944 Vishay Intertechnology, Inc.(2) 158,140 1,046,887 --------------- 31,773,266 INTERNET SOFTWARE & SERVICES--1.4% Art Technology Group, Inc.(2) 22,700 79,904 AsiaInfo Holdings, Inc.(2) 66,600 611,388 Bankrate, Inc.(2) 400 15,564 Bidz.com, Inc.(1, 2) 4,300 37,238 Digital River, Inc.(1, 2) 19,500 631,800 EarthLink, Inc.(2) 19,400 164,900 Greenfield Online, Inc.(2) 28,100 488,940 IAC/InterActiveCorp(2) 20,800 359,840 Imergent, Inc.(1) 13,200 147,840 Interwoven, Inc.(2) 52,490 741,159 j2 Global Communications, Inc.(2) 106,100 2,477,435 Limelight Networks, Inc.(2) 1,300 3,250 Marchex, Inc., Cl. B(1) 9,800 100,842 ModusLink Global Solutions, Inc.(2) 23,510 225,931 Move, Inc.(2) 3,300 6,996 National Information Consortium, Inc. 38,900 268,410 NaviSite, Inc.(1, 2) 12,200 24,400 Open Text Corp.(1, 2) 57,600 1,991,808 RealNetworks, Inc.(2) 71,272 362,062 S1 Corp.(2) 103,700 634,644 Sohu.com, Inc.(2) 6,100 340,075 SonicWALL, Inc.(2) 38,560 202,054 SoundBite Communications, Inc.(2) 17,200 41,452 Switch & Data Facilities Co.(2) 3,700 46,065 TheStreet.com, Inc. 17,050 102,130 United Online, Inc. 105,542 993,150 ValueClick, Inc.(2) 24,600 251,658 Vignette Corp.(2) 40,840 438,622 Vocus, Inc.(2) 16,600 563,736
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- INTERNET SOFTWARE & SERVICES CONTINUED Zix Corp.(1, 2) 13,000 $ 29,380 --------------- 12,382,673 IT SERVICES--2.3% Acxiom Corp. 100,400 1,259,016 Broadridge Financial Solutions, Inc. 37,900 583,281 CACI International, Inc., Cl. A(2) 8,772 439,477 Cass Information Systems, Inc. 200 7,170 CIBER, Inc.(2) 91,900 642,381 Computer Sciences Corp.(2) 25,500 1,024,845 Convergys Corp.(2) 165,800 2,450,524 CSG Systems International, Inc.(2) 46,200 809,886 CyberSource Corp.(2) 56,384 908,346 Exlservice Holdings, Inc.(2) 1,400 12,292 Fidelity National Information Services, Inc. 10,200 188,292 Forrester Research, Inc.(2) 22,774 667,734 Gartner, Inc.(1, 2) 49,600 1,124,928 Global Cash Access, Inc.(2) 45,800 231,748 Global Payments, Inc. 1,100 49,346 Hackett Group, Inc. (The)(2) 1,600 8,704 Heartland Payment Systems, Inc.(1) 14,600 373,176 Hewitt Associates, Inc.(2) 16,200 590,328 iGate Corp.(2) 8,900 77,163 infoGROUP, Inc. 3,300 21,813 Integral Systems, Inc.(2) 29,954 622,145 ManTech International Corp.(2) 35,800 2,122,582 Mastech Holdings, Inc.(2) 593 4,507 Maximus, Inc. 19,600 722,064 NCI, Inc., Cl. A(2) 10,900 310,432 Ness Technologies, Inc.(2) 19,100 219,077 Perot Systems Corp., Cl. A(1, 2) 92,000 1,596,200 RightNow Technologies, Inc.(2) 34,370 432,031 Sapient Corp.(2) 147,300 1,094,439 TeleTech Holdings, Inc.(2) 54,500 677,980 TNS, Inc.(2) 400 7,748 Total System Services, Inc. 2,600 42,640 Unisys Corp.(2) 24,000 66,000 --------------- 19,388,295 OFFICE ELECTRONICS--0.1% Zebra Technologies Corp., Cl. A(2) 14,300 398,255 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.8% Actel Corp.(2) 41,040 512,179 Advanced Energy Industries, Inc.(2) 43,000 588,240 Altera Corp. 64,700 1,337,996 Amkor Technology, Inc.(2) 262,200 1,670,214
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Analog Devices, Inc. 36,200 $ 953,870 Atmel Corp.(2) 536,800 1,819,752 ATMI, Inc.(2) 13,100 235,538 Brooks Automation, Inc.(2) 44,291 370,273 Cabot Microelectronics Corp.(1, 2) 55,900 1,793,272 Cirrus Logic, Inc.(2) 71,500 389,675 Cohu, Inc. 18,500 292,670 Conexant Systems, Inc.(2) 16,820 67,448 Cymer, Inc.(1, 2) 40,600 1,028,398 DSP Group, Inc.(2) 900 6,885 Entegris, Inc.(2) 201,000 972,840 Exar Corp.(2) 2,500 19,150 Fairchild Semiconductor International, Inc., Cl. A(2) 184,100 1,636,649 FEI Co.(2) 44,100 1,050,021 Integrated Device Technology, Inc.(2) 257,800 2,005,684 Intellon Corp.(2) 17,600 64,416 Intersil Corp., Cl. A 73,900 1,225,262 IXYS Corp.(2) 2,800 25,452 KLA-Tencor Corp. 35,200 1,114,080 Lattice Semiconductor Corp.(2) 111,900 230,514 LSI Corp.(2) 181,600 973,376 Marvell Technology Group Ltd.(2) 74,200 690,060 Mattson Technology, Inc.(2) 2,400 11,352 Micrel, Inc.(1) 110,500 1,002,235 Microsemi Corp.(2) 700 17,836 Microtune, Inc.(2) 16,100 43,148 MKS Instruments, Inc.(2) 103,400 2,058,694 Monolithic Power Systems, Inc.(1, 2) 57,800 1,003,986 Netlogic Microsystems, Inc.(1, 2) 28,000 846,720 Novellus Systems, Inc.(2) 3,300 64,812 NVIDIA Corp.(2) 5,300 56,763 Pericom Semiconductor Corp.(2) 69,808 732,984 PMC-Sierra, Inc.(2) 206,300 1,530,746 Power Integrations, Inc.(2) 4,400 106,040 RF Micro Devices, Inc.(1, 2) 267,900 782,268 Semtech Corp.(2) 144,400 2,015,824 Silicon Image, Inc.(2) 81,000 432,540 Silicon Laboratories, Inc.(2) 49,900 1,531,930 Silicon Storage Technology, Inc.(2) 36,400 118,664 Skyworks Solutions, Inc.(2) 257,100 2,149,356 Spansion, Inc., Cl. A(2) 9,000 13,950 Standard Microsystems Corp.(2) 21,500 537,070 Supertex, Inc.(2) 7,900 222,464
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Techwell, Inc.(2) 6,200 $ 58,466 Teradyne, Inc.(2) 137,800 1,076,218 TriQuint Semiconductor, Inc.(2) 72,600 347,754 Ultra Clean Holdings, Inc.(2) 4,300 21,672 Ultratech, Inc.(2) 37,100 448,910 Veeco Instruments, Inc.(2) 47,500 703,475 Verigy Ltd.(2) 45,400 739,112 Volterra Semiconductor Corp.(1, 2) 58,800 748,524 Xilinx, Inc. 17,800 417,410 Zoran Corp.(2) 8,936 72,918 --------------- 40,987,755 SOFTWARE--3.4% Activision Blizzard, Inc.(2) 61,700 952,031 Actuate Corp.(2) 10,307 36,075 Advent Software, Inc.(1, 2) 9,000 317,070 Amdocs Ltd.(2) 35,200 963,776 Ansys, Inc.(2) 24,404 924,179 ArcSight, Inc.(2) 1,700 12,971 Aspen Technology, Inc.(1, 2) 96,400 1,224,280 Autodesk, Inc.(2) 19,100 640,805 Bottomline Technologies, Inc.(2) 9,100 94,640 CA, Inc. 25,700 512,972 Cadence Design Systems, Inc.(1, 2) 163,700 1,106,612 Check Point Software Technologies Ltd.(2) 19,200 436,608 Citrix Systems, Inc.(2) 6,600 166,716 Commvault Systems, Inc.(2) 6,310 76,036 Compuware Corp.(2) 130,100 1,260,669 Concur Technologies, Inc.(2) 7,400 283,124 Double-Take Software, Inc.(2) 5,720 56,914 EPIQ Systems, Inc.(1, 2) 37,876 515,114 Fair Isaac Corp.(1) 63,900 1,472,895 FalconStor Software, Inc.(1, 2) 13,100 70,216 Henry (Jack) & Associates, Inc. 9,600 195,168 i2 Technologies, Inc.(1, 2) 5,800 78,242 Informatica Corp.(2) 85,900 1,115,841 Interactive Intelligence, Inc.(1, 2) 13,100 118,162 JDA Software Group, Inc.(2) 37,300 567,333 Kenexa Corp.(2) 2,100 33,159 Lawson Software, Inc.(1, 2) 34,000 238,000 Manhattan Associates, Inc.(2) 38,940 869,920 Mentor Graphics Corp.(1, 2) 60,100 682,135 MicroStrategy, Inc., Cl. A(2) 16,700 994,151 Net 1 UEPS Technologies, Inc.(2) 64,400 1,438,052
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- SOFTWARE CONTINUED NetScout Systems, Inc.(2) 26,900 $ 286,216 Parametric Technology Corp.(2) 93,300 1,716,720 Pegasystems, Inc. 8,700 112,317 Phoenix Technologies Ltd.(2) 1,800 14,382 Progress Software Corp.(2) 31,400 816,086 PROS Holdings, Inc.(1, 2) 3,350 31,457 Quest Software, Inc.(2) 108,000 1,370,520 Radiant Systems, Inc.(2) 34,100 296,329 SPSS, Inc.(2) 21,500 631,240 Sybase, Inc.(1, 2) 52,700 1,613,674 Synopsys, Inc.(2) 5,100 101,745 Taleo Corp., Cl. A(2) 22,640 450,310 The9 Ltd., ADR(1, 2) 2,600 43,654 TIBCO Software, Inc.(2) 324,600 2,376,072 TiVo, Inc.(2) 15,100 110,532 Tyler Technologies, Inc.(2) 40,900 620,453 Ultimate Software Group, Inc. (The)(1, 2) 7,300 197,100 Wind River Systems, Inc.(2) 128,100 1,281,000 --------------- 29,523,673 MATERIALS--6.4% CHEMICALS--4.1% American Vanguard Corp.(1) 6,400 96,512 Arch Chemicals, Inc. 25,600 903,680 Ashland, Inc. 1,200 35,088 Balchem Corp. 10,230 272,834 Calgon Carbon Corp.(1, 2) 84,500 1,720,420 CF Industries Holdings, Inc. 8,200 749,972 Chemtura Corp. 264,600 1,206,576 Ferro Corp. 56,338 1,132,394 Fuller (H.B.) Co. 91,300 1,905,431 GenTek, Inc.(2) 2,200 56,562 Hercules, Inc. 160,300 3,172,337 ICO, Inc.(1, 2) 33,800 189,618 Innophos Holdings, Inc. 35,500 865,490 Innospec, Inc. 28,888 348,389 Koppers Holdings, Inc. 47,400 1,773,234 Landec Corp.(2) 20,700 169,533 LSB Industries, Inc.(2) 12,000 166,200 Minerals Technologies, Inc. 32,700 1,941,072 Nalco Holding Co.(1) 30,800 571,032 NewMarket Corp.(1) 33,000 1,734,480 NOVA Chemicals Corp. 57,200 1,292,720 Olin Corp. 113,100 2,194,140 OM Group, Inc.(2) 53,500 1,203,750 Penford Corp. 1,600 28,304
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- CHEMICALS CONTINUED PolyOne Corp.(2) 114,100 $ 735,945 Quaker Chemical Corp. 15,400 438,284 RPM International, Inc. 31,000 599,540 Schulman (A.), Inc. 36,711 726,144 Scotts Miracle-Gro Co. (The), Cl. A 51,500 1,217,460 Sensient Technologies Corp. 44,000 1,237,720 ShengdaTech, Inc.(1, 2) 5,882 41,174 Spartech Corp. 2,100 20,790 Stepan Co. 11,100 605,727 Terra Industries, Inc. 45,400 1,334,760 Valhi, Inc.(1) 4,000 72,000 Valspar Corp. (The) 117,600 2,621,304 Westlake Chemical Corp.(1) 46,900 986,307 Zep, Inc. 36,400 642,096 --------------- 35,009,019 CONSTRUCTION MATERIALS--0.1% Headwaters, Inc.(1, 2) 52,300 698,205 CONTAINERS & PACKAGING--0.8% Crown Holdings, Inc.(2) 35,400 786,234 Greif, Inc., Cl. A 7,000 459,340 Myers Industries, Inc. 17,000 214,370 Rock-Tenn Co., Cl. A(1) 79,100 3,162,418 Sealed Air Corp. 8,300 182,517 Silgan Holdings, Inc. 4,600 235,014 Smurfit-Stone Container Corp.(2) 50,900 239,230 Sonoco Products Co. 28,200 836,976 Temple-Inland, Inc. 49,300 752,318 --------------- 6,868,417 METALS & MINING--1.1% A. M. Castle & Co. 21,900 378,432 AK Steel Holding Corp. 28,400 736,128 Amerigo Resources Ltd. 118,700 129,379 Carpenter Technology Corp. 17,200 441,180 Farallon Resources Ltd.(2) 156,700 55,951 Haynes International, Inc.(2) 800 37,464 Hecla Mining Co.(1, 2) 130,700 611,676 Kaiser Aluminum Corp. 20,443 878,027 Olympic Steel, Inc.(1) 17,400 513,126 Redcorp Ventures Ltd., Legend Shares(2, 3) 666,400 65,748 Reliance Steel & Aluminum Co. 24,800 941,656 RTI International Metals, Inc.(2) 5,900 115,404 Schnitzer Steel Industries, Inc.(1) 33,800 1,326,312 Sims Group Ltd., Sponsored ADR(1) 68,525 1,582,928 Sutor Technology Group Ltd.(2) 1,400 4,606 Universal Stainless & Alloy Products, Inc.(2) 4,700 120,085 Worthington Industries, Inc.(1) 132,600 1,981,044
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- METALS & MINING CONTINUED Yamana Gold, Inc. 2,011 $ 16,534 --------------- 9,935,680 PAPER & FOREST PRODUCTS--0.3% Buckeye Technologies, Inc.(2) 9,700 79,443 Deltic Timber Corp. 10,100 642,764 Domtar Corp.(2) 4,300 19,780 Glatfelter 49,200 666,168 Louisiana-Pacific Corp. 18,500 172,050 MeadWestvaco Corp. 2,700 62,937 Mercer International, Inc.(2) 12,800 46,848 Neenah Paper, Inc. 1,500 29,700 Schweitzer-Mauduit International, Inc. 7,900 150,021 Verso Paper Corp.(1) 3,800 10,032 Wausau Paper Corp.(1) 34,600 350,498 --------------- 2,230,241 TELECOMMUNICATION SERVICES--1.7% DIVERSIFIED TELECOMMUNICATION SERVICES--1.1% Alaska Communications Systems Group, Inc.(1) 30,200 369,346 Atlantic Tele-Network, Inc. 15,800 442,400 CenturyTel, Inc. 2,300 84,295 Cincinnati Bell, Inc.(2) 323,800 1,000,542 Embarq Corp. 28,400 1,151,620 Iowa Telecommunications Services, Inc.(1) 46,937 876,783 NTELOS Holdings Corp. 80,000 2,151,200 Premiere Global Services, Inc.(2) 163,400 2,297,404 Windstream Corp. 74,900 819,406 --------------- 9,192,996 WIRELESS TELECOMMUNICATION SERVICES--0.6% Centennial Communications Corp.(2) 145,200 906,048 iPCS, Inc.(1, 2) 8,500 189,295 Syniverse Holdings, Inc.(2) 142,500 2,366,925 Telephone & Data Systems, Inc. 38,300 1,369,225 United States Cellular Corp.(2) 6,400 300,288 USA Mobility, Inc. 8,000 88,000 --------------- 5,219,781 UTILITIES--1.5% ELECTRIC UTILITIES--0.3% El Paso Electric Co.(2) 2,860 60,060 Hawaiian Electric Industries, Inc.(1) 31,800 925,698 UIL Holdings Corp. 18,000 617,940 UniSource Energy Corp. 20,900 610,071 --------------- 2,213,769 ENERGY TRADERS--0.1% Canadian Hydro Developers, Inc., Legend Shares(2) 14,000 54,329 Mirant Corp.(2) 20,600 376,774
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- ENERGY TRADERS CONTINUED Reliant Energy, Inc.(2) 1,810 $ 13,304 --------------- 444,407 GAS UTILITIES--0.8% Laclede Group, Inc. (The) 29,900 1,449,851 New Jersey Resources Corp. 19,900 714,211 Northwest Natural Gas Co. 25,680 1,335,360 South Jersey Industries, Inc. 10,400 371,280 Southwest Gas Corp. 10,800 326,808 WGL Holdings, Inc.(1) 85,400 2,771,230 --------------- 6,968,740 MULTI-UTILITIES--0.2% Avista Corp. 68,100 1,478,451 CH Energy Group, Inc. 3,300 143,781 Integrys Energy Group, Inc. 5,300 264,682 --------------- 1,886,914 WATER UTILITIES--0.1% American States Water Co. 5,900 227,150 Cascal NV 50,800 533,385 SJW Corp.(1) 14,400 431,568 1,192,103 --------------- Total Common Stocks (Cost $908,832,632) 852,121,429
UNITS --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Redcorp Ventures Ltd. Wts., Strike Price 0.65CAD, Exp. 7/5/09(2) (Cost $0) 333,200 3,131
SHARES --------------- INVESTMENT COMPANY--0.8% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15% (5, 6) (Cost $6,644,272) 6,644,272 6,644,272 TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $915,476,904) 858,768,832
PRINCIPAL AMOUNT/ SHARES --------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--20.1%(7) ASSET-BACKED FLOATING NOTE--0.1% GSAA Home Equity Trust, Series 2005-15, Cl 2A1, 3.30%, 10/27/08 $ 583,787 581,586 BANK FLOATING RATE NOTE--0.6% Wachovia Bank NA, 2.11%, 2/23/09 6,000,000 5,649,822 INVESTMENT COMPANY--13.9% OFI Liquid Assets Fund, LLC, 3.40%(5, 6) 119,487,179 119,487,179
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- MEDIUM-TERM FLOATING NOTES--5.5% American General Finance Corp., 2.81%, 1/9/09 $ 6,500,000 $ 6,330,571 American Honda Finance Corp., 2.87%, 3/9/09 6,500,000 6,483,055 ANZ National (Int'l) Ltd., 2.09%, 3/6/09 8,000,000 7,995,320 Beta Finance, Inc., 2.10%, 2/17/09 5,000,000 4,963,270 CAM US Finance SA Unipersonal, 2.85%, 2/2/09 6,000,000 5,928,378 CC USA, Inc., 2.10%, 2/13/09 4,500,000 4,469,355 MBIA Global Funding LLC, 2.12%, 3/13/09 4,000,000 3,885,496 Nationwide Global Fund I, 2.89%, 12/15/08 7,000,000 6,985,489 47,040,934 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $173,571,379) 172,759,521 --------------- TOTAL INVESTMENTS, AT VALUE (COST $1,089,048,283) 120.3% 1,031,528,353 LIABILITIES IN EXCESS OF OTHER ASSETS (20.3) (174,028,710) --------------- --------------- NET ASSETS 100.0% $ 857,499,643 =============== ===============
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Partial or fully-loaned security. See accompanying Notes. 2. Non-income producing security. 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 $528,745 or 0.06% of the Fund's net assets as of September 30, 2008. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2008 was $32,223, which represents less than 0.005% of the Fund's net assets, all of which is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION -------- ----------- ------- ------- ------------ Tusk Energy Corp., Legend Shares 11/15/04 $38,148 $32,223 $5,925
5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------ OFI Liquid Assets Fund, LLC -- 290,448,737 170,961,558 119,487,179 Oppenheimer Institutional Money Market Fund, Cl. E 10,327,619 240,407,131 244,090,478 6,644,272
VALUE INCOME ------------- ------------------ OFI Liquid Assets Fund, LLC $119,487,179 $590,984(a) Oppenheimer Institutional Money Market Fund, Cl. E 6,644,272 206,853 ------------ -------- $126,131,451 $797,837 ============ ========
a. Net of compensation to counterparties. 6. Rate shown is the 7-day yield as of September 30, 2008. 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. 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
OTHER FINANCIAL VALUATION DESCRIPTION INVESTMENTS IN SECURITIES INSTRUMENTS* --------------------- ------------------------- --------------- Level 1--Quoted Prices $ 978,251,504 $-- Level 2--Other Significant Observable Inputs 53,276,849 -- Level 3--Significant Unobservable Inputs -- -- -------------- --- Total $1,031,528,353 $-- ============== ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ((R)) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. The Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. ILLIQUID OR RESTRICTED SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of September 30, 2008, the Fund had on loan securities valued at $172,971,975. Collateral of $173,517,379 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $1,098,902,698 ============== Gross unrealized appreciation $ 58,856,819 Gross unrealized depreciation (126,231,164) -------------- Net unrealized depreciation $ (67,374,345) ==============
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- ASSET-BACKED SECURITIES--0.8% Ameriquest Mortgage Securities, Inc., Home Equity Mtg. Obligations, Series 2005-R10, Cl. A2B, 3.427%, 12/25/35(1) $ 284,669 $ 262,759 Mastr Asset-Backed Securities Trust 2005-WF1, Mtg. Pass-Through Certificates, Series 2005-WF1, Cl. A2C, 3.447%, 6/25/35(1) 145,849 136,555 Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5, Cl. 2A2, 3.297%, 7/25/36(1) 1,831,306 1,800,935 --------------- Total Asset-Backed Securities (Cost $2,247,365) 2,200,249 MORTGAGE-BACKED OBLIGATIONS--16.4% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-4, Cl. A4, 5.936%, 7/1/17(1) 3,360,000 2,880,152 Series 2008-1, Cl. AJ, 6.389%, 1/1/18(1) 1,290,000 876,929 Series 2008-1, Cl. AM, 6.389%, 1/1/18(1) 1,290,000 1,031,178 Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.788%, 10/25/36(1) 105,412 76,537 CHL Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. 2A1, 5.50%, 4/1/35 243,297 213,845 CHL Mortgage Pass-Through Trust 2005-HYB1, Mtg. Pass-Through Certificates, Series 2005-HYB1, Cl. 1A2, 4.981%, 3/25/35(1) 871,335 700,608 CHL Mortgage Pass-Through Trust 2007-HY1, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.696%, 4/25/37(1) 371,394 286,161 CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 1A1, 6.092%, 9/1/47(1) 4,618,893 3,589,660 Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AJ, 5.398%, 12/1/49 1,110,000 721,812 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 3.607%, 10/25/36(1) 328,554 282,976 Series 2006-A5, Cl. 1A13, 3.657%, 10/25/36(1) 171,744 141,674 CitiMortgage Alternative Loan Trust 2007-A2, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2007-A2, Cl. 1A5, 6%, 2/25/37 4,376,047 3,880,545 Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.913%, 6/1/39(1) 540,000 463,494 CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 2A4, 5.75%, 1/25/35 810,000 658,224 CWALT Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 280,000 215,074 CWALT Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl. 2A3, 5.50%, 2/25/36 210,000 184,580 CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 275,161 241,242
1 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2319, Cl. PZ, 6.50%, 5/15/31 $ 496,512 $ 516,138 Series 2338, Cl. ZC, 6.50%, 7/15/31 426,914 439,327 Series 2344, Cl. ZD, 6.50%, 8/15/31 262,350 273,700 Series 2363, Cl. BZ, 6.50%, 9/15/31 512,663 529,853 Series 2457, Cl. PE, 6.50%, 6/15/32 448,212 457,340 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 2520, Cl. SE, 51.476%, 5/15/22(2) 299,843 24,748 Series 2527, Cl. SG, 28.662%, 2/15/32(2) 272,448 19,998 Series 2531, Cl. ST, 30.563%, 2/15/30(2) 320,000 24,369 Series 2574, Cl. IN, 4.341%, 12/15/22(2) 1,532,752 274,501 Series 2989, Cl. TS, 51.075%, 6/15/25(2) 1,605,423 145,737 Federal National Mortgage Assn.: 5%, 10/1/21(3) 1,700,000 1,688,047 5.50%, 11/1/33-1/25/34(4) 412,381 412,516 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 2001-74, Cl. QE, 6%, 12/25/31 813,961 826,888 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2002-60, Cl. SM, 34.36%, 8/25/32(2) 747,611 80,476 Trust 2002-7, Cl. SK, 36.545%, 1/25/32(2) 289,705 28,568 Trust 2002-77, Cl. BS, 29.388%, 12/18/32(2) 446,741 50,222 Trust 2002-77, Cl. JS, 29.068%, 12/18/32(2) 766,642 86,245 Trust 2002-77, Cl. SA, 29.514%, 12/18/32(2) 710,620 78,039 Trust 2002-90, Cl. SN, 34.358%, 8/25/32(2) 384,155 42,557 Trust 2002-90, Cl. SY, 36.896%, 9/25/32(2) 197,968 22,324 Trust 2003-14, Cl. OI, 11.228%, 3/25/33(2) 279,322 62,031 Trust 2003-23, Cl. ES, 49.37%, 10/25/22(2) 623,061 51,618 Trust 2003-52, Cl. NS, 43.005%, 6/25/23(2) 667,928 67,162 Trust 2003-89, Cl. XS, 27.165%, 11/25/32(2) 506,094 43,668 Trust 2004-65, Cl. SA, 64.338%, 5/25/23(2) 1,224,401 91,272 Trust 2005-86, Cl. AI, 8.087%, 10/1/35(2) 287,989 63,918 Trust 2006-33, Cl. SP, 43.628%, 5/25/36(2) 448,404 46,374 Trust 2006-42, Cl. CI, 28.061%, 6/25/36(2) 2,347,427 208,052 Trust 2006-43, Cl. SJ, 44.623%, 6/25/36(2) 913,439 81,148 Trust 2006-51, Cl. SA, 25.592%, 6/25/36(2) 3,054,893 265,852 Trust 302, Cl. 2, 2.575%, 6/1/29(2) 567,877 122,719 Trust 331, Cl. 18, 10.985%, 2/1/33(2) 828,732 190,923 Trust 333, Cl. 2, 3.891%, 4/1/33(2) 1,644,800 360,930 Trust 334, Cl. 3, 11.057%, 7/1/33(2) 294,333 64,571 Trust 334, Cl. 4, 11.216%, 7/1/33(2) 463,035 101,424 Trust 338, Cl. 2, 3.061%, 7/1/33(2) 3,430,985 754,253 Trust 339, Cl. 12, 9.777%, 7/1/33(2) 127,952 29,184 Trust 339, Cl. 17, 9.641%, 8/1/33(2) 1,256,833 299,564 Trust 339, Cl. 8, 8.584%, 8/1/33(2) 162,700 36,003
2 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- Trust 342, Cl. 2, 5.992%, 9/1/33(2) $ 85,498 $ 19,266 Trust 343, Cl. 13, 10.171%, 9/1/33(2) 103,154 22,915 Trust 343, Cl. 18, 11.165%, 5/1/34(2) 298,936 61,732 Trust 343, Cl. 20, 10.052%, 10/1/33(2) 1,170,398 243,370 Trust 346, Cl. 2, 2.956%, 12/1/33(2) 516,785 113,668 Trust 351, Cl. 10, 9.48%, 4/1/34(2) 272,122 59,901 Trust 355, Cl. 7, 9.006%, 11/1/33(2) 188,594 42,469 Trust 356, Cl. 6, 9.598%, 12/1/33(2) 241,371 53,541 Trust 364, Cl. 16, 9.857%, 9/1/35(2) 133,092 32,347 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 88,336 75,157 GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates, Series 2004-J4, Cl. A7, 5.50%, 9/25/34 190,000 161,255 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2006-47, Cl. SA, 37.964%, 8/16/36(2) 1,159,040 105,273 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39 670,000 594,310 GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 4.485%, 5/1/34(1) 3,028,592 2,814,954 GSR Mortgage Loan Trust 2005-4F, Mtg. Pass-Through Certificates, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 219,919 204,793 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.144%, 11/25/35(1) 1,363,989 1,220,230 GSR Mortgage Loan Trust 2006-2F, Mtg. Pass-Through Certificates, Series 2006-2F, Cl. 2A2, 5.75%, 2/1/36 292,145 237,667 GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 2A1, 5.998%, 3/1/37(1) 838,346 675,328 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47 430,000 281,702 Series 2008-C2, Cl. AJ, 6.799%, 2/1/51(1) 2,170,000 1,536,417 LB-UBS Commercial Mortgage Trust 2003-C5, Commercial Mtg. Pass-Through Certificates, Series 2003-C5, Cl. A2, 3.478%, 7/15/27 35,617 35,339 LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.374%, 9/11/45(1) 3,300,000 2,640,996 Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 3.657%, 10/25/36(1) 4,153,073 3,643,725 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.073%, 10/25/36(1) 279,319 255,033 Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 5.975%, 6/25/37(1) 358,411 316,984 Merrill Lynch Mortgage Investors Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.797%, 9/1/37(1, 5) 146,818 136,039 Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.841%, 5/1/39(1) 890,000 667,906
3 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.417%, 6/25/36(1) $ 130,000 $ 108,360 STARM Mortgage Loan Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.659%, 6/1/37(1, 5) 220,400 181,830 Wachovia Bank Commercial Mortgage Trust 2006-C28, Commercial Mtg. Pass-Through Certificates, Series 2006-C28, Cl. A4, 5.572%, 10/1/48 1,370,000 1,202,324 WaMu Mortgage Pass-Through Certificates 2003-AR10 Trust, Mtg. Pass-Through Certificates, Series 2003-AR10, Cl. A7, 4.36%, 10/1/33(1) 850,000 816,573 WaMu Mortgage Pass-Through Certificates 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36(1) 421,645 320,869 WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates: Series 2006-AR14, Cl. 1A7, 5.647%, 11/1/36(1) 1,678,480 1,012,172 Series 2006-AR14, Cl. 2A4, 5.758%, 11/1/36(1, 5) 454,298 231,692 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.128%, 8/25/36(1) 391,718 349,340 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 1A2, 5.711%, 2/25/37(1, 5) 80,134 32,054 Series 2007-HY1, Cl. 2A4, 5.868%, 2/1/37(1) 730,650 450,494 WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 1A2, 5.614%, 12/1/36(1, 5) 1,760,788 581,060 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.668%, 3/1/37(1) 214,812 127,816 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 5A1, 5.584%, 11/1/36(1) 141,964 111,233 WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.658%, 5/1/37(1) 153,318 127,765 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.369%, 9/1/34(1) 71,710 60,542 Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.549%, 3/25/35(1) 58,835 50,973 Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.537%, 4/25/35(1) 96,093 83,462 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 4A1, 5.561%, 7/25/36(1) 206,098 169,472
4 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36(1, 4) $ 343,933 $ 287,554 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.106%, 3/25/36(1) 417,592 371,495 --------------- Total Mortgage-Backed Obligations (Cost $54,121,345) 48,336,347 CORPORATE BONDS AND NOTES--100.2% CONSUMER DISCRETIONARY--33.0% AUTO COMPONENTS--2.1% Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,215,000 1,187,663 9% Sr. Unsec. Nts., 7/1/15 825,000 820,875 Lear Corp., 8.75% Sr. Unsec. Nts., Series B, 12/1/16 6,065,000 4,245,500 --------------- 6,254,038 AUTOMOBILES--2.4% Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 5,755,000 5,265,825 General Motors Acceptance Corp., 8% Bonds, 11/1/31 4,975,000 1,877,411 --------------- 7,143,236 DIVERSIFIED CONSUMER SERVICES--0.6% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 2,020,000 1,772,550 HOTELS, RESTAURANTS & LEISURE--11.2% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13(6) 1,655,000 1,352,963 Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13(6, 7) 2,525,000 1,754,875 Harrah's Operating Co., Inc., 10.75% Sr. Unsec. Nts., 2/1/16(6) 4,070,000 2,096,050 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 5,255,000 3,547,125 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(6) 3,460,000 2,266,300 MGM Mirage, Inc.: 6.625% Sr. Unsec. Nts., 7/15/15 2,020,000 1,414,000 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,200,000 1,809,500 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 1,925,000 1,607,375 8% Sr. Sub. Nts., 4/1/12 3,415,000 2,919,825 Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 5,445,000 4,260,713 Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 2,970,000 2,884,613 Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14(6) 1,000,000 1,017,500 Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14 5,860,000 1,758,000 Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 1,350,000 560,250 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 4,345,000 3,725,838 --------------- 32,974,927 HOUSEHOLD DURABLES--2.2% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09(5) 1,890,000 1,795,500 Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17 1,930,000 1,616,375 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 545,000 310,650 8.875% Sr. Sub. Nts., 4/1/12 1,275,000 816,000 KB Home, 8.625% Sr. Sub. Nts., 12/15/08 150,000 150,750
5 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- HOUSEHOLD DURABLES CONTINUED Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 $ 1,110,000 $ 1,071,150 William Lyon Homes, Inc.: 7.50% Sr. Unsec. Nts., 2/15/14 220,000 86,900 10.75% Sr. Nts., 4/1/13(5) 1,510,000 656,850 --------------- 6,504,175 LEISURE EQUIPMENT & PRODUCTS--0.4% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 1,370,000 1,164,500 MEDIA--11.0% Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 565,000 485,900 AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 990,000 856,350 American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11(5) 32,724 23,070 8.875% Sr. Unsec. Sub. Nts., 1/15/11 875,000 608,125 CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/15 2,510,000 1,669,150 Cinemark, Inc., 0%/9.75% Sr. Unsec. Nts., 3/15/14(5, 8) 2,025,000 1,956,656 CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 450,000 434,250 Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 130,000 115,375 9.875% Sr. Sub. Nts., 8/15/13 520,000 323,700 Dex Media, Inc., 0%/9% Unsec. Nts., 11/15/13(8) 250,000 116,250 EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11 2,375,000 2,190,938 Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16 3,045,000 844,988 Lamar Media Corp.: 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,167,000 971,528 7.25% Sr. Unsec. Sub. Nts., 1/1/13 1,505,000 1,369,550 Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 2,155,000 1,691,675 Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/14(1) 2,180,000 1,618,650 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,460,000 445,300 6.875% Sr. Unsec. Sub. Nts., 10/1/13 2,510,000 765,550 Nielsen Finance LLC/Nielsen Finance Co.: 0%/12.50% Sr. Unsec. Sub. Nts., 8/1/16(8) 1,090,000 713,950 10% Sr. Unsec. Nts., 8/1/14 3,230,000 3,084,650 NTL Cable plc, 9.125% Sr. Nts., 8/15/16 2,745,000 2,312,663 R.H. Donnelley Corp.: 6.875% Sr. Nts., 1/15/13 1,780,000 703,100 6.875% Sr. Nts., Series A-2, 1/15/13 1,960,000 774,200 Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 658,000 Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12(6) 1,040,000 1,045,200 Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 2,700,000 2,612,250 Videotron Ltd., 9.125% Sr. Nts., 4/15/18(6) 970,000 984,550 Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14 1,385,000 1,170,325 Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14 800,000 598,000 WMG Holdings Corp., 0%/9.50% Sr. Nts., 12/15/14(8) 2,365,000 1,312,575 --------------- 32,456,468 MULTILINE RETAIL--0.4% Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08(5) 1,125,000 1,127,813
6 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- SPECIALTY RETAIL--1.9% Claire's Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17 $ 5,355,000 $ 1,820,700 GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12 1,060,000 1,070,600 Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 1,630,000 1,544,425 10.50% Sr. Unsec. Sub. Nts., 11/15/16 1,245,000 1,188,975 --------------- 5,624,700 TEXTILES, APPAREL & LUXURY GOODS--0.8% Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 2,930,000 2,461,200 CONSUMER STAPLES--6.5% BEVERAGES--0.8% Constellation Brands, Inc.: 8.125% Sr. Sub. Nts., 1/15/12 1,245,000 1,213,875 8.375% Sr. Nts., 12/15/14(5) 1,095,000 1,089,525 --------------- 2,303,400 FOOD & STAPLES RETAILING--2.2% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 3,560,000 3,310,170 Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 3,105,000 3,261,085 Real Time Data Co., 11% Nts., 5/31/09(5), (7), (9), (10) 476,601 -- --------------- 6,571,255 FOOD PRODUCTS--2.3% Del Monte Corp., 8.625% Sr. Sub. Nts., 12/15/12 1,325,000 1,318,375 Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 420,000 371,700 8.625% Sr. Nts., 5/1/09 687,000 659,520 8.875% Sr. Unsec. Nts., 3/15/11 146,000 123,370 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 2,475,000 1,868,625 Smithfield Foods, Inc.: 7% Sr. Nts., 8/1/11 1,330,000 1,163,750 8% Sr. Nts., Series B, 10/15/09 1,360,000 1,326,000 --------------- 6,831,340 HOUSEHOLD PRODUCTS--0.1% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 210,000 199,500 PERSONAL PRODUCTS--0.3% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,110,000 1,015,650 TOBACCO--0.8% Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 2,265,000 2,329,804 ENERGY--14.4% ENERGY EQUIPMENT & SERVICES--1.6% Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16(6) 1,915,000 1,800,100 Key Energy Services, Inc., 8.375% Sr. Nts., 12/1/14(6) 1,740,000 1,679,100 Pride International, Inc., 7.375% Sr. Unsec. Nts., 7/15/14 1,385,000 1,329,600 --------------- 4,808,800 OIL, GAS & CONSUMABLE FUELS--12.8% Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/18(6) 3,035,000 2,746,675 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 2,185,000 2,021,125 Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 1,035,000 879,750
7 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16 $ 3,535,000 $ 3,243,363 Copano Energy LLC/Copano Energy Finance Corp., 7.75% Sr. Nts., 6/1/18(6) 2,940,000 2,587,200 Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15 2,410,000 2,229,250 Enterprise Products Operating LP, 8.375% Jr. Sub. Nts., 8/1/66(1) 4,520,000 4,193,385 Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,945,000 1,847,750 Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 4,022,000 3,673,369 Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,935,000 1,751,175 Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 1,095,000 1,062,150 Quicksilver Resources, Inc.: 7.125% Sr. Sub. Nts., 4/1/16 2,215,000 1,816,300 8.25% Sr. Unsec. Nts., 8/1/15 935,000 860,200 Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 1,520,000 1,208,400 7.50% Sr. Sec. Nts., 11/30/16 2,200,000 1,727,000 Tesoro Corp., 6.625% Sr. Unsec. Nts., 11/1/15 2,000,000 1,640,000 Williams Cos., Inc. (The): 7.625% Nts., 7/15/19 2,000,000 1,971,580 8.125% Sr. Unsec. Nts., 3/15/12 2,020,000 2,042,180 Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08(5) 300,000 299,616 --------------- 37,800,468 FINANCIALS--12.7% CAPITAL MARKETS--2.9% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 3,205,000 2,515,925 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 5,675,000 3,730,700 Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38(7) 5,341,000 26,705 Morgan Stanley, 5.95% Sr. Unsec. Nts., Series F, 12/28/17 2,490,000 1,562,273 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 990,000 715,275 --------------- 8,550,878 COMMERCIAL BANKS--6.6% Barclays Bank plc, 6.278% Perpetual Bonds(11) 9,640,000 7,057,251 HBOS plc, 6.413% Sub. Perpetual Bonds, Series A(6, 11) 10,200,000 5,755,217 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(1) 8,900,000 6,690,486 --------------- 19,502,954 CONSUMER FINANCE--1.0% SLM Corp., 4.50% Nts., Series A, 7/26/10 3,945,000 2,999,857 DIVERSIFIED FINANCIAL SERVICES--1.7% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Nts., 10/1/12(5, 8) 200,000 193,000 Bank of America Corp.: 8% Unsec. Perpetual Bonds, Series K(11) 830,000 657,841 8.125% Perpetual Bonds, Series M(11) 285,000 230,619 Citigroup, Inc.: 8.30% Jr. Sub. Bonds, 12/21/57(1) 585,000 436,013 8.40% Perpetual Bonds, Series E(11) 2,345,000 1,599,079
8 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(11) $ 2,195,000 $ 1,852,868 --------------- 4,969,420 INSURANCE--0.4% MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/66(1) 1,210,000 754,644 Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23(6) 210,000 243,316 Prudential Insurance Co. of America, 8.30% Nts., 7/1/25(6) 160,000 177,869 --------------- 1,175,829 REAL ESTATE INVESTMENT TRUSTS--0.1% iStar Financial, Inc., 3.369% Sr. Unsec. Nts., 3/16/09(1) 415,000 345,507 HEALTH CARE--9.8% HEALTH CARE EQUIPMENT & SUPPLIES--2.1% Bausch & Lomb, Inc., 9.875% Sr. Unsec. Nts., 11/1/15(6) 1,190,000 1,133,475 Biomet, Inc., 10% Sr. Unsec. Bonds, 10/15/17 1,290,000 1,322,250 Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15(1) 2,060,000 1,802,500 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15(10) 1,850,000 1,734,375 --------------- 5,992,600 HEALTH CARE PROVIDERS & SERVICES--7.1% Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15(10) 2,405,000 1,875,900 Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15 1,540,000 1,470,700 DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13 3,275,000 3,127,625 Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11 1,305,000 1,324,575 HCA, Inc.: 6.375% Nts., 1/15/15 2,490,000 1,973,325 9.25% Sr. Sec. Nts., 11/15/16 1,545,000 1,506,375 HealthSouth Corp., 10.75% Sr. Unsec. Nts., 6/15/16(5) 2,185,000 2,217,775 Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 2,410,000 1,964,150 US Oncology Holdings, Inc., 8.334% Sr. Unsec. Nts., 3/15/12(1, 10) 1,057,422 814,215 US Oncology, Inc., 9% Sr. Unsec. Nts., 8/15/12 1,995,000 2,004,975 Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/15(8) 3,085,000 2,683,950 --------------- 20,963,565 PHARMACEUTICALS--0.6% DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14 1,915,000 1,843,188 INDUSTRIALS--6.8% AEROSPACE & DEFENSE--2.3% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 660,000 620,400 BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18 930,000 904,425 DRS Technologies, Inc., 6.625% Sr. Nts., 2/1/16 2,185,000 2,217,775 L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 2,105,000 1,915,550 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,160,000 1,073,000 --------------- 6,731,150
9 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- BUILDING PRODUCTS--0.3% Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 $ 1,495,000 $ 859,625 COMMERCIAL SERVICES & SUPPLIES--1.8% Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 2,405,000 2,350,888 American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05(5, 7, 9) 200,000 -- Corrections Corp. of America, 7.50% Sr. Nts., 5/1/11 830,000 831,038 Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 2,120,000 2,098,800 --------------- 5,280,726 INDUSTRIAL CONGLOMERATES--0.1% MetLife Capital Trust X, 9.25% Sec. Bonds, 4/8/68(1) 200,000 189,913 ROAD & RAIL--1.5% Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 3,875,000 2,470,313 Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 90,000 78,075 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,570,000 1,318,800 Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 500,000 502,500 --------------- 4,369,688 TRADING COMPANIES & DISTRIBUTORS--0.8% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 3,580,000 2,523,900 INFORMATION TECHNOLOGY--0.6% COMMUNICATIONS EQUIPMENT--0.0% Orion Network Systems, Inc., 12.50% Sr. Unsub. Nts., 1/15/07(5, 7, 9) 1,150,000 12 INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09(5), (7), (9) 844,866 EUR -- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10(5, 7, 9) 240,208 -- --------------- IT SERVICES--0.6% Fiserv, Inc., 6.125% Sr. Unsec. Unsub. Nts., 11/20/12 1,925,000 1,868,286 MATERIALS--7.5% CHEMICALS--1.2% Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13(5) 800,000 828,000 Momentive Performance Materials, Inc.: 9.75% Sr. Unsec. Nts., 12/1/14(6) 1,630,000 1,295,850 11.50% Sr. Unsec. Sub. Nts., 12/1/16 1,905,000 1,304,925 Mosaic Co. (The), 7.375% Sr. Nts., 12/1/14(6) 270,000 279,728 --------------- 3,708,503 CONSTRUCTION MATERIALS--0.5% NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14(8) 3,235,000 1,407,225 CONTAINERS & PACKAGING--2.6% Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 2,740,000 2,685,200 Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 2,755,000 2,410,625 Graphic Packaging International Corp., 8.50% Sr. Nts., 8/15/11 2,680,000 2,559,400 --------------- 7,655,225
10 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE --------------- --------------- METALS & MINING--2.6% Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 $ 4,270,000 $ 4,212,231 Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,600,000 1,691,456 Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12 1,945,000 1,789,400 --------------- 7,693,087 PAPER & FOREST PRODUCTS--0.6% NewPage Corp., 10% Sr. Sec. Nts., 5/1/12 1,895,000 1,705,500 TELECOMMUNICATION SERVICES--7.5% DIVERSIFIED TELECOMMUNICATION SERVICES--5.2% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 4,625,000 4,353,281 FairPoint Communications, Inc., 13.125% Sr. Nts., 4/1/18 2,835,000 2,594,025 PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06(5, 7, 9) 1,000,000 EUR -- Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 4,255,000 4,191,175 Teligent, Inc., 11.50% Sr. Nts., 12/1/08(5, 7, 9) 400,000 -- Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 2,735,000 2,611,925 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 1,800,000 1,669,500 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(5, 7, 9) 1,000,000 -- --------------- 15,419,906 WIRELESS TELECOMMUNICATION SERVICES--2.3% American Tower Corp., 7.50% Sr. Nts., 5/1/12 1,840,000 1,821,600 CellNet Data Systems, Inc., Sr. Unsec. Nts., 10/1/07(5, 7, 9) 1,834,000 -- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,025,000 1,997,631 Sprint Capital Corp., 8.75% Nts., 3/15/32 3,785,000 2,958,507 --------------- 6,777,738 UTILITIES--1.4% ELECTRIC UTILITIES--1.0% Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 3,105,000 2,810,025 ENERGY TRADERS--0.1% AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 342,055 342,055 GAS UTILITIES--0.3% Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp., 6.75% Sr. Unsec. Nts., 5/1/14 115,000 94,300 Ferrellgas Partners LP, 6.75% Sr. Nts,, 5/1/14(6) 885,000 725,700 --------------- 820,000 --------------- Total Corporate Bonds and Notes (Cost $361,221,391) 295,850,186
SHARES --------------- PREFERRED STOCKS--0.3% AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.(5, 9, 10) 13,764 -- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.(5, 9) 8,000 -- Fannie Mae, 8.25% Non-Cum. Sub., Series S, Non-Vtg. 160,075 348,964 ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.(5, 9, 10) 342 --
11 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A(5) 545 $ 415,563 --------------- Total Preferred Stocks (Cost $5,592,570) 764,527 COMMON STOCKS--1.0% AT&T, Inc. 54,174 1,512,538 Global Aero Logistics, Inc.(5, 9) 4,647 4,647 Revlon, Inc., Cl. A(9) 105,054 1,560,052 --------------- Total Common Stocks (Cost $3,608,650) 3,077,237
UNITS --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11(5, 9) (Cost $4,339) 570 6
SHARES --------------- INVESTMENT COMPANY--2.5% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15%(12, 13) (Cost $7,490,736) 7,490,736 7,490,736 TOTAL INVESTMENTS, AT VALUE (COST $434,286,396) 121.2% 357,719,288 LIABILITIES IN EXCESS OF OTHER ASSETS (21.2) (62,584,180) --------------- --------------- Net Assets 100.0% $ 295,135,108 =============== ===============
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. (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 $4,572,932 or 1.55% of the Fund's net assets as of September 30, 2008. (3.) When-issued security or delayed delivery to be delivered and settled after September 30, 2008. 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 $700,070. See accompanying Notes. (5.) Illiquid security. The aggregate value of illiquid securities as of September 30, 2008 was $11,770,708, which represents 3.99% 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 $28,941,668 or 9.81% of the Fund's net assets as of September 30, 2008. (7.) Issue is in default. See accompanying Notes. (8.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (9.) Non-income producing security. (10.) Interest or dividend is paid-in-kind, when applicable. (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.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------- Oppenheimer Institutional Money Market Fund, Cl. E 10,989,620 164,486,868 167,985,752 7,490,736
VALUE INCOME ---------- -------- Oppenheimer Institutional Money Market Fund, Cl. E $7,490,736 $239,601
12 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED (13.) Rate shown is the 7-day yield as of September 30, 2008. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $ 10,978,889 $ 24,211 Level 2--Other Significant Observable Inputs 345,203,982 (54,894,480) Level 3--Significant Unobservable Inputs 1,536,417 -- ------------ ------------ Total $357,719,288 $(54,870,269) ============ ============
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. FUTURES CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) --------------------------- -------- --------- ---------- ----------- -------------- Standard & Poor's 500 Index Sell 5 12/18/08 $ 1,459,250 $ 101,260 U.S. Long Bonds, 20 yr. Buy 116 12/19/08 13,591,938 (258,852) U.S. Treasury Nts., 2 yr. Sell 178 12/31/08 37,991,875 (147,749) U.S. Treasury Nts., 5 yr. Sell 5 12/31/08 561,172 (2,236) U.S. Treasury Nts., 5 yr. Buy 10 12/31/08 1,122,344 3,572 U.S. Treasury Nts., 10 yr. Sell 99 12/19/08 11,347,875 58,642 --------- $(245,363) =========
CREDIT DEFAULT SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT SWAP CREDIT AMOUNT FIXED TERMINATION RECEIVED/ COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) RATE DATE (PAID) VALUE ------------------ ------------------------------- ----------- --------- -------- ------------ ------------ ------------- Barclays Bank plc: ABX.HE.AA.06-2 Index Sell $1,760 0.170% 5/25/46 $ 1,361,567 $ (1,360,946) American International Group, Inc. Sell 140 3.000 3/20/09 -- (3,759) American International Group, Inc. Sell 260 4.000 3/20/09 -- (5,748) American International Group, Inc. Sell 170 5.350 3/20/09 -- (2,669)
13 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED Capmark Financial Group, Inc. Sell 160 5.000 6/20/12 44,800 (54,925) Citigroup, Inc. Sell 75 10.500 6/20/09 -- (2,673) Dillard's, Inc. Sell 745 1.900 12/20/08 -- (7,045) HCP, Inc. Sell 285 4.600 3/20/09 -- 230 iStar Financial, Inc. Sell 345 4.400 12/20/12 -- (128,783) Kohl's Corp. Buy 210 1.180 6/20/18 -- 2,716 Kohl's Corp. Sell 210 1.080 6/20/13 -- (1,089) Kohl's Corp. Sell 205 0.900 6/20/13 -- (2,616) Kohl's Corp. Buy 205 1.040 6/20/18 -- 4,767 Merrill Lynch & Co., Inc. Sell 720 4.150 9/20/09 -- 866 Nalco Co. Sell 420 4.500 9/20/13 -- 9,524 R.H. Donnelley Corp. Sell 450 5.000 9/20/10 81,000 (79,284) Six Flags, Inc. Sell 375 8.250 12/20/08 -- (4,408) Station Casinos, Inc. Sell 505 5.000 6/20/13 90,900 (212,146) The Goldman Sachs Group, Inc. Sell 355 5.750 12/20/09 -- 927 XL Capital Ltd. Sell 425 3.550 9/20/09 -- 216 ----------- ------------ 1,578,267 (1,846,845) ----------- ------------ Citibank NA, New York: Ambac Assurance Corp. Sell 4,225 8.400 12/20/08 -- (129,713) Cablevision Systems Corp. Sell 160 3.100 12/20/10 -- (3,105) Capmark Financial Group, Inc. Sell 3,300 7.125 12/20/12 -- (1,033,784) Capmark Financial Group, Inc. Sell 1,485 9.700 12/20/12 -- (388,235) Capmark Financial Group, Inc. Sell 1,235 9.750 12/20/12 -- (321,633) Ford Motor Credit Co. Sell 1,700 2.320 3/20/12 -- (664,103) Intelsat Ltd. Sell 550 4.300 12/20/08 -- 2,434 Intelsat Ltd. Sell 545 5.000 3/20/09 -- 5,667 Morgan Stanley Sell 1,555 7.800 12/20/13 -- (143,089) Nalco Co. Sell 435 3.600 9/20/12 -- 2,423 Nalco Co. Sell 455 4.170 9/20/13 -- 4,381 Owens-Illinois, Inc. Sell 500 2.500 6/20/13 -- (2,015) Reliant Energy, Inc. Sell 465 2.450 9/20/11 -- (33,013) Reliant Energy, Inc. Sell 1,070 2.600 9/20/11 -- (71,900) Reliant Energy, Inc. Sell 1,035 3.900 9/20/11 -- (35,470) Smurfit-Stone Container Enterprises, Inc. Sell 145 8.000 12/20/13 -- 118 Tribune Co. Sell 525 5.000 3/20/10 168,000 (140,716) Tribune Co. Sell 540 5.000 3/20/10 176,850 (144,736) Tribune Co. Sell 540 5.000 3/20/10 178,200 (144,736) Tribune Co. Sell 555 5.000 3/20/10 194,250 (148,757) Univision Communications, Inc. Sell 435 5.000 12/20/09 30,450 (29,458) ----------- ------------ 747,750 (3,419,440) ----------- ------------ Credit Suisse International: Aramark Corp. Sell 705 6.000 3/20/13 -- 38,688 Aramark Corp. Sell 60 4.750 12/20/13 -- (3) Capmark Financial Group, Inc. Sell 1,060 3.500 6/20/12 -- (394,134) Capmark Financial Group, Inc. Sell 1,120 5.200 12/20/12 -- (394,256) Capmark Financial Group, Inc. Sell 550 6.250 12/20/12 -- (181,984) CDX.NA.IG.10 Index Buy 4,020 1.550 6/20/13 26,217 40,793 Charter Communications Holdings LLC Buy 175 7.000 9/20/10 -- 21,032 Charter Communications Holdings LLC Sell 175 5.000 9/20/17 35,000 (100,523) Charter Communications Holdings LLC Buy 635 5.000 9/20/10 (40,481) 95,918 Charter Communications Holdings LLC Sell 635 5.000 9/20/17 127,000 (364,756) Eastman Kodak Co. Buy 905 3.700 12/20/18 -- 1,287 Eastman Kodak Co. Sell 905 3.650 12/20/13 -- (378) El Paso Corp. Sell 505 2.800 3/20/18 -- (16,327) Ford Motor Credit Co. Sell 4,100 2.385 3/20/12 -- (1,596,827) Ford Motor Credit Co. Sell 875 2.550 3/20/12 -- (338,169) GMAC LLC Sell 1,810 1.390 3/20/17 -- (1,066,049) GMAC LLC Sell 1,915 5.000 3/20/09 277,675 (273,994) Harrah's Operating Co., Inc. Sell 1,160 5.000 3/20/10 73,950 (142,555) Intelsat Ltd. Sell 555 4.400 3/20/09 -- 4,151 Intelsat Ltd. Sell 55 5.750 3/20/09 -- 773
14 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED iStar Financial, Inc. Sell 135 4.000 12/20/12 -- (51,467) iStar Financial, Inc. Sell 845 4.150 12/20/12 -- (319,625) iStar Financial, Inc. Sell 185 12.000 3/20/09 -- (17,179) Massey Energy Co. Sell 460 5.000 3/20/13 -- 17,233 Massey Energy Co. Sell 210 5.000 3/20/13 -- 7,867 Merrill Lynch & Co., Inc. Sell 360 4.150 9/20/09 -- 433 MGM Mirage Sell 440 8.400 12/20/13 -- (14,067) Morgan Stanley Sell 495 7.800 12/20/13 -- (45,549) Nalco Co. Sell 860 3.400 9/20/12 -- (1,013) Nalco Co. Sell 425 3.600 9/20/12 -- 2,367 Owens-Illinois, Inc. Sell 290 2.500 6/20/13 -- (1,169) Rite Aid Corp. Sell 395 7.500 3/20/09 -- (18,194) Sprint Nextel Corp. Sell 825 6.300 3/20/09 -- 10,873 Tenet Healthcare Corp. Sell 1,940 4.050 12/20/08 -- 6,340 Tribune Co. Sell 545 6.350 12/20/08 -- (15,684) Tribune Co. Sell 40 5.000 12/20/09 8,800 (9,553) Tribune Co. Sell 170 5.000 12/20/09 39,100 (40,695) TXU Corp. Sell 925 1.530 6/20/11 -- (124,707) TXU Corp. Sell 410 1.610 6/20/11 -- (54,541) TXU Corp. Sell 125 5.910 12/20/12 -- (9,671) TXU Corp. Sell 115 6.050 12/20/12 -- (8,412) TXU Corp. Sell 125 6.000 12/20/12 -- (9,332) Univision Communications, Inc. Sell 1,265 14.600 3/20/09 -- 46,680 Vornado Realty LP Sell 190 3.600 3/20/09 -- 2,960 Wachovia Corp. Sell 410 1.000 3/20/09 -- (8,787) ----------- ------------ 547,261 (5,322,205) ----------- ------------ Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 1,080 0.170 5/25/46 129,590 (835,126) American International Group, Inc. Sell 325 4.000 3/20/09 -- (7,185) CDX.NA.HY.10 Index Sell 4,410 5.000 6/20/13 394,450 (384,633) CDX.NA.HY.10 Index Sell 4,385 5.000 6/20/13 408,049 (507,274) Cemex Sell 190 2.000 3/20/09 -- 40 Countrywide Home Loans, Inc. Sell 1,010 8.500 12/20/08 -- 14,262 Countrywide Home Loans, Inc. Sell 2,210 9.000 12/20/08 -- 33,901 Countrywide Home Loans, Inc. Sell 2,215 9.750 12/20/08 -- 38,029 CVRD Inco Ltd. Buy 840 0.630 3/20/17 -- 36,254 Ford Motor Co. Sell 2,335 6.000 12/20/16 -- (928,003) Ford Motor Co. Sell 3,440 5.850 12/20/16 -- (1,378,774) Ford Motor Co. Sell 2,750 5.800 12/20/16 -- (1,105,312) Ford Motor Co. Sell 550 8.200 3/20/18 -- (170,919) Ford Motor Credit Co. Sell 2,805 2.390 3/20/12 -- (1,092,209) Ford Motor Credit Co. Sell 1,360 2.340 3/20/12 -- (530,789) General Motors Corp. Sell 1,865 4.750 12/20/16 -- (1,001,460) General Motors Corp. Sell 2,200 4.680 12/20/16 -- (1,182,709) GMAC LLC Sell 1,820 1.370 3/20/17 -- (1,073,311) Intelsat Ltd. Sell 220 4.400 3/20/09 -- 1,646 Intelsat Ltd. Sell 550 4.750 3/20/09 -- 5,051 Intelsat Ltd. Sell 325 5.000 3/20/09 -- 3,380 iStar Financial, Inc. Sell 3,955 2.925 12/20/08 -- (265,859) iStar Financial, Inc. Sell 2,305 3.000 12/20/08 -- (154,545) iStar Financial, Inc. Sell 2,355 5.850 12/20/08 -- (142,376) iStar Financial, Inc. Sell 805 4.320 12/20/12 -- (301,775) iStar Financial, Inc. Sell 1,020 4.500 12/20/12 -- (378,723) iStar Financial, Inc. Sell 1,035 4.000 12/20/12 -- (394,580) iStar Financial, Inc. Sell 460 12.000 3/20/09 -- (42,715) Jones Apparel Group, Inc. Sell 210 2.720 6/20/13 -- (2,158) Jones Apparel Group, Inc. Buy 210 2.635 6/20/18 -- 4,191 Kohl's Corp. Sell 205 1.180 6/20/13 -- (201) Kohl's Corp. Buy 205 1.300 6/20/18 -- 838 Liz Claiborne, Inc. Sell 765 3.250 6/20/09 -- 425 MBIA, Inc. Sell 1,090 4.900 12/20/12 -- (287,155) MGM Mirage Sell 890 1.150 12/20/09 -- (49,283) Owens-Illinois, Inc. Sell 140 2.500 6/20/13 -- (564)
15 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED SLM Corp. Sell 580 2.010 9/20/09 -- (97,660) Temple-Inland, Inc. Sell 95 3.000 9/20/09 -- 36 The Goldman Sachs Group, Inc. Sell 360 5.500 12/20/09 -- (97) The Goldman Sachs Group, Inc. Sell 285 5.450 12/20/09 -- (284) Vale Overseas Ltd. Sell 840 1.050 3/20/17 -- (61,471) Vornado Realty LP Sell 385 3.875 6/20/09 -- 6,525 Wachovia Corp. Sell 905 1.000 3/20/09 -- (19,395) Washington Mutual, Inc. Sell 665 4.500 12/20/08 -- (239,471) Washington Mutual, Inc. Sell 435 4.500 12/20/08 -- (156,646) XL Capital Ltd. Sell 485 3.550 9/20/09 -- 246 ----------- ------------ 932,089 (12,647,838) ----------- ------------ Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 380 0.170 5/25/46 31,309 (293,841) ABX.HE.AA.06-2 Index Sell 1,810 0.170 5/25/46 714,907 (1,399,609) CMBX.NA.AJ.3 Index Sell 2,300 1.470 12/13/49 282,773 (477,695) CMBX.NA.AJ.4 Index Sell 2,300 0.960 2/17/51 396,689 (564,257) General Motors Corp. Sell 1,865 4.950 12/20/16 -- (998,163) Nalco Co. Sell 455 4.250 9/20/13 -- 5,820 ----------- ------------ 1,425,678 (3,727,745) ----------- ------------ Goldman Sachs International: Dole Food Co., Inc. Buy 1,050 5.000 6/20/09 (34,125) (5,800) Dole Food Co., Inc. Sell 1,050 5.000 6/20/13 139,125 (143,928) Dole Food Co., Inc. Buy 525 5.000 6/20/09 (17,063) (2,900) Dole Food Co., Inc. Sell 525 5.000 6/20/13 69,563 (71,964) Dole Food Co., Inc. Sell 525 5.000 6/20/13 69,563 (71,964) Dole Food Co., Inc. Buy 525 5.000 6/20/09 (17,063) (2,900) Dole Food Co., Inc. Buy 740 5.000 6/20/09 (27,750) (4,087) Dole Food Co., Inc. Sell 740 5.000 6/20/13 98,050 (101,435) Ford Motor Co. Sell 500 6.400 12/20/17 -- (219,751) General Motors Corp. Sell 500 5.950 12/20/17 -- (272,753) GMAC LLC Sell 910 1.390 3/20/17 -- (535,969) GMAC LLC Sell 1,095 1.390 3/20/17 -- (644,930) GMAC LLC Sell 1,030 1.370 3/20/17 -- (607,423) GMAC LLC Sell 2,290 1.390 3/20/17 -- (1,348,757) Idearc, Inc. Sell 1,915 5.000 9/20/09 201,075 (197,100) iStar Financial, Inc. Sell 2,310 3.950 12/20/12 -- (882,952) Lehman Brothers Holdings, Inc. Sell 730 0.800 9/20/10 -- (642,657) Lennar Corp. Sell 870 2.900 12/20/08 -- (7,087) MGM Mirage Sell 725 8.400 12/20/13 -- (23,178) Nalco Co. Sell 465 3.700 9/20/12 -- 4,158 Nalco Co. Sell 425 4.700 9/20/13 -- 12,998 Nalco Co. Sell 760 4.700 9/20/13 -- 23,243 R.H. Donnelley Corp. Sell 430 9.000 3/20/09 -- (3,757) R.H. Donnelley Corp. Sell 650 5.000 9/20/10 143,000 (114,521) Rite Aid Corp. Sell 715 8.060 3/20/09 -- (31,096) Rite Aid Corp. Sell 1,390 5.000 12/20/09 99,038 (87,245) Six Flags, Inc. Sell 350 10.850 12/20/08 -- (1,937) Sprint Nextel Corp. Sell 295 6.300 3/20/09 -- 3,888 Station Casinos, Inc. Sell 315 5.000 6/20/13 55,519 (131,148) Univision Communications, Inc. Sell 980 5.000 6/20/09 98,000 (66,097) Univision Communications, Inc. Sell 270 5.000 6/20/09 29,700 (18,210) Univision Communications, Inc. Sell 465 5.000 6/20/09 27,900 (31,362) ----------- ------------ 934,532 (6,228,621) ----------- ------------ JPMorgan Chase Bank NA, NY Branch: CDX.NA.HY.10 Index Sell 2,720 5.000 6/20/13 243,289 (237,234) CDX.NA.HY.10 Index Sell 2,275 5.000 6/20/13 211,701 (263,181) CMBX.NA.AJ.3 Index Sell 1,000 1.470 12/13/49 119,886 (207,694) CMBX.NA.AJ.4 Index Sell 1,000 0.960 2/17/51 169,360 (245,329)
16 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED Constellation Brands, Inc. Sell 475 3.970 9/20/13 -- 13,856 Dean Foods Co. Sell 930 1.030 6/20/11 -- (57,950) Dean Foods Co. Sell 930 1.060 6/20/11 -- (57,269) Dean Foods Co. Sell 460 1.050 6/20/11 -- (28,439) Dean Foods Co. Sell 1,200 1.080 6/20/11 -- (73,309) Ford Motor Co. Sell 2,335 6.000 12/20/16 -- (928,003) General Motors Corp. Sell 2,760 4.750 12/20/16 -- (1,482,054) Idearc, Inc. Sell 280 5.000 9/20/09 36,400 (28,819) Morgan Stanley Sell 1,830 7.800 12/20/13 -- (168,394) Nalco Co. Sell 425 4.650 9/20/13 -- 12,158 Univision Communications, Inc. Sell 750 5.000 6/20/09 97,500 (50,585) ----------- ------------ 878,136 (3,802,246) ----------- ------------ Merrill Lynch International: El Paso Corp. Sell 530 2.900 3/20/18 -- (13,789) El Paso Corp. Sell 1,345 2.890 3/20/18 -- (35,842) Ford Motor Co. Sell 3,825 5.300 12/20/12 -- (1,273,029) General Motors Corp. Sell 2,550 4.050 12/20/12 -- (1,268,517) Reliant Energy, Inc. Sell 420 2.050 9/20/11 -- (34,073) Smurfit-Stone Container Enterprises, Inc. Sell 495 6.700 6/20/13 -- (24,272) Smurfit-Stone Container Enterprises, Inc. Sell 710 6.800 6/20/13 -- (32,496) Smurfit-Stone Container Enterprises, Inc. Sell 360 7.950 12/20/13 -- (337) TXU Corp. Sell 925 1.530 6/20/11 -- (124,707) TXU Corp. Sell 930 1.580 6/20/11 -- (124,339) TXU Corp. Sell 925 1.590 6/20/11 -- (123,464) TXU Corp. Sell 1,150 1.620 6/20/11 -- (152,722) TXU Corp. Sell 1,310 2.060 6/20/11 -- (161,059) ----------- ------------ -- (3,368,646) ----------- ------------ Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 380 0.170 5/25/46 30,359 (293,841) ABX.HE.AA.06-2 Index Sell 730 0.170 5/25/46 72,997 (564,483) American International Group, Inc. Sell 195 4.000 3/20/09 -- (4,311) Aramark Corp. Sell 835 5.920 3/20/13 -- 43,433 Capmark Financial Group, Inc. Sell 530 7.400 12/20/12 -- (163,098) Capmark Financial Group, Inc. Sell 550 7.150 12/20/12 -- (172,021) CMBX.NA.AJ.3 Index Sell 2,190 1.470 12/13/49 365,209 (454,849) CMBX.NA.AJ.3 Index Sell 2,500 1.470 12/13/49 328,412 (521,875) CMBX.NA.AJ.4 Index Sell 2,190 0.960 2/17/51 450,444 (537,271) Ford Motor Co. Sell 2,335 6.150 12/20/16 -- (920,122) Ford Motor Co. Sell 150 5.900 12/20/16 -- (59,952) General Motors Corp. Sell 1,865 4.900 12/20/16 -- (998,987) General Motors Corp. Sell 120 4.620 12/20/16 -- (64,575) Intelsat Ltd. Sell 550 2.750 12/20/08 -- 354 J.C. Penney Co., Inc. Sell 385 1.300 12/20/17 -- (20,499) J.C. Penney Co., Inc. Sell 370 1.070 12/20/17 -- (25,443) Jones Apparel Group, Inc. Sell 425 3.200 6/20/13 -- 3,661 Jones Apparel Group, Inc. Buy 425 2.970 6/20/18 -- (889) Kohl's Corp. Buy 555 0.660 12/20/17 -- 32,517 Kohl's Corp. Buy 575 0.870 12/20/17 -- 25,197 Lennar Corp. Sell 1,775 2.900 12/20/08 -- (14,460) Liz Claiborne, Inc. Sell 415 3.100 6/20/13 -- (10,243) Liz Claiborne, Inc. Buy 415 2.900 6/20/18 -- 18,874 Louisiana-Pacific Corp. Sell 375 6.250 9/20/09 -- (421) Massey Energy Co. Sell 690 5.100 9/20/12 -- 34,115 R.H. Donnelley Corp. Sell 270 5.000 9/20/10 48,600 (47,570) The Hartford Financial Services Group, Inc. Sell 195 2.400 3/20/09 -- 1,332 Wachovia Corp. Sell 1,010 3.250 3/20/09 -- (6,843) ----------- ------------ 1,296,021 (4,722,270) ----------- ------------ UBS AG: CDX.NA.HY.10 Index Sell 2,720 5.000 6/20/13 243,289 (237,234)
17 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED CDX.NA.HY.10 Index Sell 1,515 5.000 6/20/13 140,979 (175,261) iStar Financial, Inc. Sell 550 4.560 12/20/12 -- (203,558) Massey Energy Co. Sell 375 5.050 9/20/12 -- 17,912 Massey Energy Co. Sell 430 5.100 9/20/12 -- 21,260 Univision Communications, Inc. Sell 450 5.000 6/20/09 40,500 (30,351) ----------- ------------ 424,768 (607,232) ----------- ------------ $ 8,764,502 $(45,693,088) =========== ============
INTEREST RATE SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE -------------- ----------- ------------- ------------- ----------- --------- Goldman Sachs International: Three-Month $25,200,000 2.844% USD BBA LIBOR 2/28/10 $ 224,734 Three-Month 10,000,000 USD BBA LIBOR 4.519% 8/22/18 224,010 Three-Month 4,000,000 4.82 USD BBA LIBOR 8/22/28 (174,736) --------- 274,008 Goldman Sachs Three-Month Capital Markets LP 22,500,000 4.8275 USD BBA LIBOR 2/1/28 (765,041) --------- $(491,033) =========
Index abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate TOTAL RETURN SWAP CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
NOTIONAL SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND TERMINATION DATE VALUE ------------------------- ----------- ---------------------- --------------------- ---------------- ----------- Goldman Sachs Group, Inc. (The): If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers U.S. Lehman Brothers U.S. CMBS AAA 8.5+ Index CMBS AAA 8.5+ Index widen, pays the narrow, receives the $10,800,000 spread change* spread change* 3/1/09 $ (591,506) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change plus 50 narrow, receives the 4,200,000 basis points* spread change* 3/1/09 (226,826) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change plus narrow, receives the 3,380,000 250 basis points* spread change* 3/1/09 (183,237) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change plus narrow, receives the 4,060,000 200 basis points* spread change* 3/1/09 (221,041) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 16,510,000 50 basis points* spread change* 12/1/08 (905,731) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers U.S. Lehman Brothers U.S. CMBS AAA 8.5+ Index CMBS AAA 8.5+ Index widen, pays the narrow, receives the 2,865,000 spread change* spread change* 11/1/08 (154,167)
18 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers U.S. Lehman Brothers U.S. CMBS AAA 8.5+ Index CMBS AAA 8.5+ Index widen, pays the narrow, receives the 5,870,000 spread change* spread change* 2/1/09 (320,343) If credit spreads as represented by the If credit spreads as Banc of America represented by the Securities LLC AAA 10 Banc of America yr CMBS Daily Index Securities LLC AAA 10 widen, pays the yr CMBS Daily Index spread change minus narrow, receives the 47,110,000 660 basis points* spread change* 3/31/09 (1,440,210) ----------- (4,043,061) ----------- JPMorgan Chase If credit spreads as If credit spreads as 11/1/08 represented by the Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 2,600,000 145 basis points* spread change* (139,835) ----------- Morgan Stanley: If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers U.S. Lehman Brothers U.S. CMBS AAA Index CMBS AAA Index widen, narrow, receives the 2,200,000 pays the spread change* spread change* 2/1/09 (61,288) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers U.S. Lehman Brothers U.S. CMBS AAA Index widen, CMBS AAA Index pays the spread narrow, receives the 3,800,000 change* spread change* 3/1/09 (106,052) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change plus narrow, receives the 7,530,000 250 basis points* spread change* 3/1/09 (410,377) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change plus narrow, receives the 1,280,000 350 basis points* spread change* 3/1/09 (69,246) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 19,480,000 50 basis points* spread change* 12/1/08 (1,059,333) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 4,980,000 65 basis points* spread change* 12/1/08 (271,086) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 4,780,000 95 basis points* spread change* 2/1/09 (257,214) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 4,780,000 95 basis points* spread change* 2/1/09 (259,986) If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers U.S. Lehman Brothers U.S. CMBS AAA 8.5+ Index CMBS AAA 8.5+ Index widen, pays the narrow, receives the 8,240,000 spread change* spread change* 1/1/09 (448,616)
19 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 10,300,000 70 basis points* spread change* 2/1/09 (562,810) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA 8.5+ Index Lehman Brothers U.S. widen, pays the CMBS AAA 8.5+ Index spread change minus narrow, receives the 2,740,000 50 basis points* spread change* 2/1/09 (148,541) ----------- (3,654,549) ----------- Citibank NA: If credit spreads as If credit spreads as represented by the represented by the Lehman Brothers U.S. Lehman Brothers U.S. CMBS AAA Index widen, CMBS AAA Index pays the spread narrow, receives the 19,800,000 change* spread change* 2/1/09 (550,985) If credit spreads as represented by the If credit spreads as Lehman Brothers U.S. represented by the CMBS AAA Index widen, Lehman Brothers U.S. pays the spread CMBS AAA Index change plus 15 basis narrow, receives the 11,500,000 points* spread change* 2/1/09 (321,929) ----------- (872,914) ----------- $(8,710,359) ===========
* The CMBS Indexes are representative indexes of segments of the commercial mortgage backed securities market. These indexes are measured by movements in the credit spreads of the underlying holdings. As the credit market perceives an improvement in the credit quality of an Index's underlying holdings and reduced probability of default, the spread of an index narrows. As the credit market perceives a decrease in credit quality and an increased probability of default on an Index's underlying holdings, the spread widens. Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ((R)) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing 20 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the 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 purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ---------------------- Purchased securities $1,707,969
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive 21 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED interest and principal payments on the securities that have been sold. 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. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of September 30, 2008, securities with an aggregate market value of $1,781,592, representing 0.60% 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS WITH OFF-BALANCE SHEET MARKET 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 financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. 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. 22 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / 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. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. 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) is comprised of the change in the valuation of the swap 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. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports and as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. Credit risk arises from the possibility that the counterparty fails to make a payment when due or otherwise defaults under the terms of the contract. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the performance of the asset or non-asset reference. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee, similar to an insurance premium, to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. 23 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include credit, market and liquidity risk. Additional risks include but are not limited to: the cost of paying for credit protection if there are no credit events or the cost of selling protection when a credit event occurs (paying the notional amount to the protection buyer); and pricing transparency when assessing the value of a credit default swap. INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. Risks of interest rate swaps include credit, market and liquidity risk. Additional risks include but are not limited to, interest rate risk. There is a risk, based on future movements of interest rates that the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Risks of total return swaps include credit, market and liquidity risk. ILLIQUID SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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 an applicable footnote on the Statement of Investments. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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. 24 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED Federal tax cost of securities $ 435,194,294 Federal tax cost of other investments (45,165,030) --------------- Total federal tax cost $ 390,029,264 =============== Gross unrealized appreciation $ 2,499,815 Gross unrealized depreciation (126,350,162) --------------- Net unrealized depreciation $ (123,850,347) ===============
25 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMON STOCKS--98.4% CONSUMER DISCRETIONARY--9.8% AUTO COMPONENTS--0.4% ArvinMeritor, Inc. 6,800 $ 88,672 Autoliv, Inc. 34,900 1,177,875 BorgWarner, Inc. 39,100 1,281,307 Exide Technologies(1) 4,400 32,472 Gentex Corp.(2) 80,500 1,151,150 Goodyear Tire & Rubber Co. (The)(1) 14,100 215,871 Lear Corp.(1) 40,900 429,450 TRW Automotive Holdings Corp.(1) 66,600 1,059,606 WABCO Holdings, Inc. 25,500 906,270 --------------- 6,342,673 AUTOMOBILES--0.3% Ford Motor Co.(1, 2) 1,100,370 5,721,924 Thor Industries, Inc.(2) 11,900 295,358 --------------- 6,017,282 DISTRIBUTORS--0.1% Genuine Parts Co. 24,300 977,103 LKQ Corp.(1) 73,700 1,250,689 --------------- 2,227,792 DIVERSIFIED CONSUMER SERVICES--0.1% Career Education Corp.(1) 5,200 85,020 Corinthian Colleges, Inc.(1) 4,100 61,500 H&R Block, Inc. 25,100 571,025 Hillenbrand, Inc. 2,300 46,368 Regis Corp. 8,200 225,500 Service Corp. International 98,300 821,788 --------------- 1,811,201 HOTELS, RESTAURANTS & LEISURE--0.5% Bob Evans Farms, Inc.(2) 15,500 422,995 Boyd Gaming Corp. 4,000 37,440 Brinker International, Inc. 30,600 547,434 Carnival Corp. 6,500 229,775 CEC Entertainment, Inc.(1) 8,300 275,560 Chipotle Mexican Grill, Inc., Cl. B(1) 619 28,938 International Speedway Corp. 10,600 412,446 Interval Leisure Group, Inc.(1) 16,840 175,136 Jack in the Box, Inc.(1) 13,600 286,960 McDonald's Corp. 81,000 4,997,700 Papa John's International, Inc.(1, 2) 5,400 146,664 Speedway Motorsports, Inc. 5,100 99,348 Wyndham Worldwide Corp. 87,800 1,379,338 --------------- 9,039,734 HOUSEHOLD DURABLES--0.3% American Greetings Corp., Cl. A 10,300 157,487 Centex Corp. 24,900 403,380
1 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- HOUSEHOLD DURABLES CONTINUED KB Home 4,200 $ 82,656 Lennar Corp., Cl. A(2) 72,800 1,105,832 NVR, Inc.(1) 1,900 1,086,800 Pulte Homes, Inc. 36,700 512,699 Ryland Group, Inc. (The)(2) 8,900 236,028 Snap-On, Inc. 29,700 1,564,002 Stanley Works (The) 17,600 734,624 Tempur-Pedic International, Inc.(2) 5,700 67,032 --------------- 5,950,540 INTERNET & CATALOG RETAIL--0.3% Expedia, Inc.(1) 37,600 568,136 HSN, Inc.(1, 2) 16,840 185,408 Liberty Media Corp.-Interactive, Series A(1) 149,300 1,927,463 NetFlix.com, Inc.(1, 2) 20,100 620,688 Priceline.com, Inc.(1, 2) 15,100 1,033,293 Ticketmaster(1) 16,840 180,693 --------------- 4,515,681 LEISURE EQUIPMENT & PRODUCTS--0.3% Brunswick Corp.(2) 40,300 515,437 Callaway Golf Co. 42,100 592,347 Hasbro, Inc. 49,400 1,715,168 Mattel, Inc. 60,900 1,098,636 Polaris Industries, Inc.(2) 11,400 518,586 Pool Corp. 2,200 51,326 --------------- 4,491,500 MEDIA--3.7% Cablevision Systems Corp. New York Group, Cl. A 61,600 1,549,856 CBS Corp., Cl. B 730,600 10,652,148 Comcast Corp., Cl. A 75,300 1,478,139 Cox Radio, Inc., Cl. A(1, 2) 15,200 160,512 DirecTV Group, Inc. (The)(1) 548,400 14,351,628 DreamWorks Animation SKG, Inc., Cl. A(1) 49,900 1,569,355 Gannett Co., Inc. 46,200 781,242 Harte-Hanks, Inc. 15,800 163,846 Interactive Data Corp. 300 7,566 Liberty Media Holding Corp.-Capital, Series A(1) 2,500 33,450 Marvel Entertainment, Inc.(1) 9,000 307,260 Mediacom Communications Corp.(1) 1,300 7,696 Meredith Corp.(2) 20,600 577,624 News Corp., Inc., Cl. A 294,800 3,534,652 Regal Entertainment Group(2) 1,000 15,780 Scholastic Corp. 16,600 426,288 Time Warner Cable, Inc., Cl. A(1, 2) 152,100 3,680,820 Time Warner, Inc. 1,293,800 16,961,718 Viacom, Inc., Cl. B(1) 24,573 610,393
2 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- MEDIA CONTINUED Walt Disney Co. (The)(2) 270,600 $ 8,304,714 Warner Music Group Corp. 1,800 13,680 --------------- 65,188,367 MULTILINE RETAIL --0.2% Big Lots, Inc.(1,2) 50,600 1,408,198 Dillard's, Inc., Cl. A(2) 36,200 427,160 Dollar Tree, Inc.(1) 46,500 1,690,740 Macy's, Inc. 51,600 927,768 --------------- 4,453,866 SPECIALTY RETAIL--3.3% Aaron Rents, Inc. 10,600 286,942 Aeropostale, Inc.(1, 2) 46,500 1,493,115 American Eagle Outfitters, Inc.(2) 83,400 1,271,850 AnnTaylor Stores Corp.(1) 21,200 437,568 AutoNation, Inc.(1, 2) 122,100 1,372,404 AutoZone, Inc.(1) 9,000 1,110,060 Barnes & Noble, Inc.(2) 17,000 443,360 bebe stores, inc 30,300 296,031 Best Buy Co., Inc.(2) 332,800 12,480,000 Children's Place Retail Stores, Inc.(1, 2) 9,700 323,495 Dress Barn, Inc. (The)(1) 33,600 513,744 Foot Locker, Inc. 61,100 987,376 Gap, Inc. (The)(2) 714,700 12,707,366 Gymboree Corp.(1) 12,000 426,000 Limited Brands, Inc. 101,800 1,763,176 Men's Wearhouse, Inc. (The) 3,400 72,216 Office Depot, Inc.(1) 117,300 682,686 OfficeMax, Inc. 7,300 64,897 Penske Automotive Group, Inc.(2) 31,500 361,305 RadioShack Corp. 72,700 1,256,256 Rent-A-Center, Inc.(1) 23,700 528,036 Ross Stores, Inc. 49,800 1,833,138 Sally Beauty Holdings, Inc.(1, 2) 56,200 483,320 Staples, Inc. 226,000 5,085,000 Talbots, Inc. (The)(2) 4,500 58,950 TJX Cos., Inc. (The)(2) 323,800 9,882,376 Tractor Supply Co.(1, 2) 16,300 685,415 Urban Outfitters, Inc.(1) 22,600 720,262 Williams-Sonoma, Inc. 31,200 504,816 Zale Corp.(1) 4,800 120,000 --------------- 58,251,160 TEXTILES, APPAREL & LUXURY GOODS--0.3% Carter's, Inc.(1) 10,600 209,138 Fossil, Inc.(1) 4,900 138,327
3 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- TEXTILES, APPAREL & LUXURY GOODS CONTINUED Hanesbrands, Inc.(1) 40,500 $ 880,875 Jones Apparel Group, Inc.(2) 29,900 553,449 Liz Claiborne, Inc. 34,300 563,549 Phillips/Van Heusen Corp. 3,200 121,312 Quicksilver, Inc.(1) 7,400 42,476 Skechers USA, Inc., Cl. A(1) 17,600 296,208 Timberland Co., Cl. A(1) 7,100 123,327 UniFirst Corp. 3,100 133,579 Warnaco Group, Inc. (The)(1) 25,900 1,173,011 Wolverine World Wide, Inc. 18,900 500,094 --------------- 4,735,345 CONSUMER STAPLES--6.9% BEVERAGES--1.2% Coca-Cola Co. (The) 199,600 10,554,848 Pepsi Bottling Group, Inc. (The) 11,000 320,870 PepsiCo, Inc. 155,150 11,057,541 --------------- 21,933,259 FOOD & STAPLES RETAILING--2.4% Casey's General Stores, Inc. 14,400 434,448 CVS Caremark Corp. 52,800 1,777,248 Kroger Co. (The) 605,300 16,633,644 Longs Drug Stores, Inc. 4,700 355,508 Safeway, Inc. 466,100 11,055,892 Wal-Mart Stores, Inc. 197,300 11,816,297 Weis Markets, Inc. 2,100 75,621 --------------- 42,148,658 FOOD PRODUCTS--0.1% Del Monte Foods Co. 24,600 191,880 Fresh Del Monte Produce, Inc.(1) 4,900 108,780 Pilgrim's Pride Corp.(2) 10,000 24,900 Tyson Foods, Inc., Cl. A(2) 61,900 739,086 --------------- 1,064,646 HOUSEHOLD PRODUCTS--1.4% Procter & Gamble Co. (The) 354,215 24,685,243 PERSONAL PRODUCTS--0.1% Chattem, Inc.(1, 2) 6,800 531,624 Herbalife Ltd. 32,100 1,268,592 NBTY, Inc.(1) 17,900 528,408 Nu Skin Asia Pacific, Inc., Cl. A 14,600 236,812 --------------- 2,565,436 TOBACCO--1.7% Altria Group, Inc. 314,600 6,241,664 Lorillard, Inc. 76,716 5,458,343 Philip Morris International, Inc. 327,300 15,743,130 Reynolds American, Inc. 42,400 2,061,488
4 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- TOBACCO CONTINUED Universal Corp. 10,700 $ 525,263 --------------- 30,029,888 ENERGY--19.2% ENERGY EQUIPMENT & SERVICES--2.1% Bristow Group, Inc.(1, 2) 600 20,304 Dresser-Rand Group, Inc.(1) 40,800 1,283,976 Grey Wolf, Inc.(1) 29,800 231,844 Gulfmark Offshore, Inc.(1) 9,300 417,384 Halliburton Co. 55,000 1,781,450 Key Energy Services, Inc.(1) 25,900 300,440 Lufkin Industries, Inc. 6,000 476,100 Nabors Industries Ltd.(1) 46,300 1,153,796 Noble Corp. 274,100 12,032,990 Oil States International, Inc.(1) 30,100 1,064,035 Parker Drilling Co.(1) 3,800 30,476 Patterson-UTI Energy, Inc. 59,700 1,195,194 Pioneer Drilling Co.(1) 3,300 43,890 Schlumberger Ltd. 139,200 10,870,128 Seacor Holdings, Inc.(1, 2) 5,700 450,015 Transocean, Inc.(2) 44,000 4,832,960 Unit Corp.(1) 20,500 1,021,310 --------------- 37,206,292 OIL, GAS & CONSUMABLE FUELS--17.1% Anadarko Petroleum Corp. 302,300 14,664,573 Apache Corp.(2) 183,500 19,135,380 Berry Petroleum Co., Cl. A 13,900 538,347 Bill Barrett Corp.(1, 2) 13,200 423,852 BPZ Resources, Inc.(1, 2) 1,900 32,680 Chesapeake Energy Corp. 106,700 3,826,262 Chevron Corp.(2) 520,426 42,924,736 Cimarex Energy Co. 26,800 1,310,788 ConocoPhillips 450,083 32,968,580 Continental Resources, Inc.(1) 8,800 345,224 CVR Energy, Inc.(1) 1,000 8,520 Delta Petroleum Corp.(1, 2) 19,300 262,094 Denbury Resources, Inc.(1) 62,800 1,195,712 Devon Energy Corp. 62,600 5,709,120 Exxon Mobil Corp. 999,656 77,633,285 Frontier Oil Corp. 30,700 565,494 Hess Corp. 158,200 12,985,056 Marathon Oil Corp. 441,400 17,598,618 Mariner Energy, Inc.(1) 46,400 951,200 Massey Energy Co. 25,300 902,451 Murphy Oil Corp. 83,600 5,362,104 Noble Energy, Inc. 192,900 10,723,311
5 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Nordic American Tanker Shipping Ltd.(2) 7,900 $ 253,274 Occidental Petroleum Corp.(2) 345,800 24,361,610 Overseas Shipholding Group, Inc. 19,800 1,154,538 Plains Exploration & Production Co.(1) 33,700 1,184,892 Rosetta Resources, Inc.(1) 20,300 372,708 Spectra Energy Corp. 256,400 6,102,320 Stone Energy Corp.(1) 11,145 471,768 Swift Energy Co.(1) 11,400 441,066 Valero Energy Corp. 406,400 12,313,920 VeraSun Energy Corp.(1, 2) 15,300 47,889 W&T Offshore, Inc. 34,300 936,047 Whiting Petroleum Corp.(1) 8,500 605,710 Williams Cos., Inc. (The) 40,800 964,920 XTO Energy, Inc. 91,600 4,261,232 --------------- 303,539,281 FINANCIALS--9.0% CAPITAL MARKETS--1.0% Bank of New York Mellon Corp. 40,700 1,326,006 BlackRock, Inc. 25,700 4,998,650 E*TRADE Financial Corp.(1) 38,900 108,920 Goldman Sachs Group, Inc. (The)(2) 53,800 6,886,400 Greenhill & Co., Inc. 700 51,625 Invesco Ltd. 4,800 100,704 KBW, Inc.(1, 2) 6,800 223,992 Knight Capital Group, Inc., Cl. A(1, 2) 32,700 485,922 Legg Mason, Inc. 25,300 962,918 Morgan Stanley 22,400 515,200 Stifel Financial Corp.(1) 1,200 59,880 TD Ameritrade Holding Corp.(1) 99,200 1,607,040 --------------- 17,327,257 COMMERCIAL BANKS--0.8% Cathay Bancorp, Inc. 2,400 57,120 Colonial BancGroup, Inc. (The)(2) 64,700 508,542 East West Bancorp, Inc. 7,500 102,750 First Commonwealth Financial Corp. 1,800 24,246 First Horizon National Corp.(2) 62,352 583,615 First Midwest Bancorp, Inc.(2) 12,500 303,000 FirstMerit Corp. 20,900 438,900 Hancock Holding Co.(2) 6,000 306,000 International Bancshares Corp. 15,300 413,100 National Penn Bancshares, Inc.(2) 31,800 464,280 Old National Bancorp(2) 26,700 534,534 Pacific Capital Bancorp 22,200 451,770 Park National Corp.(2) 1,700 132,600 Popular, Inc.(2) 141,500 1,173,035
6 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMERCIAL BANKS CONTINUED Regions Financial Corp.(2) 72,200 $ 693,120 Susquehanna Bancshares, Inc.(2) 31,700 618,784 SVB Financial Group(1) 1,200 69,504 Trustmark Corp. 3,900 80,886 Webster Financial Corp. 27,200 686,800 Wells Fargo & Co. 132,000 4,953,960 Westamerica Bancorp(2) 1,600 92,048 Zions Bancorp 20,100 777,870 --------------- 13,466,464 CONSUMER FINANCE--0.1% AmeriCredit Corp.(1, 2) 24,400 247,172 Cash America International, Inc. 11,500 414,460 Discover Financial Services 140,600 1,943,092 Nelnet, Inc., Cl. A 800 11,360 Student Loan Corp. (The) 1,500 139,500 --------------- 2,755,584 DIVERSIFIED FINANCIAL SERVICES--2.5% Bank of America Corp. 376,209 13,167,315 Citigroup, Inc. 396,088 8,123,765 JPMorgan Chase & Co. 418,444 19,541,335 Leucadia National Corp.(2) 32,700 1,485,888 NASDAQ OMX Group, Inc. (The)(1, 2) 52,500 1,604,925 PHH Corp.(1) 14,900 198,021 Pico Holdings, Inc.(1) 400 14,364 --------------- 44,135,613 INSURANCE--4.6% ACE Ltd. 38,400 2,078,592 Allied World Assurance Holdings Ltd. 16,700 593,184 American Financial Group, Inc. 53,000 1,563,500 American National Insurance Co. 500 43,165 AmTrust Financial Services, Inc. 3,000 40,770 Arch Capital Group Ltd.(1) 23,500 1,716,205 Aspen Insurance Holdings Ltd. 31,800 874,500 Assurant, Inc. 31,000 1,705,000 Axis Capital Holdings Ltd. 57,300 1,816,983 Berkley (W.R.) Corp. 66,100 1,556,655 Berkshire Hathaway, Inc., Cl. B(1) 2,849 12,521,355 Brown & Brown, Inc.(2) 63,600 1,375,032 Chubb Corp. 339,600 18,644,040 Cincinnati Financial Corp. 37,400 1,063,656 CNA Financial Corp. 49,700 1,304,128 Conseco, Inc.(1) 18,000 63,360 Delphi Financial Group, Inc., Cl. A 3,300 92,532 Employers Holdings, Inc. 12,500 217,250 Endurance Specialty Holdings Ltd.(2) 17,000 525,640 Everest Re Group Ltd. 4,500 389,385
7 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- INSURANCE CONTINUED Fidelity National Title Group, Inc., Cl. A(2) 96,000 $ 1,411,200 First American Corp. 3,700 109,150 Flagstone Reinsurance Holdings Ltd. 1,800 18,486 Genworth Financial, Inc., Cl. A 93,300 803,313 Hanover Insurance Group, Inc. 29,500 1,342,840 Harleysville Group, Inc. 8,400 317,520 HCC Insurance Holdings, Inc. 49,800 1,344,600 IPC Holdings Ltd. 18,300 552,843 Loews Corp. 130,833 5,166,595 Max Capital Group Ltd. 19,200 446,016 Montpelier Re Holdings Ltd. 10,700 176,657 Nationwide Financial Services, Inc., Cl. A 6,900 340,377 Navigators Group, Inc. (The)(1) 3,200 185,600 Odyssey Re Holdings Corp.(2) 36,700 1,607,460 OneBeacon Insurance Group Ltd. 8,400 177,660 Partnerre Holdings Ltd. 23,200 1,579,688 Philadelphia Consolidated Holding Co.(1) 22,500 1,317,825 Phoenix Cos., Inc. (The) 3,200 29,568 Platinum Underwriters Holdings Ltd. 15,800 560,584 ProAssurance Corp.(1) 10,700 599,200 Protective Life Corp. 38,800 1,106,188 Reinsurance Group of America, Inc. 700 37,800 RenaissanceRe Holdings Ltd. 16,800 873,600 RLI Corp. 6,700 416,003 Selective Insurance Group, Inc. 18,700 428,604 StanCorp Financial Group, Inc. 30,000 1,560,000 State Auto Financial Corp. 2,100 61,047 Torchmark Corp. 2,400 143,520 Transatlantic Holdings, Inc. 5,900 320,665 Travelers Cos., Inc. (The) 137,300 6,205,960 Unitrin, Inc. 7,000 174,580 UnumProvident Corp. 95,500 2,397,050 Validus Holdings Ltd. 1,700 39,525 White Mountains Insurance Group Ltd. 400 187,900 Willis Group Holdings Ltd. 22,900 738,754 Zenith National Insurance Corp. 8,300 304,112 --------------- 81,267,422 REAL ESTATE INVESTMENT TRUSTS--0.0% General Growth Properties, Inc. 31,400 474,140 THRIFTS & MORTGAGE FINANCE--0.0% Northwest Bancorp, Inc. 700 19,278 Provident Financial Services, Inc. 18,500 305,435 TFS Financial Corp.(2) 14,700 184,044 Tree.com, Inc.(1) 2,806 13,525 --------------- 522,282 HEALTH CARE--8.1% BIOTECHNOLOGY--0.9% Amgen, Inc.(1) 153,700 9,109,799
8 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- BIOTECHNOLOGY CONTINUED Celera Corp.(1) 1,000 $ 15,450 Cubist Pharmaceuticals, Inc.(1) 21,200 471,276 Genentech, Inc.(1) 51,600 4,575,888 Gilead Sciences, Inc.(1) 18,200 829,556 Martek Biosciences Corp.(2) 15,000 471,300 PDL BioPharma, Inc. 43,900 408,709 --------------- 15,881,978 HEALTH CARE EQUIPMENT & SUPPLIES--0.3% American Medical Systems Holdings, Inc.(1, 2) 16,800 298,368 Analogic Corp. 6,100 303,536 Boston Scientific Corp.(1) 174,400 2,139,888 Hill-Rom Holdings, Inc.(2) 20,400 618,324 Medtronic, Inc. 19,600 981,960 Sirona Dental Systems, Inc.(1, 2) 12,800 297,984 Steris Corp. 17,000 638,860 Teleflex, Inc. 2,200 139,678 --------------- 5,418,598 HEALTH CARE PROVIDERS & SERVICES--2.3% Aetna, Inc. 416,300 15,032,593 AMERIGROUP Corp.(1) 20,100 507,324 Cardinal Health, Inc. 10,600 522,368 Centene Corp.(1) 14,700 301,497 Chemed Corp. 10,100 414,706 Coventry Health Care, Inc.(1) 14,100 458,955 Emergency Medical Services LP, Cl. A(1) 4,700 140,436 Health Net, Inc.(1) 53,800 1,269,680 HealthExtras, Inc.(1) 10,200 266,424 Healthspring, Inc.(1) 22,000 465,520 Kindred Healthcare, Inc.(1) 14,800 408,036 LifePoint Hospitals, Inc.(1, 2) 17,700 568,878 Lincare Holdings, Inc.(1, 2) 16,300 490,467 Magellan Health Services, Inc.(1) 6,300 258,678 Molina Healthcare, Inc.(1) 900 27,900 Omnicare, Inc. 13,700 394,149 Owens & Minor, Inc. 13,000 630,500 PSS World Medical, Inc.(1, 2) 7,600 148,200 UnitedHealth Group, Inc. 125,448 3,185,125 Universal Health Services, Inc., Cl. B 18,600 1,042,158 WellCare Health Plans, Inc.(1) 3,700 133,200 WellPoint, Inc.(1) 287,000 13,422,990 --------------- 40,089,784 LIFE SCIENCES TOOLS & SERVICES--0.1% Pharmaceutical Product Development, Inc. 39,200 1,620,920 Thermo Fisher Scientific, Inc.(1) 17,000 935,000
9 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- LIFE SCIENCES TOOLS & SERVICES CONTINUED Varian, Inc.(1) 7,600 $ 326,040 --------------- 2,881,960 PHARMACEUTICALS--4.5% Abbott Laboratories 56,200 3,235,996 Alpharma, Inc., Cl. A(1, 2) 18,600 686,154 Eli Lilly & Co. 160,900 7,084,427 Endo Pharmaceuticals Holdings, Inc.(1) 3,000 60,000 Johnson & Johnson 417,306 28,910,960 K-V Pharmaceutical Co., Cl. A(1, 2) 2,700 61,317 King Pharmaceuticals, Inc.(1) 156,200 1,496,396 Medicis Pharmaceutical Corp., Cl. A(2) 23,300 347,403 Merck & Co., Inc. 372,900 11,768,724 Pfizer, Inc. 1,200,800 22,142,752 Sepracor, Inc.(1) 75,000 1,373,250 Warner Chilcott Ltd., Cl. A(1, 2) 30,500 461,160 Watson Pharmaceuticals, Inc.(1) 57,400 1,635,900 --------------- 79,264,439 INDUSTRIALS--13.6% AEROSPACE & DEFENSE--4.1% BE Aerospace, Inc.(1) 58,600 927,638 Boeing Co. 289,800 16,620,030 Ceradyne, Inc.(1) 10,300 377,598 DRS Technologies, Inc.(2) 11,000 844,250 DynCorp International, Inc., Cl. A(1) 1,300 21,788 Esterline Technologies Corp.(1) 11,100 439,449 General Dynamics Corp. 59,200 4,358,304 Honeywell International, Inc. 92,800 3,855,840 L-3 Communications Holdings, Inc. 68,400 6,725,088 Northrop Grumman Corp. 239,600 14,505,384 Orbital Sciences Corp.(1) 17,200 412,284 Raytheon Co. 261,700 14,003,567 Triumph Group, Inc. 7,400 338,254 United Technologies Corp. 157,800 9,477,468 --------------- 72,906,942 AIR FREIGHT & LOGISTICS--0.1% Hub Group, Inc., Cl. A(1) 15,600 587,340 Pacer International, Inc. 9,700 159,759 UTi Worldwide, Inc. 15,100 257,002 --------------- 1,004,101 AIRLINES--0.1% Continental Airlines, Inc., Cl. B(1) 33,700 562,116 SkyWest, Inc. 24,400 389,912 --------------- 952,028 BUILDING PRODUCTS--0.1% Ameron International Corp. 700 50,155
10 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- BUILDING PRODUCTS CONTINUED Armstrong World Industries, Inc. 9,100 $ 262,990 Lennox International, Inc. 15,200 505,704 Owens Corning, Inc.(1) 9,500 227,145 --------------- 1,045,994 COMMERCIAL SERVICES & SUPPLIES--1.5% American Reprographics Co.(1) 800 13,800 Brink's Co. (The) 23,500 1,433,970 Clean Harbors, Inc.(1) 6,700 452,585 Copart, Inc.(1, 2) 14,300 543,400 Corporate Executive Board Co. (The) 600 18,750 CoStar Group, Inc.(1) 2,400 108,936 Deluxe Corp. 26,600 382,774 First Advantage Corp., Cl. A(1) 1,100 15,455 HNI Corp.(2) 14,500 367,430 Ikon Office Solutions, Inc. 39,100 665,091 Interface, Inc., Cl. A 15,300 173,961 Korn-Ferry International(1) 9,300 165,726 M&F Worldwide Corp.(1) 300 12,000 Manpower, Inc. 30,700 1,325,012 Miller (Herman), Inc.(2) 21,500 526,105 Monster Worldwide, Inc.(1) 76,800 1,145,088 MPS Group, Inc.(1, 2) 38,800 391,104 Navigant Consulting, Inc.(1) 1,700 33,813 R.R. Donnelley & Sons Co. 64,600 1,584,638 Resources Connection, Inc.(1) 19,400 437,082 Robert Half International, Inc. 68,300 1,690,425 Steelcase, Inc., Cl. A(2) 39,000 419,250 Sykes Enterprises, Inc.(1, 2) 8,900 195,444 United Stationers, Inc.(1) 7,700 368,291 Waste Management, Inc. 421,400 13,269,886 Watson Wyatt & Co. Holdings 19,300 959,789 --------------- 26,699,805 CONSTRUCTION & ENGINEERING--0.2% Aecom Technology Corp.(1) 43,000 1,050,920 EMCOR Group, Inc.(1) 40,000 1,052,800 Granite Construction, Inc. 14,500 519,390 KBR, Inc. 55,100 841,377 MasTec, Inc.(1) 6,700 89,043 --------------- 3,553,530 ELECTRICAL EQUIPMENT--0.6% Acuity Brands, Inc.(2) 13,300 555,408 Baldor Electric Co. 16,300 469,603 Belden, Inc. 14,900 473,671 Brady Corp., Cl. A 6,600 232,848 Cooper Industries Ltd., Cl. A 31,200 1,246,440
11 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- ELECTRICAL EQUIPMENT CONTINUED Emerson Electric Co. 66,900 $ 2,728,851 GrafTech International Ltd.(1) 62,400 942,864 Hubbell, Inc., Cl. B 2,600 91,130 Regal-Beloit Corp. 4,500 191,340 Roper Industries, Inc. 5,100 290,496 Smith (A.O.) Corp. 11,000 431,090 Thomas & Betts Corp.(1) 31,900 1,246,333 Woodward Governor Co.(2) 36,900 1,301,463 --------------- 10,201,537 INDUSTRIAL CONGLOMERATES--2.4% 3M Co. 98,000 6,694,380 Carlisle Cos., Inc. 4,200 125,874 General Electric Co. 1,284,800 32,762,400 Tyco International Ltd. 82,675 2,895,279 --------------- 42,477,933 MACHINERY--3.1% Barnes Group, Inc. 13,500 272,970 Caterpillar, Inc. 218,500 13,022,600 CIRCOR International, Inc. 5,400 234,522 Crane Co. 4,600 136,666 Cummins, Inc. 191,375 8,366,915 Dover Corp. 46,400 1,881,520 Eaton Corp. 2,000 112,360 EnPro Industries, Inc.(1) 7,400 274,984 Gardner Denver, Inc.(1) 29,700 1,031,184 IDEX Corp. 43,200 1,340,064 Illinois Tool Works, Inc. 81,500 3,622,675 Ingersoll-Rand Co. Ltd., Cl. A 162,600 5,068,242 Kennametal, Inc.(2) 46,400 1,258,368 Lincoln Electric Holdings, Inc.(2) 20,000 1,286,200 Mueller Industries, Inc. 16,300 375,063 Mueller Water Products, Inc., Cl. A 10,500 94,290 Navistar International Corp.(1) 7,100 384,678 Nordson Corp.(2) 20,900 1,026,399 Oshkosh Corp. 8,800 115,808 Parker-Hannifin Corp. 192,900 10,223,700 Pentair, Inc. 26,700 923,019 Robbins & Myers, Inc. 12,200 377,346 Sauer-Danfoss, Inc. 400 9,876 Timken Co. 50,600 1,434,510 Titan International, Inc. 3,700 78,884 Toro Co. (The)(2) 14,300 590,590 Trinity Industries, Inc. 12,700 326,771 Wabtec Corp.(2) 23,200 1,188,536 Watts Water Technologies, Inc., Cl. A(2) 17,000 464,950 --------------- 55,523,690
12 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- MARINE--0.0% Alexander & Baldwin, Inc. 8,800 $ 387,464 Excel Maritime Carriers Ltd.(2) 6,700 101,036 TBS International Ltd., Cl. A(1) 1,600 21,536 --------------- 510,036 ROAD & RAIL--1.2% Amerco(1) 900 37,737 Arkansas Best Corp.(2) 14,300 481,767 Avis Budget Group, Inc.(1) 52,800 303,072 CSX Corp. 18,700 1,020,459 Heartland Express, Inc.(2) 16,100 249,872 Hertz Global Holdings, Inc.(1) 125,100 947,007 Norfolk Southern Corp. 249,200 16,499,532 Old Dominion Freight Line, Inc.(1) 1,000 28,340 Ryder Systems, Inc. 17,400 1,078,800 Werner Enterprises, Inc.(2) 25,600 555,776 YRC Worldwide, Inc.(1, 2) 28,300 338,468 --------------- 21,540,830 TRADING COMPANIES & DISTRIBUTORS--0.2% Applied Industrial Technologies, Inc. 19,200 517,056 GATX Corp. 9,800 387,786 MSC Industrial Direct Co., Inc., Cl. A(2) 29,900 1,377,493 Textainer Group Holdings Ltd. 2,600 39,494 United Rentals, Inc.(1, 2) 27,612 420,807 W.W. Grainger, Inc. 6,300 547,911 Watsco, Inc.(2) 7,000 351,960 WESCO International, Inc.(1) 14,600 469,828 --------------- 4,112,335 INFORMATION TECHNOLOGY--21.8% COMMUNICATIONS EQUIPMENT--2.8% 3Com Corp.(1) 5,900 13,747 ADTRAN, Inc. 21,600 420,984 Avocent Corp.(1) 18,900 386,694 Brocade Communications Systems, Inc.(1, 2) 200,000 1,164,000 Ciena Corp.(1) 12,900 130,032 Cisco Systems, Inc.(1) 1,279,200 28,858,752 Comtech Telecommunications Corp.(1) 5,900 290,516 Corning, Inc. 125,200 1,958,128 EchoStar Holding Corp.(1) 28,960 697,936 Emulex Corp.(1) 39,100 417,197 F5 Networks, Inc.(1) 19,400 453,572 Harris Corp. 30,100 1,390,620 InterDigital, Inc.(1) 16,100 387,205 JDS Uniphase Corp.(1) 140,900 1,192,014 Plantronics, Inc. 22,100 497,692
13 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMUNICATIONS EQUIPMENT CONTINUED Polycom, Inc.(1, 2) 38,900 $ 899,757 QUALCOMM, Inc. 234,300 10,067,871 Tekelec, Inc.(1) 33,000 461,670 Tellabs, Inc.(1, 2) 139,500 566,370 ViaSat, Inc.(1) 500 11,790 --------------- 50,266,547 COMPUTERS & PERIPHERALS--5.5% Apple, Inc.(1) 111,400 12,661,724 Avid Technology, Inc.(1) 5,200 125,112 Dell, Inc.(1) 97,600 1,608,448 Electronics for Imaging, Inc.(1) 8,700 121,191 EMC Corp.(1) 123,500 1,477,060 Hewlett-Packard Co.(2) 788,600 36,464,864 Intermec, Inc.(1) 4,000 78,560 International Business Machines Corp. 261,800 30,620,128 Lexmark International, Inc., Cl. A(1) 46,900 1,527,533 NCR Corp.(1) 67,400 1,486,170 QLogic Corp.(1) 64,800 995,328 SanDisk Corp.(1) 80,300 1,569,865 Seagate Technology 381,700 4,626,204 Sun Microsystems, Inc.(1) 214,400 1,629,440 Synaptics, Inc.(1, 2) 19,800 598,356 Teradata Corp.(1) 12,000 234,000 Western Digital Corp.(1) 69,900 1,490,268 --------------- 97,314,251 ELECTRONIC EQUIPMENT & INSTRUMENTS--1.1% Agilent Technologies, Inc.(1) 105,000 3,114,300 Amphenol Corp., Cl. A 45,900 1,842,426 Anixter International, Inc.(1) 10,500 624,855 Arrow Electronics, Inc.(1) 54,400 1,426,368 Avnet, Inc.(1) 60,100 1,480,263 AVX Corp. 21,000 213,990 Benchmark Electronics, Inc.(1) 29,600 416,768 Cogent, Inc.(1, 2) 16,900 172,718 Cognex Corp. 10,100 203,616 Coherent, Inc.(1) 9,567 340,107 Dolby Laboratories, Inc., Cl. A(1) 5,100 179,469 Ingram Micro, Inc., Cl. A(1) 87,100 1,399,697 Itron, Inc.(1) 2,900 256,737 Jabil Circuit, Inc. 114,900 1,096,146 Littlefuse, Inc.(1) 500 14,865 Molex, Inc. 65,400 1,468,230 National Instruments Corp. 29,000 871,450 Plexus Corp.(1) 17,400 360,180
14 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Rofin-Sinar Technologies, Inc.(1) 4,000 $ 122,440 SYNNEX Corp.(1, 2) 14,100 314,994 Tech Data Corp.(1) 16,675 497,749 Technitrol, Inc. 5,700 84,303 Trimble Navigation Ltd.(1, 2) 48,100 1,243,866 Tyco Electronics Ltd. 87,200 2,411,952 Vishay Intertechnology, Inc.(1) 55,100 364,762 --------------- 20,522,251 INTERNET SOFTWARE & SERVICES--0.8% Digital River, Inc.(1, 2) 9,200 298,080 EarthLink, Inc.(1) 13,600 115,600 Google, Inc., Cl. A(1) 25,800 10,333,416 IAC/InterActiveCorp(1) 61,900 1,070,870 j2 Global Communications, Inc.(1, 2) 20,100 469,335 Open Text Corp.(1, 2) 15,800 546,364 RealNetworks, Inc.(1) 7,800 39,624 Sohu.com, Inc.(1) 13,700 763,775 ValueClick, Inc.(1) 4,900 50,127 --------------- 13,687,191 IT SERVICES--0.6% Acxiom Corp. 19,400 243,276 Affiliated Computer Services, Inc., Cl. A(1) 34,100 1,726,483 Broadridge Financial Solutions, Inc. 61,400 944,946 Computer Sciences Corp.(1) 44,600 1,792,474 Convergys Corp.(1) 37,900 560,162 Fidelity National Information Services, Inc. 16,500 304,590 Gartner, Inc.(1, 2) 28,000 635,040 Global Payments, Inc. 5,900 264,674 Hewitt Associates, Inc.(1) 42,100 1,534,124 Metavante Technologies, Inc. 4,200 80,892 Perot Systems Corp., Cl. A(1, 2) 36,700 636,745 Sapient Corp.(1) 7,000 52,010 TeleTech Holdings, Inc.(1) 9,900 123,156 Total System Services, Inc. 11,300 185,320 Unisys Corp.(1) 6,900 18,975 Visa, Inc., Cl. A 17,270 1,060,205 --------------- 10,163,072 OFFICE ELECTRONICS--0.7% Xerox Corp.(2) 1,026,400 11,834,392 Zebra Technologies Corp., Cl. A(1) 27,100 754,735 --------------- 12,589,127 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.6% Altera Corp. 92,900 1,921,172 Amkor Technology, Inc.(1) 61,100 389,207
15 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Analog Devices, Inc. 72,700 $ 1,915,645 Applied Materials, Inc. 933,500 14,123,855 Atmel Corp.(1) 150,500 510,195 Cabot Microelectronics Corp.(1) 11,800 378,544 Cymer, Inc.(1) 14,900 377,417 Entegris, Inc.(1) 31,300 151,492 Fairchild Semiconductor International, Inc., Cl. A(1) 46,700 415,163 FEI Co.(1) 2,300 54,763 Integrated Device Technology, Inc.(1) 59,000 459,020 Intel Corp. 1,592,400 29,825,652 Intersil Corp., Cl. A 70,600 1,170,548 KLA-Tencor Corp. 50,600 1,601,490 Linear Technology Corp.(2) 62,800 1,925,448 LSI Corp.(1) 271,600 1,455,776 Marvell Technology Group Ltd.(1) 148,000 1,376,400 Microsemi Corp.(1) 6,200 157,976 MKS Instruments, Inc.(1) 22,400 445,984 National Semiconductor Corp. 34,000 585,140 Novellus Systems, Inc.(1) 28,900 567,596 PMC-Sierra, Inc.(1) 77,500 575,050 Power Integrations, Inc.(1) 3,900 93,990 RF Micro Devices, Inc.(1, 2) 76,800 224,256 Semtech Corp.(1) 34,600 483,016 Silicon Laboratories, Inc.(1) 16,300 500,410 Teradyne, Inc.(1) 132,300 1,033,263 Texas Instruments, Inc. 792,700 17,043,050 Verigy Ltd.(1) 4,900 79,772 Xilinx, Inc. 41,300 968,485 --------------- 80,809,775 SOFTWARE--5.7% Activision Blizzard, Inc.(1) 42,100 649,603 Amdocs Ltd.(1) 63,700 1,744,106 Ansys, Inc.(1) 5,400 204,498 Autodesk, Inc.(1, 2) 60,800 2,039,840 BMC Software, Inc.(1) 1,600 45,808 CA, Inc. 267,400 5,337,304 Cadence Design Systems, Inc.(1, 2) 146,800 992,368 Check Point Software Technologies Ltd.(1) 52,900 1,202,946 Citrix Systems, Inc.(1) 29,900 755,274 Compuware Corp.(1) 161,500 1,564,935 Concur Technologies, Inc.(1) 10,700 409,382 Fair Isaac Corp.(2) 20,400 470,220 Informatica Corp.(1) 30,100 390,999 Intuit, Inc.(1) 82,200 2,598,342
16 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- SOFTWARE CONTINUED Lawson Software, Inc.(1, 2) 24,800 $ 173,600 Mentor Graphics Corp.(1) 3,200 36,320 MICROS Systems, Inc.(1) 4,400 117,304 Microsoft Corp. 1,773,900 47,345,391 MicroStrategy, Inc., Cl. A(1) 1,000 59,530 Net 1 UEPS Technologies, Inc.(1) 16,100 359,513 Oracle Corp.(1) 568,000 11,536,080 Parametric Technology Corp.(1) 23,100 425,040 Progress Software Corp.(1) 11,700 304,083 Quest Software, Inc.(1) 23,000 291,870 Sybase, Inc.(1) 49,800 1,524,876 Symantec Corp.(1) 901,700 17,655,286 Synopsys, Inc.(1) 56,300 1,123,185 TIBCO Software, Inc.(1,2) 70,300 514,596 Wind River Systems, Inc.(1) 36,200 362,000 --------------- 100,234,299 MATERIALS--5.3% CHEMICALS--1.9% Ashland, Inc. 11,300 330,412 Celanese Corp., Series A 19,100 533,081 CF Industries Holdings, Inc. 14,600 1,335,316 Chemtura Corp. 87,200 397,632 Cytec Industries, Inc. 13,500 525,285 Dow Chemical Co. (The) 116,900 3,715,082 Ferro Corp. 19,400 389,940 Fuller (H.B.) Co. 21,200 442,444 Hercules, Inc. 67,300 1,331,867 Koppers Holdings, Inc. 9,300 347,913 Minerals Technologies, Inc. 7,400 439,264 Monsanto Co.(2) 148,800 14,728,224 Mosaic Co. (The) 39,500 2,686,790 Nalco Holding Co. 64,500 1,195,830 NewMarket Corp. 6,400 336,384 NOVA Chemicals Corp. 19,400 438,440 Olin Corp. 20,000 388,000 Rockwood Holdings, Inc.(1) 1,500 38,490 RPM International, Inc. 67,700 1,309,318 Scotts Miracle-Gro Co. (The), Cl. A 18,400 434,976 Terra Industries, Inc. 36,800 1,081,920 Valhi, Inc.(2) 3,700 66,600 Valspar Corp. (The) 35,800 797,982 Westlake Chemical Corp.(2) 18,000 378,540 --------------- 33,669,730 CONTAINERS & PACKAGING--0.5% AptarGroup, Inc. 5,400 211,194 Ball Corp. 3,100 122,419
17 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- CONTAINERS & PACKAGING CONTINUED Crown Holdings, Inc.(1) 53,100 $ 1,179,351 Greif, Inc., Cl. A 22,900 1,502,698 Owens-Illinois, Inc.(1) 47,300 1,390,620 Rock-Tenn Co., Cl. A(2) 15,800 631,684 Sealed Air Corp. 79,800 1,754,802 Silgan Holdings, Inc. 3,600 183,924 Smurfit-Stone Container Corp.(1) 37,100 174,370 Sonoco Products Co. 49,300 1,463,224 Temple-Inland, Inc. 21,900 334,194 --------------- 8,948,480 METALS & MINING--2.8% AK Steel Holding Corp. 45,000 1,166,400 Alcoa, Inc. 463,900 10,474,862 Carpenter Technology Corp. 8,800 225,720 Freeport-McMoRan Copper & Gold, Inc., Cl. B(2) 214,200 12,177,270 Kaiser Aluminum Corp. 8,300 356,485 Newmont Mining Corp.(2) 23,800 922,488 Nucor Corp. 287,200 11,344,400 Olympic Steel, Inc. 2,500 73,725 Reliance Steel & Aluminum Co. 29,100 1,104,927 RTI International Metals, Inc.(1) 1,700 33,252 Schnitzer Steel Industries, Inc. 18,900 741,636 Southern Copper Corp.(2) 477,100 9,103,068 United States Steel Corp. 20,500 1,591,005 Worthington Industries, Inc.(2) 26,500 395,910 --------------- 49,711,148 PAPER & FOREST PRODUCTS--0.1% Domtar Corp.(1) 99,900 459,540 Louisiana-Pacific Corp. 5,300 49,290 MeadWestvaco Corp. 13,300 310,023 --------------- 818,853 TELECOMMUNICATION SERVICES--3.2% DIVERSIFIED TELECOMMUNICATION SERVICES--2.4% AT&T, Inc. 902,128 25,187,414 CenturyTel, Inc. 12,000 439,800 Embarq Corp. 45,000 1,824,750 NTELOS Holdings Corp. 13,900 373,771 Premiere Global Services, Inc.(1) 28,000 393,680 Verizon Communications, Inc.(2) 384,056 12,324,357 Windstream Corp. 124,200 1,358,748 --------------- 41,902,520 WIRELESS TELECOMMUNICATION SERVICES--0.8% Centennial Communications Corp.(1) 32,900 205,296 Clearwire Corp., Cl. A(1, 2) 17,700 210,276 MetroPCS Communications, Inc.(1) 55,800 780,642 Sprint Nextel Corp. 1,833,323 11,183,270
18 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED Syniverse Holdings, Inc.(1) 28,100 $ 466,741 Telephone & Data Systems, Inc. 37,900 1,354,925 United States Cellular Corp.(1) 10,400 487,968 --------------- 14,689,118 UTILITIES--1.5% ELECTRIC UTILITIES--1.2% American Electric Power Co., Inc. 3,000 111,090 DPL, Inc. 43,900 1,088,720 Duke Energy Corp. 748,300 13,042,869 Edison International, Inc. 16,400 654,360 Exelon Corp. 2,600 162,812 FirstEnergy Corp. 92,300 6,183,177 Hawaiian Electric Industries, Inc.(2) 6,800 197,948 Sierra Pacific Resources 27,000 258,660 UniSource Energy Corp. 10,500 306,495 --------------- 22,006,131 ENERGY TRADERS--0.1% Mirant Corp.(1) 11,900 217,651 Reliant Energy, Inc.(1) 92,300 678,405 --------------- 896,056 GAS UTILITIES--0.1% Laclede Group, Inc. (The) 9,800 475,202 New Jersey Resources Corp. 4,500 161,505 South Jersey Industries, Inc. 2,900 103,530 Southwest Gas Corp. 7,300 220,898 WGL Holdings, Inc.(2) 16,600 538,670 --------------- 1,499,805 MULTI-UTILITIES--0.1% Avista Corp. 22,700 492,817 Integrys Energy Group, Inc.(2) 32,500 1,623,050 --------------- 2,115,867 --------------- Total Common Stocks (Cost $1,823,437,686) 1,742,056,347 OTHER SECURITIES--0.0% Seagate Technology International, Inc.(1, 3, 4)(Cost $0) 31,000 3,100 PREFERRED STOCKS--0.0% Wachovia Corp., Dividend Equalization Preferred Shares(1, 3) (Cost $0) 6,000 6
UNITS --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Dime Bancorp, Inc. Wts., Strike Price $1, Exp.1/2/10(1) 31,900 2,871 Progress Energy, Inc., Contingent Value Obligation(1, 3) 32,000 10,560 --------------- Total Rights, Warrants and Certificates (Cost $0) 13,431
19 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- INVESTMENT COMPANY--1.2% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15% (5, 6) (Cost $20,389,976) 20,389,976 $ 20,389,976 Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,843,827,662) 1,762,462,860
PRINCIPAL AMOUNT/ SHARES --------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--10.0%(7) ANZ National (Int'l) Ltd., 2.09%, 3/6/09 $ 4,000,000 3,997,660 CAM US Finance SA Unipersonal, 2.85%, 2/2/09 4,500,000 4,446,283 CC USA, Inc., 2.10%, 2/13/09 1,500,000 1,489,785 GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 3.30%, 10/27/08 583,787 581,586 Nationwide Global Fund I, 2.89%, 12/15/08 4,000,000 3,991,708 OFI Liquid Assets Fund, LLC, 3.40%(5, 6) 163,490,059 163,490,059 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $178,073,732) 177,997,081 TOTAL INVESTMENTS, AT VALUE (COST $2,021,901,394) 109.6% 1,940,459,941 LIABILITIES IN EXCESS OF OTHER ASSETS (9.6) (169,242,694) --------------- --------------- NET ASSETS 100.0% $ 1,771,217,247 =============== ===============
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, 2008 was $13,666, which represents less than 0.005% of the Fund's net assets. See accompanying Notes. (4.) Escrow shares received as the result of issuer reorganization. (5.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------ OFI Liquid Assets Fund, LLC -- 634,495,876 471,005,817 163,490,059 Oppenheimer Institutional Money Market Fund, Cl. E 15,628,720 358,859,946 354,098,690 20,389,976
VALUE INCOME ------------ -------- OFI Liquid Assets Fund, LLC $163,490,059 $291,043(a) Oppenheimer Institutional Money Market Fund, Cl. E 20,389,976 280,175 ------------ -------- $183,880,035 $571,218 ============ ========
(a.) Net of compensation to counterparties. (6.) Rate shown is the 7-day yield as of September 30, 2008. (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. 20 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $1,925,939,259 $-- Level 2--Other Significant Observable Inputs 14,520,682 -- Level 3--Significant Unobservable Inputs -- -- -------------- --- Total $1,940,459,941 $-- ============== ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is 21 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to 22 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. The Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. ILLIQUID SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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 an 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 the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of September 30, 2008, the Fund had on loan securities valued at $180,956,134. Collateral of $178,074,002 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $2,043,724,842 ============== Gross unrealized appreciation $ 166,729,292 Gross unrealized depreciation (269,994,193) -------------- Net unrealized depreciation $ (103,264,901) ==============
23 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- -------------- COMMON STOCKS--97.0% CONSUMER DISCRETIONARY--17.2% AUTOMOBILES--1.6% Bayerische Motoren Werke (BMW) AG 604,267 $ 23,681,171 Toyota Motor Corp. 499,000 21,186,119 -------------- 44,867,290 -------------- HOTELS, RESTAURANTS & LEISURE--3.3% Aristocrat Leisure Ltd. 435,500 2,303,021 Carnival Corp. 1,154,100 40,797,435 International Game Technology 450,400 7,737,872 McDonald's Corp. 619,400 38,216,980 Shuffle Master, Inc.(1) 556,800 2,834,112 -------------- 91,889,420 -------------- HOUSEHOLD DURABLES--1.5% Sony Corp. 1,339,100 41,412,690 LEISURE EQUIPMENT & PRODUCTS--0.2% Sega Sammy Holdings, Inc. 539,900 4,826,227 MEDIA--3.8% Dish TV India Ltd.(1) 2,486,722 1,475,790 Grupo Televisa SA, Sponsored GDR 1,736,496 37,977,168 Sirius XM Radio, Inc.(1) 12,289,010 7,004,736 Walt Disney Co. (The) 1,245,300 38,218,257 Wire & Wireless India Ltd.(1) 2,278,650 821,040 WPP Group plc 1,309,672 10,628,540 Zee Entertainment Enterprises Ltd. 2,837,910 12,113,143 -------------- 108,238,674 -------------- SPECIALTY RETAIL--3.7% Hennes & Mauritz AB, Cl. B 1,148,100 46,726,184 Industria de Diseno Textil SA 682,100 29,097,877 Tiffany & Co. 832,300 29,563,296 -------------- 105,387,357 -------------- TEXTILES, APPAREL & LUXURY GOODS--3.1% Bulgari SpA 1,764,018 15,698,685 Burberry Group plc 1,434,358 10,051,372 LVMH Moet Hennessey Louis Vuitton 532,820 47,046,332 Tod's SpA 290,597 14,522,798 -------------- 87,319,187 -------------- CONSUMER STAPLES--9.0% BEVERAGES--2.5% Diageo plc 1,044,295 17,677,734 Dr. Pepper Snapple Group, Inc.(1) 326,630 8,649,162 Fomento Economico Mexicano SA de CV, UBD 8,019,100 30,671,509 Grupo Modelo SA de CV, Series C 3,410,000 14,498,697 -------------- 71,497,102 -------------- FOOD & STAPLES RETAILING--3.0% Seven & I Holdings Co. Ltd. 479,753 13,808,422 Tesco plc 4,401,545 30,610,183
1 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- -------------- FOOD & STAPLES RETAILING CONTINUED Wal-Mart Stores, Inc. 647,100 $ 38,754,819 -------------- 83,173,424 -------------- FOOD PRODUCTS--0.8% Cadbury plc 2,226,461 22,384,150 HOUSEHOLD PRODUCTS--2.7% Colgate-Palmolive Co. 366,400 27,608,240 Hindustan Unilever Ltd. 2,245,800 12,176,372 Reckitt Benckiser Group plc 739,548 35,807,409 -------------- 75,592,021 -------------- ENERGY--5.6% ENERGY EQUIPMENT & SERVICES--2.6% Technip SA 546,820 30,718,316 Transocean, Inc. 378,772 41,604,316 -------------- 72,322,632 -------------- OIL, GAS & CONSUMABLE FUELS--3.0% BP plc, ADR 486,369 24,401,133 Husky Energy, Inc. 964,230 40,046,010 Total SA 344,320 20,773,076 -------------- 85,220,219 -------------- FINANCIALS--13.3% CAPITAL MARKETS--2.2% 3i Group plc 1,000,280 12,590,639 Credit Suisse Group AG 1,014,121 48,283,721 -------------- 60,874,360 -------------- COMMERCIAL BANKS--4.3% HSBC Holdings plc 2,440,687 38,521,317 ICICI Bank Ltd., Sponsored ADR 9,650 226,968 Royal Bank of Scotland Group plc (The) 8,836,353 29,270,576 Societe Generale, Cl. A 240,600 21,840,311 Sumitomo Mitsui Financial Group, Inc. 5,021 31,455,929 -------------- 121,315,101 -------------- CONSUMER FINANCE--0.6% SLM Corp.(1) 1,315,214 16,229,741 -------------- DIVERSIFIED FINANCIAL SERVICES--1.7% Citigroup, Inc. 1,094,700 22,452,297 Investor AB, B Shares 1,449,854 27,110,731 -------------- 49,563,028 -------------- INSURANCE--4.5% AFLAC, Inc. 525,800 30,890,750 Allianz SE 262,320 36,257,291 Prudential plc 2,646,327 24,358,667 Sony Financial Holdings, Inc. 2,278 8,991,953 XL Capital Ltd., Cl. A 1,399,200 25,101,648 -------------- 125,600,309 -------------- HEALTH CARE--6.3% BIOTECHNOLOGY--1.0% Acadia Pharmaceuticals, Inc.(1) 302,500 810,700
2 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- -------------- BIOTECHNOLOGY CONTINUED Basilea Pharmaceutica AG(1) 23,101 $ 3,390,558 InterMune, Inc.(1) 281,600 4,818,176 NicOx SA(1) 213,820 2,326,796 Regeneron Pharmaceuticals, Inc.(1) 183,402 4,003,666 Seattle Genetics, Inc.(1) 539,628 5,774,020 Theravance, Inc.(1) 465,100 5,795,146 -------------- 26,919,062 -------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.6% Smith & Nephew plc 1,544,997 16,284,853 HEALTH CARE PROVIDERS & SERVICES--0.9% Aetna, Inc. 484,800 17,506,128 WellPoint, Inc.(1) 183,335 8,574,578 -------------- 26,080,706 -------------- PHARMACEUTICALS--3.8% Roche Holding AG 379,808 59,207,102 Sanofi-Aventis SA 444,885 29,242,835 Shionogi & Co. Ltd. 933,000 18,878,363 -------------- 107,328,300 -------------- INDUSTRIALS--13.6% AEROSPACE & DEFENSE--4.2% Boeing Co. 225,600 12,938,160 Empresa Brasileira de Aeronautica SA, ADR 811,683 21,923,558 European Aeronautic Defense & Space Co. 1,423,050 24,622,249 Lockheed Martin Corp. 196,600 21,561,122 Northrop Grumman Corp. 228,400 13,827,336 Raytheon Co. 446,700 23,902,917 -------------- 118,775,342 -------------- AIR FREIGHT & LOGISTICS--0.8% TNT NV 848,100 23,719,815 -------------- BUILDING PRODUCTS--1.1% Assa Abloy AB, Cl. B 2,413,385 29,340,632 -------------- COMMERCIAL SERVICES & SUPPLIES--0.8% Experian plc 1,022,255 6,778,380 Secom Co. Ltd. 369,100 15,431,324 -------------- 22,209,704 -------------- ELECTRICAL EQUIPMENT--1.5% Emerson Electric Co. 760,300 31,012,637 Mitsubishi Electric Corp. 1,553,000 10,464,501 -------------- 41,477,138 -------------- INDUSTRIAL CONGLOMERATES--4.9% 3M Co. 516,800 35,302,608 Koninklijke (Royal) Philips Electronics NV 1,304,100 35,707,592 Siemens AG 696,846 65,948,969 -------------- 136,959,169 -------------- MACHINERY--0.3% Fanuc Ltd. 119,500 9,013,734 --------------
3 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- -------------- INFORMATION TECHNOLOGY--27.6% COMMUNICATIONS EQUIPMENT--6.7% Corning, Inc. 1,825,700 $ 28,553,948 Juniper Networks, Inc.(1) 2,201,500 46,385,605 Tandberg ASA 1,041,050 14,035,211 Telefonaktiebolaget LM Ericsson, B Shares 10,400,080 98,044,332 -------------- 187,019,096 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.9% Hoya Corp. 957,300 18,965,144 Keyence Corp. 90,640 18,028,922 Kyocera Corp. 148,900 11,288,490 Murata Manufacturing Co. Ltd. 564,800 22,662,490 Nidec Corp. 157,700 9,699,630 -------------- 80,644,676 -------------- INTERNET SOFTWARE & SERVICES--1.6% eBay, Inc.(1) 2,066,900 46,257,222 IT SERVICES--2.5% Automatic Data Processing, Inc. 869,400 37,166,850 Infosys Technologies Ltd. 1,120,526 33,854,621 -------------- 71,021,471 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.8% Altera Corp. 1,255,400 25,961,672 Cree, Inc.(1) 756,800 17,239,904 Linear Technology Corp. 504,496 15,467,847 Maxim Integrated Products, Inc. 1,229,165 22,247,887 MediaTek, Inc. 2,818,238 29,430,235 Taiwan Semiconductor Manufacturing Co. Ltd. 12,511,942 20,572,334 Taiwan Semiconductor Manufacturing Co. Ltd., ADR 1,059,273 9,925,388 Xilinx, Inc. 890,300 20,877,535 -------------- 161,722,802 -------------- SOFTWARE--8.1% Adobe Systems, Inc.(1) 1,205,563 47,583,572 Intuit, Inc.(1) 1,531,100 48,398,071 Microsoft Corp. 2,014,700 53,772,343 Nintendo Co. Ltd. 43,400 18,066,768 SAP AG 993,976 53,331,891 Square Enix Holdings Co. Ltd. 189,800 5,541,615 -------------- 226,694,260 -------------- TELECOMMUNICATION SERVICES--3.4% WIRELESS TELECOMMUNICATION SERVICES--3.4% KDDI Corp. 6,122 34,289,504 SK Telecom Co. Ltd., ADR 1,253,960 23,599,527 Turkcell Iletisim Hizmetleri AS, ADR 212,800 3,189,872 Vodafone Group plc 15,165,982 33,504,477 -------------- 94,583,380 -------------- UTILITIES--1.0% ELECTRIC UTILITIES--1.0% Fortum Oyj 864,900 29,181,426
4 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Shares Value ---------- -------------- Total Common Stocks (Cost $2,595,298,071) 2,722,945,720 -------------- PREFERRED STOCKS--1.5% Bayerische Motoren Werke (BMW) AG, Preference 213,135 $ 6,470,324 Companhia de Bebidas das Americas ADR, Preference 343,215 18,742,968 Porsche Automobil Holding, Preference 163,567 17,848,153 -------------- Total Preferred Stocks (Cost $20,469,674) 43,061,445 --------------
Principal Amount ---------- CONVERTIBLE CORPORATE BONDS AND NOTES--0.1% Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $2,882,000) $2,882,000 2,089,450
Shares ---------- INVESTMENT COMPANY--1.0% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15% (2,3) (Cost $27,479,835) 27,479,835 27,479,835 -------------- Total Investments, at Value (Cost $2,646,129,580) 99.6% 2,795,576,450 ---------- -------------- Other Assets Net of Liabilities 0.4 10,541,812 ---------- -------------- Net Assets 100.0% $2,806,118,262 ========== ==============
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, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------ OFI Liquid Assets Fund, LLC -- 52,172,310 52,172,310 -- Oppenheimer Institutional Money Market Fund, Cl. E 68,796,760 404,351,634 445,668,559 27,479,835
VALUE INCOME ----------- ---------- OFI Liquid Assets Fund, LLC $ -- $ 62,872(a) Oppenheimer Institutional Money Market Fund, Cl. E 27,479,835 1,388,018 ----------- ---------- $27,479,835 $1,450,890 =========== ==========
(a.) Net of compensation to counterparties. (3.) Rate shown is the 7-day yield as of September 30, 2008. 5 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $1,280,299,444 $ -- Level 2--Other Significant Observable Inputs 1,515,277,006 87,377 Level 3--Significant Unobservable Inputs -- -- -------------- --------------- TOTAL $2,795,576,450 $ 87,377 ============== ===============
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF SEPTEMBER 30, 2008 ARE AS FOLLOWS:
CONTRACT BUY/ AMOUNT EXPIRATION UNREALIZED CONTRACT DESCRIPTION SELL (000S) DATES VALUE APPRECIATION -------------------- ---- ----------- --------------- ---------- ------------ British Pound Sterling (GBP) Sell 3,212 GBP 10/1/08 $5,709,622 $ 76,303 Japanese Yen (JPY) Sell 100,704 JPY 10/1/08-10/2/08 946,867 2,472 Japanese Yen (JPY) Buy 309,338 JPY 10/1/08 2,908,544 8,602 ------------ Total unrealized appreciation $ 87,377 ============
Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings Value Percent ------------------- -------------- ------- United States $ 934,266,632 33.4% Japan 314,011,825 11.2 United Kingdom 306,091,050 11.0 Germany 203,537,799 7.3 Sweden 201,221,879 7.2 France 176,569,915 6.3 Switzerland 110,881,381 4.0 Mexico 83,147,374 3.0 Cayman Islands 66,705,964 2.4 India 60,667,934 2.2 Taiwan 59,927,957 2.2 The Netherlands 59,427,407 2.1 Brazil 40,666,526 1.5
6 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited Canada 40,046,010 1.4 Italy 30,221,483 1.1 Finland 29,181,426 1.0 Spain 29,097,877 1.0 Korea, Republic of South 23,599,527 0.8 Norway 14,035,211 0.5 Jersey, Channel Islands 6,778,380 0.2 Turkey 3,189,872 0.1 Australia 2,303,021 0.1 -------------- ----- Total $2,795,576,450 100.0% ============== =====
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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that 7 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENTS IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. The Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. INVESTMENTS WITH OFF-BALANCE SHEET MARKET 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 EXCHANGE CONTRACTS 8 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is 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 within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. 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 payments that the Fund has not yet received. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $2,657,084,563 Federal tax cost of other investments (794,958) -------------- Total federal tax cost $2,656,289,605 ==============
Gross unrealized appreciation $ 476,107,493 Gross unrealized depreciation (337,449,800) -------------- Net unrealized appreciation $ 138,657,693 ==============
9 | Oppenheimer Global Securities Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMON STOCKS--99.1% CONSUMER DISCRETIONARY--7.6% HOTELS, RESTAURANTS & LEISURE--2.2% Burger King Holdings, Inc. 376,320 $ 9,242,419 Las Vegas Sands Corp.(1) 643,320 23,230,285 --------------- 32,472,704 MEDIA--3.1% Cablevision Systems Corp. New York Group, Cl. A 257,900 6,488,764 Focus Media Holding Ltd., ADR(1) 782,400 22,306,224 Liberty Global, Inc., Series A(1) 273,990 8,301,897 McGraw-Hill Cos., Inc. (The) 321,300 10,156,293 --------------- 47,253,178 SPECIALTY RETAIL--0.5% Abercrombie & Fitch Co., Cl. A 184,340 7,272,213 TEXTILES, APPAREL & LUXURY GOODS--1.8% Coach, Inc.(1) 271,600 6,800,864 Polo Ralph Lauren Corp., Cl. A 301,000 20,058,640 --------------- 26,859,504 CONSUMER STAPLES--6.0% BEVERAGES--0.9% PepsiCo, Inc. 191,900 13,676,713 FOOD & STAPLES RETAILING--1.6% Costco Wholesale Corp. 238,000 15,453,340 Wal-Mart Stores, Inc. 157,700 9,444,653 --------------- 24,897,993 FOOD PRODUCTS--3.5% Cadbury plc 1,909,470 19,197,221 Nestle SA 767,487 33,195,395 --------------- 52,392,616 ENERGY--10.1% ENERGY EQUIPMENT & SERVICES--4.1% Schlumberger Ltd. 407,300 31,806,057 Smith International, Inc. 178,900 10,490,696 Transocean, Inc. 76,500 8,402,760 Weatherford International Ltd.(1) 446,300 11,219,982 --------------- 61,919,495 OIL, GAS & CONSUMABLE FUELS--6.0% Devon Energy Corp. 128,600 11,728,320 Occidental Petroleum Corp. 411,000 28,954,950 Range Resources Corp. 462,080 19,809,370 XTO Energy, Inc. 636,630 29,616,028 --------------- 90,108,668 FINANCIALS--8.5% CAPITAL MARKETS--4.4% Credit Suisse Group AG 365,539 17,403,824 Fortress Investment Group LLC, Cl. A 601,311 6,313,766 Goldman Sachs Group, Inc. (The) 159,600 20,428,800 Julius Baer Holding AG 97,078 4,772,843
1 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- CAPITAL MARKETS CONTINUED Northern Trust Corp. 29,330 $ 2,117,626 Och-Ziff Capital Management Group, Cl. A 471,300 5,509,497 T. Rowe Price Group, Inc. 173,400 9,313,314 --------------- 65,859,670 DIVERSIFIED FINANCIAL SERVICES--2.5% CME Group, Inc. 30,540 11,345,915 IntercontinentalExchange, Inc.(1) 212,800 17,168,704 MSCI, Inc., Cl. A(1) 407,390 9,777,360 --------------- 38,291,979 INSURANCE--1.0% Prudential Financial, Inc. 206,200 14,846,400 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.6% Jones Lang LaSalle, Inc. 223,010 9,696,475 HEALTH CARE--18.0% BIOTECHNOLOGY--3.5% BM&F BOVESPA SA 1,481,000 6,522,035 Celgene Corp.(1) 349,720 22,130,282 Gilead Sciences, Inc.(1) 532,600 24,275,908 --------------- 52,928,225 HEALTH CARE EQUIPMENT & SUPPLIES--4.5% Bard (C.R.), Inc. 150,690 14,295,960 Baxter International, Inc. 408,100 26,783,603 Dentsply International, Inc. 246,100 9,238,594 Medtronic, Inc. 187,100 9,373,710 Stryker Corp. 139,700 8,703,310 --------------- 68,395,177 HEALTH CARE PROVIDERS & SERVICES--3.7% Aetna, Inc. 254,500 9,189,995 Express Scripts, Inc.(1) 426,700 31,498,994 Schein (Henry), Inc.(1) 270,290 14,552,414 --------------- 55,241,403 LIFE SCIENCES TOOLS & SERVICES--3.0% Covance, Inc.(1) 142,427 12,591,971 Illumina, Inc.(1) 148,300 6,010,599 Thermo Fisher Scientific, Inc.(1) 483,480 26,591,400 --------------- 45,193,970 PHARMACEUTICALS--3.3% Allergan, Inc. 301,300 15,516,950 Roche Holding AG 135,629 21,142,788 Shire Ltd. 880,210 13,825,657 --------------- 50,485,395 INDUSTRIALS--8.1% AEROSPACE & DEFENSE--5.2% General Dynamics Corp. 205,500 15,128,910 Lockheed Martin Corp. 290,520 31,861,328 Precision Castparts Corp. 102,850 8,102,523
2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- AEROSPACE & DEFENSE CONTINUED United Technologies Corp. 387,500 $ 23,273,250 --------------- 78,366,011 ELECTRICAL EQUIPMENT--1.5% ABB Ltd. 1,174,131 22,525,338 INDUSTRIAL CONGLOMERATES--0.9% McDermott International, Inc.(1) 515,200 13,163,360 MACHINERY--0.5% Joy Global, Inc. 189,800 8,567,572 INFORMATION TECHNOLOGY--30.5% COMMUNICATIONS EQUIPMENT--9.0% Cisco Systems, Inc.(1) 1,770,100 39,933,456 Corning, Inc. 609,300 9,529,452 F5 Networks, Inc.(1) 530,960 12,413,845 QUALCOMM, Inc. 990,400 42,557,488 Research in Motion Ltd.(1) 461,300 31,506,790 --------------- 135,941,031 COMPUTERS & PERIPHERALS--3.8% Apple, Inc.(1) 387,100 43,997,786 NetApp, Inc.(1) 742,800 13,541,244 --------------- 57,539,030 INTERNET SOFTWARE & SERVICES--4.6% eBay, Inc.(1) 710,400 15,898,752 Google, Inc., Cl. A(1) 131,800 52,788,536 --------------- 68,687,288 IT SERVICES--4.9% Affiliated Computer Services, Inc., Cl. A(1) 323,420 16,374,755 Cognizant Technology Solutions Corp.(1) 709,000 16,186,470 MasterCard, Inc., Cl. A 128,460 22,779,812 Visa, Inc., Cl. A 309,440 18,996,522 --------------- 74,337,559 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.9% Broadcom Corp., Cl. A(1) 811,000 15,108,930 Microchip Technology, Inc. 469,300 13,811,499 NVIDIA Corp.(1) 925,900 9,916,389 Texas Instruments, Inc. 219,350 4,716,025 --------------- 43,552,843 SOFTWARE--5.3% Adobe Systems, Inc.(1) 642,600 25,363,422 Autodesk, Inc.(1) 630,300 21,146,565 Microsoft Corp. 387,600 10,345,044 Oracle Corp.(1) 602,000 12,226,620 Salesforce.com, Inc.(1) 236,260 11,434,984 --------------- 80,516,635
3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- MATERIALS--6.7% CHEMICALS--6.7% Monsanto Co. 560,600 $ 55,488,184 Potash Corp. of Saskatchewan, Inc. 129,000 17,029,290 Praxair, Inc. 396,200 28,423,388 --------------- 100,940,862 TELECOMMUNICATION SERVICES--3.6% WIRELESS TELECOMMUNICATION SERVICES--3.6% America Movil SAB de CV, ADR, Series L 334,200 15,493,512 Crown Castle International Corp.(1) 715,100 20,716,447 NII Holdings, Inc.(1) 469,860 17,817,091 --------------- 54,027,050 --------------- Total Common Stocks (Cost $1,405,712,704) 1,495,956,357 OTHER SECURITIES--0.0% Seagate Technology International, Inc.(1, 2, 3) (Cost $0) 325,000 32,500 INVESTMENT COMPANY--0.5% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15%(4, 5) (Cost $7,034,812) 7,034,812 7,034,812 TOTAL INVESTMENTS, AT VALUE (COST $1,412,747,516) 99.6% 1,503,023,669 OTHER ASSETS NET OF LIABILITIES 0.4 6,260,499 --------------- --------------- NET ASSETS 100.0% $ 1,509,284,168 =============== ===============
Footnotes to Statement of Investments (1) Non-income producing security. (2) Illiquid security. The aggregate value of illiquid securities as of September 30, 2008 was $32,500, which represents less than 0.005% of the Fund's net assets. See accompanying Notes. (3) Escrow shares received as the result of issuer reorganization. (4) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------ Oppenheimer Institutional Money Market Fund, Cl. E 24,161,830 227,736,745 244,863,763 7,034,812
VALUE INCOME ---------- -------- Oppenheimer Institutional Money Market Fund, Cl. E $7,034,812 $386,602
(5) Rate shown is the 7-day yield as of September 30, 2008. 4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $1,403,950,983 $-- Level 2--Other Significant Observable Inputs 99,072,686 -- Level 3--Significant Unobservable Inputs -- -- -------------- --- Total $1,503,023,669 $-- ============== ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing 5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to 6 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED 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 SECURITIES As of September 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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 an applicable footnote on the Statement of Investments. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $1,425,739,665 ============== Gross unrealized appreciation $ 233,723,058 Gross unrealized depreciation (156,439,054) -------------- Net unrealized appreciation $ 77,284,004 ==============
7 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- COMMON STOCKS--99.1% CONSUMER DISCRETIONARY--17.5% DIVERSIFIED CONSUMER SERVICES--1.2% New Oriental Education & Technology Group, Inc., Sponsored ADR(1) 132,200 $ 8,492,528 HOTELS, RESTAURANTS & LEISURE--4.4% Burger King Holdings, Inc. 736,500 18,088,440 Las Vegas Sands Corp.(1) 357,300 12,902,103 --------------- 30,990,543 INTERNET & CATALOG RETAIL--0.5% Liberty Media Corp.-Interactive, Series A(1) 299,000 3,860,090 MEDIA--7.6% Cablevision Systems Corp. New York Group, Cl A 557,500 14,026,700 Focus Media Holding Ltd., ADR(1) 592,100 16,880,771 Liberty Global, Inc., Series C(1) 638,300 17,929,847 Liberty Media Corp.-Entertainment, Series A(1) 208,600 5,208,742 --------------- 54,046,060 SPECIALTY RETAIL--2.5% Abercrombie & Fitch Co., Cl. A 169,700 6,694,665 GameStop Corp., Cl. A(1) 310,900 10,635,889 --------------- 17,330,554 TEXTILES, APPAREL & LUXURY GOODS--1.3% Polo Ralph Lauren Corp., Cl. A 136,900 9,123,016 CONSUMER STAPLES--1.2% BEVERAGES--1.2% Central European Distribution Corp.(1) 181,900 8,260,079 ENERGY--10.2% ENERGY EQUIPMENT & SERVICES--5.6% Cameron International Corp.(1) 447,200 17,235,088 Dresser-Rand Group, Inc.(1) 359,900 11,326,053 IHS, Inc., Cl. A(1) 238,400 11,357,376 --------------- 39,918,517 OIL, GAS & CONSUMABLE FUELS--4.6% Cabot Oil & Gas Corp., Cl. A 122,400 4,423,536 Petrohawk Energy Corp.(1) 454,200 9,824,346 Range Resources Corp. 346,500 14,854,455 SandRidge Energy, Inc.(1) 157,940 3,095,624 --------------- 32,197,961 FINANCIALS--10.6% CAPITAL MARKETS--4.5% Affiliated Managers Group, Inc.(1) 168,400 13,951,940 Eaton Vance Corp. 84,200 2,966,366 Fortress Investment Group LLC, Cl. A 483,001 5,071,511 Lazard Ltd., Cl. A 227,200 9,715,072 --------------- 31,704,889
1 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- DIVERSIFIED FINANCIAL SERVICES--3.3% IntercontinentalExchange, Inc.(1) 107,100 $ 8,640,828 MSCI, Inc., Cl. A(1) 636,800 15,283,200 --------------- 23,924,028 REAL ESTATE INVESTMENT TRUSTS--1.6% Boston Properties, Inc. 120,100 11,248,566 REAL ESTATE MANAGEMENT & DEVELOPMENT--1.2% Jones Lang LaSalle, Inc. 193,000 8,391,640 HEALTH CARE--14.2% HEALTH CARE EQUIPMENT & SUPPLIES--5.8% Bard (C.R.), Inc. 182,900 17,351,723 Edwards Lifesciences Corp.(1) 126,100 7,283,536 IDEXX Laboratories, Inc.(1) 292,181 16,011,519 --------------- 40,646,778 HEALTH CARE PROVIDERS & SERVICES--2.3% Schein (Henry), Inc.(1) 303,800 16,356,592 LIFE SCIENCES TOOLS & SERVICES--4.4% Covance, Inc.(1) 162,400 14,357,784 Illumina, Inc.(1) 179,600 7,279,188 Waters Corp.(1) 161,100 9,372,798 --------------- 31,009,770 PHARMACEUTICALS--1.7% Shire Ltd., ADR 253,300 12,095,075 INDUSTRIALS--14.2% AEROSPACE & DEFENSE--3.1% Alliant Techsystems, Inc.(1) 69,100 6,491,254 BE Aerospace, Inc.(1) 155,500 2,461,565 Curtiss-Wright Corp. 133,800 6,081,210 Rockwell Collins, Inc. 78,200 3,760,638 Spirit Aerosystems Holdings, Inc., Cl. A(1) 201,500 3,238,105 --------------- 22,032,772 AIR FREIGHT & LOGISTICS--2.0% C.H. Robinson Worldwide, Inc. 153,200 7,807,072 Expeditors International of Washington, Inc. 189,000 6,584,760 --------------- 14,391,832 COMMERCIAL SERVICES & SUPPLIES--5.5% Clean Harbors, Inc.(1) 91,600 6,187,580 EnergySolutions, Inc. 870,200 8,702,000 FTI Consulting, Inc.(1) 114,600 8,278,704 Stericycle, Inc.(1) 271,400 15,988,174 --------------- 39,156,458 CONSTRUCTION & ENGINEERING--2.3% Foster Wheeler Ltd.(1) 130,200 4,701,522 Quanta Services, Inc.(1) 413,000 11,155,130 --------------- 15,856,652
2 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- INDUSTRIAL CONGLOMERATES--0.9% McDermott International, Inc.(1) 235,200 $ 6,009,360 MACHINERY--0.4% Bucyrus International, Inc., Cl. A 70,000 3,127,600 INFORMATION TECHNOLOGY--24.7% COMMUNICATIONS EQUIPMENT--1.6% QUALCOMM, Inc. 166,400 7,150,208 Research in Motion Ltd.(1) 62,200 4,248,260 --------------- 11,398,468 COMPUTERS & PERIPHERALS--0.9% NetApp, Inc.(1) 351,900 6,415,137 ELECTRONIC EQUIPMENT & INSTRUMENTS--3.2% Amphenol Corp., Cl. A 334,500 13,426,830 Trimble Navigation Ltd.(1) 366,200 9,469,932 --------------- 22,896,762 INTERNET SOFTWARE & SERVICES--2.0% Equinix, Inc.(1) 142,800 9,918,888 Omniture, Inc.(1) 237,800 4,366,008 --------------- 14,284,896 IT SERVICES--6.0% Cognizant Technology Solutions Corp.(1) 647,800 14,789,274 SAIC, Inc.(1) 858,800 17,373,524 VeriFone Holdings, Inc.(1) 597,200 9,877,688 --------------- 42,040,486 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.9% ASML Holding NV 127,400 2,243,514 NVIDIA Corp.(1) 357,200 3,825,612 --------------- 6,069,126 SOFTWARE--10.1% Ansys, Inc.(1) 285,000 10,792,950 Autodesk, Inc.(1) 460,900 15,463,195 FactSet Research Systems, Inc. 238,450 12,459,013 Macrovision Solutions Corp.(1) 624,609 9,606,486 Salesforce.com, Inc.(1) 256,000 12,390,400 Take-Two Interactive Software, Inc. 663,900 10,887,960 --------------- 71,600,004 MATERIALS--2.2% CHEMICALS--1.9% Intrepid Potash, Inc.(1) 114,420 3,448,619 Lubrizol Corp. (The) 227,700 9,822,978 --------------- 13,271,597 METALS & MINING--0.3% Titanium Metals Corp. 215,700 2,446,038 TELECOMMUNICATION SERVICES--2.4% WIRELESS TELECOMMUNICATION SERVICES--2.4% Crown Castle International Corp.(1) 590,160 17,096,935
3 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED
SHARES VALUE --------------- --------------- UTILITIES--1.9% GAS UTILITIES--1.9% Questar Corp. 320,100 $ 13,098,491 --------------- Total Common Stocks (Cost $815,213,653) 700,789,300 INVESTMENT COMPANY--0.8% Oppenheimer Institutional Money Market Fund, Cl. E, 3.15% (2, 3) (Cost $5,583,198) 5,583,198 5,583,198 TOTAL INVESTMENTS, AT VALUE (COST $820,796,851) 99.9% 706,372,498 OTHER ASSETS NET OF LIABILITIES 0.1 358,818 --------------- --------------- NET ASSETS 100.0% $ 706,731,316 =============== ===============
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, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS SEPTEMBER 30, 2008 ----------------- ----------- ----------- ------------------ Oppenheimer Institutional Money Market Fund, Cl. E 35,791,815 220,802,091 251,010,708 5,583,198
VALUE INCOME ---------- -------- Oppenheimer Institutional Money Market Fund, Cl. E $5,583,198 $261,785
3. Rate shown is the 7-day yield as of September 30, 2008. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $706,372,498 $-- Level 2--Other Significant Observable Inputs -- -- Level 3--Significant Unobservable Inputs -- -- ------------ --- Total $706,372,498 $-- ============ ===
4 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. 5 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS SEPTEMBER 30, 2008 / UNAUDITED In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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") to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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 $ 824,791,095 ============= Gross unrealized appreciation $ 48,527,521 Gross unrealized depreciation (166,946,118) ------------- Net unrealized depreciation $(118,418,597) =============
6 | OPPENHEIMER MIDCAP 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 09/30/2008, 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: 11/11/2008 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: 11/11/2008 By: /s/ Brian W. Wixted ---------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/11/2008