-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, e3JzwQyGnImJZl+PBQBjkyAqI139YCwmUKF1eDN2adpLWHtGnsUPTtAVAZfJr8CY 3lacptnt8//9gsvFJR1/iw== 0000950117-95-000022.txt : 19950301 0000950117-95-000022.hdr.sgml : 19950301 ACCESSION NUMBER: 0000950117-95-000022 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950224 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 840974272 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 95514839 BUSINESS ADDRESS: STREET 1: 3410 S GALENA ST CITY: DENVER STATE: CO ZIP: 80231 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 2: 3410 S GALENA ST CITY: DENVER STATE: CO ZIP: 80231 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER VARIABLE LIFE FUNDS DATE OF NAME CHANGE: 19860609 N-30D 1 VARIABLE ACCOUNT FUNDS A.R. OPPENHEIMER VARIABLE ACCOUNT FUNDS ANNUAL REPORT DECEMBER 31, 1994
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Money Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 2.5% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with Morgan Guaranty Trust Co., 6.15%, dated 12/30/94, to be repurchased at $2,201,503 on 1/3/95, collateralized by FNMA 8.50%, 12/1/24, with a value of $2,263,118 (Cost $2,200,000) $ 2,200,000 $ 2,200,000 - ----------------------------------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT - 4.5% - ----------------------------------------------------------------------------------------------------------------------------------- DOMESTIC CERTIFICATES OF DEPOSIT - 4.5% - ----------------------------------------------------------------------------------------------------------------------------------- Huntington National Bank, 5.82%, 1/4/95 (Cost $3,999,207) (1) 4,000,000 3,999,207 - ----------------------------------------------------------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS - 6.7% - ----------------------------------------------------------------------------------------------------------------------------------- Canadian Imperial Holdings, Inc., 6.03%, 2/23/95 3,000,000 2,973,368 ------------------------------------------------------------------------------------------------------------------------- FCC National Bank, 5.82%, 1/4/95 (1) 3,000,000 2,997,712 ---------------- Total Direct Bank Obligations (Cost $5,971,080) 5,971,080 - ----------------------------------------------------------------------------------------------------------------------------------- LETTERS OF CREDIT - 10.4% - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse, guaranteeing commercial paper of: Queensland Alumina Ltd., 5.75%, 2/10/95 3,337,000 3,315,680 ------------------------------------------------------------------------------------------------------------------------- Mitsubishi Bank Ltd., guaranteeing commercial paper of: DIC Americas, Inc., 5.85%, 1/18/95 3,000,000 2,991,713 ------------------------------------------------------------------------------------------------------------------------- Sanwa Bank Ltd., guaranteeing commercial paper of: Orix America, Inc., 6.20%, 2/1/95 (2) 3,000,000 2,983,983 ---------------- Total Letters of Credit (Cost $9,291,376) 9,291,376 - ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM NOTES - 73.3% - ----------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED - 12.6% ------------------------------------------------------------------------------------------------------------------------- Beta Finance, Inc., 5.85%, 2/21/95 (2) 2,400,000 2,380,110 ------------------------------------------------------------------------------------------------------------------------- Cooperative Association of Tractor Dealers, Inc., 5.50%, 1/11/95 1,000,000 998,472 ------------------------------------------------------------------------------------------------------------------------- CXC, Inc., 5.75%, 2/10/95 4,000,000 3,974,444 ------------------------------------------------------------------------------------------------------------------------- WCP Funding, 6.10%, 2/13/95 4,000,000 3,970,856 ---------------- 11,323,882 - ----------------------------------------------------------------------------------------------------------------------------------- BANKS - 7.8% ------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp., 5.36%, 1/13/95 4,000,000 3,992,853 ------------------------------------------------------------------------------------------------------------------------- NationsBank Corp., 5.42%, 1/18/95 3,000,000 2,992,322 ---------------- 6,985,175 - ----------------------------------------------------------------------------------------------------------------------------------- BROKER/DEALERS - 13.9% ------------------------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc., 5.79%, 1/3/95 (1) 2,000,000 2,000,000 ------------------------------------------------------------------------------------------------------------------------- Dean Witter, Discover & Co., 6.10%-6.11%, 2/10/95 3,000,000 2,979,633 ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 5.61%, 1/12/95 2,000,000 2,000,000 ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 6.22%, 1/3/95 (1) 1,500,000 1,500,000 ------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Group, Inc., 5.49%, 1/3/95 (1) 4,000,000 4,000,000 ---------------- 12,479,633 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL FINANCE - 1.1% ------------------------------------------------------------------------------------------------------------------------- CIT Group Holdings, Inc., 6.309%, 1/11/95 (1)(3) 1,000,000 1,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE (PERSONAL LOANS) - 3.3% ------------------------------------------------------------------------------------------------------------------------- Sears Roebuck Acceptance Corp., 5.10%, 1/23/95 3,000,000 2,990,650 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCE - 13.9% ------------------------------------------------------------------------------------------------------------------------- General Electric Capital Corp., 5.79%, 1/3/95 (1) 4,000,000 3,997,889
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Money Fund FACE MARKET VALUE SHORT-TERM NOTES (CONTINUED) AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCE (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- ITT Financial Corp., 5.83%, 2/15/95 $ 4,000,000 $ 3,970,850 ------------------------------------------------------------------------------------------------------------------------- Transamerica Finance Corp., 5.10%, 2/3/95 4,500,000 4,478,963 ---------------- 12,447,702 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: MISCELLANEOUS - 4.4% ------------------------------------------------------------------------------------------------------------------------- Allergan, Inc., 6.18%, 2/10/95 4,000,000 3,972,533 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 4.4% ------------------------------------------------------------------------------------------------------------------------- Internationale Nederlanden Verzekeringen, NV, guaranteeing commercial paper of: Internationale Nederlanden U.S. Insurance Holdings, Inc., 6.10%, 2/7/95 4,000,000 3,974,922 - ----------------------------------------------------------------------------------------------------------------------------------- LEASE FINANCING - 7.5% ------------------------------------------------------------------------------------------------------------------------- International Lease Finance Corp., 5.85%, 2/24/95 3,000,000 2,973,675 ------------------------------------------------------------------------------------------------------------------------- Sanwa Business Credit Corp., 6.08%, 2/21/95 3,800,000 3,767,269 ---------------- 6,740,944 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 4.4% ------------------------------------------------------------------------------------------------------------------------- Electronic Data Systems Corp., 5.95%, 2/15/95 4,000,000 3,970,251 ---------------- Total Short-Term Notes (Cost $65,885,692) 65,885,692 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 2.3% - ----------------------------------------------------------------------------------------------------------------------------------- Small Business Administration, 9.375%-10.375%, 1/1/95 (Cost $2,079,755) (1) 1,969,925 2,079,755 ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $89,427,110) 99.7% 89,427,110 ------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.3 243,807 ------------------ ---------------- NET ASSETS 100.0% $ 89,670,917 ------------------ ---------------- ------------------ ----------------
1. Variable rate security. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on December 31, 1994. 2. Security purchased in private placement transaction, without registration under the Securities Act of 1933 (the Act). The securities were acquired between November 22, 1994 and December 31, 1994, are carried at amortized cost, and amount to $5,364,093, or 5.98% of the Fund's net assets. 3. Put obligation redeemable at full face value on the date reported. See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer High Income Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 6.3% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6%, dated 12/30/94, to be repurchased at $6,004,000 on 1/3/95, collateralized by U.S. Treasury Nts., 3.875%-8.875%, 5/31/95-8/31/05, with a value of $5,705,931 and U.S. Treasury Bonds, 10.75%-14.25%, 2/15/02-8/15/05, with a value of $419,161(Cost $6,000,000) $ 6,000,000 $ 6,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 2.3% - ----------------------------------------------------------------------------------------------------------------------------------- PRIVATE - 2.3% - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY - 1.4% ------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corp. Commercial Mtg. Pass-Through Certificates, 8%, Series 1994-C2, Cl. G, 4/25/25 994,250 725,492 ------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corp. Commercial Mtg. Pass-Through Certificates, 8%, Series 1994-Cl, Cl. E, 6/25/26 789,270 598,612 ---------------- 1,324,104 - ----------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL - 0.9% ------------------------------------------------------------------------------------------------------------------------- Residential Funding Corp. Mtg. Pass-Through Certificates, 7.97%, Series 1993-J2, Cl. B1, 6/15/23 (5) 1,198,290 850,121 ---------------- Total Mortgage-Backed Obligations (Cost $2,355,538) 2,174,225 - ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS - 9.8% - ----------------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 1/12/95 500,000 496,415 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 10/11/95 1,000,000 863,309 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 4/6/95 1,000,000 939,261 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 7/27/95 500,000 447,984 ------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Bonds, Banco Do Nordeste Brasil, 10.375%, 11/6/95 (5) 750,000 742,500 - ----------------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) CD, Bank Negara, 0%, 5/12/95 IDR 2,000,000,000 863,967 - ----------------------------------------------------------------------------------------------------------------------------------- International Bank for Reconstruction and Development Bonds, 12.50%, 7/25/97 NZD 1,000,000 684,949 - ----------------------------------------------------------------------------------------------------------------------------------- Japan Development Bank (The) Gtd. Bonds, 5%, 10/1/99 JPY 95,000,000 989,682 - ----------------------------------------------------------------------------------------------------------------------------------- Morocco (Kingdom of) Loan Participation Agreement, Tranche A, 5.938%, 1/1/09 (4) 1,000,000 663,750 - ----------------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 10%, 7/15/97 NZD 500,000 324,797 - ----------------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 8%, 11/15/95 NZD 1,500,000 948,259 - ----------------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 9%, 11/15/96 NZD 1,250,000 794,465 - ----------------------------------------------------------------------------------------------------------------------------------- Poland (Republic of) Disc. Bonds, 6.813%, 10/27/24 250,000 180,626 - ----------------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Debs., 9%, 5/27/96 500,000 471,250 ---------------- Total Foreign Government Obligations (Cost $9,628,161) 9,411,214 - ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES - 1.5% - ----------------------------------------------------------------------------------------------------------------------------------- Pinole, California Redevelopment Agency Tax Allocation Taxable Bonds, Pinole Vista Redevelopment, Series B, 7.65%, 975,000 901,696 8/1/07 ------------------------------------------------------------------------------------------------------------------------- San Joaquin Hills, California Transportation Corridor Agency Toll Road Capital Appreciation Revenue Bonds, Jr. Lien, 0%, 1/1/28 12,500,000 571,400 ---------------- Total Municipal Bonds and Notes (Cost $1,645,000) 1,473,096
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer High Income Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 67.8% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 7.0% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.7% ------------------------------------------------------------------------------------------------------------------------- Carbide/Graphite Group, Inc., 11.50% Sr. Nts., 9/1/03 $ 1,000,000 $ 1,007,500 ------------------------------------------------------------------------------------------------------------------------- Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 750,000 663,750 ---------------- 1,671,250 - ----------------------------------------------------------------------------------------------------------------------------------- METALS - 2.2% ------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 250,000 251,875 ------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 9.875% Sr. Nts., 2/15/02 700,000 644,000 ------------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (3) 850,000 531,250 ------------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 11.75% Sr. Sec. Nts., 10/15/03 650,000 650,000 ---------------- 2,077,125 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS - 3.1% ------------------------------------------------------------------------------------------------------------------------- Equitable Bag, Inc., 12.375% Sr. Nts., 8/15/02 (2) 100,000 50,500 ------------------------------------------------------------------------------------------------------------------------- PT Inti Indorayon Utama, 9.125% Sr. Nts., 10/15/00 310,000 254,200 ------------------------------------------------------------------------------------------------------------------------- Repap Wisconsin, Inc., 9.25% Fst. Priority Sr. Sec. Nts., 2/1/02 450,000 403,875 ------------------------------------------------------------------------------------------------------------------------- Riverwood International Corp., 10.375% Sr. Sub. Nts., 6/30/04 400,000 406,000 ------------------------------------------------------------------------------------------------------------------------- SD Warren Co., 12% Sr. Sub. Nts., 12/15/04 (5) 350,000 360,500 ------------------------------------------------------------------------------------------------------------------------- Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00 500,000 493,750 ------------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 10.75% Fst. Mtg. Nts., 10/1/02 1,000,000 1,000,000 ---------------- 2,968,825 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 21.3% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 1.0% ------------------------------------------------------------------------------------------------------------------------- Envirotest Systems Corp., 9.125% Sr. Nts., 3/15/01 100,000 82,500 ------------------------------------------------------------------------------------------------------------------------- Foamex LP/JPS Automotive Corp., Units (3) 500,000 265,000 ------------------------------------------------------------------------------------------------------------------------- Penda Corp., 10.75% Sr. Nts., Series B, 3/1/04 675,000 617,625 ---------------- 965,125 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION SUPPLIES AND DEVELOPMENT - 3.8% ------------------------------------------------------------------------------------------------------------------------- Hillsborough Holdings Corp., 7.50% Participation Agreement, 12/30/99 (2)(5) 1,000,000 1,575,000 ------------------------------------------------------------------------------------------------------------------------- Triangle Pacific Corp., 10.50% Sr. Nts., 8/1/03 600,000 573,000 ------------------------------------------------------------------------------------------------------------------------- Tribasa Toll Road Trust, 10.50% Nts., Series 1993-A, 12/1/11 (5) 500,000 432,500 ------------------------------------------------------------------------------------------------------------------------- Walter Industries, Inc., 14.625% Sr. Nts., Series B, 1/1/99 (2) 400,000 748,000 ------------------------------------------------------------------------------------------------------------------------- Walter Industries, Inc., 17% Sub. Debs., 1/1/96 (2) 400,000 278,000 ---------------- 3,606,500 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER GOODS AND SERVICES - 5.1% ------------------------------------------------------------------------------------------------------------------------- Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 500,000 497,500 ------------------------------------------------------------------------------------------------------------------------- Coleman Holdings, Inc., 0% Sr. Sec. Disc. Nts., Series B, 500,000 340,000 5/27/98 ------------------------------------------------------------------------------------------------------------------------- Harman International Industries, Inc., 12% Sr. Sub. Nts., 8/1/02 1,000,000 1,085,000 ------------------------------------------------------------------------------------------------------------------------- MacAndrews & Forbes Group, Inc., 12.25% Sub. Nts., 7/1/96 750,000 748,125 ------------------------------------------------------------------------------------------------------------------------- Mary Kay Corp., 12.75% Gtd. Sr. Nts., Series B, 12/6/00 (5) 1,000,000 1,045,000 ------------------------------------------------------------------------------------------------------------------------- Protection One Alarm Monitoring, Inc., 12% Sr. Sub. Nts., Series B, 11/1/03 1,000,000 955,000 ------------------------------------------------------------------------------------------------------------------------- Revlon Worldwide Corp., 0% Sr. Sec. Disc. Nts., 3/15/98 350,000 207,375 ---------------- 4,878,000 - ----------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT - 1.2% ------------------------------------------------------------------------------------------------------------------------- Aztar Corp., 13.75% Sr. Sub. Nts., 10/1/04 150,000 152,250 ------------------------------------------------------------------------------------------------------------------------- Gillett Holdings, Inc., 12.25% Sr. Sub. Nts., Series A, 6/30/02 521,305 553,887
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer High Income Fund FACE MARKET VALUE CORPORATE BONDS AND NOTES (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Lady Luck Gaming Finance Corp., 10.50% Fst. Mtg. Nts., 3/1/01 $ 450,000 $ 200,250 ------------------------------------------------------------------------------------------------------------------------- United Gaming, Inc., 7.50% Cv. Sub. Debs., 9/15/03 320,000 251,200 ---------------- 1,157,587 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA - 7.4% ------------------------------------------------------------------------------------------------------------------------- Ackerley Communications, Inc., 10.75% Sr. Sec. Nts., Series A, 10/1/03 750,000 716,250 ------------------------------------------------------------------------------------------------------------------------- Act III Broadcasting, Inc., 9.625% Sr. Sub. Nts., 12/15/03 430,000 396,675 ------------------------------------------------------------------------------------------------------------------------- Bell Cablemedia PLC, 0%/11.95% Sr. Disc. Nts., 7/15/04 (3) 350,000 189,000 ------------------------------------------------------------------------------------------------------------------------- Chancellor Broadcasting Co., 12.50% Sr. Sub. Nts., 10/1/04 700,000 689,500 ------------------------------------------------------------------------------------------------------------------------- Continental Broadcasting Ltd./Continental Broadcasting Capital Corp., 10.625% Sr. Sub. Nts., 7/1/03 600,000 607,500 ------------------------------------------------------------------------------------------------------------------------- GSPI Corp., 10.15% Fst. Mtg. Bonds, 6/24/10 (5) 487,255 517,099 ------------------------------------------------------------------------------------------------------------------------- Lamar Advertising Co., 11% Sr. Sec. Nts., 5/15/03 500,000 479,375 ------------------------------------------------------------------------------------------------------------------------- New City Communications, Inc., 11.375% Sr. Sub. Nts., 11/1/03 1,500,000 1,470,000 ------------------------------------------------------------------------------------------------------------------------- Outlet Broadcasting, Inc., 10.875% Sr. Sub. Nts., 7/15/03 1,000,000 990,000 ------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcasting Group, Inc., 10% Sr. Sub. Nts., 12/15/03 345,000 324,300 ------------------------------------------------------------------------------------------------------------------------- Univision Television Group, Inc., 11.75% Sr. Sub. Nts., 1/15/01 700,000 731,500 ---------------- 7,111,199 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE DEVELOPMENT - 1.0% ------------------------------------------------------------------------------------------------------------------------- Olympia & York First Canadian Place Ltd., 11% Debs., Series 3, 11/4/49 (2)CAD 1,000,000 455,377 ------------------------------------------------------------------------------------------------------------------------- Saul (B.F.) Real Estate Investment Trust, 11.625% Sr. Nts., 4/1/02 650,000 546,000 ---------------- 1,001,377 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL - 1.8% ------------------------------------------------------------------------------------------------------------------------- Eye Care Centers of America, Inc., 12% Sr. Nts., 10/1/03 700,000 546,000 ------------------------------------------------------------------------------------------------------------------------- International Semi-Tech Microelectronics, Inc., 0%/11.50% Sr. Sec. Disc. Nts., 8/15/03 (3) 1,500,000 645,000 ------------------------------------------------------------------------------------------------------------------------- Zale Delaware, Inc., 11% Gtd. 2nd Priority Sr. Sec. Nts., 7/30/00 500,000 501,250 ---------------- 1,692,250 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 4.1% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD - 0.0% ------------------------------------------------------------------------------------------------------------------------- Kash 'N Karry Food Stores, Inc., 14% Sub. Debs., 2/1/01 (2) 300,000 111,000 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD AND DRUG DISTRIBUTION - 2.4% ------------------------------------------------------------------------------------------------------------------------- Di Giorgio Corp., 12% Sr. Nts., 2/15/03 700,000 658,000 ------------------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., Series B, 9/15/02 250,000 211,250 ------------------------------------------------------------------------------------------------------------------------- Grand Union Co., 11.25% Sr. Nts., 7/15/00 250,000 222,500 ------------------------------------------------------------------------------------------------------------------------- Grand Union Co., 12.25% Sr. Sub. Nts., 7/15/02 1,350,000 533,250 ------------------------------------------------------------------------------------------------------------------------- Purity Supreme, Inc., 11.75% Sr. Sec. Nts., Series B, 8/1/99 750,000 626,250 ---------------- 2,251,250 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 1.7% ------------------------------------------------------------------------------------------------------------------------- Icon Health & Fitness, Inc., Units (5) 700 689,500 ------------------------------------------------------------------------------------------------------------------------- Total Renal Care, Inc., Units 1,200,000 906,000 ---------------- 1,595,500 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.2% - ----------------------------------------------------------------------------------------------------------------------------------- BP America, Inc., 10.875% Nts., 8/1/01 CAD 350,000 261,530 ------------------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 11.50% Debs., 11/15/15 800,000 758,000
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer High Income Fund FACE MARKET VALUE CORPORATE BONDS AND NOTES (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 8.50% Debs., 4/1/08 $ 500,000 $ 395,000 ------------------------------------------------------------------------------------------------------------------------- OPI International, Inc., 12.875% Gtd. Sr. Nts., 7/15/02 750,000 836,250 ------------------------------------------------------------------------------------------------------------------------- Presidio Oil Co., 11.50% Sr. Sec. Nts., Series B, 9/15/00 925,000 689,125 ------------------------------------------------------------------------------------------------------------------------- Presidio Oil Co., 13.675% Sr. Sub. Gas Indexed Nts., Series B, 7/15/02 (4) 150,000 93,000 ---------------- 3,032,905 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 7.1% - ----------------------------------------------------------------------------------------------------------------------------------- Card Establishment Services, Inc., 10% Sr. Sub. Nts., Series B, 10/1/03 1,600,000 1,672,000 ------------------------------------------------------------------------------------------------------------------------- Citibank, 15% CD, 8/28/95 (7)CLP 417,450,058 1,040,893 ------------------------------------------------------------------------------------------------------------------------- Citibank, 15.20% CD, 11/20/95 (7)CLP 431,553,156 1,076,058 ------------------------------------------------------------------------------------------------------------------------- Citibank, 15.20% CD, 9/1/95 (7)CLP 419,050,049 1,044,882 ------------------------------------------------------------------------------------------------------------------------- ECM Fund, L.P.I., 14% Sub. Nts., 6/10/02 (5) 369,597 406,557 ------------------------------------------------------------------------------------------------------------------------- Nacolah Holding Corp., 9.50% Sr. Nts., 12/1/03 650,000 578,500 ------------------------------------------------------------------------------------------------------------------------- SBC Finance (C.I.) Ltd., 5.50% Swiss Bank Corp. Gtd. Nts., 9/30/97 CHF 1,280,000 987,146 ---------------- 6,806,036 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 5.0% - ----------------------------------------------------------------------------------------------------------------------------------- GENERAL INDUSTRIAL - 1.9% ------------------------------------------------------------------------------------------------------------------------- EnviroSource, Inc., 9.75% Sr. Nts., 6/15/03 500,000 431,250 ------------------------------------------------------------------------------------------------------------------------- Farley, Inc., 0% Sub. Debs., 12/30/12 115,000 12,075 ------------------------------------------------------------------------------------------------------------------------- Southdown, Inc., 14% Sr. Sub. Nts., Series B, 10/15/01 640,000 720,000 ------------------------------------------------------------------------------------------------------------------------- Terex Corp., 13% Sr. Nts., 8/1/96 (5) 688,000 651,880 ---------------- 1.815,205 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 3.1% ------------------------------------------------------------------------------------------------------------------------- AMR Corp., 10% Nts., 4/15/21 825,000 799,105 ------------------------------------------------------------------------------------------------------------------------- Trans Ocean Container Corp., 12.25% Sr. Sub. Nts., 7/1/04 1,200,000 1,134,000 ------------------------------------------------------------------------------------------------------------------------- Transtar Holdings LP/Transtar Capital Corp., 0%/13.375% Sr. Disc. Nts., Series B, 12/15/03 (3) 2,000,000 1,010,000 ---------------- 2,943,105 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 15.9% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 1.0% ------------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 300,000 231,000 ------------------------------------------------------------------------------------------------------------------------- GPA Holland BV, 9.50% Medium-Term Nts., Series A, 12/15/01 (5) 500,000 332,500 ------------------------------------------------------------------------------------------------------------------------- Rohr, Inc., 11.625% Sr. Nts., 5/15/03 400,000 398,000 ---------------- 961,500 - ----------------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 5.7% ------------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc., 0%/12.50% Sr. Disc. Nts., 6/15/04 (3) 1,000,000 450,000 ------------------------------------------------------------------------------------------------------------------------- Cablevision Industries Corp., 9.25% Sr. Debs., Series B, 4/1/08 500,000 450,000 ------------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 10.75% Sr. Sub. Debs., 4/1/04 500,000 502,500 ------------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 4/1/23 200,000 180,000 ------------------------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 9.50% Sr. Debs., 8/1/13 650,000 599,625 ------------------------------------------------------------------------------------------------------------------------- Echostar Communications Corp., Units 1,100,000 574,750 ------------------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (4) 1,000,000 905,000 ------------------------------------------------------------------------------------------------------------------------- Marcus Cable Operating Co. LP/Marcus Capital Corp., 0%/13.50% Gtd. Sr. Sub. Disc. Nts., Series II, 8/1/04 (3) 1,500,000 795,000 ------------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 1,000,000 1,037,500 ---------------- 5,494,375
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer High Income Fund FACE MARKET VALUE CORPORATE BONDS AND NOTES (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS - 7.2% ------------------------------------------------------------------------------------------------------------------------- Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 3/15/04 (3)(5) $ 1,250,000 $ 815,775 ------------------------------------------------------------------------------------------------------------------------- Cellular, Inc., 0%/11.75% Sr. Sub. Disc. Nts., 9/1/03 (3) 2,000,000 1,310,000 ------------------------------------------------------------------------------------------------------------------------- Comcast Cellular Corp., 0% Nts., Series B, 3/5/00 500,000 342,500 ------------------------------------------------------------------------------------------------------------------------- Horizon Cellular Telephone LP/Horizon Finance Corp., 0%/11.375% Sr. Sub. Disc. Nts., 10/1/00 (3) 1,500,000 1,050,000 ------------------------------------------------------------------------------------------------------------------------- MFS Communications, Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (3) 1,000,000 597,500 ------------------------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 0%/11.375% Sr. Sub. Disc. Nts., 8/1/03 (3) 2,000,000 1,240,000 ------------------------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 9.75% Sr. Sec. Nts., 8/1/00 500,000 473,750 ------------------------------------------------------------------------------------------------------------------------- PriCellular Wireless Corp., .50%/14% Sr. Sub. Disc. Nts., 11/15/01 (5)(9) 1,000,000 665,000 ------------------------------------------------------------------------------------------------------------------------- USA Mobile Communications, Inc. II, 14% Sr. Nts., 11/1/04 400,000 402,500 ---------------- 6,897,025 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 2.0% ------------------------------------------------------------------------------------------------------------------------- Dell Computer Corp., 11% Sr. Nts., 8/15/00 500,000 525,000 ------------------------------------------------------------------------------------------------------------------------- Imax Corp., 7%/10% Sr. Nts., 3/1/01 (8) 1,600,000 1,336,000 ---------------- 1,861,000 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 4.2% - ----------------------------------------------------------------------------------------------------------------------------------- Beaver Valley II Funding Corp., 9% 2nd Lease Obligation Bonds, 6/1/17 2,070,000 1,481,778 ------------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 10.375% Lease Obligation Debs., 1/2/11 (2) 900,000 468,705 ------------------------------------------------------------------------------------------------------------------------- El Paso Funding Co., 10.75% Debs., 4/1/13 (2) 750,000 390,574 ------------------------------------------------------------------------------------------------------------------------- First PV Funding Corp., 10.15% Lease Obligation Bonds, Series 1986B, 1/15/16 600,000 544,088 ------------------------------------------------------------------------------------------------------------------------- First PV Funding Corp., 10.30% Lease Obligation Bonds, Series 1986A, 1/15/14 1,000,000 917,336 ------------------------------------------------------------------------------------------------------------------------- Subic Power Corp., 9.50% Sr. Sec. Nts., Series A, 12/28/08 (5) 250,000 216,250 ---------------- 4,018,731 ---------------- Total Corporate Bonds and Notes (Cost $68,797,660) 64,916,870 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 3.3% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 2.2% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.1% ------------------------------------------------------------------------------------------------------------------------- Leaseway Transportation Corp. (2) 11,142 123,955 - ----------------------------------------------------------------------------------------------------------------------------------- BROADCAST MEDIA - 0.1% ------------------------------------------------------------------------------------------------------------------------- New World Communications Group, Inc., Cl. A (2) 4,964 58,327 - ----------------------------------------------------------------------------------------------------------------------------------- HOMEBUILDING - 0.2% ------------------------------------------------------------------------------------------------------------------------- Triangle Wire & Cable, Inc. (2)(5) 21,111 84,444 ------------------------------------------------------------------------------------------------------------------------- Trizec, Ltd. (2) 8,410 56,959 ---------------- 141,403 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS/MOTELS - 0.2% ------------------------------------------------------------------------------------------------------------------------- Celcaribe SA (5) 203,250 234,225 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE TIME - 0.5% ------------------------------------------------------------------------------------------------------------------------- Capital Gaming, Inc. (2) 25,336 76,008 ------------------------------------------------------------------------------------------------------------------------- Gillett Holdings, Inc., Cl. 1 (2)(5) 10,355 203,217
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer High Income Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE TIME (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Hollywood Casino Corp. (2) 31,666 $ 182,078 ---------------- 461,303 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DEPARTMENT STORES - 0.4% ------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. 20,239 389,601 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DEPARTMENT, GENERAL AND SPECIALTY - 0.0% ------------------------------------------------------------------------------------------------------------------------- Finlay Enterprises, Inc., Cl. A (2) 2,000 30,000 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.7% ------------------------------------------------------------------------------------------------------------------------- Zale Corp. (2) 56,802 681,624 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 0.7% - ----------------------------------------------------------------------------------------------------------------------------------- OIL WELL SERVICES AND EQUIPMENT - 0.7% ------------------------------------------------------------------------------------------------------------------------- Petrolane, Inc., Cl. B 45,360 629,370 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCE - 0.2% ------------------------------------------------------------------------------------------------------------------------- ECM Fund L.P.I. (5) 150 150,000 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: INSTRUMENTATION - 0.2% ------------------------------------------------------------------------------------------------------------------------- Berg Electronics Holdings Corp. (2)(5) 46,220 207,990 ---------------- Total Common Stocks (Cost $2,608,222) 3,107,798 - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 5.3% - ----------------------------------------------------------------------------------------------------------------------------------- AK Steel Holding Corp., 7% Cv. Stock Appreciation Income Linked Securities 10,000 312,500 ------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co., 9% Exchangeable Notes for Common Stock of Lyondell Petrochemical Co., 9/15/97 17,000 444,124 ------------------------------------------------------------------------------------------------------------------------- Berg Electronics Holdings Corp., $3.3438, Series E 12,306 313,803 ------------------------------------------------------------------------------------------------------------------------- California Federal Bank, 10.625% Non-Cum., Series B 5,000 501,250 ------------------------------------------------------------------------------------------------------------------------- Dell Computer Corp., $7.00 Cv., Series A (5) 2,500 431,250 ------------------------------------------------------------------------------------------------------------------------- First Nationwide Bank, 11.50% Non-Cum. 7,500 735,000 ------------------------------------------------------------------------------------------------------------------------- Glendale Federal Bank, F.S.B., 8.75% Non-Cum. Cv., Series E 16,500 459,938 ------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum Corp., 8.255% Provisionally Redeemable Income Debt Exchangeable for Stock 40,700 432,438 ------------------------------------------------------------------------------------------------------------------------- K-III Communications Corp., $11.625 Exch., Series B (6) 6,698 643,067 ------------------------------------------------------------------------------------------------------------------------- Navistar International Corp., $6.00 Cv., Series G 2,500 128,750 ------------------------------------------------------------------------------------------------------------------------- Offshore Pipelines, Inc., $2.25 Cum. Cv. Exch. 5,000 245,000 ------------------------------------------------------------------------------------------------------------------------- Pantry Pride, Inc., $14.875 Exch., Series B 2,000 192,000 ------------------------------------------------------------------------------------------------------------------------- Prime Retail, Inc., $19.00 Cv., Series B 14,000 266,000 ---------------- Total Preferred Stocks (Cost $4,909,991) 5,105,120 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.9% - ----------------------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc. Wts., Exp. 6/99 5,000 11,250 ------------------------------------------------------------------------------------------------------------------------- Ames Department Stores, Inc., Excess Cash Flow Payment Certificates, Series AG-7A 12,400 124 ------------------------------------------------------------------------------------------------------------------------- Ames Department Stores, Inc., Litigation Trust 39,658 397 ------------------------------------------------------------------------------------------------------------------------- Capital Gaming International, Inc. Wts., Exp. 2/99 21,112 15,834 ------------------------------------------------------------------------------------------------------------------------- Casino America, Inc. Wts., Exp. 11/96 1,631 816 ------------------------------------------------------------------------------------------------------------------------- Digicon, Inc. Wts., Exp. 7/96 4,699 293 ------------------------------------------------------------------------------------------------------------------------- Eye Care Centers of America, Inc. Wts., Exp. 10/03 700 3,500
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer High Income Fund MARKET VALUE RIGHTS, WARRANTS AND CERTIFICATES (CONTINUED) UNITS SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. Wts., Cl. C, Exp. 12/99 13,481 $ 69,090 ------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. Wts., Cl. D, Exp. 12/01 13,481 75,830 ------------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp. Wts., Exp. 7/96 71,950 521,638 ------------------------------------------------------------------------------------------------------------------------- Protection One, Inc. Wts., Exp. 11/03 28,000 105,000 ------------------------------------------------------------------------------------------------------------------------- Purity Supreme, Inc. Wts., Exp. 8/97 (5) 2,599 52 ------------------------------------------------------------------------------------------------------------------------- Southland Corp. Wts., Exp. 3/96 400 1,000 ------------------------------------------------------------------------------------------------------------------------- Terex Corp. Rts., Exp. 7/96 (5) 144 108 ------------------------------------------------------------------------------------------------------------------------- UGI Corp. Wts., Exp. 3/98 6,000 10,200 ---------------- Total Rights, Warrants and Certificates (Cost $514,543) 815,132 FACE AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- STRUCTURED INSTRUMENTS - 1.3% - ----------------------------------------------------------------------------------------------------------------------------------- Argentina Local Market Securities Trust, Series 1994-II, 11.30%, 4/1/00 (5) $ 956,521 815,435 ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., Standard & Poor's 500 Index-Linked Nts., 5.788%, 1/25/95 (5) 250,000 292,800 ------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co. Inc., Standard & Poor's 500 Index-Linked Nts., 5.60%, 2/6/95 (5) 100,000 116,990 ---------------- Total Structured Instruments (Cost $1,461,322) 1,225,225 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $97,920,437) 98.5% 94,228,680 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.5 1,469,629 ------------------ ---------------- NET ASSETS 100.0% $ 95,698,309 ------------------ ---------------- ------------------ ----------------
1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: CAD - Canadian Dollar IDR - Indonesian Rupiah CHF - Swiss Franc JPY - Japanese Yen CLP - Chilean Peso NZD - New Zealand Dollar 2. Non-income producing security. 3. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date. 4. Represents the current interest rate for a variable rate security. 5. Restricted security - See Note 7 of Notes to Financial Statements. 6. Interest or dividend is paid in kind. 7. Indexed instrument for which the principal amount due at maturity is affected by the relative value of a foreign currency. 8. Represents the current interest rate for an increasing rate security. 9. Represents a bond that pays contingent supplemental interest until it converts to a fixed rate of interest at a designated future date. See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Bond Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 11.6% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6%, dated 12/30/94, to be repurchased at $15,710,467 on 1/3/95, collateralized by U.S. Treasury Nts., 3.875%-8.875%, 5/31/95-8/31/05, with a value of $14,930,519 and U.S. Treasury Bonds, 10.75%-14.25%, 2/15/02-8/15/05, with a value of $1,096,803 (Cost $15,700,000) $ 15,700,000 $ 15,700,000 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 12.2% - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 7.2% - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED - 5.1% ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, 8.75%, 12/25/20 3,000,000 3,041,880 ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, 10.40%, 4/25/19 2,000,000 2,100,680 ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Trust 240, Cl. 2, 7%, 9/25/23 (4) 1,694,353 631,941 ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Trust 257, Cl. 2, 7%, 2/25/24 (4) 2,797,923 1,058,839 ---------------- 6,833,340 - ----------------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED - 2.1% ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 6%, 10/20/24 3,056,995 2,897,458 - ----------------------------------------------------------------------------------------------------------------------------------- PRIVATE - 5.0% - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL - 4.0% ------------------------------------------------------------------------------------------------------------------------- FDIC Trust, Series 1994-C1, Cl. 2-D, 8.70%, 9/25/25 (2) 1,500,000 1,426,875 ------------------------------------------------------------------------------------------------------------------------- FDIC Trust, Series 1994-C1, Cl. 2-E, 8.70%, 9/25/25 (2) 1,500,000 1,374,844 ------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1992-CHF, Cl. C, 8.25%, 12/25/20 1,098,572 1,047,421 ------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1994-C1, Cl. A4, 7.25%, 6/25/26 1,536,996 1,512,020 ---------------- 5,361,160 - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY - 1.0% ------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1991-M5, Cl. A, 9%, 3/25/17 1,358,728 1,347,902 ---------------- Total Mortgage-Backed Obligations (Cost $16,407,096) 16,439,860 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 24.3% - ----------------------------------------------------------------------------------------------------------------------------------- TREASURY - 24.3% - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.125%, 2/15/23 3,000,000 2,729,061 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.25%, 8/15/22 6,000,000 5,536,871 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/24 3,000,000 2,868,750 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 8%, 11/15/21 5,000,000 5,017,184 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 5.875%, 5/15/95 3,000,000 2,994,375 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 6%, 12/31/97 3,000,000 2,859,375 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 6.375%, 6/30/97 1,000,000 969,062 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 7.25%, 5/15/04 1,000,000 960,625 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 7.25%, 8/15/04 6,000,000 5,760,000 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 7.875%, 6/30/96 1,000,000 1,005,312 -------------------------------------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Bond Fund FACE MARKET VALUE U.S. GOVERNMENT OBLIGATIONS (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 9.25%, 8/15/98 $ 2,000,000 $ 2,087,500 ---------------- Total U.S. Government Obligations (Cost $34,170,590) 32,788,115 - ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS - 16.1% - ----------------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 1/12/95 500,000 496,415 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 10/11/95 1,000,000 863,309 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 3/2/95 2,070,000 2,001,074 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 4/6/95 1,000,000 939,261 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 7/27/95 2,084,000 1,867,198 ------------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, 0%, 8/3/95 250,000 232,300 ------------------------------------------------------------------------------------------------------------------------- Corporacion Andina de Fomento Bonds, 6.625%, 10/14/98 (2) 1,000,000 900,000 ------------------------------------------------------------------------------------------------------------------------- Corporacion Andina de Fomento Nts., 7.25%, 4/30/98 (2) 1,000,000 918,750 ------------------------------------------------------------------------------------------------------------------------- Czechoslovakia National Bank Bonds, 7%, 4/6/96 (2) 1,500,000 1,482,188 ------------------------------------------------------------------------------------------------------------------------- Financiera Energetica Nacional Nts., 6.625%, 12/13/96 2,350,000 2,235,438 ------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) CD, Bank Negara, 0%, 5/12/95 IDR 3,000,000,000 1,295,951 ------------------------------------------------------------------------------------------------------------------------- International Bank for Reconstruction and Development Bonds, 12.50%, 7/25/97 NZD 1,000,000 684,949 ------------------------------------------------------------------------------------------------------------------------- Japan Development Bank (The) Gtd. Bonds, 5%, 10/1/99 JPY 195,000,000 2,031,453 ------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 10%, 7/15/97 NZD 1,250,000 811,993 ------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 8%, 11/15/95 NZD 1,500,000 948,259 ------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 9%, 11/15/96 NZD 2,250,000 1,430,037 ------------------------------------------------------------------------------------------------------------------------- South Australia Government Finance Authority Bonds, 10%, 1/15/03 AUD 2,000,000 1,497,979 ------------------------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts. (Gilt), 12%, 11/20/98 GBP 550,000 951,362 ------------------------------------------------------------------------------------------------------------------------- Western Australia Treasury Corp. Gtd. Bonds, Series 98, 12.50%, 4/1/98 AUD 200,000 164,390 ---------------- Total Foreign Government Obligations (Cost $22,268,415) 21,752,306 - ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES - 2.8% - ----------------------------------------------------------------------------------------------------------------------------------- City of New York Taxable General Obligation Bonds, Series D, 9.90%, 2/1/15 500,000 531,275 ------------------------------------------------------------------------------------------------------------------------- Connecticut State Taxable General Obligation Bonds, 6.625%, 12/15/97 650,000 624,593 ------------------------------------------------------------------------------------------------------------------------- Dade County, Florida Educational Facilities Authority Taxable Exchange Revenue Bonds, University of Miami, MBIA 325,000 346,339 Insured, 7.65%, 4/1/10 ------------------------------------------------------------------------------------------------------------------------- Dade County, Florida Educational Facilities Authority Taxable Exchange Revenue Bonds, University of Miami, MBIA 175,000 192,802 Insured, 9.70%, 4/1/10 ------------------------------------------------------------------------------------------------------------------------- New York State Environmental Facilities Corp. State Service Contract Taxable Revenue Bonds, Series B, 7.30%, 3/15/97 200,000 196,945 ------------------------------------------------------------------------------------------------------------------------- New York State Environmental Facilities Corp. State Service Contract Taxable Revenue Bonds, Series B, 8.15%, 3/15/02 800,000 772,090 ------------------------------------------------------------------------------------------------------------------------- Pinole, California Redevelopment Agency Tax Allocation 670,000 625,107 Taxable Bonds, Pinole Vista Redevelopment, Series B, 8.35%, 8/1/17 ------------------------------------------------------------------------------------------------------------------------- Port of Portland, Oregon Special Obligation Taxable Revenue Bonds, PAMCO Project, 9.20%, 5/15/22 500,000 500,431 ---------------- Total Municipal Bonds and Notes (Cost $3,803,121) 3,789,582
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Bond Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 30.2% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 4.7% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.7% ------------------------------------------------------------------------------------------------------------------------- Quantum Chemical Corp., 10.375% Fst. Mtg. Nts., 6/1/03 $ 2,100,000 $ 2,276,473 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS - 3.0% ------------------------------------------------------------------------------------------------------------------------- Boise Cascade Corp., 9.90% Nts., 3/15/00 750,000 774,117 ------------------------------------------------------------------------------------------------------------------------- Noranda Forest, Inc., 11% Debs., 7/15/98 CAD 1,000,000 736,088 ------------------------------------------------------------------------------------------------------------------------- R.P. Scherer International Corp., 6.75% Sr. Nts., 2/1/04 1,250,000 1,081,250 ------------------------------------------------------------------------------------------------------------------------- Scotia Pacific Holding Co., 7.95% Timber Collaterized Nts., 7/20/15 1,606,437 1,492,805 ---------------- 4,084,260 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 5.7% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.6% ------------------------------------------------------------------------------------------------------------------------- Chrysler Corp., 10.95% Debs., 8/1/17 800,000 873,248 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER GOODS AND SERVICES - 1.7% ------------------------------------------------------------------------------------------------------------------------- Eastman Kodak Co., 10% Nts., 6/15/01 250,000 257,327 ------------------------------------------------------------------------------------------------------------------------- Fruit of the Loom, Inc., 7% Debs., 3/15/11 1,097,000 893,291 ------------------------------------------------------------------------------------------------------------------------- Mattel, Inc., 6.875% Sr. Nts., 8/1/97 700,000 675,235 ------------------------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc., 8.875% Nts., 7/1/96 500,000 504,659 ---------------- 2,330,512 - ----------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT - 1.2% ------------------------------------------------------------------------------------------------------------------------- Circus Circus Enterprises, Inc., 6.75% Nts., 7/15/03 1,225,000 1,064,427 ------------------------------------------------------------------------------------------------------------------------- Columbia Pictures Entertainment, Inc., 9.875% Sr. Sub. Nts., 2/1/98 500,000 515,472 ---------------- 1,579,899 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS/LODGING - 0.5% ------------------------------------------------------------------------------------------------------------------------- Host Marriott Hospitality, Inc., 10.125% Sr. Nts., Series F, 1/15/99 138,000 138,690 ------------------------------------------------------------------------------------------------------------------------- Host Marriott Hospitality, Inc., 10.625% Sr. Nts., Series B, 2/1/00 164,000 164,205 ------------------------------------------------------------------------------------------------------------------------- Host Marriott Hospitality, Inc., 11% Sr. Nts., Series L, 5/1/07 388,000 391,880 ---------------- 694,775 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA - 1.7% ------------------------------------------------------------------------------------------------------------------------- GSPI Corp., 10.15% Fst. Mtg. Bonds, 6/24/10 (2) 1,169,412 1,241,039 ------------------------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 10.125% Gtd. Sr. Debs., 10/15/12 500,000 532,242 ------------------------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 12% Sr. Nts., 12/15/01 500,000 556,905 ---------------- 2,330,186 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 1.0% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD AND DRUG DISTRIBUTION - 1.0% ------------------------------------------------------------------------------------------------------------------------- Hook-Superx Inc., 10.125% Sr. Nts., 6/1/02 600,000 610,500 ------------------------------------------------------------------------------------------------------------------------- Revco D.S., Inc., 9.125% Sr. Nts., 1/15/00 750,000 751,875 ---------------- 1,362,375 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 4.5% ------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co., 10.375% Nts., 7/15/95 375,000 380,966 ------------------------------------------------------------------------------------------------------------------------- BP America, Inc., 10.875% Nts., 8/1/01 CAD 650,000 485,698 ------------------------------------------------------------------------------------------------------------------------- Coastal Corp., 11.75% Sr. Debs., 6/15/06 2,000,000 2,135,000 ------------------------------------------------------------------------------------------------------------------------- Coastal Corp., 9.75% Sr. Debs., 8/1/03 200,000 209,452 ------------------------------------------------------------------------------------------------------------------------- Enron Corp., 9.875% Debs., 6/15/03 375,000 406,137 ------------------------------------------------------------------------------------------------------------------------- McDermott, Inc., 9.375% Nts., 3/15/02 400,000 407,163 ------------------------------------------------------------------------------------------------------------------------- Mitchell Energy & Development Corp., 9.25% Sr. Nts., 1/15/02 1,000,000 1,016,446 ------------------------------------------------------------------------------------------------------------------------- Tenneco, Inc., 10% Debs., 3/15/08 400,000 432,972
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Bond Fund FACE MARKET VALUE CORPORATE BONDS AND NOTES (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- Tenneco, Inc., 7.875% Nts., 10/1/02 $ 650,000 $ 621,512 ---------------- 6,095,346 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 7.2% - ----------------------------------------------------------------------------------------------------------------------------------- American Car Line Co., 8.25% Equipment Trust Certificates, Series 1993-A, 4/15/08 660,000 640,200 ------------------------------------------------------------------------------------------------------------------------- Chemical New York Corp., 9.75% Sub. Cap. Nts., 6/15/99 200,000 207,898 ------------------------------------------------------------------------------------------------------------------------- Citibank, 11.10% CD, 11/15/95 (3) CLP 649,629,998 1,619,823 ------------------------------------------------------------------------------------------------------------------------- Citibank, 15% CD, 8/28/95 (3) CLP 521,812,572 1,301,116 ------------------------------------------------------------------------------------------------------------------------- First Chicago Corp., 11.25% Sub. Nts., 2/20/01 750,000 842,527 ------------------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Cap. Nts., 4/1/98 100,000 100,619 ------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.50% Nts., 12/15/01 300,000 247,797 ------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 7.75% Nts., 4/15/97 700,000 687,697 ------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Nts., 10/1/96 700,000 696,821 ------------------------------------------------------------------------------------------------------------------------- Heller Financial, Inc., 7.75% Nts., 5/15/97 475,000 468,761 ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 8.375% Nts., 2/15/99 350,000 336,445 ------------------------------------------------------------------------------------------------------------------------- NBD Bancorp, Inc., 7.25% Sub. Debs., 8/15/04 165,000 151,188 ------------------------------------------------------------------------------------------------------------------------- PaineWebber Group, Inc., 7.75% Sub. Nts., 9/1/02 450,000 411,258 ------------------------------------------------------------------------------------------------------------------------- SBC Finance (C.I.) Ltd., 5.50% Swiss Bank Corp. Gtd. Nts., 9/30/97 CHF 2,570,000 1,982,004 ---------------- 9,694,154 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 1.0% - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.0% ------------------------------------------------------------------------------------------------------------------------- AMR Corp., 10% Nts., 4/15/21 975,000 944,397 ------------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 9.65% Medium-Term Nts., 4/17/00 400,000 420,968 ---------------- 1,365,365 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 4.3% - ----------------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 3.9% ------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 9.15% Debs., 2/1/23 300,000 269,968 ------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc./Time Warner Entertainment LP, 8.375% Sr. Debs., 3/15/23 1,500,000 1,255,012 ------------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 3,600,000 3,735,000 ---------------- 5,259,980 - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS - 0.4% ------------------------------------------------------------------------------------------------------------------------- GTE Corp., 9.375% Debs., 12/1/00 500,000 520,010 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.8% - ----------------------------------------------------------------------------------------------------------------------------------- Commonwealth Edison Co., 6.40% Nts., 10/15/05 275,000 220,162 ------------------------------------------------------------------------------------------------------------------------- Commonwealth Edison Co., 6.50% Nts., 7/15/97 550,000 522,735 ------------------------------------------------------------------------------------------------------------------------- Long Island Lighting Co., 7% Nts., 3/1/04 150,000 119,856 ------------------------------------------------------------------------------------------------------------------------- Public Service Company of Colorado, 8.75% Fst. Mtg. Bonds, 3/1/22 750,000 729,657 ------------------------------------------------------------------------------------------------------------------------- Sonat, Inc., 9.50% Nts., 8/15/99 250,000 259,444 ------------------------------------------------------------------------------------------------------------------------- Southwest Gas Corp., 9.75% Debs., Series F, 6/15/02 500,000 521,319 ---------------- 2,373,173 ---------------- Total Corporate Bonds and Notes (Cost $43,341,744) 40,839,756 - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.5% - ----------------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co., 9% Exchangeable Notes for Common Stock of Lyondell Petrochemical Co., 9/15/97 (Cost $717,850) 25,000 653,125
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Bond Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- STRUCTURED INSTRUMENTS - 0.4% - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Guaranty Trust Co. of New York (Singapore Branch), 12.15% CD, 2/3/95 (Cost $600,000) (3) $ 600,000 $ 549,553 ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $137,008,816) 98.1% 132,512,297 ------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.9 2,555,087 ------------------ ---------------- NET ASSETS 100.0% $ 135,067,384 ------------------ ---------------- ------------------ ----------------
1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: AUD - Australian Dollar GBP - Pound Sterling CAD - Canadian Dollar IDR - Indonesian Rupah CHF - Swiss Franc JPY - Japanese Yen CLP - Chilean Peso NZD - New Zealand Dollar 2. Restricted security - See Note 7 of Notes to Financial Statements. 3. Indexed instrument for which the principal amount and/or interest due at maturity is affected by the relative value of a foreign currency. 4. Interest - Only Strips represent the right to receive the monthly interest payment 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). See accompanying Notes to Financial Statements.
STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Capital Appreciation Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 12.6% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6%, dated 12/30/94, to be repurchased at $23,415,600 on 1/3/95, collateralized by U.S. Treasury Nts., 3.875%-8.875%, 5/31/95-8/31/05, with a value of $22,253,130 and U.S. Treasury Bonds, 10.75%-14.25%, 2/15/02-8/15/05, with a value of $1,634,726 (Cost $23,400,000) $ 23,400,000 $ 23,400,000 - ----------------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES - 3.0% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 0.9% - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 0.9% ------------------------------------------------------------------------------------------------------------------------- Medaphis Corp., 6.50% Cv. Sub. Nts., 1/1/00 (1) 1,000,000 1,672,500 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 0.4% - ----------------------------------------------------------------------------------------------------------------------------------- GENERAL INDUSTRIAL - 0.4% ------------------------------------------------------------------------------------------------------------------------- PerSeptive Biosystems, Inc., 8.25% Cv. Sub. Debs., 8/15/01 (1) 1,000,000 685,000 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.7% ------------------------------------------------------------------------------------------------------------------------- Intelcom Group, Inc., 7% Cv. Sub. Nts., 10/30/98 (1)(3) 1,070,000 860,666 ------------------------------------------------------------------------------------------------------------------------- Sierra On-Line, Inc., 6.50% Cv. Sub. Nts., 4/1/01 (1) 1,000,000 1,275,000 ------------------------------------------------------------------------------------------------------------------------- Solectron Corp., 0% Cv. Liquid Yield Option Sub. Nts., 5/5/12 1,700,000 971,125 ---------------- 3,106,791 ---------------- Total Convertible Corporate Bonds and Notes (Cost $4,674,033) 5,464,291 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 82.5% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.4% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.6% ------------------------------------------------------------------------------------------------------------------------- Geon Co. (The) 30,000 821,250 ------------------------------------------------------------------------------------------------------------------------- Georgia Gulf Corp. (2) 57,000 2,215,875 ---------------- 3,037,125 - ----------------------------------------------------------------------------------------------------------------------------------- STEEL - 0.8% ------------------------------------------------------------------------------------------------------------------------- Birmingham Steel Corp. 71,000 1,420,000 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 21.7% - ----------------------------------------------------------------------------------------------------------------------------------- AUTO PARTS: AFTER MARKET - 1.3% ------------------------------------------------------------------------------------------------------------------------- Breed Technologies, Inc. 54,000 1,532,250 ------------------------------------------------------------------------------------------------------------------------- Gentex Corp. (2) 40,000 970,000 ---------------- 2,502,250 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS/MOTELS - 1.9% ------------------------------------------------------------------------------------------------------------------------- Carnival Corp., Inc., Cl. A 82,000 1,742,500 ------------------------------------------------------------------------------------------------------------------------- Doubletree Corp. (2) 35,000 638,750 ------------------------------------------------------------------------------------------------------------------------- Hospitality Franchise Systems, Inc. (2) 41,000 1,086,500 ---------------- 3,467,750 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD FURNISHINGS AND APPLIANCES - 1.6% ------------------------------------------------------------------------------------------------------------------------- Duracraft Corp. (2) 20,000 637,500 ------------------------------------------------------------------------------------------------------------------------- Sunbeam-Oster, Inc. 90,300 2,325,225 ---------------- 2,962,725 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE TIME - 1.1% ------------------------------------------------------------------------------------------------------------------------- Brunswick Corp. 62,000 1,170,250 ------------------------------------------------------------------------------------------------------------------------- Cannondale Corp. (2) 40,000 410,000
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Capital Appreciation Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE TIME (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Outboard Marine Corp. 25,000 $ 490,625 ---------------- 2,070,875 - ----------------------------------------------------------------------------------------------------------------------------------- RESTAURANTS - 0.9% ------------------------------------------------------------------------------------------------------------------------- Apple South, Inc. 67,500 885,938 ------------------------------------------------------------------------------------------------------------------------- Outback Steakhouse, Inc. (2) 30,500 716,750 ---------------- 1,602,688 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DEPARTMENT STORES - 3.0% ------------------------------------------------------------------------------------------------------------------------- Carson Pirie Scott & Co. (2) 52,000 988,000 ------------------------------------------------------------------------------------------------------------------------- Dollar General Corp. 76,000 2,280,000 ------------------------------------------------------------------------------------------------------------------------- Kohl's Corp. (2) 22,000 874,500 ------------------------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 35,000 1,470,000 ---------------- 5,612,500 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 8.6% ------------------------------------------------------------------------------------------------------------------------- AnnTaylor Stores, Inc. (2) 45,000 1,546,875 ------------------------------------------------------------------------------------------------------------------------- Bolle America, Inc. (2) 100,000 900,000 ------------------------------------------------------------------------------------------------------------------------- General Nutrition Cos., Inc. (2) 64,400 1,867,600 ------------------------------------------------------------------------------------------------------------------------- Gymboree Corp. (2) 45,000 1,293,750 ------------------------------------------------------------------------------------------------------------------------- Heilig-Meyers Co. 22,500 568,125 ------------------------------------------------------------------------------------------------------------------------- Insurance Auto Auctions, Inc. (2) 35,000 1,069,688 ------------------------------------------------------------------------------------------------------------------------- Micro Warehouse, Inc. (2) 65,000 2,275,000 ------------------------------------------------------------------------------------------------------------------------- Office Depot, Inc. (2) 30,000 720,000 ------------------------------------------------------------------------------------------------------------------------- OfficeMax, Inc. (2) 30,500 808,250 ------------------------------------------------------------------------------------------------------------------------- Rex Stores Corp. (2) 40,000 650,000 ------------------------------------------------------------------------------------------------------------------------- Sports & Recreation, Inc. (2) 35,000 901,250 ------------------------------------------------------------------------------------------------------------------------- Staples, Inc. (2) 45,000 1,113,750 ------------------------------------------------------------------------------------------------------------------------- Strouds, Inc. (2) 19,000 182,875 ------------------------------------------------------------------------------------------------------------------------- Viking Office Products, Inc. (2) 65,000 1,990,625 ---------------- 15,887,788 - ----------------------------------------------------------------------------------------------------------------------------------- SHOES - 1.9% ------------------------------------------------------------------------------------------------------------------------- Nike, Inc., Cl. B 46,000 3,432,750 - ----------------------------------------------------------------------------------------------------------------------------------- TEXTILES: APPAREL MANUFACTURERS - 1.4% ------------------------------------------------------------------------------------------------------------------------- Cygne Designs, Inc. (2) 50,000 687,500 ------------------------------------------------------------------------------------------------------------------------- Tommy Hilfiger Corp. (2) 42,100 1,899,763 ---------------- 2,587,263 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 22.4% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES: ALCOHOLIC - 1.0% ------------------------------------------------------------------------------------------------------------------------- Canandaigua Wine Co., Inc., Cl. A (2) 50,000 1,900,000 - ----------------------------------------------------------------------------------------------------------------------------------- DRUGS - 5.3% ------------------------------------------------------------------------------------------------------------------------- CIMA Labs, Inc. (2) 60,000 615,000 ------------------------------------------------------------------------------------------------------------------------- Dura Pharmaceuticals, Inc. (2) 65,000 942,500 ------------------------------------------------------------------------------------------------------------------------- Elan Corp. PLC, ADR (2) 45,000 1,603,125 ------------------------------------------------------------------------------------------------------------------------- R.P. Scherer Corp. (2) 70,000 3,176,250 ------------------------------------------------------------------------------------------------------------------------- Roberts Pharmaceutical Corp. (2) 50,000 1,587,500 ------------------------------------------------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. (2) 75,000 1,968,750 ---------------- 9,893,125 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PROCESSING - 1.0% ------------------------------------------------------------------------------------------------------------------------- Hudson Foods, Inc., Cl. A 70,000 1,758,750 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: MISCELLANEOUS - 11.3% ------------------------------------------------------------------------------------------------------------------------- American Medical Response, Inc. (2) 30,000 866,250 ------------------------------------------------------------------------------------------------------------------------- Cephalon, Inc. (2) 30,000 247,500
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Capital Appreciation Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: MISCELLANEOUS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Chiron Corp. (2) 25,000 $ 2,009,375 ------------------------------------------------------------------------------------------------------------------------- Coram Healthcare Corp. (2) 85,000 1,402,500 ------------------------------------------------------------------------------------------------------------------------- Ethical Holdings, Sponsored ADR (2) 50,000 325,000 ------------------------------------------------------------------------------------------------------------------------- Genesis Health Ventures, Inc. (2) 38,000 1,201,750 ------------------------------------------------------------------------------------------------------------------------- Horizon Healthcare Corp. (2) 108,700 3,043,600 ------------------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc. 67,500 2,666,250 ------------------------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. (2) 70,000 2,030,000 ------------------------------------------------------------------------------------------------------------------------- Mariner Health Group, Inc. (2) 96,000 2,076,000 ------------------------------------------------------------------------------------------------------------------------- Martek Biosciences Corp. (2) 50,000 475,000 ------------------------------------------------------------------------------------------------------------------------- Matrix Pharmaceutical, Inc. (2) 40,400 555,500 ------------------------------------------------------------------------------------------------------------------------- Omnicare, Inc. 35,000 1,535,625 ------------------------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. (2) 21,300 1,405,800 ------------------------------------------------------------------------------------------------------------------------- PerSeptive Biosystems, Inc. (2) 15,000 80,157 ------------------------------------------------------------------------------------------------------------------------- Physicians Health Services, Inc., Cl. A (2) 38,400 1,046,400 ---------------- 20,966,707 - ----------------------------------------------------------------------------------------------------------------------------------- HOSPITAL MANAGEMENT - 1.6% ------------------------------------------------------------------------------------------------------------------------- Community Psychiatric Centers 95,000 1,045,000 ------------------------------------------------------------------------------------------------------------------------- Ornda Healthcorp (2) 80,000 1,000,000 ------------------------------------------------------------------------------------------------------------------------- Quorum Health Group, Inc. (2) 46,000 874,000 ---------------- 2,919,000 - ----------------------------------------------------------------------------------------------------------------------------------- MEDICAL PRODUCTS - 0.7% ------------------------------------------------------------------------------------------------------------------------- Steris Corp. (2) 37,000 1,387,500 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DRUG STORES - 1.5% ------------------------------------------------------------------------------------------------------------------------- Revco D.S., Inc. (2) 120,000 2,835,000 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 2.6% - ----------------------------------------------------------------------------------------------------------------------------------- OIL AND GAS DRILLING - 1.0% ------------------------------------------------------------------------------------------------------------------------- Cross Timbers Oil Co. 30,800 462,000 ------------------------------------------------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 50,000 662,500 ------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp. (2) 35,000 673,750 ---------------- 1,798,250 - ----------------------------------------------------------------------------------------------------------------------------------- OIL WELL SERVICES AND EQUIPMENT - 1.4% ------------------------------------------------------------------------------------------------------------------------- Halliburton Co. 50,000 1,656,250 ------------------------------------------------------------------------------------------------------------------------- NUMAR Corp. (2) 36,000 351,000 ------------------------------------------------------------------------------------------------------------------------- Weatherford International, Inc. (2) 60,000 585,000 ---------------- 2,592,250 - ----------------------------------------------------------------------------------------------------------------------------------- OIL: EXPLORATION AND PRODUCTION - 0.2% ------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co. (2) 20,000 395,000 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 2.0% - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES: MISCELLANEOUS - 1.4% ------------------------------------------------------------------------------------------------------------------------- Advanta Corp., Cl. B 50,000 1,262,500 ------------------------------------------------------------------------------------------------------------------------- First USA, Inc. 39,400 1,295,275 ---------------- 2,557,775 - ----------------------------------------------------------------------------------------------------------------------------------- MAJOR BANKS: REGIONAL - 0.6% ------------------------------------------------------------------------------------------------------------------------- First Interstate Bancorp 15,000 1,014,375 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 7.2% - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS GROUP - 0.8% ------------------------------------------------------------------------------------------------------------------------- BMC West Corp. (2) 60,000 840,000 ------------------------------------------------------------------------------------------------------------------------- Giant Cement Holding, Inc. (2) 60,000 712,500 ---------------- 1,552,500
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Capital Appreciation Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES - 2.1% ------------------------------------------------------------------------------------------------------------------------- Manpower, Inc. 43,000 $ 1,209,375 ------------------------------------------------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 67,000 1,675,000 ------------------------------------------------------------------------------------------------------------------------- Sensormatic Electronics Corp. 30,000 1,080,000 ---------------- 3,964,375 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.6% ------------------------------------------------------------------------------------------------------------------------- AER Energy Resources, Inc. (2) 52,000 234,000 ------------------------------------------------------------------------------------------------------------------------- Micrel, Inc. (2) 65,000 942,500 ------------------------------------------------------------------------------------------------------------------------- Molex, Inc., Cl. A 56,250 1,743,750 ---------------- 2,920,250 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING: DIVERSIFIED INDUSTRIALS - 0.4% ------------------------------------------------------------------------------------------------------------------------- Ultralife Batteries, Inc. (2) 50,000 800,000 - ----------------------------------------------------------------------------------------------------------------------------------- POLLUTION CONTROL - 0.8% ------------------------------------------------------------------------------------------------------------------------- United Waste Systems, Inc. (2) 60,000 1,500,000 - ----------------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.7% ------------------------------------------------------------------------------------------------------------------------- Southern Pacific Rail Corp. (2) 76,000 1,377,500 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION: MISCELLANEOUS - 0.8% ------------------------------------------------------------------------------------------------------------------------- Covenant Transport, Inc., Cl. A (2) 75,000 1,462,500 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 24.2% - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATION: EQUIPMENT/MANUFACTURERS - 3.4% ------------------------------------------------------------------------------------------------------------------------- Andrew Corp. (2) 31,500 1,645,875 ------------------------------------------------------------------------------------------------------------------------- DSC Communications Corp. (2) 30,000 1,076,250 ------------------------------------------------------------------------------------------------------------------------- Glenayre Technologies, Inc. (2) 23,000 1,328,250 ------------------------------------------------------------------------------------------------------------------------- Tellabs, Inc. (2) 42,000 2,341,500 ---------------- 6,391,875 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE AND SERVICES - 8.5% ------------------------------------------------------------------------------------------------------------------------- Compuware Corp. (2) 75,000 2,700,000 ------------------------------------------------------------------------------------------------------------------------- Cornerstone Imaging, Inc. (2) 45,200 689,300 ------------------------------------------------------------------------------------------------------------------------- CUC International, Inc. (2) 36,000 1,206,000 ------------------------------------------------------------------------------------------------------------------------- Davidson & Associates, Inc. (2) 20,000 650,000 ------------------------------------------------------------------------------------------------------------------------- First Data Corp. 60,000 2,842,500 ------------------------------------------------------------------------------------------------------------------------- FTP Software, Inc. (2) 55,000 1,739,375 ------------------------------------------------------------------------------------------------------------------------- HBO & Co. 40,000 1,380,000 ------------------------------------------------------------------------------------------------------------------------- Lotus Development Corp. (2) 40,000 1,640,000 ------------------------------------------------------------------------------------------------------------------------- NETCOM On-Line Communication Services, Inc. (2) 40,000 1,135,000 ------------------------------------------------------------------------------------------------------------------------- Pyxis Corp. (2) 80,000 1,520,000 ------------------------------------------------------------------------------------------------------------------------- 7th Level, Inc. (2) 70,000 367,500 ---------------- 15,869,675 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SYSTEMS - 2.2% ------------------------------------------------------------------------------------------------------------------------- ADFlex Solutions, Inc. (2) 35,000 586,250 ------------------------------------------------------------------------------------------------------------------------- American Power Conversion Corp. (2) 26,000 425,750 ------------------------------------------------------------------------------------------------------------------------- Cabletron Systems, Inc. (2) 20,000 930,000 ------------------------------------------------------------------------------------------------------------------------- EMC Corp. (2) 99,000 2,140,875 ---------------- 4,082,875 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: INSTRUMENTATION - 3.3% ------------------------------------------------------------------------------------------------------------------------- First Alert, Inc. (2) 24,000 351,000 ------------------------------------------------------------------------------------------------------------------------- Recoton Corp. (2) 84,000 1,575,000 ------------------------------------------------------------------------------------------------------------------------- Sanmina Corp. (2) 40,000 1,090,000 ------------------------------------------------------------------------------------------------------------------------- Symbol Technologies, Inc. (2) 47,400 1,463,475 ------------------------------------------------------------------------------------------------------------------------- Teradyne, Inc. (2) 50,000 1,693,750 ---------------- 6,173,225
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Capital Appreciation Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: SEMICONDUCTORS - 1.5% ------------------------------------------------------------------------------------------------------------------------- Advanced Technology Materials, Inc. (2) 47,800 $ 283,813 ------------------------------------------------------------------------------------------------------------------------- Lam Research Corp. (2) 20,000 745,000 ------------------------------------------------------------------------------------------------------------------------- Novellus Systems, Inc. (2) 21,000 1,050,000 ------------------------------------------------------------------------------------------------------------------------- Tower Semiconductor Ltd. (2) 60,000 660,000 ---------------- 2,738,813 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 5.3% ------------------------------------------------------------------------------------------------------------------------- ALC Communications Corp. (2) 68,000 2,116,500 ------------------------------------------------------------------------------------------------------------------------- IDB Communications Group, Inc. (2) 113,750 1,045,076 ------------------------------------------------------------------------------------------------------------------------- LCI International, Inc. (2) 83,400 2,168,400 ------------------------------------------------------------------------------------------------------------------------- LDDS Communications, Inc. (2) 76,354 1,484,131 ------------------------------------------------------------------------------------------------------------------------- Millicom International Cellular SA (2) 50,000 1,506,250 ------------------------------------------------------------------------------------------------------------------------- ProNet, Inc. (2) 100,000 1,450,000 ---------------- 9,770,357 ---------------- Total Common Stocks (Cost $138,044,877) 153,205,391 - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.4% - ----------------------------------------------------------------------------------------------------------------------------------- AK Steel Holding Corp., 7% Cv. Stock Appreciation Income 25,000 781,250 Linked Securities (Cost $768,750) UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Tapistron International, Inc. Wts., Exp. 6/97 120,000 33,756 ------------------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B Rts., Exp. 9/95 30,000 33,750 ---------------- Total Rights, Warrants and Certificates (Cost $97,860) 67,506 ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $166,985,520) 98.5% 182,918,438 ------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.5 2,855,103 ------------------ ---------------- NET ASSETS 100.0% $ 185,773,541 ------------------ ---------------- ------------------ ----------------
1. Restricted security - See Note 7 of Notes to Financial Statements. 2. Non-income producing security. 3. Interest or dividend is paid in kind. See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 12.6% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6%, dated 12/30/94, to be repurchased at $8,005,333 on 1/3/95, collateralized by U.S. Treasury Nts., 3.875%-8.875%, 5/31/95-8/31/05, with a value of $7,607,908 and U.S. Treasury Bonds, 10.75%-14.25%, 2/15/02-8/15/05, with a value of $558,881 (Cost $8,000,000) $ 8,000,000 $ 8,000,000 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 82.6% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 3.0% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.0% ------------------------------------------------------------------------------------------------------------------------- Georgia Gulf Corp. (1) 17,000 660,875 - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS: DIVERSIFIED - 1.6% ------------------------------------------------------------------------------------------------------------------------- FMC Corp. (1) 4,000 231,000 ------------------------------------------------------------------------------------------------------------------------- Monsanto Co. 1,000 70,500 ------------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc. 18,000 668,250 ---------------- 969,750 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS - 0.4% ------------------------------------------------------------------------------------------------------------------------- Boise Cascade Corp. 10,000 267,500 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 13.4% - ----------------------------------------------------------------------------------------------------------------------------------- AUTO PARTS: AFTER MARKET - 0.8% ------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. 15,000 504,375 - ----------------------------------------------------------------------------------------------------------------------------------- BROADCAST MEDIA - 1.0% ------------------------------------------------------------------------------------------------------------------------- Multimedia, Inc. (1) 12,000 342,000 ------------------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B (1) 6,667 270,847 ---------------- 612,847 - ----------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT - 0.6% ------------------------------------------------------------------------------------------------------------------------- King World Productions, Inc. (1) 12,000 414,000 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD FURNISHINGS AND APPLIANCES - 0.6% ------------------------------------------------------------------------------------------------------------------------- Maytag Corp. 20,000 300,000 ------------------------------------------------------------------------------------------------------------------------- Newell Co. 5,000 105,000 ---------------- 405,000 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE TIME - 2.6% ------------------------------------------------------------------------------------------------------------------------- Acclaim Entertainment, Inc. (1) 25,000 359,375 ------------------------------------------------------------------------------------------------------------------------- Brunswick Corp. 30,000 566,250 ------------------------------------------------------------------------------------------------------------------------- Harley-Davidson, Inc. 26,000 728,000 ---------------- 1,653,625 - ----------------------------------------------------------------------------------------------------------------------------------- PUBLISHING - 0.1% ------------------------------------------------------------------------------------------------------------------------- Marvel Entertainment Group, Inc. (1) 4,000 57,000 - ----------------------------------------------------------------------------------------------------------------------------------- RESTAURANTS - 0.6% ------------------------------------------------------------------------------------------------------------------------- McDonald's Corp. 9,000 263,250 ------------------------------------------------------------------------------------------------------------------------- Shoney's, Inc. (1) 10,000 127,500 ---------------- 390,750 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DEPARTMENT STORES - 1.7% ------------------------------------------------------------------------------------------------------------------------- Dollar General Corp. 20,000 600,000 ------------------------------------------------------------------------------------------------------------------------- May Department Stores Co. 14,000 472,500 ---------------- 1,072,500 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: GENERAL MERCHANDISE CHAINS - 1.7% ------------------------------------------------------------------------------------------------------------------------- Waban, Inc. (1) 35,000 621,250
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Growth Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: GENERAL MERCHANDISE CHAINS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 21,000 $ 446,250 ---------------- 1,067,500 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 2.7% ------------------------------------------------------------------------------------------------------------------------- CML Group, Inc. 12,000 121,500 ------------------------------------------------------------------------------------------------------------------------- Home Depot, Inc. (The) 14,000 644,000 ------------------------------------------------------------------------------------------------------------------------- Michaels Stores, Inc. (1) 10,000 347,500 ------------------------------------------------------------------------------------------------------------------------- OfficeMax, Inc. (1) 10,000 265,000 ------------------------------------------------------------------------------------------------------------------------- Toys 'R' Us, Inc. (1) 10,000 305,000 ---------------- 1,683,000 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY APPAREL - 1.0% ------------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 20,000 610,000 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 18.7% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES: SOFT DRINKS - 1.7% ------------------------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The) 21,000 1,081,500 - ----------------------------------------------------------------------------------------------------------------------------------- DRUGS - 2.3% ------------------------------------------------------------------------------------------------------------------------- Pfizer, Inc. 10,000 772,500 ------------------------------------------------------------------------------------------------------------------------- Schering-Plough 9,000 666,000 ---------------- 1,438,500 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PROCESSING - 0.9% ------------------------------------------------------------------------------------------------------------------------- ConAgra, Inc. 4,000 125,000 ------------------------------------------------------------------------------------------------------------------------- General Mills, Inc. 3,000 171,000 ------------------------------------------------------------------------------------------------------------------------- IBP, Inc. 10,000 302,500 ---------------- 598,500 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: DIVERSIFIED - 4.1% ------------------------------------------------------------------------------------------------------------------------- Abbott Laboratories 22,000 717,750 ------------------------------------------------------------------------------------------------------------------------- American Home Products Corp. 4,500 282,375 ------------------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 4,500 260,438 ------------------------------------------------------------------------------------------------------------------------- Johnson & Johnson 10,000 547,500 ------------------------------------------------------------------------------------------------------------------------- Smithkline Beecham PLC, ADR Equity Unit 4,000 137,000 ------------------------------------------------------------------------------------------------------------------------- Warner-Lambert Co. 8,000 616,000 ---------------- 2,561,063 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: MISCELLANEOUS - 2.8% ------------------------------------------------------------------------------------------------------------------------- Amgen, Inc. (1) 8,000 472,000 ------------------------------------------------------------------------------------------------------------------------- National Health Laboratories, Inc. 8,000 106,000 ------------------------------------------------------------------------------------------------------------------------- U.S. Healthcare, Inc. 14,000 577,500 ------------------------------------------------------------------------------------------------------------------------- United Healthcare Corp. 13,000 586,625 ---------------- 1,742,125 - ----------------------------------------------------------------------------------------------------------------------------------- HOSPITAL MANAGEMENT - 1.6% ------------------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp. 12,000 438,000 ------------------------------------------------------------------------------------------------------------------------- HealthCare COMPARE Corp. (1) 16,000 546,000 ---------------- 984,000 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 1.4% ------------------------------------------------------------------------------------------------------------------------- Colgate-Palmolive Co. 4,000 253,500 ------------------------------------------------------------------------------------------------------------------------- Procter & Gamble Co. 10,000 620,000 ---------------- 873,500 - ----------------------------------------------------------------------------------------------------------------------------------- MEDICAL PRODUCTS - 2.1% ------------------------------------------------------------------------------------------------------------------------- Cordis Corp. (1) 4,000 242,000 ------------------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 20,000 1,112,500 ---------------- 1,354,500 ----------------
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Growth Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- TOBACCO - 1.8% ------------------------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc. 16,000 $ 920,000 ------------------------------------------------------------------------------------------------------------------------- UST, Inc. 9,000 249,750 ---------------- 1,169,750 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 0.6% - ----------------------------------------------------------------------------------------------------------------------------------- OIL: INTEGRATED INTERNATIONAL - 0.6% ------------------------------------------------------------------------------------------------------------------------- Royal Dutch Petroleum Co. 3,500 376,250 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 19.7% - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES: MISCELLANEOUS - 9.1% ------------------------------------------------------------------------------------------------------------------------- Advanta Corp., Cl. A 26,000 682,500 ------------------------------------------------------------------------------------------------------------------------- Countrywide Credit Industries, Inc. 28,000 364,000 ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. 15,000 757,500 ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. 8,700 634,012 ------------------------------------------------------------------------------------------------------------------------- First USA, Inc. 20,000 657,500 ------------------------------------------------------------------------------------------------------------------------- Green Tree Financial Corp. 36,000 1,093,500 ------------------------------------------------------------------------------------------------------------------------- MBIA, Inc. 5,000 280,625 ------------------------------------------------------------------------------------------------------------------------- Student Loan Marketing Assn. 7,000 227,500 ------------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc. 13,000 471,250 ------------------------------------------------------------------------------------------------------------------------- Travelers, Inc. 18,000 585,000 ---------------- 5,753,387 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE: LIFE - 1.6% ------------------------------------------------------------------------------------------------------------------------- AFLAC, Inc. 11,250 360,000 ------------------------------------------------------------------------------------------------------------------------- Conseco, Inc. 4,000 172,500 ------------------------------------------------------------------------------------------------------------------------- Lincoln National Corp. 4,000 140,000 ------------------------------------------------------------------------------------------------------------------------- UNUM Corp. 10,000 377,500 ---------------- 1,050,000 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE: PROPERTY AND CASUALTY - 1.5% ------------------------------------------------------------------------------------------------------------------------- Loews Corp. 7,000 608,125 ------------------------------------------------------------------------------------------------------------------------- USF&G Corp. 22,800 310,650 ---------------- 918,775 - ----------------------------------------------------------------------------------------------------------------------------------- MAJOR BANKS: OTHER - 0.9% ------------------------------------------------------------------------------------------------------------------------- Bank of Boston Corp. 21,000 543,375 - ----------------------------------------------------------------------------------------------------------------------------------- MAJOR BANKS: REGIONAL - 5.8% ------------------------------------------------------------------------------------------------------------------------- Banc One Corp. 12,787 324,470 ------------------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation 5,000 224,375 ------------------------------------------------------------------------------------------------------------------------- First Interstate Bancorp 11,000 743,875 ------------------------------------------------------------------------------------------------------------------------- Mellon Bank Corp. 7,500 229,688 ------------------------------------------------------------------------------------------------------------------------- Midlantic Corp. 19,000 503,500 ------------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 9,000 406,125 ------------------------------------------------------------------------------------------------------------------------- Shawmut National Corp. 10,000 163,750 ------------------------------------------------------------------------------------------------------------------------- Signet Banking Corp. 8,000 229,000 ------------------------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc. 5,000 238,750 ------------------------------------------------------------------------------------------------------------------------- UJB Financial Corp. 9,000 217,125 ------------------------------------------------------------------------------------------------------------------------- West One Bancorp 15,000 397,500 ---------------- 3,678,158 - ----------------------------------------------------------------------------------------------------------------------------------- MONEY CENTER BANKS - 0.8% ------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. 15,000 515,625 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 4.5% - ----------------------------------------------------------------------------------------------------------------------------------- CONGLOMERATES - 1.8% ------------------------------------------------------------------------------------------------------------------------- Canadian Pacific Ltd. 35,000 525,000
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Growth Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- CONGLOMERATES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- ITT Corp. 7,000 $ 620,375 ---------------- 1,145,375 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.6% ------------------------------------------------------------------------------------------------------------------------- Emerson Electric Co. 7,000 437,500 ------------------------------------------------------------------------------------------------------------------------- General Electric Co. 11,000 561,000 ---------------- 998,500 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY: DIVERSIFIED - 0.6% ------------------------------------------------------------------------------------------------------------------------- Varity Corp. (1) 11,000 398,750 - ----------------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.5% ------------------------------------------------------------------------------------------------------------------------- Illinois Central Corp. 10,000 307,500 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 20.6% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.7% ------------------------------------------------------------------------------------------------------------------------- Boeing Co. (The) 6,000 280,500 ------------------------------------------------------------------------------------------------------------------------- Northrop Corp. 4,000 168,000 ---------------- 448,500 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE AND SERVICES - 7.6% ------------------------------------------------------------------------------------------------------------------------- Automatic Data Processing, Inc. 20,000 1,170,000 ------------------------------------------------------------------------------------------------------------------------- BMC Software, Inc. (1) 13,000 739,375 ------------------------------------------------------------------------------------------------------------------------- Computer Associates International, Inc. 12,000 582,000 ------------------------------------------------------------------------------------------------------------------------- Informix Corp. (1) 15,000 481,875 ------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. (1) 19,400 1,185,825 ------------------------------------------------------------------------------------------------------------------------- Oracle Systems Corp. (1) 11,000 485,375 ------------------------------------------------------------------------------------------------------------------------- Sybase, Inc. (1) 3,000 156,000 ---------------- 4,800,450 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SYSTEMS - 6.5% ------------------------------------------------------------------------------------------------------------------------- Cabletron Systems, Inc. (1) 12,000 558,000 ------------------------------------------------------------------------------------------------------------------------- Compaq Computer Corp. (1) 18,500 730,750 ------------------------------------------------------------------------------------------------------------------------- EMC Corp. (1) 21,000 454,125 ------------------------------------------------------------------------------------------------------------------------- Quantum Corp. (1) 60,000 907,500 ------------------------------------------------------------------------------------------------------------------------- Seagate Technology, Inc. (1) 8,500 204,000 ------------------------------------------------------------------------------------------------------------------------- 3Com Corp. (1) 14,000 721,875 ------------------------------------------------------------------------------------------------------------------------- Western Digital Corp. (1) 34,000 569,500 ---------------- 4,145,750 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: INSTRUMENTATION - 1.1% ------------------------------------------------------------------------------------------------------------------------- Belden, Inc. 30,000 667,500 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: SEMICONDUCTORS - 2.2% ------------------------------------------------------------------------------------------------------------------------- Intel Corp. 12,000 766,500 ------------------------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 6,000 449,250 ------------------------------------------------------------------------------------------------------------------------- VLSI Technology, Inc. (1) 15,000 180,000 ---------------- 1,395,750 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 2.5% ------------------------------------------------------------------------------------------------------------------------- AT & T Corp. 25,000 1,256,250 ------------------------------------------------------------------------------------------------------------------------- Hong Kong Telecommunications Ltd., Sponsored ADR 17,000 325,125 ---------------- 1,581,375 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 2.1% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC COMPANIES - 0.9% ------------------------------------------------------------------------------------------------------------------------- Empresa Nacional de Electricidad SA, Sponsored ADR 15,000 607,500 - ----------------------------------------------------------------------------------------------------------------------------------- TELEPHONE - 1.2% ------------------------------------------------------------------------------------------------------------------------- BellSouth Corp. 2,500 135,312
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Growth Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- TELEPHONE (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Telefonos de Mexico SA, Sponsored ADR 15,000 $ 615,000 ---------------- 750,312 ---------------- Total Common Stocks (Cost $45,029,800) 52,254,992 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B Rts., Exp. 9/95 (Cost $16,500) 11,000 12,375 ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $53,046,300) 95.2% 60,267,367 ------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 4.8 3,015,807 ------------------ ---------------- NET ASSETS 100.0% $ 63,283,174 ------------------ ---------------- ------------------ ----------------
1. Non-income producing security. See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 5.9% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6%, dated 12/30/94, to be repurchased at $17,211,467 on 1/3/95, collateralized by U.S. Treasury Nts., 3.875%-8.875%, 5/31/95-8/31/05, with a value of $16,357,002 and U.S. Treasury Bonds, 10.75%-14.25%, 2/15/02-8/15/05, with a value of $1,201,593 (Cost $17,200,000) $ 17,200,000 $ 17,200,000 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 2.1% - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 1.9% - ----------------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED - 1.9% ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 8%, 4/15/23 3,968,026 3,803,472 ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 8%, 7/15/22 1,847,061 1,782,673 ---------------- 5,586,145 - ----------------------------------------------------------------------------------------------------------------------------------- PRIVATE - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY - 0.2% ------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corp. Commercial Mtg. Pass-Through Certificates, Series 1994-C2, Cl. E, 8%, 4/25/25 797,138 637,212 ---------------- Total Mortgage-Backed Obligations (Cost $6,729,111) 6,223,357 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 13.7% - ----------------------------------------------------------------------------------------------------------------------------------- TREASURY - 13.7% - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 6.375%, 8/15/02 5,000,000 4,581,250 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 6.75%, 5/31/97 10,300,000 10,071,473 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 7.625%, 5/31/96 12,500,000 12,523,438 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 9.25%, 8/15/98 9,000,000 9,393,750 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., STRIPS, 0%, 8/15/02 3,900,000 2,164,707 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., STRIPS, 0%, 8/15/03 2,500,000 1,282,297 ---------------- Total U.S. Government Obligations (Cost $40,709,033) 40,016,915 - ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS - 9.5% - ----------------------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Bonds, Bonos de Consolidacion de Deudas, Series 1, 5.625%, 4/1/01 (4)(6) 3,490,713 2,236,057 ------------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Par Bonds, 4.25%, 3/31/23 (7) 4,500,000 1,904,766 ------------------------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 8.50%, 4/1/02 CAD 1,500,000 1,037,296 ------------------------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 9.75%, 12/1/01 CAD 3,000,000 2,212,542 ------------------------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 9.75%, 6/1/01 CAD 2,000,000 1,474,315 ------------------------------------------------------------------------------------------------------------------------- Queensland (Government of) Development Authority Global Transferable Registered Nts., 10.50%, 5/15/03 AUD 3,600,000 2,822,410 ------------------------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Bonds, 11.45%, 8/30/98 ESP 50,000,000 377,270 ------------------------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Bonds, 13.45%, 4/15/96 ESP 175,000,000 1,376,680 ------------------------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Gtd. Bonds, Bonos y Obligacion del Estado, 12.25%, 3/25/00 ESP 350,000,000 2,696,858 ------------------------------------------------------------------------------------------------------------------------- Sweden (Kingdom of) Bonds, 11%, 1/21/99 SEK 7,500,000 1,031,972 ------------------------------------------------------------------------------------------------------------------------- Treasury Corp. of Victoria Gtd. Bonds, 8.25%, 10/15/03 AUD 6,000,000 4,060,296 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Gtd. Cv. Bonds, Series B, 6.25%, 12/31/19 2,000,000 1,065,000 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Collateralized Fixed Rate Par Bonds, 2,000,000 1,065,000 Series A, 6.25%, 12/31/19
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund FACE MARKET VALUE FOREIGN GOVERNMENT OBLIGATIONS (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Collateralized Par Bonds, Series W-A, 6.75%, 3/31/20 $ 4,500,000 $ 2,070,000 ------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Collateralized Par Bonds, Series W-B, 6.75%, 3/31/20 3,000,000 1,380,000 ------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Front-Loaded Interest Reduction 2,000,000 918,750 Bonds, Series B, 7%, 3/31/07 ---------------- Total Foreign Government Obligations (Cost $32,988,359) 27,729,212 - ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- Port of Portland, Oregon Special Obligation Taxable Revenue Bonds, PAMCO Project, 9.20%, 5/15/22 (Cost $500,000) 500,000 500,431 - ----------------------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 18.6% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.4% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.4% ------------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 0%/10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 (3) 600,000 496,500 ------------------------------------------------------------------------------------------------------------------------- Quantum Chemical Corp., 10.375% Fst. Mtg. Nts., 6/1/03 500,000 542,017 ------------------------------------------------------------------------------------------------------------------------- Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 300,000 265,500 ---------------- 1,304,017 - ----------------------------------------------------------------------------------------------------------------------------------- METALS - 1.0% ------------------------------------------------------------------------------------------------------------------------- Armco, Inc., 8.50% SF Debs., 9/1/01 200,000 179,000 ------------------------------------------------------------------------------------------------------------------------- Horsehead Industries, Inc., 14% Sub. Nts., 6/1/99 400,000 398,000 ------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 1,000,000 1,007,500 2/1/03 ------------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 11.75% Sr. Sec. Nts., 10/15/03 1,350,000 1,350,000 ---------------- 2,934,500 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS - 1.0% ------------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 11.50% Sr. Nts., 5/15/01 500,000 516,250 ------------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 800,000 812,000 ------------------------------------------------------------------------------------------------------------------------- Pacific Lumber Co., 10.50% Sr. Nts., 3/1/03 425,000 394,187 ------------------------------------------------------------------------------------------------------------------------- Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00 250,000 246,875 ------------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 1,000,000 945,000 ---------------- 2,914,312 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 5.0% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.2% ------------------------------------------------------------------------------------------------------------------------- Penda Corp., 10.75% Sr. Nts., Series B, 3/1/04 825,000 754,875 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION SUPPLIES AND DEVELOPMENT - 1.3% ------------------------------------------------------------------------------------------------------------------------- American Standard, Inc., 10.875% Sr. Nts., 5/15/99 500,000 505,000 ------------------------------------------------------------------------------------------------------------------------- Baldwin Co., 10.375% Sr. Nts., Series B, 8/1/03 500,000 332,500 ------------------------------------------------------------------------------------------------------------------------- NVR, Inc., 11% Gtd. Sr. Nts., 4/15/03 500,000 420,000 ------------------------------------------------------------------------------------------------------------------------- Triangle Pacific Corp., 10.50% Sr. Nts., 8/1/03 1,000,000 955,000 ------------------------------------------------------------------------------------------------------------------------- USG Corp., 10.25% Sr. Sec. Nts., 12/15/02 500,000 511,250 ------------------------------------------------------------------------------------------------------------------------- USG Corp., 9.25% Sr. Nts., Series B, 9/15/01 600,000 555,000 ------------------------------------------------------------------------------------------------------------------------- Walter Industries, Inc., 14.625% Sr. Nts., Series B, 1/1/99 (2) 300,000 561,000 ---------------- 3,839,750 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER GOODS AND SERVICES - 0.7% ------------------------------------------------------------------------------------------------------------------------- Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 800,000 796,000 ------------------------------------------------------------------------------------------------------------------------- Coleman Holdings, Inc., 0% Sr. Sec. Disc. Nts., Series B, 5/27/98 1,000,000 680,000
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund FACE MARKET VALUE NON-CONVERTIBLE CORPORATE BONDS AND NOTES (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER GOODS AND SERVICES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Harman International Industries, Inc., 12% Sr. Sub. Nts., 8/1/02 $ 500,000 $ 542,500 ---------------- 2,018,500 - ----------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT - 1.0% ------------------------------------------------------------------------------------------------------------------------- Aztar Corp., 11% Sr. Sub. Nts., 10/1/02 475,000 432,250 ------------------------------------------------------------------------------------------------------------------------- GNF Corp., 10.625% Gtd. Fst. Mtg. Nts., Series B, 4/1/03 500,000 332,500 ------------------------------------------------------------------------------------------------------------------------- Hollywood Casino Corp., 14% Sr. Sec. Nts., 4/1/98 1,000,000 990,000 ------------------------------------------------------------------------------------------------------------------------- Marvel (Parent) Holdings, Inc., 0% Sr. Sec. Disc. Nts., 4/15/98 400,000 244,000 ------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc., 9.625% Sr. Sub. Nts., 6/1/03 1,000,000 850,000 ---------------- 2,848,750 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA - 0.8% ------------------------------------------------------------------------------------------------------------------------- Lamar Advertising Co., 11% Sr. Sec. Nts., 5/15/03 750,000 719,063 ------------------------------------------------------------------------------------------------------------------------- Outlet Broadcasting, Inc., 10.875% Sr. Sub. Nts., 7/15/03 1,000,000 990,000 ------------------------------------------------------------------------------------------------------------------------- SCI Television, Inc., 11% Sr. Nts., Series 1, 6/30/05 500,000 500,000 ---------------- 2,209,063 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE DEVELOPMENT - 0.4% ------------------------------------------------------------------------------------------------------------------------- Casino Magic Finance Corp., 11.50% Fst. Mtg. Nts., 10/15/01 500,000 317,500 ------------------------------------------------------------------------------------------------------------------------- Saul (B.F.) Real Estate Investment Trust, 11.625% Sr. Nts., 4/1/02 950,000 798,000 ---------------- 1,115,500 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL - 0.6% ------------------------------------------------------------------------------------------------------------------------- Cole National Group, Inc., 11.25% Sr. Nts., 10/1/01 1,000,000 967,500 ------------------------------------------------------------------------------------------------------------------------- Finlay Fine Jewelry Corp., 10.625% Sr. Nts., 5/1/03 750,000 710,625 ---------------- 1,678,125 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 2.6% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD - 0.9% ------------------------------------------------------------------------------------------------------------------------- Family Restaurants, Inc., 9.75% Sr. Nts., 2/1/02 1,500,000 1,181,250 ------------------------------------------------------------------------------------------------------------------------- Foodmaker, Inc., 14.25% Sr. Sub. Nts., 5/15/98 500,000 517,500 ------------------------------------------------------------------------------------------------------------------------- Foodmaker, Inc., 9.25% Sr. Nts., 3/1/99 500,000 423,750 ------------------------------------------------------------------------------------------------------------------------- RJR Nabisco, Inc., 8.625% Medium-Term Nts., 12/1/02 500,000 465,258 ---------------- 2,587,758 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD AND DRUG DISTRIBUTION - 0.9% ------------------------------------------------------------------------------------------------------------------------- AmeriSource Corp., 11.25% Sr. Debs., 7/15/05 (6) 833,381 791,712 ------------------------------------------------------------------------------------------------------------------------- Di Giorgio Corp., 12% Sr. Nts., 2/15/03 250,000 235,000 ------------------------------------------------------------------------------------------------------------------------- Grand Union Co., 11.25% Sr. Nts., 7/15/00 750,000 667,500 ------------------------------------------------------------------------------------------------------------------------- Grand Union Co., 12.25% Sr. Sub. Nts., 7/15/02 350,000 138,250 ------------------------------------------------------------------------------------------------------------------------- Purity Supreme, Inc., 11.75% Sr. Sec. Nts., Series 300,000 250,500 B, 8/1/99 ------------------------------------------------------------------------------------------------------------------------- Thrifty Payless, Inc., 11.75% Sr. Nts., 4/15/03 500,000 493,750 ---------------- 2,576,712 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 0.8% ------------------------------------------------------------------------------------------------------------------------- American Medical International, Inc., 13.50% Sr. Sub. Nts., 8/15/01 500,000 548,750 ------------------------------------------------------------------------------------------------------------------------- Charter Medical Corp., 11.25% Sr. Sub. Nts., 4/15/04 500,000 502,500 ------------------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., 10/1/00 750,000 648,750 ------------------------------------------------------------------------------------------------------------------------- Mediq, Inc., 7.50% Exch. Sub. Debs., 7/15/03 1,000,000 808,750 ---------------- 2,508,750 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 0.7% - ----------------------------------------------------------------------------------------------------------------------------------- Coastal Corp., 11.75% Sr. Debs., 6/15/06 500,000 533,750
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund FACE MARKET VALUE NON-CONVERTIBLE CORPORATE BONDS AND NOTES (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd., 9.25% Sr. Sub. Debs., 1/15/04 $ 500,000 $ 453,775 ------------------------------------------------------------------------------------------------------------------------- OPI International, Inc., 12.875% Gtd. Sr. Nts., 7/15/02 1,000,000 1,115,000 ---------------- 2,102,525 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 0.9% - ----------------------------------------------------------------------------------------------------------------------------------- Card Establishment Services, Inc., 10% Sr. Sub. Nts., Series B, 10/1/03 1,400,000 1,463,000 ------------------------------------------------------------------------------------------------------------------------- First Chicago Corp., 11.25% Sub. Nts., 2/20/01 250,000 280,842 ------------------------------------------------------------------------------------------------------------------------- First Chicago Corp., 9% Sub. Nts., 6/15/99 250,000 254,261 ------------------------------------------------------------------------------------------------------------------------- Pioneer Finance Corp., 13.50% Gtd. Fst. Mtg. Bonds, 12/1/98 1,000,000 685,000 ---------------- 2,683,103 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 1.5% - ----------------------------------------------------------------------------------------------------------------------------------- CONTAINERS - 0.4% ------------------------------------------------------------------------------------------------------------------------- Calmar, Inc., 12% Sr. Sec. Nts., 12/15/97 500,000 505,000 ------------------------------------------------------------------------------------------------------------------------- Owens-Illinois, Inc., 10% Sr. Sub. Nts., 8/1/02 500,000 490,000 ---------------- 995,000 - ----------------------------------------------------------------------------------------------------------------------------------- GENERAL INDUSTRIAL - 0.6% ------------------------------------------------------------------------------------------------------------------------- EnviroSource, Inc., 9.75% Sr. Nts., 6/15/03 1,250,000 1,078,125 ------------------------------------------------------------------------------------------------------------------------- Pace Industries, Inc., 10.625% Sr. Nts., 12/1/02 500,000 450,000 ------------------------------------------------------------------------------------------------------------------------- PerSeptive Biosystems, Inc., 8.25% Cv. Sub. Debs., 8/15/01 (5) 500,000 342,500 ---------------- 1,870,625 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.5% ------------------------------------------------------------------------------------------------------------------------- Chrysler Financial Corp., 13.25% Sr. Nts., 10/15/99 500,000 589,082 ------------------------------------------------------------------------------------------------------------------------- Tiphook Financial Corp., 7.125% Gtd. Nts., 5/1/98 100,000 73,750 ------------------------------------------------------------------------------------------------------------------------- Tiphook Financial Corp., 8% Gtd. Nts., 3/15/00 350,000 248,500 ------------------------------------------------------------------------------------------------------------------------- Trans Ocean Container Corp., 12.25% Sr. Sub. Nts., 7/1/04 500,000 472,500 ---------------- 1,383,832 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 5.0% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.6% ------------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 250,000 192,500 ------------------------------------------------------------------------------------------------------------------------- GPA Holland BV, 9.75% Medium-Term Nts., Series B, 6/10/96 1,000,000 940,000 ------------------------------------------------------------------------------------------------------------------------- Talley Industries, Inc., 0%/12.25% Sr. Disc. Debs., 10/15/05 (3) 1,250,000 631,250 ---------------- 1,763,750 - ----------------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 1.9% ------------------------------------------------------------------------------------------------------------------------- Adelphia Communications Corp., 12.50% Sr. Nts., 5/15/02 1,000,000 960,000 ------------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc., 0%/12.50% Sr. Disc. Nts., 6/15/04 (3) 1,200,000 540,000 ------------------------------------------------------------------------------------------------------------------------- Auburn Hills Trust, 12.375% Gtd. Exch. Certificates, 5/1/20 (4) 400,000 521,474 ------------------------------------------------------------------------------------------------------------------------- Cablevision Industries Corp., 9.25% Sr. Debs., Series B, 4/1/08 500,000 450,000 ------------------------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 9.50% Sr. Debs., 8/1/13 1,100,000 1,014,750 ------------------------------------------------------------------------------------------------------------------------- Echostar Communications Corp., Units 600,000 313,500 ------------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/10.875% Sr. Def. Cpn. Nts., 10/15/03 (3) 500,000 257,500 ------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc./Time Warner Entertainment LP, 10.15% Sr. Nts., 5/1/12 500,000 496,349
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund FACE MARKET VALUE NON-CONVERTIBLE CORPORATE BONDS AND NOTES (CONTINUED) AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 $ 1,000,000 $ 1,037,500 ---------------- 5,591,073 - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS - 1.5% ------------------------------------------------------------------------------------------------------------------------- Call-Net Enterprises, Inc., 0%/13.25% Sr. Disc. Nts., 12/1/04 (3) 800,000 420,000 ------------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 8.875% Sr. Nts., 11/1/01 500,000 440,000 ------------------------------------------------------------------------------------------------------------------------- Comcast Cellular Corp., 0% Nts., Series B, 3/5/00 1,000,000 685,000 ------------------------------------------------------------------------------------------------------------------------- MFS Communications, Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (3) 1,500,000 896,250 ------------------------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 0%/11.375% Sr. Sub. Disc. Nts., 8/1/03 (3) 250,000 155,000 ------------------------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 9.75% Sr. Sec. Nts., 8/1/00 500,000 473,750 ------------------------------------------------------------------------------------------------------------------------- PriCellular Wireless Corp., .50%/14% Sr. Sub. Disc. Nts., 11/15/01 (5)(8) 750,000 498,750 ------------------------------------------------------------------------------------------------------------------------- USA Mobile Communications, Inc., 9.50% Sr. Nts., Series II, 2/1/04 1,000,000 815,000 ---------------- 4,383,750 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.0% ------------------------------------------------------------------------------------------------------------------------- Bell & Howell Holdings Co., 0%/10.75% Sr. Disc. Debs., Series B, 3/1/05 (3) 1,000,000 495,000 ------------------------------------------------------------------------------------------------------------------------- Imax Corp., 7%/10% Sr. Nts., 3/1/01 (7) 600,000 501,000 ------------------------------------------------------------------------------------------------------------------------- Unisys Corp., 13.50% Credit Sensitive Nts., 7/1/97 1,250,000 1,356,250 ------------------------------------------------------------------------------------------------------------------------- Unisys Corp., 9.75% Sr. Nts., 9/15/16 500,000 445,537 ---------------- 2,797,787 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 0.4% - ----------------------------------------------------------------------------------------------------------------------------------- Beaver Valley II Funding Corp., 9% 2nd Lease Obligation Bonds, 6/1/17 489,000 350,043 ------------------------------------------------------------------------------------------------------------------------- First PV Funding Corp., 10.15% Lease Obligation Bonds, Series 1986B, 1/15/16 1,000,000 906,814 ---------------- 1,256,857 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER - 0.1% - ----------------------------------------------------------------------------------------------------------------------------------- MISCELLANEOUS - 0.1% ------------------------------------------------------------------------------------------------------------------------- United States Banknote Corp., 11.625% Sr. Nts., Series B, 8/1/02 380,000 336,300 ---------------- Total Non-Convertible Corporate Bonds and Notes (Cost $59,327,145) 54,455,214 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 46.4% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 3.9% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.1% ------------------------------------------------------------------------------------------------------------------------- Air Products and Chemicals, Inc. (9) 10,000 446,250 ------------------------------------------------------------------------------------------------------------------------- Dow Chemical Co. (The) (9) 8,500 571,625 ------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc. (9) 19,000 821,750 ------------------------------------------------------------------------------------------------------------------------- Praxair, Inc. 41,500 850,750 ------------------------------------------------------------------------------------------------------------------------- Sybron Chemical Industries, Inc. (2) 29,500 457,250 ---------------- 3,147,625 - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS: DIVERSIFIED - 0.9% ------------------------------------------------------------------------------------------------------------------------- ARCO Chemical Co. 25,400 1,117,600
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS: DIVERSIFIED (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Bayer AG, Sponsored ADR (2) 70,000 $ 1,621,270 ---------------- 2,738,870 - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS: SPECIALTY - 0.1% ------------------------------------------------------------------------------------------------------------------------- Goldschmidt (T.H.) AG 750 401,609 - ----------------------------------------------------------------------------------------------------------------------------------- METAL: MISCELLANEOUS - 0.6% ------------------------------------------------------------------------------------------------------------------------- Brush Wellman, Inc. 69,300 1,204,088 ------------------------------------------------------------------------------------------------------------------------- Inco Ltd. 22,700 649,787 ---------------- 1,853,875 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS - 0.9% ------------------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp. 11,000 786,500 ------------------------------------------------------------------------------------------------------------------------- Indah Kiat Pulp & Paper Corp. 99,400 113,057 ------------------------------------------------------------------------------------------------------------------------- Louisiana-Pacific Corp. 30,400 828,400 ------------------------------------------------------------------------------------------------------------------------- MacMillan Bloedel Ltd. 57,800 715,275 ------------------------------------------------------------------------------------------------------------------------- PT Pabrik Kertas Tjiwi Kimia 40,000 74,613 ---------------- 2,517,845 - ----------------------------------------------------------------------------------------------------------------------------------- STEEL - 0.3% ------------------------------------------------------------------------------------------------------------------------- Inland Steel Industries, Inc. (2)(9) 22,000 772,750 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 8.6% - ----------------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.3% ------------------------------------------------------------------------------------------------------------------------- AMR Corp. (2) 14,000 745,500 - ----------------------------------------------------------------------------------------------------------------------------------- AUTO PARTS: AFTER MARKET - 0.1% ------------------------------------------------------------------------------------------------------------------------- Excel Industries, Inc. 30,000 416,250 - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.4% ------------------------------------------------------------------------------------------------------------------------- Fiat SpA (2) 280,000 1,039,050 ------------------------------------------------------------------------------------------------------------------------- Mahindra & Mahindra Ltd., GDR 10,000 111,575 ---------------- 1,150,625 - ----------------------------------------------------------------------------------------------------------------------------------- BROADCAST MEDIA - 1.2% ------------------------------------------------------------------------------------------------------------------------- Capital Cities/ABC, Inc. 10,000 852,500 ------------------------------------------------------------------------------------------------------------------------- Comcast Corp. Special, Cl. A 67,350 1,056,553 ------------------------------------------------------------------------------------------------------------------------- SFX Broadcasting, Inc., Cl. A (2) 56,100 1,037,850 ------------------------------------------------------------------------------------------------------------------------- TeleCommunications, Inc., Cl. A (2) 27,000 587,250 ---------------- 3,534,153 - ----------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT - 0.7% ------------------------------------------------------------------------------------------------------------------------- King World Productions, Inc. (2) 23,000 793,500 ------------------------------------------------------------------------------------------------------------------------- MGM Grand, Inc. (2)(9) 27,000 651,375 ------------------------------------------------------------------------------------------------------------------------- Sega Enterprises 11,500 662,774 ---------------- 2,107,649 - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS/MOTELS - 0.2% ------------------------------------------------------------------------------------------------------------------------- Circus Circus Enterprises, Inc. (2) 30,800 716,100 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD FURNISHINGS AND APPLIANCES - 0.4% ------------------------------------------------------------------------------------------------------------------------- Chromcraft Revington, Inc. (2) 50,000 1,100,000 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE TIME - 0.8% ------------------------------------------------------------------------------------------------------------------------- Caesar's World, Inc. (2)(9) 19,600 1,308,300 ------------------------------------------------------------------------------------------------------------------------- Eastman Kodak Co. 15,400 735,350 ------------------------------------------------------------------------------------------------------------------------- International Game Technology (9) 23,600 365,800 ---------------- 2,409,450 - ----------------------------------------------------------------------------------------------------------------------------------- PUBLISHING - 0.7% ------------------------------------------------------------------------------------------------------------------------- Bowne & Co., Inc 46,000 799,250 ------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc. 17,100 600,638
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- PUBLISHING (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 10,167 $ 752,280 ---------------- 2,152,168 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DEPARTMENT STORES - 0.3% ------------------------------------------------------------------------------------------------------------------------- Dillard Department Stores, Inc., Cl. A 30,000 802,500 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: GENERAL MERCHANDISE CHAINS - 0.6% ------------------------------------------------------------------------------------------------------------------------- Price/Costco, Inc. (2) 50,000 643,750 ------------------------------------------------------------------------------------------------------------------------- Waban, Inc. (2)(9) 55,000 976,250 ---------------- 1,620,000 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 1.0% ------------------------------------------------------------------------------------------------------------------------- Castorama Dubois Investissements LP 4,086 510,675 ------------------------------------------------------------------------------------------------------------------------- CML Group, Inc. (9) 66,400 672,300 ------------------------------------------------------------------------------------------------------------------------- Toys 'R' Us, Inc. (2) 27,700 844,850 ------------------------------------------------------------------------------------------------------------------------- Venture Stores, Inc. 67,000 778,875 ---------------- 2,806,700 - ----------------------------------------------------------------------------------------------------------------------------------- SHOES - 0.2% ------------------------------------------------------------------------------------------------------------------------- Justin Industries, Inc. 60,000 712,500 - ----------------------------------------------------------------------------------------------------------------------------------- TEXTILES: APPAREL MANUFACTURERS - 1.1% ------------------------------------------------------------------------------------------------------------------------- Authentic Fitness Corp. (2) 59,400 824,175 ------------------------------------------------------------------------------------------------------------------------- Cone Mills Corp. (2) 42,200 501,125 ------------------------------------------------------------------------------------------------------------------------- Fruit of the Loom, Inc., Cl. A (2) 32,400 874,800 ------------------------------------------------------------------------------------------------------------------------- Warnaco Group, Inc. (The), Cl. A (2) 55,000 948,750 ---------------- 3,148,850 - ----------------------------------------------------------------------------------------------------------------------------------- TOYS - 0.6% ------------------------------------------------------------------------------------------------------------------------- Mattel, Inc. (9) 34,350 863,044 ------------------------------------------------------------------------------------------------------------------------- Nintendo Corp. Ltd. 12,000 648,291 ------------------------------------------------------------------------------------------------------------------------- SLM International, Inc. (2) 74,200 190,137 ---------------- 1,701,472 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 8.6% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES: ALCOHOLIC - 0.3% ------------------------------------------------------------------------------------------------------------------------- Guinness PLC 100,000 704,025 - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES: SOFT DRINKS - 0.4% ------------------------------------------------------------------------------------------------------------------------- Whitman Corp. 70,000 1,207,500 - ----------------------------------------------------------------------------------------------------------------------------------- COSMETICS - 0.2% ------------------------------------------------------------------------------------------------------------------------- Maybelline, Inc. 22,800 410,400 - ----------------------------------------------------------------------------------------------------------------------------------- DRUGS - 1.5% ------------------------------------------------------------------------------------------------------------------------- Agouron Pharmaceuticals, Inc. (2) 22,000 247,500 ------------------------------------------------------------------------------------------------------------------------- Astra AB Free, Series A 15,500 400,319 ------------------------------------------------------------------------------------------------------------------------- Ciba-Geigy AG 950 566,954 ------------------------------------------------------------------------------------------------------------------------- Lilly (Eli) & Co. (9) 8,000 525,000 ------------------------------------------------------------------------------------------------------------------------- Medeva PLC 342,715 873,969 ------------------------------------------------------------------------------------------------------------------------- Mylan Laboratories, Inc. (9) 48,400 1,306,800 ------------------------------------------------------------------------------------------------------------------------- Nature's Bounty, Inc. (2) 111,000 603,563 ---------------- 4,524,105 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD PROCESSING - 0.8% ------------------------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc. 3 41 ------------------------------------------------------------------------------------------------------------------------- Nestle SA, Sponsored ADR 17,000 809,950 ------------------------------------------------------------------------------------------------------------------------- Sanfilippo (John B.) & Son, Inc. 60,000 330,000 ------------------------------------------------------------------------------------------------------------------------- Sara Lee Corp. 50,800 1,282,700 ---------------- 2,422,691
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- FOOD WHOLESALERS - 0.2% ------------------------------------------------------------------------------------------------------------------------- Food Lion, Inc., Cl. A 114,500 $ 586,813 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: DIVERSIFIED - 1.0% ------------------------------------------------------------------------------------------------------------------------- Abbott Laboratories 28,800 939,600 ------------------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 25,000 1,446,875 ------------------------------------------------------------------------------------------------------------------------- Schering AG 1,025 671,203 ---------------- 3,057,678 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: MISCELLANEOUS - 1.8% ------------------------------------------------------------------------------------------------------------------------- Amgen, Inc. (2)(9) 13,900 820,100 ------------------------------------------------------------------------------------------------------------------------- Biosys, Inc. (2) 74,400 167,400 ------------------------------------------------------------------------------------------------------------------------- Chiron Corp. (2)(9) 8,400 675,150 ------------------------------------------------------------------------------------------------------------------------- Genzyme Corp. (2)(9) 28,900 910,350 ------------------------------------------------------------------------------------------------------------------------- Manor Care, Inc. 41,185 1,127,439 ------------------------------------------------------------------------------------------------------------------------- Matrix Pharmaceutical, Inc. (2) 18,000 247,500 ------------------------------------------------------------------------------------------------------------------------- U.S. Healthcare, Inc. (9) 28,800 1,188,000 ---------------- 5,135,939 - ----------------------------------------------------------------------------------------------------------------------------------- HOSPITAL MANAGEMENT - 0.5% ------------------------------------------------------------------------------------------------------------------------- Novacare, Inc. (2) 72,500 525,625 ------------------------------------------------------------------------------------------------------------------------- Wellpoint Health Networks, Inc., Cl. A (2) 27,000 786,375 ---------------- 1,312,000 - ----------------------------------------------------------------------------------------------------------------------------------- MEDICAL PRODUCTS - 1.4% ------------------------------------------------------------------------------------------------------------------------- Biomet, Inc. (2) 52,100 729,400 ------------------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 14,400 801,000 ------------------------------------------------------------------------------------------------------------------------- Mitek Surgical Products, Inc. (2) 54,000 1,336,500 ------------------------------------------------------------------------------------------------------------------------- Nellcor, Inc. (2) 23,000 759,000 ------------------------------------------------------------------------------------------------------------------------- Sofamor Danek Group, Inc. (2) 45,000 585,000 ---------------- 4,210,900 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: FOOD CHAINS - 0.1% ------------------------------------------------------------------------------------------------------------------------- Giant Food, Inc., Cl. A 17,900 389,325 - ----------------------------------------------------------------------------------------------------------------------------------- TOBACCO - 0.4% ------------------------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc. 20,000 1,150,000 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 2.0% - ----------------------------------------------------------------------------------------------------------------------------------- COAL - 0.3% ------------------------------------------------------------------------------------------------------------------------- Ashland Coal, Inc. 24,200 689,700 - ----------------------------------------------------------------------------------------------------------------------------------- OIL WELL SERVICES AND EQUIPMENT - 0.2% ------------------------------------------------------------------------------------------------------------------------- Landmark Graphics Corp. (2) 36,900 664,200 - ----------------------------------------------------------------------------------------------------------------------------------- OIL: INTEGRATED DOMESTIC - 0.7% ------------------------------------------------------------------------------------------------------------------------- Ashland Oil, Inc. 17,000 586,500 ------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 8,900 905,575 ------------------------------------------------------------------------------------------------------------------------- Unocal Corp. 22,000 599,500 ---------------- 2,091,575 - ----------------------------------------------------------------------------------------------------------------------------------- OIL: INTEGRATED INTERNATIONAL - 0.8% ------------------------------------------------------------------------------------------------------------------------- Royal Dutch Petroleum Co. 10,000 1,075,000 ------------------------------------------------------------------------------------------------------------------------- Saga Petroleum AS, Cl. A 12,000 130,396 ------------------------------------------------------------------------------------------------------------------------- Saga Petroleum AS, Cl. B 19,000 196,629 ------------------------------------------------------------------------------------------------------------------------- Total SA, Sponsored ADR 15,701 463,180 ------------------------------------------------------------------------------------------------------------------------- YuKong Ltd., GDR (2)(5) 18,500 291,374 ------------------------------------------------------------------------------------------------------------------------- YuKong Ltd., GDR (2)(5) 9,000 135,000 ---------------- 2,291,579
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 5.1% - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL FINANCE - 0.3% ------------------------------------------------------------------------------------------------------------------------- SG Warburg & Co., Inc. Ords. 76,500 $ 827,018 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES: MISCELLANEOUS - 1.3% ------------------------------------------------------------------------------------------------------------------------- American Express Co. (9) 31,500 929,250 ------------------------------------------------------------------------------------------------------------------------- CMAC Investment Corp. 33,600 970,200 ------------------------------------------------------------------------------------------------------------------------- H & R Block, Inc. 15,400 571,725 ------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 26,300 940,225 ------------------------------------------------------------------------------------------------------------------------- Santa Anita Realty Enterprises, Inc., Units (5) 30,000 412,500 ---------------- 3,823,900 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE: LIFE - 0.4% ------------------------------------------------------------------------------------------------------------------------- Bankers Life Holding Corp. 39,500 750,500 ------------------------------------------------------------------------------------------------------------------------- National Mutual Asia Ltd. (2) 150,000 98,875 ------------------------------------------------------------------------------------------------------------------------- UNUM Corp. 13,100 494,525 ---------------- 1,343,900 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE: MULTI-LINE - 1.1% ------------------------------------------------------------------------------------------------------------------------- Aetna Life & Casualty Co. 16,800 791,700 ------------------------------------------------------------------------------------------------------------------------- American International Group, Inc. 12,000 1,176,000 ------------------------------------------------------------------------------------------------------------------------- American Re Corp. (2) 36,000 1,161,000 ---------------- 3,128,700 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE: PROPERTY AND CASUALTY - 0.3% ------------------------------------------------------------------------------------------------------------------------- W.R. Berkley Corp. 21,000 787,500 - ----------------------------------------------------------------------------------------------------------------------------------- MAJOR BANKS: OTHER - 0.3% ------------------------------------------------------------------------------------------------------------------------- Banco Frances del Rio Plata 11,000 78,375 ------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG, ADR 1,325 615,478 ------------------------------------------------------------------------------------------------------------------------- Korea First Bank (2) 4,942 68,944 ------------------------------------------------------------------------------------------------------------------------- Turkiye Garanti Bankasi AS, Sponsored ADR (5) 10,000 25,321 ---------------- 788,118 - ----------------------------------------------------------------------------------------------------------------------------------- MAJOR BANKS: REGIONAL - 0.5% ------------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 35,400 1,597,425 - ----------------------------------------------------------------------------------------------------------------------------------- MONEY CENTER BANKS - 0.7% ------------------------------------------------------------------------------------------------------------------------- Bankers Trust New York Corp. (9) 15,700 869,388 ------------------------------------------------------------------------------------------------------------------------- Chemical Banking Corp. 29,000 1,040,375 ---------------- 1,909,763 - ----------------------------------------------------------------------------------------------------------------------------------- SAVINGS AND LOANS/HOLDING COS. - 0.2% ------------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp. 20,000 705,000 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 7.4% - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS GROUP - 0.5% ------------------------------------------------------------------------------------------------------------------------- Masco Corp. 23,000 520,375 ------------------------------------------------------------------------------------------------------------------------- Owens-Corning Fiberglass Corp. (2) 30,000 960,000 ---------------- 1,480,375 - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES - 0.3% ------------------------------------------------------------------------------------------------------------------------- Borg-Warner Corp. (2) 35,000 341,250 ------------------------------------------------------------------------------------------------------------------------- Sylvan Learning Systems, Inc. (2) 26,100 515,475 ---------------- 856,725 - ----------------------------------------------------------------------------------------------------------------------------------- CONGLOMERATES - 0.9% ------------------------------------------------------------------------------------------------------------------------- Jardine Matheson Holdings Ltd. 50,468 360,391 ------------------------------------------------------------------------------------------------------------------------- Kinnevik Investments AB Free, Series B 24,500 810,727 ------------------------------------------------------------------------------------------------------------------------- Tenneco, Inc. 20,400 867,000 ------------------------------------------------------------------------------------------------------------------------- Wharf Holdings 175,000 590,342 ---------------- 2,628,460
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- CONTAINERS: METAL AND GLASS - 0.6% ------------------------------------------------------------------------------------------------------------------------- Corning, Inc. 27,200 $ 812,600 ------------------------------------------------------------------------------------------------------------------------- Interpool, Inc. (2) 50,000 743,750 ---------------- 1,556,350 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.1% ------------------------------------------------------------------------------------------------------------------------- ASEA AB, Sponsored ADR 10,000 721,250 ------------------------------------------------------------------------------------------------------------------------- C-Cube Microsystems, Inc. (2) 30,000 570,000 ------------------------------------------------------------------------------------------------------------------------- General Electric Co. 20,000 1,020,000 ------------------------------------------------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 50,000 850,000 ---------------- 3,161,250 - ----------------------------------------------------------------------------------------------------------------------------------- ENGINEERING AND CONSTRUCTION - 0.7% ------------------------------------------------------------------------------------------------------------------------- Empresas ICA Sociedad Controladora SA de C.V. (9) 33,600 520,800 ------------------------------------------------------------------------------------------------------------------------- Foster Wheeler Corp. 17,000 505,750 ------------------------------------------------------------------------------------------------------------------------- Huarte SA 50,150 468,620 ------------------------------------------------------------------------------------------------------------------------- Insituform Mid-America, Inc., Cl. A 60,000 540,000 ---------------- 2,035,170 - ----------------------------------------------------------------------------------------------------------------------------------- HEAVY DUTY TRUCKS AND PARTS - 0.1% ------------------------------------------------------------------------------------------------------------------------- Spartan Motors, Inc. 24,000 321,000 - ----------------------------------------------------------------------------------------------------------------------------------- MACHINERY: DIVERSIFIED - 0.3% ------------------------------------------------------------------------------------------------------------------------- Harnischfeger Industries, Inc. 26,000 731,250 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING: DIVERSIFIED INDUSTRIALS - 1.0% ------------------------------------------------------------------------------------------------------------------------- Instrument Systems Corp. (2) 48,750 408,281 ------------------------------------------------------------------------------------------------------------------------- Johnstown America Industries, Inc. 20,000 327,500 ------------------------------------------------------------------------------------------------------------------------- Mannesmann AG 3,287 890,662 ------------------------------------------------------------------------------------------------------------------------- Olin Corp. 11,000 566,500 ------------------------------------------------------------------------------------------------------------------------- Siemens AG, ADR 10,000 837,411 ---------------- 3,030,354 - ----------------------------------------------------------------------------------------------------------------------------------- POLLUTION CONTROL - 0.2% ------------------------------------------------------------------------------------------------------------------------- Waste Management International PLC, Sponsored ADR (2) 55,000 625,625 - ----------------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.5% ------------------------------------------------------------------------------------------------------------------------- Burlington Northern, Inc. 17,000 818,125 ------------------------------------------------------------------------------------------------------------------------- Chicago & North Western Holdings Corp. (2) 40,400 777,700 ---------------- 1,595,825 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION: MISCELLANEOUS - 1.2% ------------------------------------------------------------------------------------------------------------------------- Airborne Freight Corp. 38,000 779,000 ------------------------------------------------------------------------------------------------------------------------- Consolidated Freightways, Inc. 61,000 1,364,875 ------------------------------------------------------------------------------------------------------------------------- DS Svendborg, Cl. B 10 273,600 ------------------------------------------------------------------------------------------------------------------------- Lisnave-Estaleiros Navais de Lisbona SA (2) 19,000 93,090 ------------------------------------------------------------------------------------------------------------------------- OMI Corp. 22,400 148,400 ------------------------------------------------------------------------------------------------------------------------- Stolt-Nielsen SA 40,000 825,000 ------------------------------------------------------------------------------------------------------------------------- Westmont Berhad Ord. 14,000 87,173 ---------------- 3,571,138 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 9.3% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.6% ------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. (9) 9,900 430,650 ------------------------------------------------------------------------------------------------------------------------- McDonnell Douglas Corp. (9) 4,000 568,000 ------------------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 17,000 607,750 ---------------- 1,606,400 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE AND SERVICES - 3.9% ------------------------------------------------------------------------------------------------------------------------- Bay Networks, Inc. (2)(9) 33,205 979,548 ------------------------------------------------------------------------------------------------------------------------- BMC Software, Inc. (2)(9) 22,600 1,285,375
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE AND SERVICES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Computer Associates International, Inc. (9) 23,100 $ 1,120,350 ------------------------------------------------------------------------------------------------------------------------- Delrina Corp. (2) 62,000 767,250 ------------------------------------------------------------------------------------------------------------------------- Electronic Arts, Inc. (2) 54,000 1,039,500 ------------------------------------------------------------------------------------------------------------------------- Informix Corp. (2) 20,000 642,500 ------------------------------------------------------------------------------------------------------------------------- Legent Corp. (2)(9) 23,000 661,250 ------------------------------------------------------------------------------------------------------------------------- Lotus Development Corp. (2)(9) 10,100 414,100 ------------------------------------------------------------------------------------------------------------------------- Marcam Corp. (2) 48,300 489,038 ------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. (9) 10,200 623,474 ------------------------------------------------------------------------------------------------------------------------- Novell, Inc. (2) 69,100 1,183,338 ------------------------------------------------------------------------------------------------------------------------- Pyxis Corp. (2)(9) 48,000 912,000 ------------------------------------------------------------------------------------------------------------------------- Symantec Corp. (2) 51,000 892,500 ------------------------------------------------------------------------------------------------------------------------- Trinzic Corp. (2) 80,000 440,000 ---------------- 11,450,223 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SYSTEMS - 1.3% ------------------------------------------------------------------------------------------------------------------------- Cabletron Systems, Inc. (2)(9) 12,500 581,250 ------------------------------------------------------------------------------------------------------------------------- Norand Corp. (2) 18,500 656,750 ------------------------------------------------------------------------------------------------------------------------- Seagate Technology, Inc. (2) 16,000 384,000 ------------------------------------------------------------------------------------------------------------------------- Sun Microsystems, Inc. (2)(9) 33,000 1,171,500 ------------------------------------------------------------------------------------------------------------------------- Tandem Computers, Inc. (2)(9) 66,000 1,130,250 ---------------- 3,923,750 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: DEFENSE - 0.2% ------------------------------------------------------------------------------------------------------------------------- CAE, Inc. 115,000 614,892 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: INSTRUMENTATION - 0.5% ------------------------------------------------------------------------------------------------------------------------- Hewlett-Packard Co. (9) 11,500 1,148,563 ------------------------------------------------------------------------------------------------------------------------- Molecular Dynamics, Inc. (2) 25,000 168,750 ---------------- 1,317,313 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: SEMICONDUCTORS - 0.9% ------------------------------------------------------------------------------------------------------------------------- Intel Corp. 34,500 2,203,688 ------------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co., GDR (2)(5) 476 22,134 ------------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co., Sponsored GDS (2) 8,500 395,250 ---------------- 2,621,072 - ----------------------------------------------------------------------------------------------------------------------------------- OFFICE EQUIPMENT AND SUPPLIES - 0.3% ------------------------------------------------------------------------------------------------------------------------- Xerox Corp. 8,500 841,500 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 1.6% ------------------------------------------------------------------------------------------------------------------------- Airtouch Communications, Inc. (2)(9) 46,000 1,339,750 ------------------------------------------------------------------------------------------------------------------------- AT & T Corp. 16,000 804,000 ------------------------------------------------------------------------------------------------------------------------- ECI Telecommunications Ltd. 51,000 694,875 ------------------------------------------------------------------------------------------------------------------------- MCI Communications Corp. 46,300 850,763 ------------------------------------------------------------------------------------------------------------------------- Rogers Cantel Mobile Communications, Inc., Sub. Cl. B (2) 30,500 889,267 ------------------------------------------------------------------------------------------------------------------------- Technology Resources Industries 25,000 79,790 ---------------- 4,658,445 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.5% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC COMPANIES - 0.5% ------------------------------------------------------------------------------------------------------------------------- Central Puerto SA, ADR (5) 3,000 74,245 ------------------------------------------------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 35,000 927,500 ------------------------------------------------------------------------------------------------------------------------- Verbund Oest Electriz 9,400 542,929 ---------------- 1,544,674 - ----------------------------------------------------------------------------------------------------------------------------------- NATURAL GAS - 0.3% ------------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas 244,800 395,500
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- NATURAL GAS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Southwestern Energy Co. 40,000 $ 595,000 ---------------- 990,500 - ----------------------------------------------------------------------------------------------------------------------------------- TELEPHONE - 0.7% ------------------------------------------------------------------------------------------------------------------------- BCE, Inc. 22,000 706,750 ------------------------------------------------------------------------------------------------------------------------- US West, Inc. 35,000 1,246,875 ---------------- 1,953,625 ---------------- Total Common Stocks (Cost $122,460,917) 135,432,161 - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 2.2% - ----------------------------------------------------------------------------------------------------------------------------------- Advanced Micro Devices, Inc., Depositary Cv. Exchangeable Preferred Shares Each Representing 1/10th Share of $30 Cv. Exchangeable Preferred Shares 16,200 850,500 ------------------------------------------------------------------------------------------------------------------------- Alumax, Inc., $4.00 Cv., Series A 3,000 362,250 ------------------------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc., $1.32 Depositary Shares 26,000 357,500 ------------------------------------------------------------------------------------------------------------------------- Cyprus Amax Minerals Co., $4.00 Cv., Series A 12,000 700,500 ------------------------------------------------------------------------------------------------------------------------- Delta Airlines, Inc., $3.50 Cv. Depositary Shares, Series C 13,200 577,500 ------------------------------------------------------------------------------------------------------------------------- FHP International Corp., Series A 45,900 1,124,550 ------------------------------------------------------------------------------------------------------------------------- First Chicago Corp., Debt Exchangeable for Common Stock of Nextel Communications, Inc., 5.50%, 2/15/97 25,000 437,500 ------------------------------------------------------------------------------------------------------------------------- K-III Communications Corp., Sr. Exch., Series A 20,000 505,000 ------------------------------------------------------------------------------------------------------------------------- Pantry Pride, Inc., $14.875 Exch., Series B 8,000 768,000 ------------------------------------------------------------------------------------------------------------------------- Sap AG 1,050 598,833 ---------------- Total Preferred Stocks (Cost $5,959,788) 6,282,133 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc. Wts., Exp. 6/99 6,000 13,500 ------------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp. Wts., Exp. 7/96 16,412 118,987 ---------------- Total Rights, Warrants and Certificates (Cost $36,927) 132,487 ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $285,911,280) 98.6% 287,971,910 ------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.4 4,095,294 ------------------ ---------------- NET ASSETS 100.0% $ 292,067,204 ------------------ ---------------- ------------------ ----------------
1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: AUD - Australian Dollar ESP - Spanish Peseta CAD - Canadian Dollar SEK - Swedish Krona 2. Non-income producing security. 3. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date. 4. Represents the current interest rate for a variable rate security. 5. Restricted security - See Note 7 of Notes to Financial Statements. 6. Interest or dividend is paid in kind. 7. Represents the current interest rate for an increasing rate security. 8. Represents a bond that pays contingent supplemental interest until it converts to a fixed rate of interest at a designated future date.
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Multiple Strategies Fund - ----------------------------------------------------------------------------------------------------------------------------------- 9. Securities with an aggregate market value of $7,904,988 are held in escrow to cover outstanding call options, as follows: SHARES SUBJECT EXPIRATION EXERCISE PREMIUM MARKET VALUE TO CALL DATE PRICE RECEIVED SEE NOTE 1 ------- ----------- -------- -------- ------------- Air Products and Chemicals, Inc. 3,000 3/95 50.00 $ 11,159 $ 1,312 Airtouch Communications, Inc. 7,500 1/95 30.00 7,743 2,812 American Express Co. 7,000 4/95 35.00 11,165 1,750 Amgen, Inc. 4,000 4/95 60.00 19,880 16,000 Bankers Trust New York Corp. 3,000 1/95 70.00 13,410 187 Bay Networks, Inc. 6,600 3/95 30.00 14,652 18,562 BMC Software, Inc. 6,600 5/95 60.00 25,409 33,000 Cabletron Systems, Inc. 2,500 1/95 48.00 4,845 2,344 Cabletron Systems, Inc. 1,000 4/95 50.00 4,220 2,687 Caesar's World, Inc. 4,600 2/95 50.00 15,941 80,500 Chiron Corp. 2,000 1/95 75.00 7,690 10,500 Chiron Corp. 3,000 4/95 80.00 20,159 3,375 CML Group, Inc. 13,200 1/95 12.50 14,454 1,650 Computer Associates International, Inc. 6,500 4/95 50.00 32,466 23,562 DowChemical Co. (The) 1,600 3/95 85.00 2,352 200 Empresas ICA Sociedad Controladora SA de C.V. 12,000 1/95 35 00 27,389 750 General Dynamics Corp. 1,800 2/95 45.00 4,333 2,250 General Dynamics Corp. 1,800 5/95 50.00 3,134 1,913 Genzyme Corp. 5,200 1/95 40.00 7,503 325 Hewlett-Packard Co. 2,000 5/95 5.00 12,440 10,000 Hewlett-Packard Co. 2,000 5/95 95.00 15,689 22,750 IMC Global, Inc. 3,800 4/95 45.00 11,286 10,450 Inland Steel Industries, Inc. 4,000 3/95 45.00 5,880 750 International Game Technology 3,800 1/95 25.00 7,248 238 Legent Corp. 10,000 1/95 25.00 35,949 43,750 Legent Corp. 6,000 1/95 30.00 10,695 5,250 Legent Corp. 7,000 7/95 35.00 32,164 14,875 Lilly (Eli) & Co. 4,000 4/95 60.00 17,379 31,000 Lotus Development Corp. 2,600 1/95 50.00 9,347 813 Lotus Development Corp. 4,000 1/95 50.00 12,880 250 Lotus Development Corp. 3,500 4/95 50.00 15,644 6,125 Mattel, Inc. 7,600 1/95 30.00 13,547 950 McDonnell Douglas Corp. 1,000 5/95 40.00 10,470 11,375 MGM Grand, Inc. 5,400 3/95 35.00 9,625 1,013 Microsoft Corp. 100 4/95 65.00 2,964 2,850 Mylan Laboratories, Inc. 9,600 4/95 30.00 17,711 12,600 Pyxis Corp. 6,800 4/95 30.00 24,445 6,375 Sun Microsystems, Inc. 6,600 1/95 30.00 10,114 38,775 Sun Microsystems, Inc. 6,600 4/95 35.00 11,352 23,100 Sun Microsystems, Inc. 3,800 7/95 40.00 7,248 9,025 Tandem Computers, Inc. 11,800 4/95 17.50 14,396 17,700 U.S. Healthcare, Inc. 5,000 1/95 45.00 14,537 1,250 U.S. Healthcare, Inc. 5,000 4/95 50.00 19,224 4,375 Waban, Inc. 11,000 3/95 20.00 17,544 2,063 -------- --------- $607,682 $ 481,381 -------- --------- -------- ---------
See accompanying Notes to Financial Statements.
- ---------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Global Securities Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 11.3% - ---------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6%, dated 12/30/94, to be repurchased at $33,822,533 on 1/3/95, collateralized by U.S. Treasury Nts., 3.875%-8.875%, 5/31/95-8/31/05, with a value of $32,143,410 and U.S. Treasury Bonds, 10.75%-14.25%, 2/15/02-8/15/05, with a value of $2,361,271 (Cost $33,800,000) $ 33,800,000 $ 33,800,000 - ---------------------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 0.1% - ---------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 0.1% - ---------------------------------------------------------------------------------------------------------------------------------- Mediobanca, 4.25% Debs., 1/1/00 (Cost $306,880) ITL 497,120,000 229,216 - ---------------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES - 1.2% - ---------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 0.1% - ---------------------------------------------------------------------------------------------------------------------------------- METALS - 0.1% ------------------------------------------------------------------------------------------------------------------------ Jindal Strips Ltd., 4.25% Cv. Debs., 3/31/99 300,000 309,000 - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 0.5% - ---------------------------------------------------------------------------------------------------------------------------------- FOOD - 0.5% ------------------------------------------------------------------------------------------------------------------------ Global Mark International Ltd., 3.50% Cv. Debs., 2/9/95 (4) 1,500,000 1,533,750 - ---------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 0.5% - ---------------------------------------------------------------------------------------------------------------------------------- Industrial Credit and Investment Corp. India Ltd., 2.50% Cv. Debs., 4/30/00 (3) 1,375,000 1,026,094 ------------------------------------------------------------------------------------------------------------------------ Scici Ltd., 3.50% Cv. Bonds, 4/1/04 (3) 660,000 583,275 ------------ 1,609,369 ------------ Total Convertible Corporate Bonds and Notes (Cost $4,177,000) 3,452,119 SHARES - ---------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 85.6% - ---------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 12.5% - ---------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.0% ------------------------------------------------------------------------------------------------------------------------ PT Tri Polyta Indonesia, ADR (2) 30,000 727,500 ------------------------------------------------------------------------------------------------------------------------ Reliance Industries Ltd., GDS (2)(3) 75,000 1,485,000 ------------------------------------------------------------------------------------------------------------------------ Tianjin Bohai Chemical Industry Co. (2) 7,000,000 841,407 ------------ 3,053,907 - ---------------------------------------------------------------------------------------------------------------------------------- CHEMICALS: SPECIALTY - 0.8% ------------------------------------------------------------------------------------------------------------------------ Indo Gulf Fertilizer, GDR (2)(3) 147,000 439,324 ------------------------------------------------------------------------------------------------------------------------ Minerals Technologies, Inc. 40,000 1,170,000 ------------------------------------------------------------------------------------------------------------------------ PT Argha Karya Prima Industry 700,000 732,484 ------------ 2,341,808 - ---------------------------------------------------------------------------------------------------------------------------------- METAL: MISCELLANEOUS - 2.1% ------------------------------------------------------------------------------------------------------------------------ Asturiana de Zinc SA (2) 64,000 695,282 ------------------------------------------------------------------------------------------------------------------------ Capex SA-GDR (2)(3) 124,000 2,030,500 ------------------------------------------------------------------------------------------------------------------------ Plettac AG 2,778 1,317,296 ------------------------------------------------------------------------------------------------------------------------ Swissreal Schweiz Liegenscha 2,800 2,139,592 ------------ 6,182,670 - ---------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS - 5.4% ------------------------------------------------------------------------------------------------------------------------ Attisholz Holding AG 5,000 3,018,352 ------------------------------------------------------------------------------------------------------------------------ Corticeira Amorim SA 129,700 2,159,765 ------------------------------------------------------------------------------------------------------------------------ Forsheda B Free (5) 100,000 2,185,883 ------------------------------------------------------------------------------------------------------------------------ Hansol Paper 29,687 1,600,124
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Global Securities Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS (CONTINUED) - ---------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Indah Kiat Pulp & Paper Corp. 240,000 $ 272,975 ------------------------------------------------------------------------------------------------------------------------ Mo och Domsjo AB Free, Series B (2) 50,000 2,327,124 ------------------------------------------------------------------------------------------------------------------------ PT Pabrik Kertas Tjiwi Kimia 1,000,000 1,865,332 ------------------------------------------------------------------------------------------------------------------------ Rottneros Bruks AB Free (2) 2,000,000 2,515,446 ------------ 15,945,001 - ---------------------------------------------------------------------------------------------------------------------------------- STEEL - 3.2% ------------------------------------------------------------------------------------------------------------------------ Dofasco, Inc. 160,000 2,153,014 ------------------------------------------------------------------------------------------------------------------------ Korea Iron & Steel Works (2) 67,761 1,787,481 ------------------------------------------------------------------------------------------------------------------------ Pohang Iron & Steel Co. Ltd. 5,000 505,945 ------------------------------------------------------------------------------------------------------------------------ Pohang Iron & Steel Co. Ltd., ADR 20,000 585,000 ------------------------------------------------------------------------------------------------------------------------ Sahaviriya Steel Industries PLC (2) 233,000 593,985 ------------------------------------------------------------------------------------------------------------------------ Tung Ho Steel Enterprise Corp., GDR (2)(3) 70,000 1,085,000 ------------------------------------------------------------------------------------------------------------------------ Ugine SA 41,600 2,923,108 ------------ 9,633,533 - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 12.0% - ---------------------------------------------------------------------------------------------------------------------------------- AUTO PARTS: AFTER MARKET - 0.9% ------------------------------------------------------------------------------------------------------------------------ Epeda-Bertrand Faure SA 14,199 2,413,156 ------------------------------------------------------------------------------------------------------------------------ Epeda-Bertrand Faure SA, Units (2) 2,028 344,664 ------------ 2,757,820 - ---------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 3.9% ------------------------------------------------------------------------------------------------------------------------ CIADEA SA (2) 201,620 1,764,066 ------------------------------------------------------------------------------------------------------------------------ Consorcio Grupo Dina SA, Sponsored ADR (2) 45,000 427,500 ------------------------------------------------------------------------------------------------------------------------ Consorcio Grupo Dina SA, Sponsored ADR, Series L (2) 7,100 53,250 ------------------------------------------------------------------------------------------------------------------------ Fiat SpA di Risp. 1,068,000 2,373,333 ------------------------------------------------------------------------------------------------------------------------ Mahindra & Mahindra Ltd., GDR 120,000 1,338,900 ------------------------------------------------------------------------------------------------------------------------ Mayne Nickless Ltd. 200,000 1,023,867 ------------------------------------------------------------------------------------------------------------------------ Nissan Motor Co. (2) 250,000 2,062,243 ------------------------------------------------------------------------------------------------------------------------ Volvo AB, Series B Free 142,500 2,683,591 ------------ 11,726,750 - ---------------------------------------------------------------------------------------------------------------------------------- BROADCAST MEDIA - 0.7% ------------------------------------------------------------------------------------------------------------------------ United International Holdings, Inc., Cl. A (2) 112,000 1,960,000 - ---------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT - 1.3% ------------------------------------------------------------------------------------------------------------------------ Euro Disney SCA 480,000 1,002,851 ------------------------------------------------------------------------------------------------------------------------ Filmes Lusomundo SA (2) 205,200 2,861,456 ------------ 3,864,307 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD FURNISHINGS AND APPLIANCES - 1.5% ------------------------------------------------------------------------------------------------------------------------ Philips Electronics NV 150,000 4,442,997 - ---------------------------------------------------------------------------------------------------------------------------------- PUBLISHING - 0.4% ------------------------------------------------------------------------------------------------------------------------ Roto Smeets de Boer 60,000 1,310,425 - ---------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DEPARTMENT STORES - 1.0% ------------------------------------------------------------------------------------------------------------------------ Sonae Industria E. Investimentos (2) 125,000 2,874,528 - ---------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: GENERAL MERCHANDISE CHAINS - 0.3% ------------------------------------------------------------------------------------------------------------------------ PT Matahari Putra Prima 400,000 746,133 - ---------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 1.8% ------------------------------------------------------------------------------------------------------------------------ Dickson Concepts International Ltd. 1,984,500 1,295,292 ------------------------------------------------------------------------------------------------------------------------ Vereinigte Baubeschlag 14,000 3,965,120 ------------ 5,260,412 - ---------------------------------------------------------------------------------------------------------------------------------- TEXTILES: APPAREL MANUFACTURERS - 0.2% ------------------------------------------------------------------------------------------------------------------------ Indian Rayon and Industries Ltd., GDR (2)(3) 30,000 583,380
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Global Securities Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 7.1% - ---------------------------------------------------------------------------------------------------------------------------------- BEVERAGES: ALCOHOLIC - 1.9% ------------------------------------------------------------------------------------------------------------------------ Jinro Ltd. 19,000 $ 554,217 ------------------------------------------------------------------------------------------------------------------------ LVMH Moet Hennessy Louis Vuitton 15,000 2,369,404 ------------------------------------------------------------------------------------------------------------------------ Vina Concha y Toro SA, ADR 148,600 2,451,900 ------------ 5,375,521 - ---------------------------------------------------------------------------------------------------------------------------------- DRUGS - 1.2% ------------------------------------------------------------------------------------------------------------------------ Astra AB Free, Series A 50,000 1,291,352 ------------------------------------------------------------------------------------------------------------------------ Pharmavit GDS (2)(5) 100,000 1,125,000 ------------------------------------------------------------------------------------------------------------------------ WPP Group PLC 630,000 1,079,270 ------------ 3,495,622 - ---------------------------------------------------------------------------------------------------------------------------------- FOOD PROCESSING - 0.8% ------------------------------------------------------------------------------------------------------------------------ Grupo Herdez SA 400,000 190,050 ------------------------------------------------------------------------------------------------------------------------ Grupo Herdez SA, Series A 300,000 146,192 ------------------------------------------------------------------------------------------------------------------------ Mavesa, ADR (3) 105,000 519,225 ------------------------------------------------------------------------------------------------------------------------ Molinos Rio de la Plata SA (2) 301,343 1,673,853 ------------ 2,529,320 - ---------------------------------------------------------------------------------------------------------------------------------- FOOD WHOLESALERS - 0.3% ------------------------------------------------------------------------------------------------------------------------ Prodega AG 920 1,012,332 - ---------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE: MISCELLANEOUS - 1.4% ------------------------------------------------------------------------------------------------------------------------ Genzyme Corp. (2) 60,000 1,890,000 ------------------------------------------------------------------------------------------------------------------------ Genzyme Corp. Tissue Repair (2) 8,100 30,375 ------------------------------------------------------------------------------------------------------------------------ Plant Genetics Systems International NV (2) 9,104 68,714 ------------------------------------------------------------------------------------------------------------------------ Takare PLC 650,000 2,237,234 ------------ 4,226,323 - ---------------------------------------------------------------------------------------------------------------------------------- MEDICAL PRODUCTS - 1.0% ------------------------------------------------------------------------------------------------------------------------ Elekta Instrument AB Free, Series B (2) 135,000 2,905,542 - ---------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: FOOD CHAINS - 0.5% ------------------------------------------------------------------------------------------------------------------------ Carulla SA (2)(3) 107,000 1,235,208 ------------------------------------------------------------------------------------------------------------------------ President Enterprises Corp. (2)(3) 7,414 150,134 ------------ 1,385,342 - ---------------------------------------------------------------------------------------------------------------------------------- ENERGY - 7.9% - ---------------------------------------------------------------------------------------------------------------------------------- OIL AND GAS DRILLING - 2.4% ------------------------------------------------------------------------------------------------------------------------ Naviera Perez Companc SA, CIA Cl. B 250,000 1,029,934 ------------------------------------------------------------------------------------------------------------------------ Petroleum Geo-Services AS (2) 172,000 3,127,729 ------------------------------------------------------------------------------------------------------------------------ Transocean Drilling AS (2) 354,960 2,938,752 ------------ 7,096,415 - ---------------------------------------------------------------------------------------------------------------------------------- OIL WELL SERVICES AND EQUIPMENT - 1.7% ------------------------------------------------------------------------------------------------------------------------ Baker Hughes, Inc. 150,000 2,737,500 ------------------------------------------------------------------------------------------------------------------------ Coflexip SA, Sponsored ADR 102,440 2,381,730 ------------ 5,119,230 - ---------------------------------------------------------------------------------------------------------------------------------- OIL: EXPLORATION AND PRODUCTION - 0.4% ------------------------------------------------------------------------------------------------------------------------ ASTRA Compania Argentina de Petroleo SA 750,000 1,237,421 - ---------------------------------------------------------------------------------------------------------------------------------- OIL: INTEGRATED INTERNATIONAL - 3.4% ------------------------------------------------------------------------------------------------------------------------ Elf Gabon SA 11,000 2,133,307 ------------------------------------------------------------------------------------------------------------------------ OeMV AG (2) 50,500 4,277,970 ------------------------------------------------------------------------------------------------------------------------ YPF Sociedad Anonima, Sponsored ADR 47,300 1,011,038 ------------------------------------------------------------------------------------------------------------------------ YuKong Ltd. 11,605 538,672 ------------------------------------------------------------------------------------------------------------------------ YuKong Ltd., GDR (2)(3) 100,000 1,500,000 ------------------------------------------------------------------------------------------------------------------------ Yukong Ltd., New 16,340 758,458 ------------ 10,219,445
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Global Securities Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 11.3% - ---------------------------------------------------------------------------------------------------------------------------------- BANKS - 0.9% ------------------------------------------------------------------------------------------------------------------------ Banco Portugues de Investimento 113,000 $ 1,686,482 ------------------------------------------------------------------------------------------------------------------------ Banco Wiese, Sponsored ADR (2) 59,700 1,119,375 ------------ 2,805,857 - ---------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCE - 0.4% ------------------------------------------------------------------------------------------------------------------------ Petersburg Long Distance, Inc. 187,000 1,192,125 - ---------------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES: MISCELLANEOUS - 2.9% ------------------------------------------------------------------------------------------------------------------------ First NIS Regional Fund (3)(6) 180,000 765,000 ------------------------------------------------------------------------------------------------------------------------ Industrial Finance Corp. 720,000 1,534,355 ------------------------------------------------------------------------------------------------------------------------ Marschollek, Lautenschlaeger und Partner AG 9,587 5,133,631 ------------------------------------------------------------------------------------------------------------------------ Sturge Holdings PLC 680,000 691,509 ------------------------------------------------------------------------------------------------------------------------ Taipei Fund, Cl. B, IDR (2)(3) 6 575,400 ------------ 8,699,895 - ---------------------------------------------------------------------------------------------------------------------------------- INSURANCE: LIFE - 2.1% ------------------------------------------------------------------------------------------------------------------------ National Mutual Asia Ltd. (2) 2,700,000 1,779,750 ------------------------------------------------------------------------------------------------------------------------ Swiss Reinsurance 7,500 4,521,797 ------------ 6,301,547 - ---------------------------------------------------------------------------------------------------------------------------------- INSURANCE: PROPERTY AND CASUALTY - 1.8% ------------------------------------------------------------------------------------------------------------------------ Reinsurance Australia Corp. (2) 3,300,000 5,375,302 - ---------------------------------------------------------------------------------------------------------------------------------- MAJOR BANKS: OTHER - 3.2% ------------------------------------------------------------------------------------------------------------------------ Akbank T.A.S. 6,448,440 1,749,574 ------------------------------------------------------------------------------------------------------------------------ Banco de Galicia, Series B 152,375 609,461 ------------------------------------------------------------------------------------------------------------------------ Banco Frances del Rio Plata 109,326 778,948 ------------------------------------------------------------------------------------------------------------------------ Grupo Financiero Banamex Accival SA, Cl. C 160,000 464,566 ------------------------------------------------------------------------------------------------------------------------ Korea First Bank 98,857 1,379,108 ------------------------------------------------------------------------------------------------------------------------ Kwangju Bank (2) 100,000 1,318,960 ------------------------------------------------------------------------------------------------------------------------ PT Panin Bank (3) 1,200,000 1,665,150 ------------------------------------------------------------------------------------------------------------------------ Standard Chartered Bank PLC 43 189 ------------------------------------------------------------------------------------------------------------------------ Turkiye Garanti Bankasi AS, Sponsored ADR (3) 660,000 1,671,252 ------------ 9,637,208 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 23.1% - ---------------------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS GROUP - 1.0% ------------------------------------------------------------------------------------------------------------------------ Ceramicas Carabobo CA, Series B 25,000 88,832 ------------------------------------------------------------------------------------------------------------------------ Ceramicas Carabobo CA, Sponsored ADR, Cl. B 120,000 139,164 ------------------------------------------------------------------------------------------------------------------------ Cimentos de Portugal SA 80,000 1,412,060 ------------------------------------------------------------------------------------------------------------------------ Internacional de Ceramica SA, Series B, ADR (2)(3) 10,000 177,664 ------------------------------------------------------------------------------------------------------------------------ Sung Shin Cement (2) 28,000 1,278,377 ------------ 3,096,097 - ---------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES - 1.8% ------------------------------------------------------------------------------------------------------------------------ BIS SA (2) 28,425 1,720,376 ------------------------------------------------------------------------------------------------------------------------ Eurotunnel SA, ESA-Unites (2) 234,090 1,050,531 ------------------------------------------------------------------------------------------------------------------------ Measurex Corp. 110,000 2,598,750 ------------ 5,369,657 - ---------------------------------------------------------------------------------------------------------------------------------- CONGLOMERATES - 4.5% ------------------------------------------------------------------------------------------------------------------------ Catena AB Free, Series A (2) 425,000 3,630,247 ------------------------------------------------------------------------------------------------------------------------ Commercial del Plata 75,400 192,258 ------------------------------------------------------------------------------------------------------------------------ Internatio-Muller NV 50,000 2,650,816 ------------------------------------------------------------------------------------------------------------------------ Jardine Matheson Holdings Ltd. 197,551 1,410,706 ------------------------------------------------------------------------------------------------------------------------ JK Corp. Ltd., GDR (2)(3) 562,000 3,779,450 ------------------------------------------------------------------------------------------------------------------------ Kinnevik Investments AB Free, Series B 52,000 1,720,727 ------------ 13,384,204
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Global Securities Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL (CONTINUED) - ---------------------------------------------------------------------------------------------------------------------------------- CONTAINERS: METAL AND GLASS - 0.3% ------------------------------------------------------------------------------------------------------------------------ M C Packaging Corp Ltd. 2,662,000 $ 1,032,178 - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.4% ------------------------------------------------------------------------------------------------------------------------ PT Kabelmetal Indonesia 800,000 1,091,902 - ---------------------------------------------------------------------------------------------------------------------------------- ENGINEERING AND CONSTRUCTION - 4.2% ------------------------------------------------------------------------------------------------------------------------ Babcock International Group PLC (2) 5,400,000 2,513,369 ------------------------------------------------------------------------------------------------------------------------ Cristaleria Espanola SA 40,000 2,130,213 ------------------------------------------------------------------------------------------------------------------------ SNC Lavalin Group 219,800 3,564,913 ------------------------------------------------------------------------------------------------------------------------ Trafalgar House PLC 1,500,000 1,783,530 ------------------------------------------------------------------------------------------------------------------------ VA Technologie AG (2)(3) 25,000 2,516,615 ------------ 12,508,640 - ---------------------------------------------------------------------------------------------------------------------------------- MACHINERY: DIVERSIFIED - 3.4% ------------------------------------------------------------------------------------------------------------------------ Buderus AG 4,500 1,929,174 ------------------------------------------------------------------------------------------------------------------------ Maschinenfabrik Berthold Hermle AG 5,101 543,004 ------------------------------------------------------------------------------------------------------------------------ Powerscreen International PLC 580,000 2,150,561 ------------------------------------------------------------------------------------------------------------------------ Tampella AB (2) 838,333 2,476,333 ------------------------------------------------------------------------------------------------------------------------ Traub AG (2) 22,000 2,980,614 ------------ 10,079,686 - ---------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING: DIVERSIFIED INDUSTRIALS - 3.3% ------------------------------------------------------------------------------------------------------------------------ Autoliv AB (2) 125,000 4,808,942 ------------------------------------------------------------------------------------------------------------------------ Bollore Technologies SA (2) 10,000 828,776 ------------------------------------------------------------------------------------------------------------------------ Hindustan Development Corp. Ltd., Units (2)(3) 370,000 786,250 ------------------------------------------------------------------------------------------------------------------------ Valmet Corp., Cl. A (2) 150,000 2,851,547 ------------------------------------------------------------------------------------------------------------------------ Vitro Sociedad Anonima, ADR 30,000 420,000 ------------ 9,695,515 - ---------------------------------------------------------------------------------------------------------------------------------- POLLUTION CONTROL - 0.8% ------------------------------------------------------------------------------------------------------------------------ Elco Looser Holdings Inhaber 6,000 2,292,420 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION: MISCELLANEOUS - 2.8% ------------------------------------------------------------------------------------------------------------------------ Kvaerner Industrier AS, Series A Free 3,900 182,200 ------------------------------------------------------------------------------------------------------------------------ Kvaerner Industrier AS, Series B 21,232 960,523 ------------------------------------------------------------------------------------------------------------------------ Lisnave-Estaleiros Navais de Lisbona SA (2) 501,250 2,455,872 ------------------------------------------------------------------------------------------------------------------------ Malaysian International Shipping Corp. 400,333 1,144,467 ------------------------------------------------------------------------------------------------------------------------ Singmarine Industries Ltd. 437,500 1,104,272 ------------------------------------------------------------------------------------------------------------------------ Unitor Ships Service AS 33,100 557,864 ------------------------------------------------------------------------------------------------------------------------ Vard AS (2) 356,000 784,209 ------------------------------------------------------------------------------------------------------------------------ Westmont Berhad Ord. 200,000 1,245,334 ------------ 8,434,741 - ---------------------------------------------------------------------------------------------------------------------------------- TRUCKERS - 0.6% ------------------------------------------------------------------------------------------------------------------------ Koninklijke Frans Maas Groep NV 61,300 1,907,550 - ---------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 8.5% - ---------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.5% ------------------------------------------------------------------------------------------------------------------------ Celsius Industrier AB, Cl. B 64,900 1,440,463 - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 0.4% ------------------------------------------------------------------------------------------------------------------------ Cray Electronics Holdings 500,000 1,263,333 - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS: SEMICONDUCTORS - 2.2% ------------------------------------------------------------------------------------------------------------------------ Austria Mikro Systeme International AG 70,000 5,275,264 ------------------------------------------------------------------------------------------------------------------------ Samsung Electronics Co., GDR (2)(3) 745 34,643 ------------------------------------------------------------------------------------------------------------------------ Samsung Electronics Co., Sponsored GDS (2) 25,000 1,162,500 ------------ 6,472,407 - ---------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 5.4% ------------------------------------------------------------------------------------------------------------------------ Airtouch Communications, Inc. (2) 85,000 2,475,625
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Global Securities Fund MARKET VALUE COMMON STOCKS (CONTINUED) SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY (CONTINUED) - ---------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Comcast UK Cable Partners Ltd. (2) 49,000 $ 784,000 ------------------------------------------------------------------------------------------------------------------------ Millicom International Cellular SA (2) 121,678 3,665,550 ------------------------------------------------------------------------------------------------------------------------ Netas Telekomunik 2,970,000 940,115 ------------------------------------------------------------------------------------------------------------------------ Pakistan Telecommunications, GDR (2)(3) 10,000 1,355,000 ------------------------------------------------------------------------------------------------------------------------ PT Indosat, ADR (2) 28,000 1,001,000 ------------------------------------------------------------------------------------------------------------------------ Shinawatra Computer & Communication PLC 50,000 1,091,415 ------------------------------------------------------------------------------------------------------------------------ Technology Resources Industries 500,000 1,595,829 ------------------------------------------------------------------------------------------------------------------------ USHA Beltron Ltd. (2) 160,000 1,500,000 ------------------------------------------------------------------------------------------------------------------------ Vodafone Group 500,000 1,658,370 ------------ 16,066,904 - ---------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 3.2% - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRIC COMPANIES - 1.9% ------------------------------------------------------------------------------------------------------------------------ Calcutta Electric Supply (2) 15,000 570,000 ------------------------------------------------------------------------------------------------------------------------ Central Puerto SA, ADR (3) 20,000 494,968 ------------------------------------------------------------------------------------------------------------------------ Korea Electric Power Co. 25,000 862,397 ------------------------------------------------------------------------------------------------------------------------ Tata Electric Cos. (2)(3) 500 218,750 ------------------------------------------------------------------------------------------------------------------------ Veba AG 10,000 3,463,190 ------------ 5,609,305 - ---------------------------------------------------------------------------------------------------------------------------------- TELEPHONE - 1.3% ------------------------------------------------------------------------------------------------------------------------ Telecom Italia SpA 900,000 2,341,191 ------------------------------------------------------------------------------------------------------------------------ Telecommunication de Argentina, Cl. B 300,000 1,469,900 ------------------------------------------------------------------------------------------------------------------------ Telefonos de Mexico SA, Sponsored ADR 3,000 123,000 ------------ 3,934,091 ------------ Total Common Stocks (Cost $261,335,260) 254,977,211 - ---------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.7% ------------------------------------------------------------------------------------------------------------------------ Moebel Walther AG (2) 3,500 1,585,145 ------------------------------------------------------------------------------------------------------------------------ Rhoen Klinikum AG 660 400,254 ------------------------------------------------------------------------------------------------------------------------ Telecom Brasileiras SA 600,000 26,848 ------------ Total Preferred Stocks (Cost $1,857,274) 2,012,247 UNITS - ---------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.1% ------------------------------------------------------------------------------------------------------------------------ Ciba-Geigy AG Wts., Exp. 6/95 100 309 ------------------------------------------------------------------------------------------------------------------------ Eurotunnel SA Wts., Exp. 10/95 30,000 3,373 ------------------------------------------------------------------------------------------------------------------------ Rottneros Bruks AB Rts., Exp. 1/95 2,000,000 322,838 ------------ Total Rights, Warrants and Certificates (Cost $0) 326,520 FACE AMOUNT - ---------------------------------------------------------------------------------------------------------------------------------- CERTIFICATE OF DEPOSIT - 0.7% - ---------------------------------------------------------------------------------------------------------------------------------- Cayman Time Deposit, 5.125%, 2/27/95 (Cost $2,300,000) 2,300,000 2,300,000 ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $303,776,414) 99.7% 297,097,313 ------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS NET OF LIABILITIES 0.3 744,608 --------- ------------ NET ASSETS 100.0% $297,841,921 --------- ------------ --------- ------------
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Global Securities Fund - -------------------------------------------------------------------------------- 1. Face amount is reported in local currency. Foreign currency abbreviation is as follows: ITL - Italian Lira 2. Non-income producing security. 3. Restricted security - See Note 7 of Notes to Financial Statements. 4. Represents the current interest rate for an increasing rate security. 5. Affiliated company. Represents ownership of at least 5% of the voting securities of the issuer and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 1994. The aggregate fair value of all securities of affiliated companies as December 31, amounted to $3,310,883. Transactions during the period in which the issuer was an affiliate are as follows:
Balance Balance December 31, 1993 Gross Additions Gross Reductions December 31, 1994 ----------------- ------------------ ---------------- ----------------- Dividend Shares Cost Shares Cost Shares Cost Shares Cost Income - ------------------------------------------------------------------------------------------------------------------------------------ Forsheda B Free - $ - 100,000 $1,200,236 - $ - 100,000 $1,200,236 $10,808 Pharmavit GDS - - 100,000 1,300,000 - - 100,000 1,300,000 - ---- ---------- ---- ---------- ------- - $ - $2,500,236 - $ - $2,500,236 $10,808 ---- ---------- ---- ---------- ------- ---- ---------- ---- ---------- -------
6. First NIS Regional Fund, a closed end fund listed on the Luxembourg Stock Exchange, is offered in installments. The Fund entered into the first installment (40% of the total commitment) on November 29, 1994. The second and third installments (30% each of the total commitment) are provisional and may be postponed indefinitely at the discretion of the Board of NIS Fund. See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Strategic Bond Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 16.7% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6%, dated 12/30/94, to be repurchased at $3,402,267 on 1/3/95, 1/3/95 collateralized by U.S. Treasury Nts., 3.875%-8.875%, 5/31/95-8/31/05, with a value of $3,233,361 and U.S. Treasury Bonds, 10.75%-14.25%, 2/15/02-8/15/05, with a value of $237,524 (Cost $3,400,000) $ 3,400,000 $ 3,400,000 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 6.2% - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 5.2% - ----------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED - 1.6% ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Series 176, Cl. F, 8.95%, 3/15/20 58,000 58,436 ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, 10.50%, 11-25-20 130,000 143,450 ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Series 1994-83, Cl. Z, 7.50%, 6/25/24 166,094 124,890 ---------------- 326,776 - ----------------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED - 3.6% ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 7%, 1/1/95 750,000 737,109 - ----------------------------------------------------------------------------------------------------------------------------------- PRIVATE - 1.0% - ----------------------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY - 1.0% ------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corp. Commercial Mtg. Pass-Through Certificates, Series 1994-C2, Cl. E, 8%, 4/25/25 249,105 199,129 ---------------- Total Mortgage-Backed Obligations (Cost $1,263,157) 1,263,014 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 13.6% - ----------------------------------------------------------------------------------------------------------------------------------- TREASURY - 13.6% - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.875%, 2/15/21 470,000 463,831 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 4.25%, 5/15/96 (10)(11) 2,289,000 2,194,579 ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 5.125%, 4/30/98 120,000 110,662 ---------------- Total U.S. Government Obligations (Cost $2,959,676) 2,769,072 - ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS - 22.2% - ----------------------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Bonds, Bonos de Consolidacion de Deudas, Series 1, 5.625%, 4/1/01 (4)(6) 639,964 409,944 ------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Interest Due and Unpaid Bonds, 6.063%, 1/1/01 (4) 98,000 81,861 ------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Nts., Banco Estado Minas Gerais, 10%, 1/15/96 240,000 231,000 ------------------------------------------------------------------------------------------------------------------------- Ecuador (Republic of) Bonds, 0%, 12/29/49 (5)(9) 250,000 135,938 ------------------------------------------------------------------------------------------------------------------------- International Bank for Reconstruction and Development Bonds, 12.50%, 7/25/97 NZD 325,000 222,608 ------------------------------------------------------------------------------------------------------------------------- Morocco (Kingdom of) Loan Participation Agreement, Tranche A, 5.938%, 1/1/09 (4) 300,000 199,125 ------------------------------------------------------------------------------------------------------------------------- Morocco (Kingdom of) Loan Participation Agreement, Tranche B, 5.938%, 1/1/04 (4) 50,000 35,453 ------------------------------------------------------------------------------------------------------------------------- New South Wales State Bank Bonds, 9.25%, 2/18/03 AUD 100,000 72,863
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Strategic Bond Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- New South Wales Treasury Corp. Gtd. Bonds, 12%, 12/1/01 AUD $ 148,000 $ 123,766 ------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 10%, 7/15/97 NZD 155,000 100,687 ------------------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 8%, 11/15/95 NZD 400,000 252,869 ------------------------------------------------------------------------------------------------------------------------- Petroquimica do Nordeste Sr. Unsec. Unsub. Nts., 9.50%, 10/19/01 50,000 43,938 ------------------------------------------------------------------------------------------------------------------------- Poland (Republic of) Disc. Bonds, 6.813%, 10/27/24 500,000 361,250 ------------------------------------------------------------------------------------------------------------------------- Queensland Treasury Corp. Gtd. Nts., 8%, 8/14/01 AUD 270,000 186,275 ------------------------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Gtd. Bonds, Bonos y Obligacion del Estado, 10.25%, 11/30/98 ESP 26,000,000 188,931 ------------------------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Gtd. Bonds, Bonos y Obligacion del Estado, 12.25%, 3/25/00 ESP 22,000,000 169,517 ------------------------------------------------------------------------------------------------------------------------- Treasury Corp. of Victoria Gtd. Nts., 12.50%, 7/15/00 AUD 190,000 160,086 ------------------------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts. (Gilt), 12%, 11/20/98 GBP 185,000 320,004 ------------------------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts. (Gilt), 12.25%, 3/26/99 GBP 30,000 52,597 ------------------------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts. (Gilt), 13%, 7/14/00 GBP 92,000 169,887 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Treasury Bills, 0%, 1/19/95 MXP 176,940 35,378 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Treasury Bills, 0%, 4/6/95 MXP 363,930 69,047 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Treasury Bills, 0%, 5/4/95 MXP 184,250 34,798 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Combined Facility 3 Loan Participation Agreement, 7.625%, 3/20/00 (4)(5) 200,000 172,000 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Myra Old Money Loan Participation Agreements, 7.625%, 3/20/05 (4)(5) 200,000 139,000 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Petacalco Topolobampo Trust Sr. Sec. Unsub. Nts., 8.125%, 12/15/03 300,000 222,000 ------------------------------------------------------------------------------------------------------------------------- United Mexican States Petroleos Mexicanos Gtd. Medium-Term Nts., 7.60%, 6/15/00 100,000 84,720 ------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Debs., 6.75%, 9/20/95 200,000 192,000 ------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Debs., 9%, 5/27/96 50,000 47,124 ---------------- Total Foreign Government Obligations (Cost $4,778,402) 4,514,666 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 34.2% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 3.7% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.3% ------------------------------------------------------------------------------------------------------------------------- Borg-Warner Security Corp., 9.125% Sr. Sub. Nts., 5/1/03 100,000 85,250 ------------------------------------------------------------------------------------------------------------------------- Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 200,000 177,000 ---------------- 262,250 - ----------------------------------------------------------------------------------------------------------------------------------- METALS - 0.5% ------------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 11.75% Sr. Sec. Nts., 10/15/03 100,000 100,000 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER AND FOREST PRODUCTS - 1.9% ------------------------------------------------------------------------------------------------------------------------- PT Inti Indorayon Utama, 9.125% Sr. Nts., 10/15/00 75,000 61,500 ------------------------------------------------------------------------------------------------------------------------- Repap Wisconsin, Inc., 9.25% Fst. Priority Sr. Sec. Nts., 2/1/02 100,000 89,750 ------------------------------------------------------------------------------------------------------------------------- SD Warren Co., 12% Sr. Sub. Nts., 12/15/04 (5) 50,000 51,500 ------------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 10.75% Fst. Mtg. Nts., 10/1/02 190,000 190,000 ---------------- 392,750 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 10.5% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.9% ------------------------------------------------------------------------------------------------------------------------- Penda Corp., 10.75% Sr. Nts., Series B, 3/1/04 200,000 183,000 - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION SUPPLIES AND DEVELOPMENT - 1.7% ------------------------------------------------------------------------------------------------------------------------- Atlantis Group, Inc., 11% Sr. Nts., 2/15/03 130,000 129,350
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Strategic Bond Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION SUPPLIES AND DEVELOPMENT (CONTINUED) ------------------------------------------------------------------------------------------------------------------------- Tribasa Toll Road Trust, 10.50% Nts., 12/1/11 Series 1993-A, 12/1/11 (5) $ 250,000 $ 216,250 ---------------- 345,600 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER GOODS AND SERVICES - 3.3% ------------------------------------------------------------------------------------------------------------------------- Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 200,000 199,000 ------------------------------------------------------------------------------------------------------------------------- Coleman Holdings, Inc., 0% Sr. Sec. Disc. Nts., Series B, 5/27/98 50,000 34,000 ------------------------------------------------------------------------------------------------------------------------- Harman International Industries, Inc., 12% Sr. Sub. Nts., 8/1/02 150,000 162,750 ------------------------------------------------------------------------------------------------------------------------- MacAndrews & Forbes Holdings, Inc., 13% Sub. Debs., 3/1/99 175,000 174,125 ------------------------------------------------------------------------------------------------------------------------- PT Polysindo Eka Perkasa, 0% Promissory Nts., 10/23/96 IDR 300,000,000 97,589 ---------------- 667,464 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA - 3.3% ------------------------------------------------------------------------------------------------------------------------- Ackerley Communications, Inc., 10.75% Sr. Sec. Nts., Series A, 10/1/0 200,000 191,000 ------------------------------------------------------------------------------------------------------------------------- Bell Cablemedia PLC, 0%/11.95% Sr. Disc. Nts., 7/15/04 (3) 100,000 54,000 ------------------------------------------------------------------------------------------------------------------------- Lamar Advertising Co., 11% Sr. Sec. Nts., 5/15/03 150,000 143,813 ------------------------------------------------------------------------------------------------------------------------- New City Communications, Inc., 11.375% Sr. Sub. Nts., 11/1/03 200,000 196,000 ------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcasting Group, Inc., 10% Sr. Sub. Nts., 12/15/03 100,000 94,000 ---------------- 678,813 - ----------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE DEVELOPMENT - 0.4% ------------------------------------------------------------------------------------------------------------------------- Saul (B.F.) Real Estate Investment Trust, 11.625% Sr. Nts., 4/1/02 100,000 84,000 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL - 0.9% ------------------------------------------------------------------------------------------------------------------------- International Semi-Tech Microelectronics, Inc., 0%/11.50% (3) Sr. Sec. Disc. Nts., 8/15/03 400,000 172,000 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 4.2% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD AND DRUG DISTRIBUTION - 2.1% ------------------------------------------------------------------------------------------------------------------------- AmeriSource Corp., 11.25% Sr. Debs., 7/15/05 (6) 165,831 157,539 ------------------------------------------------------------------------------------------------------------------------- Di Giorgio Corp., 12% Sr. Nts., 2/15/03 150,000 141,000 ------------------------------------------------------------------------------------------------------------------------- Grand Union Co., 12.25% Sr. Sub. Nts., 7/15/02 200,000 79,000 ------------------------------------------------------------------------------------------------------------------------- Purity Supreme, Inc., 11.75% Sr. Sec. Nts., Series B, 8/1/99 50,000 41,750 ---------------- 419,289 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 2.1% ------------------------------------------------------------------------------------------------------------------------- Icon Health & Fitness, Inc., Units (5) 200,000 197,000 ------------------------------------------------------------------------------------------------------------------------- Total Renal Care, Inc., Units 300,000 226,500 ---------------- 423,500 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 3.1% - ----------------------------------------------------------------------------------------------------------------------------------- Card Establishment Services, Inc., 10% Sr. Sub. Nts., Series B, 10/1/03 300,000 313,500 ------------------------------------------------------------------------------------------------------------------------- Citibank, 10.50% CD, 7/14/95 (7)ARA 100,000 99,994 ------------------------------------------------------------------------------------------------------------------------- Citibank, 16% CD, 3/17/95 (7)CLP 20,711,846 51,644 ------------------------------------------------------------------------------------------------------------------------- Citibank, 16% CD, 5/3/95 (7)CLP 64,500,000 160,828 ---------------- 625,966 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 0.4% - ----------------------------------------------------------------------------------------------------------------------------------- GENERAL INDUSTRIAL - 0.4% ------------------------------------------------------------------------------------------------------------------------- Terex Corp., 13% Sr. Nts., 8/1/96 (5) 90,000 85,275
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Strategic Bond Fund FACE MARKET VALUE AMOUNT (1) SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 9.4% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 1.6% ------------------------------------------------------------------------------------------------------------------------- GPA Holland BV, 8.625% Medium-Term Nts., Series C, 1/15/99 (5) $ 250,000 $ 178,750 ------------------------------------------------------------------------------------------------------------------------- Talley Industries, Inc., 0%/12.25% Sr. Disc. Debs., 10/15/05 (3) 300,000 151,500 ---------------- 330,250 - ----------------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 3.8% ------------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc., 0%/12.50% Sr. Disc. Nts., 6/15/04 (3) 200,000 90,000 ------------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 10.75% Sr. Sub. Debs., 4/1/04 100,000 100,500 ------------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 2/15/13 100,000 90,000 ------------------------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 11% Sr. Sub. Debs., 6/1/07 300,000 306,000 ------------------------------------------------------------------------------------------------------------------------- Echostar Communications Corp., Units 80,000 41,800 ------------------------------------------------------------------------------------------------------------------------- Marcus Cable Operating Co. LP/Marcus Capital Corp., 0%/13.50% Gtd. Sr. Sub. Disc. Nts., Series II, 8/1/04 (3) 100,000 53,000 ------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 9.125% Debs., 1/15/13 50,000 45,856 ------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc./Time Warner Entertainment LP, 8.375% Sr. Debs., 3/15/23 50,000 41,834 ---------------- 768,990 - ----------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS - 2.9% ------------------------------------------------------------------------------------------------------------------------- Call-Net Enterprises, Inc., 0%/13.25% Sr. Disc. Nts., 12/1/04 (3) 200,000 105,000 ------------------------------------------------------------------------------------------------------------------------- Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 3/15/04 (3)(5) 150,000 97,893 ------------------------------------------------------------------------------------------------------------------------- Cellular, Inc., 0%/11.75% Sr. Sub. Disc. Nts., 9/1/03 (3) 50,000 32,750 ------------------------------------------------------------------------------------------------------------------------- MFS Communications, Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (3) 50,000 29,875 ------------------------------------------------------------------------------------------------------------------------- Mobile Telecommunications Technologies Corp., 13.50% Sr. Nts., 12/15/02 50,000 50,875 ------------------------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 9.75% Sr. Sec. Nts., 8/1/00 150,000 142,125 ------------------------------------------------------------------------------------------------------------------------- PriCellular Wireless Corp., .50%/14% Sr. Sub. Disc. Nts., 11/15/01 (5)(12) 200,000 133,000 ---------------- 591,518 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.1% ------------------------------------------------------------------------------------------------------------------------- Imax Corp., 7%/10% Sr. Nts., 3/1/01 (8) 200,000 167,000 ------------------------------------------------------------------------------------------------------------------------- Unisys Corp., 13.50% Credit Sensitive Nts., 7/1/97 50,000 54,250 ---------------- 221,250 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 2.9% - ----------------------------------------------------------------------------------------------------------------------------------- Beaver Valley II Funding Corp., 9% 2nd Lease Obligation Bonds, 6/1/17 199,000 142,451 ------------------------------------------------------------------------------------------------------------------------- El Paso Funding Co., 10.75% Debs., 4/1/13 (2) 100,000 52,077 ------------------------------------------------------------------------------------------------------------------------- First PV Funding Corp., 10.30% Lease Obligation Bonds, Series 1986A, 1/15/14 200,000 183,467 ------------------------------------------------------------------------------------------------------------------------- Subic Power Corp., 9.50% Sr. Sec. Nts., Series A, 12/28/08 (5) 250,000 216,250 ---------------- 594,245 ---------------- Total Corporate Bonds and Notes (Cost $7,408,174) 6,946,160
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Strategic Bond Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 0.6% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 0.6% - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS/MOTELS - 0.2% ------------------------------------------------------------------------------------------------------------------------- Celcaribe SA (5) 24,390 $ 28,106 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL STORES: DEPARTMENT STORES - 0.4% ------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. 4,498 86,587 ---------------- Total Common Stocks (Cost $113,924) 114,693 - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 4.2% - ----------------------------------------------------------------------------------------------------------------------------------- AK Steel Holding Corp., 7% Cv. Stock Appreciation Income Linked Securities 5,000 156,250 ------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co., 9% Exchangeable Notes for Common Stock of Lyondell Petrochemical Co., 9/15/97 5,000 130,625 ------------------------------------------------------------------------------------------------------------------------- California Federal Bank, 10.625% Non-Cum., Series B 2,000 200,500 ------------------------------------------------------------------------------------------------------------------------- First Nationwide Bank, 11.50% Non-Cum. 2,000 196,000 ------------------------------------------------------------------------------------------------------------------------- Glendale Federal Bank, F.S.B., 8.75% Non-Cum. Cv., Series E 1,000 27,875 ------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum Corp., 8.255% Provisionally Redeemable Income Debt Exchangeable for Stock 3,200 34,000 ------------------------------------------------------------------------------------------------------------------------- Prime Retail, Inc., $19.00 Cv., Series B 6,000 114,000 ---------------- Total Preferred Stocks (Cost $916,622) 859,250 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc. Wts., Exp. 6/99 1,000 2,250 ------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. Wts., Cl. C, Exp. 12/99 2,996 15,355 ------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. Wts., Cl. D, Exp. 12/01 2,996 16,853 ------------------------------------------------------------------------------------------------------------------------- Terex Corp. Rts., Exp. 7/96 (5) 36 27 ---------------- Total Rights, Warrants and Certificates (Cost $35,293) 34,485 FACE AMOUNT - ----------------------------------------------------------------------------------------------------------------------------------- STRUCTURED INSTRUMENTS - 3.1% - ----------------------------------------------------------------------------------------------------------------------------------- Argentina Local Market Securities Trust, Series 1994-II, 11.30%, 4/1/00 (5) $286,956 $244,630 ------------------------------------------------------------------------------------------------------------------------- Bayerische Landesbank, N.Y. Branch, Italian Lira/Deutsche Mark Linked Confidence Nt., Girozentrale Branch, 10%, 8/7/95 (7) 90,000 76,455 ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 5.788% Standard & Poor's 500 Index-Linked Nts., 1/25/95 (5) 50,000 58,560 ------------------------------------------------------------------------------------------------------------------------- Morgan Guaranty Trust Co. of New York (Singapore Branch), 12.15% CD, 2/3/95 (7) 100,000 91,592 ------------------------------------------------------------------------------------------------------------------------- Swiss Bank Corporation Investment Banking, Inc., 10% CD Sterling Rate Linked Nts., 7/3/95 (7) 160,000 154,880 ---------------- Total Structured Instruments (Cost $709,157) 626,117 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $21,584,405) 101.0% 20,527,457 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (1.0) (207,142) ------ ---------------- NET ASSETS 100.0% $ 20,320,315 ------ ---------------- ------ ----------------
STATEMENT OF INVESTMENTS (CONTINUED) December 31, 1994 Oppenheimer Variable Account Funds - Oppenheimer Strategic Bond Fund - -------------------------------------------------------------------------------- 1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: ARA - Argentine Austral GBP - Pound Sterling AUD - Australian Dollar IDR - Indonesian Rupiah CLP - Chilean Peso MXP - Mexican Peso ESP - Spanish Peseta NZD - New Zealand Dollar 2. Non-income producing security. 3. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date. 4. Represents the current interest for a variable rate security. 5. Restricted security - See Note 7 of Notes to Financial Statements. 6. Interest or dividend is paid in kind. 7. Indexed instrument for which the principal amount due at maturity is affected by the relative value of a foreign currency. 8. Represents the current interest rate for an increasing rate security. 9. When-issued security to be delivered and settled after December 31, 1994. 10. Securities with an aggregate market value of $402,675 are held in escrow to cover initial margin requirements on open interest rate futures sales contracts. See Note 6 of Notes to Financial Statements. 11. Securities with an aggregate market value of $1,150,500 are held in escrow to cover outstanding call options, as follows:
SHARES SUBJECT EXPIRATION EXERCISE PREMIUM MARKET VALUE TO CALL DATE PRICE RECEIVED SEE NOTE 1 - ------------------------------------------------------------------------------------------------------- European OTC Australian Dollar/U.S. Dollar 307,425 3/6/95 79.00AUD $1,600 $1,548
12. Represents a bond that pays contingent supplemental interest until it converts to a fixed rate of interest at a designated future date. See accompanying Notes to Financial Statements. STATEMENTS OF ASSETS AND LIABILITIES December 31, 1994 Oppenheimer Variable Account Funds
OPPENHEIMER OPPENHEIMER OPPENHEIMER OPPENHEIMER CAPITAL MONEY HIGH INCOME BOND APPRECIATION FUND FUND FUND FUND ---------------------------------------------------------- ASSETS: Investments, at value (cost * ) (including repurchase agreements**) - see accompanying statements $89,427,110 $94,228,680 $132,512,297 $182,918,438 Unrealized appreciation on futures contracts - Note 6 -- -- -- -- Cash 32,522 426,475 170,380 23,807 Receivables: Dividends and interest 221,806 1,814,941 2,314,374 142,370 Shares of beneficial interest sold 55,012 29,436 386,737 3,813,210 Investments sold 185,438 1,834,980 -- 2,987,756 Other 5,623 1,251 7,049 8,710 ---------------------------------------------------------- Total assets 89,927,511 98,335,763 135,390,837 189,894,291 ---------------------------------------------------------- LIABILITIES: Options written, at value (premiums received ***) - see accompanying statements - Note 4 -- -- -- -- Unrealized depreciation on forward foreign currency exchange contracts - Note 5 -- -- -- -- Payables and other liabilities: Dividends 231,446 -- -- -- Investments purchased -- 1,190,212 280,624 -- Shares of beneficial interest redeemed 8,469 1,419,562 19,613 4,077,624 Other 16,679 27,680 23,216 43,126 ---------------------------------------------------------- Total liabilities 256,594 2,637,454 323,453 4,120,750 ---------------------------------------------------------- NET ASSETS $89,670,917 $95,698,309 $135,067,384 $185,773,541 ========================================================== COMPOSITION OF NET ASSETS: Paid-in capital $89,694,620 $101,247,704 $140,125,237 $170,177,063 Undistributed (distributions in excess of) net investment income -- 1,981,784 1,832,232 711,671 Accumulated net realized gain (loss) from investment, written option and foreign currency transactions (23,703) (3,843,420) (2,398,141) (1,048,111) Net unrealized appreciation (depreciation) on investments, options written and translation of assets and liabilities denominated in foreign currencies -- (3,687,759) (4,491,944) 15,932,918 ---------------------------------------------------------- NET ASSETS $89,670,917 $95,698,309 $135,067,384 $185,773,541 ========================================================== SHARES OF BENEFICIAL INTEREST OUTSTANDING 89,694,620 9,779,151 12,527,081 7,157,574 NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00 $9.79 $10.78 $25.95 *Cost $89,427,110 $97,920,437 $137,008,816 $166,985,520 **Repurchase Agreements $2,200,000 $6,000,000 $15,700,000 $23,400,000 ***Premiums received -- -- -- --
See accompanying Notes to Financial Statements.
OPPENHEIMER OPPENHEIMER OPPENHEIMER OPPENHEIMER MULTIPLE GLOBAL STRATEGIC GROWTH STRATEGIES SECURITIES BOND FUND FUND FUND FUND ---------------------------------------------------------- ASSETS: Investments, at value (cost * ) (including repurchase agreements**) - see accompanying statements $60,267,367 $287,971,910 $297,097,313 $20,527,457 Unrealized appreciation on futures contracts - Note 6 -- -- -- 19,136 Cash 298,128 93,979 436,640 179,286 Receivables: Dividends and interest 87,998 3,351,382 405,375 355,898 Shares of beneficial interest sold 2,330,643 174,490 1,469,588 87,118 Investments sold 790,262 1,870,537 663,125 96,758 Other -- 2,303 9,748 15,259 ------------------------------------------------------- Total assets 63,774,398 293,464,601 300,081,789 21,280,912 ------------------------------------------------------- LIABILITIES: Options written, at value (premiums received ***) - see accompanying statements - Note 4 -- 481,381 -- 1,548 Unrealized depreciation on forward foreign currency exchange contracts - Note 5 -- -- 1,151,806 -- Payables and other liabilities: Dividends -- -- -- -- Investments purchased 469,945 841,544 919,245 937,797 Shares of beneficial interest redeemed 2,871 45,585 7,926 -- Other 18,408 28,887 160,891 21,252 ------------------------------------------------------- Total liabilities 491,224 1,397,397 2,239,868 960,597 ------------------------------------------------------- NET ASSETS $63,283,174 $292,067,204 $297,841,921 $20,320,315 ======================================================= COMPOSITION OF NET ASSETS: Paid-in capital $54,399,542 $280,209,466 $304,182,420 $22,014,634 Undistributed (distributions in excess of) net investment income 814,551 1,038,677 (1,069) 111,729 Accumulated net realized gain (loss) from investment, written option and foreign currency transactions 848,014 8,636,344 1,503,327 (769,757) Net unrealized appreciation (depreciation) on investments, options written and translation of assets and liabilities denominated in foreign currencies 7,221,067 2,182,717 (7,842,757) (1,036,291) ------------------------------------------------------- NET ASSETS $63,283,174 $292,067,204 $297,841,921 $20,320,315 ======================================================= SHARES OF BENEFICIAL INTEREST OUTSTANDING 3,579,510 22,619,777 19,743,343 4,418,161 NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $17.68 $12.91 $15.09 $4.60 *Cost $53,046,300 $285,911,280 $303,776,414 $21,584,405 **Repurchase Agreements $8,000,000 $17,200,000 $33,800,000 $3,400,000 ***Premiums received -- $607,682 -- $1,600
See accompanying Notes to Financial Statements. STATEMENTS OF OPERATIONS For the Year Ended December 31, 1994 Oppenheimer Variable Account Funds
OPPENHEIMER OPPENHEIMER OPPENHEIMER OPPENHEIMER CAPITAL MONEY HIGH INCOME BOND APPRECIATION FUND FUND FUND FUND -------------------------------------------------------- INVESTMENT INCOME: Interest $4,161,100 $9,509,093 $9,585,487 $1,275,631 Dividends: Unaffiliated companies -- 418,776 14,021 376,542 Affiliated companies -- -- -- -- -------------------------------------------------------- Total income (net of withholding taxes of *) 4,161,100 9,927,869 9,599,508 1,652,173 -------------------------------------------------------- EXPENSES: Management fees - Note 8 341,324 617,198 630,514 803,231 Custodian fees and expenses 22,150 21,386 27,333 17,171 Legal and auditing fees 14,929 17,125 14,932 21,982 Trustees' fees and expenses 2,730 4,160 2,460 5,062 Registration and filing fees -- 2,422 9,189 20,451 Other 5,503 11,590 14,158 15,242 -------------------------------------------------------- Total expenses 386,636 673,881 698,586 883,139 -------------------------------------------------------- NET INVESTMENT INCOME 3,774,464 9,253,988 8,900,922 769,034 -------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments (5,168) (3,006,191) (914,480) (1,045,951) Expiration and closing of option contracts written - Note 4 -- -- -- -- Foreign currency transactions -- (683,194) (1,455,675) -- Net change in unrealized appreciation or depreciation on: Investments and options written -- (8,762,313) (8,925,071) (10,016,034) Translation of assets and liabilities denominated in foreign currencies -- 132,937 100,340 -- -------------------------------------------------------- Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions (5,168) (12,318,761) (11,194,886) (11,061,985) -------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $3,769,296 ($3,064,773) ($2,293,964) ($10,292,951) ======================================================== *Withholding -- $15,178 $18,617 --
See accompanying Notes to Financial Statements.
OPPENHEIMER OPPENHEIMER OPPENHEIMER OPPENHEIMER MULTIPLE GLOBAL STRATEGIC GROWTH STRATEGIES SECURITIES BOND FUND FUND FUND FUND -------------------------------------------------------- INVESTMENT INCOME: Interest $334,611 $13,042,562 $658,349 $1,387,029 Dividends: Unaffiliated companies 835,252 2,252,337 2,445,315 32,822 Affiliated companies -- -- 10,808 -- ------------------------------------------------------- Total income (net of withholding taxes of *) 1,169,863 15,294,899 3,114,472 1,419,851 ------------------------------------------------------- EXPENSES: Management fees - Note 8 307,904 1,433,107 1,517,234 105,760 Custodian fees and expenses 11,043 60,309 280,616 4,959 Legal and auditing fees 12,605 23,706 12,597 10,666 Trustees' fees and expenses 1,962 7,454 1,890 1,419 Registration and filing fees 1,295 18,049 98,664 7,241 Other 10,078 25,155 41,397 3,649 ------------------------------------------------------- Total expenses 344,887 1,567,780 1,952,398 133,694 ------------------------------------------------------- NET INVESTMENT INCOME 824,976 13,727,119 1,162,074 1,286,157 ------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments 1,441,127 7,828,434 (558,527,187) (879,244) Expiration and closing of option contracts written - Note 4 -- 741,274 -- -- Foreign currency transactions -- 233,398 558,913,024 83,129 Net change in unrealized appreciation or depreciation on: Investments and options written (1,915,053) (27,789,525) (26,402,301) (1,105,520) Translation of assets and liabilities denominated in foreign currencies -- (400,208) 2,386,926 (15,352) ------------------------------------------------------- Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions (473,926) (19,386,627) (23,629,538) (1,916,987) ------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $351,050 ($5,659,508) ($22,467,464) ($630,830) ======================================================= *Withholding -- $45,100 $141,142 $12,168
See accompanying Notes to Financial Statements. STATEMENTS OF CHANGES IN NET ASSETS Oppenheimer Variable Account Funds
OPPENHEIMER OPPENHEIMER MONEY HIGH INCOME FUND FUND ---------------------------------------------------------- 1994(1) 1993(1) 1994(1) 1993(1) ---------------------------------------------------------- OPERATIONS: Net investment income $3,774,464 $1,795,672 $9,253,988 $7,032,421 Net realized gain (loss) on investments, options written and foreign currency transactions (5,168) 972 (3,689,385) 2,870,765 Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies -- -- (8,629,376) 4,936,980 ---------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 3,769,296 1,796,644 (3,064,773) 14,840,166 NET CHANGE IN EQUALIZATION -- -- -- 1,194,413 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income (3,793,971) (1,795,672) (6,580,907) (7,933,113) Distributions from net realized gain on investments, options written and foreign currency transactions -- -- (2,106,023) -- Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- -- -- BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 28,473,973 2,954,149 14,438,679 44,092,559 ---------------------------------------------------------- NET ASSETS: Total increase (decrease) 28,449,298 2,955,121 2,686,976 52,194,025 Beginning of period 61,221,619 58,266,498 93,011,333 40,817,308 ---------------------------------------------------------- End of period $89,670,917 $61,221,619 $95,698,309 $93,011,333 ==========================================================
1. For the year ended December 31. See accompanying Notes to Financial Statements.
OPPENHEIMER OPPENHEIMER CAPITAL BOND APPRECIATION FUND FUND ---------------------------------------------------------- 1994(1) 1993(1) 1994(1) 1993(1) ---------------------------------------------------------- OPERATIONS: Net investment income $8,900,922 $6,281,918 $769,034 $221,843 Net realized gain (loss) on investments, options written and foreign currency transactions (2,370,155) 431,623 (1,045,951) 17,171,028 Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies (8,824,731) 3,179,352 (10,016,034) 8,012,743 ----------------------------------------------------------- Net increase (decrease) in net assets resulting from operations (2,293,964) 9,892,893 (10,292,951) 25,405,614 NET CHANGE IN EQUALIZATION -- 747,196 -- -- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income (7,101,380) (6,021,196) (218,275) (173,608) Distributions from net realized gain on investments, options written and foreign currency transactions (283,274) -- (17,112,748) (3,478,465) Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- -- -- BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 32,899,881 43,872,915 76,512,412 31,796,464 ----------------------------------------------------------- NET ASSETS: Total increase (decrease) 23,221,263 48,491,808 48,888,438 53,550,005 Beginning of period 111,846,121 63,354,313 136,885,103 83,335,098 ----------------------------------------------------------- End of period $135,067,384 $111,846,121 $185,773,541 $136,885,103 ===========================================================
1. For the year ended December 31. See accompanying Notes to Financial Statements. STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) Oppenheimer Variable Account Funds
OPPENHEIMER OPPENHEIMER MULTIPLE GROWTH STRATEGIES FUND FUND ---------------------------------------------------------- 1994(1) 1993(1) 1994(1) 1993(1) ---------------------------------------------------------- OPERATIONS: Net investment income $824,976 $521,913 $13,727,119 $8,871,280 Net realized gain (loss) on investments, options written and foreign currency transactions 1,441,127 (416,658) 8,803,106 3,175,446 Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies (1,915,053) 3,377,578 (28,189,733) 17,718,371 ---------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 351,050 3,482,833 (5,659,508) 29,765,097 NET CHANGE IN EQUALIZATION -- -- -- -- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income (516,871) (339,216) (13,056,112) (8,601,104) Distributions from net realized gain on investments, options written and foreign currency transactions (127,540) (768,083) (1,925,053) -- Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- -- -- BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 6,875,487 17,831,569 62,417,829 69,662,484 ----------------------------------------------------------- NET ASSETS: Total increase (decrease) 6,582,126 20,207,103 41,777,156 90,826,477 Beginning of period 56,701,048 36,493,945 250,290,048 159,463,571 ----------------------------------------------------------- End of period $63,283,174 $56,701,048 $292,067,204 $250,290,048 ===========================================================
1. For the year ended December 31. 2. For the period from May 3, 1993 (commencement of operations) to December 31, 1993. See accompanying Notes to Financial Statements.
OPPENHEIMER OPPENHEIMER GLOBAL STRATEGIC SECURITIES BOND FUND FUND ---------------------------------------------------------- 1994(1) 1993(1) 1994(1) 1993(2) ---------------------------------------------------------- OPERATIONS: Net investment income $1,162,074 $228,462 $1,286,157 $161,471 Net realized gain (loss) on investments, options written and foreign currency transactions 385,837 2,546,181 (796,115) 23,918 Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies (24,015,375) 16,954,257 (1,120,872) 84,581 ---------------------------------------------------------- Net increase (decrease) in net assets resulting from operations (22,467,464) 19,728,900 (630,830) 269,970 NET CHANGE IN EQUALIZATION -- -- -- -- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income (359,955) -- (1,161,570) (155,087) Distributions from net realized gain on investments, options written and foreign currency transactions (2,441,859) -- -- -- Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- (16,802) -- BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 226,686,688 63,158,438 12,242,999 9,771,635 ---------------------------------------------------------- NET ASSETS: Total increase (decrease) 201,417,410 82,887,338 10,433,797 9,886,518 Beginning of period 96,424,511 13,537,173 9,886,518 -- ---------------------------------------------------------- End of period $297,841,921 $96,424,511 $20,320,315 $9,886,518 ==========================================================
1. For the year ended December 31. 2. For the period from May 3, 1993 (commencement of operations) to December 31, 1993. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER MONEY FUND --------------------------------------------------------------------- Year Ended December 31, 1994 1993 1992 1991 1990 --------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Income from investment operations - net investment income and net realized gain on investments .04 .03 .04 .06 .08 Dividends and distributions to shareholders (.04) (.03) (.04) (.06) (.08) --------------------------------------------------------------------- Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ===================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of year (in thousands) $89,671 $61,221 $58,266 $58,709 $89,143 Average net assets (in thousands) $90,264 $57,654 $61,317 $75,747 $82,966 Number of shares outstanding at end of year (in thousands) 89,695 61,221 58,266 58,703 89,141 Ratios to average net assets: Net investment income 4.18% 3.12% 3.76% 5.97% 7.80% Expenses .43% .43% .50% .49% .51%
OPPENHEIMER MONEY FUND --------------------------------------------------------------------- 1989 1988 1987 1986 1985(1) --------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Income from investment operations - net investment income and net realized gain on investments .09 .07 .06 .06 .05 Dividends and distributions to shareholders (.09) (.07) (.06) (.06) (.05) --------------------------------------------------------------------- Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ===================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of year (in thousands) $68,440 $69,468 $42,538 $28,218 $2,506 Average net assets (in thousands) $67,586 $60,241 $35,138 $12,914 $2,080 Number of shares outstanding at end of year (in thousands) 68,439 69,468 42,538 28,218 2,506 Ratios to average net assets: Net investment income 8.82% 7.31% 6.33% 5.68% 7.25%(2) Expenses .53% .55% .59% .75% .75%(2)
1. For the period from April 3, 1985 (commencement of operations) to December 31, 1985. 2. Annualized. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER HIGH INCOME FUND -------------------------------------------------------------------- Year Ended December 31, 1994 1993 1992 1991 1990 -------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 11.02 $ 9.74 $ 9.40 $ 7.90 $ 8.59 Income (loss) from investment operations: Net investment income .94 .82 1.19 1.28 1.21 Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions (1.27) 1.65 .43 1.30 (.82) -------------------------------------------------------------------- Total income (loss) from investment operations (.33) 2.47 1.62 2.58 .39 -------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.66) (1.19) (1.28) (1.08) (1.08) Distributions from net realized gain on investments, options written and foreign currency transactions (.24) -- -- -- -- -------------------------------------------------------------------- Total dividends and distributions to shareholders (.90) (1.19) (1.28) (1.08) (1.08) -------------------------------------------------------------------- Net asset value, end of period $ 9.79 $ 11.02 $ 9.74 $ 9.40 $ 7.90 ==================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) (3.18)% 26.34% 17.92% 33.91% 4.65% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $ 95,698 $93,011 $40,817 $27,308 $19,172 Average net assets (in thousands) $101,096 $67,000 $36,861 $23,663 $21,493 Number of shares outstanding at end of period (in thousands) 9,779 8,443 4,189 2,905 2,427 Ratios to average net assets: Net investment income 9.15% 10.50% 12.08% 14.26% 14.32% Expenses .67% .68% .73% .75% .75% Portfolio turnover rate(4) 110.1% 135.7% 144.2% 108.0% 95.1%
OPPENHEIMER HIGH INCOME FUND ----------------------------------------------------- 1989 1988 1987 1986(1) ----------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 9.30 $ 9.14 $ 10.04 $ 10.00 Income (loss) from investment operations: Net investment income 1.09 1.12 1.30 .72 Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions (.65) .23 (.51) (.24) ----------------------------------------------------- Total income (loss) from investment operations .44 1.35 .79 .48 ----------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (1.08) (1.07) (1.55) (.44) Distributions from net realized gain on investments, options written and foreign currency transactions (.07) (.12) (.14) -- ----------------------------------------------------- Total dividends and distributions to shareholders (1.15) (1.19) (1.69) (.44) ----------------------------------------------------- Net asset value, end of period $ 8.59 $ 9.30 $ 9.14 $ 10.04 ===================================================== TOTAL RETURN, AT NET ASSET VALUE(2) 4.84% 15.58% 8.07% 4.73% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $23,698 $25,551 $21,768 $14,833 Average net assets (in thousands) $26,040 $24,530 $20,637 $ 8,036 Number of shares outstanding at end of period (in thousands) 2,760 2,746 2,382 1,478 Ratios to average net assets: Net investment income 11.52% 11.94% 13.13% 11.18%(3) Expenses .75% .75% .75% .75%(3) Portfolio turnover rate(4) 78.7% 57.9% 42.1% 18.3%
1. For the period from April 30, 1986 (commencement of operations) to December 31, 1986. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER BOND FUND -------------------------------------------------------------------- Year Ended December 31, 1994 1993 1992 1991 1990 -------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 11.65 $ 10.99 $ 11.15 $ 10.33 $ 10.49 Income (loss) from investment operations: Net investment income .76 .65 .87 .95 .97 Net realized and unrealized gain (loss) on investments and foreign currency transactions (.98) .76 (.17) .80 (.18) -------------------------------------------------------------------- Total income (loss) from investment operations (.22) 1.41 .70 1.75 .79 -------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.62) (.75) (.86) (.93) (.95) Distributions from net realized gain on investments and foreign currency transactions (.03) -- -- -- -- -------------------------------------------------------------------- Total dividends and distributions to shareholders (.65) (.75) (.86) (.93) (.95) -------------------------------------------------------------------- Net asset value, end of period $ 10.78 $ 11.65 $ 10.99 $ 11.15 $ 10.33 ==================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) (1.94)% 13.04% 6.50% 17.63% 7.92% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $135,067 $111,846 $63,354 $32,762 $16,576 Average net assets (in thousands) $121,884 $ 87,215 $45,687 $22,169 $15,088 Number of shares outstanding at end of period (in thousands) 12,527 9,602 5,766 2,939 1,604 Ratios to average net assets: Net investment income 7.30% 7.20% 7.81% 8.73% 9.30% Expenses .57% .46% .56% .64% .61% Portfolio turnover rate(4) 35.1% 36.3% 41.3% 7.6% 7.4%
OPPENHEIMER BOND FUND -------------------------------------------------------------------- 1989 1988 1987 1986 1985(1) -------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 10.15 $ 10.19 $ 11.15 $ 11.27 $ 10.00 Income (loss) from investment operations: Net investment income .98 .94 .97 .97 .86 Net realized and unrealized gain (loss) on investments and foreign currency transactions .32 (.05) (.71) .09 .99 -------------------------------------------------------------------- Total income (loss) from investment operations 1.30 .89 .26 1.06 1.85 -------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.96) (.93) (1.17) (1.03) (.58) Distributions from net realized gain on investments and foreign currency transactions -- -- (.05) (.15) -- -------------------------------------------------------------------- Total dividends and distributions to shareholders (.96) (.93) (1.22) (1.18) (.58) -------------------------------------------------------------------- Net asset value, end of period $ 10.49 $ 10.15 $ 10.19 $ 11.15 $ 11.27 ==================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) 13.32% 8.97% 2.53% 10.12% 18.82% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $13,422 $ 9,989 $10,415 $7,377 $2,725 Average net assets (in thousands) $11,167 $11,028 $ 8,748 $4,647 $1,614 Number of shares outstanding at end of period (in thousands) 1,280 984 1,022 662 242 Ratios to average net assets: Net investment income 9.34% 9.08% 9.17% 8.71% 10.52%(3) Expenses .64% .70% .75% .75% .75%(3) Portfolio turnover rate(4) 5.4% 36.3% 5.9% 27.7% 101.3%
1. For the period from April 3, 1985 (commencement of operations) to December 31, 1985. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER CAPITAL APPRECIATION FUND ---------------------------------------------------------------------- Year Ended December 31, 1994 1993 1992 1991 1990 ---------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 31.64 $ 26.04 $ 23.24 $ 15.24 $ 20.40 Income (loss) from investment operations: Net investment income .10 .05 .06 .08 .32 Net realized and unrealized gain (loss) on investments and options written (2.22) 6.71 3.43 8.18 (3.54) ---------------------------------------------------------------------- Total income (loss) from investment operations (2.12) 6.76 3.49 8.26 (3.22) ---------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.04) (.06) (.14) (.26) (.53) Distributions from net realized gain on investments and options written (3.53) (1.10) (.55) -- (1.41) ---------------------------------------------------------------------- Total dividends and distributions to shareholders (3.57) (1.16) (.69) (.26) (1.94) ---------------------------------------------------------------------- Net asset value, end of period $ 25.95 $ 31.64 $ 26.04 $ 23.24 $ 15.24 ====================================================================== TOTAL RETURN, AT NET ASSET VALUE(3) (7.59)% 27.32% 15.42% 54.72% (16.82)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $185,774 $136,885 $83,335 $49,371 $23,295 Average net assets (in thousands) $153,832 $98,228 $56,371 $34,887 $24,774 Number of shares outstanding at end of period (in thousands) 7,158 4,326 3,201 2,125 1,528 Ratios to average net assets: Net investment income .50% .23% .30% .81% 1.93% Expenses .57% .47% .54% .63% .71% Portfolio turnover rate(5) 96.5% 122.8% 78.9% 122.3% 222.0%
OPPENHEIMER CAPITAL APPRECIATION FUND ---------------------------------------------------------------------- 1989 1988 1987 1986(2) 1986(1) ---------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 16.31 $ 14.39 $ 13.12 $ 16.21 $ 13.71 Income (loss) from investment operations: Net investment income .50 .33 .21 .12 .09 Net realized and unrealized gain (loss) on investments and options written 3.93 1.60 1.67 (1.24) 3.40 ---------------------------------------------------------------------- Total income (loss) from investment operations 4.43 1.93 1.88 (1.12) 3.49 ---------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.34) -- (.34) (.21) (.20) Distributions from net realized gain on investments and options written -- (.01) (.27) (1.76) (.79) ---------------------------------------------------------------------- Total dividends and distributions to shareholders (.34) (.01) (.61) (1.97) (.99) ---------------------------------------------------------------------- Net asset value, end of period $ 20.40 $ 16.31 $ 14.39 $ 13.12 $ 16.21 ====================================================================== TOTAL RETURN, AT NET ASSET VALUE(3) 27.57% 13.41% 14.34% (1.65)% N/A RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $27,523 $13,667 $9,692 $4,549 $3,852 Average net assets (in thousands) $21,307 $13,239 $8,598 $3,099 $2,292 Number of shares outstanding at end of period (in thousands) 1,349 838 674 347 238 Ratios to average net assets: Net investment income 3.27% 2.13% 1.68% 2.36%(4) 2.27% Expenses .68% .73% .75% 1.01%(4) 2.17% Portfolio turnover rate(5) 130.5% 128.7% 138.7% 100.1% 464.8%
1. For the year ended June 30, 1986. Operating results were achieved by Centennial Capital Appreciation Fund, a separate investment company acquired by OCAP on August 14, 1986. 2. For the six months ended December 31, 1986. Operating results prior to August 15, 1986 were achieved by Centennial Capital Appreciation Fund, a separate investment company acquired by OCAP on August 14, 1986. 3. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 4. Annualized. 5. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER GROWTH FUND --------------------------------------------------------------------- Year Ended December 31, 1994 1993 1992 1991 1990 --------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 17.70 $ 16.96 $ 15.17 $ 12.54 $ 16.38 Income (loss) from investment operations: Net investment income .22 .46 .16 .30 .56 Net realized and unrealized gain (loss) on investments and foreign currency transactions (.05) .74 1.99 2.82 (1.79) --------------------------------------------------------------------- Total income from investment operations .17 1.20 2.15 3.12 (1.23) --------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.15) (.14) (.36) (.49) (.62) Distributions from net realized gain on investments and foreign currency transactions (.04) (.32) -- -- (1.99) --------------------------------------------------------------------- Total dividends and distributions to (.19) (.46) (.36) (.49) (2.61) shareholders --------------------------------------------------------------------- Net asset value, end of period $ 17.68 $ 17.70 $ 16.96 $ 15.17 $ 12.54 ===================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) .97% 7.25% 14.53% 25.54% (8.21)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $63,283 $56,701 $36,494 $22,032 $15,895 Average net assets (in thousands) $59,953 $46,389 $25,750 $18,810 $17,235 Number of shares outstanding at end of period (in thousands) 3,580 3,203 2,152 1,453 1,267 Ratios to average net assets: Net investment income 1.38% 1.13% 1.36% 2.82% 4.09% Expenses .58% .50% .61% .70% .71% Portfolio turnover rate(4) 53.8% 12.6% 48.7% 133.9% 267.9%
OPPENHEIMER GROWTH FUND --------------------------------------------------------------------- 1989 1988 1987 1986 1985(1) --------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 13.64 $ 11.21 $ 12.53 $ 10.95 $ 10.00 Income (loss) from investment operations: Net investment income .66 .29 .20 .13 .16 Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.50 2.19 .24 1.76 .79 --------------------------------------------------------------------- Total income from investment operations 3.16 2.48 .44 1.89 .95 --------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.35) -- (.34) (.15) -- Distributions from net realized gain on investments and foreign currency transactions (.07) (.05) (1.42) (.16) -- --------------------------------------------------------------------- Total dividends and distributions to shareholders (.42) (.05) (1.76) (.31) -- --------------------------------------------------------------------- Net asset value, end of period $ 16.38 $ 13.64 $ 11.21 $ 12.53 $ 10.95 ===================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) 23.59% 22.09% 3.32% 17.76% 9.50% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $19,301 $17,746 $14,692 $8,287 $ 820 Average net assets (in thousands) $18,596 $15,585 $15,121 $3,744 $ 388 Number of shares outstanding at end of period (in thousands) 1,179 1,301 1,311 661 75 Ratios to average net assets: Net investment income 3.72% 2.39% 1.56% 2.62% 4.25%(3) Expenses .70% .70% .75% .75% .75%(3) Portfolio turnover rate(4) 148.0% 132.5% 191.0% 100.9% 132.9%
1. For the period from April 3, 1985 (commencement) to December 31, 1985. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER MULTIPLE STRATEGIES FUND ------------------------------------------------------------------------ Year Ended December 31, 1994 1993 1992 1991 1990 ------------------------------------------------------------------------ PER SHARE OPERATING DATA: Net asset value, beginning of period $ 13.88 $ 12.47 $ 11.96 $ 10.90 $ 12.30 Income (loss) from investment operations: Net investment income .63 .55 .55 .69 .73 Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions (.90) 1.41 .50 1.15 (.97) ------------------------------------------------------------------------ Total income (loss) from investment operations (.27) 1.96 1.05 1.84 (.24) ------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.60) (.55) (.54) (.78) (.70) Distributions from net realized gain on investments, options written and foreign currency transactions (.10) -- -- -- (.46) ------------------------------------------------------------------------ Total dividends and distributions to shareholders (.70) (.55) (.54) (.78) (1.16) ------------------------------------------------------------------------ Net asset value, end of period $ 12.91 $ 13.88 $ 12.47 $ 11.96 $ 10.90 ======================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) (1.95)% 15.95% 8.99% 17.48% (1.91)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $292,067 $250,290 $159,464 $124,634 $118,888 Average net assets (in thousands) $279,949 $199,954 $139,011 $117,000 $123,231 Number of shares outstanding at end of period (in thousands) 22,620 18,026 12,792 10,421 10,908 Ratios to average net assets: Net investment income 4.90% 4.44% 4.63% 5.95% 6.53% Expenses .56% .48% .55% .54% .55% Portfolio turnover rate(4) 31.4% 32.4% 57.8% 80.3% 99.2%
OPPENHEIMER MULTIPLE STRATEGIES FUND --------------------------------------- 1989 1988 1987(1) --------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 11.58 $ 10.04 $ 10.00 Income (loss) from investment operations: Net investment income .73 .66 .44 Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions 1.04 1.53 .07 --------------------------------------- Total income (loss) from investment operations 1.77 2.19 .51 --------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.68) (.65) (.43) Distributions from net realized gain on investments, options written and foreign currency transactions (.37) -- (.04) --------------------------------------- Total dividends and distributions to shareholders (1.05) (.65) (.47) ======================================= Net asset value, end of period $ 12.30 $ 11.58 $ 10.04 TOTAL RETURN, AT NET ASSET VALUE(2) 15.76% 22.15% 3.97% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $121,286 $78,386 $53,291 Average net assets (in thousands) $101,057 $64,298 $34,256 Number of shares outstanding at end of period (in thousands) 9,860 6,766 5,306 Ratios to average net assets: Net investment income 6.36% 6.18% 6.12%(3) Expenses .57% .58% .65%(3) Portfolio turnover rate(4) 66.9% 110.0% 46.9%
1. For the period from February 9, 1987 (commencement of operations) to December 31, 1987. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER GLOBAL SECURITIES FUND --------------------------------------------------------------------- Year Ended December 31, 1994 1993 1992 1991 1990(1) --------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 16.30 $ 9.57 $ 10.38 $ 10.04 $ 10.00 Income (loss) from investment operations: Net investment income .04 (.02) .07 .04 -- Net realized and unrealized gain (loss) on investments and foreign currency transactions (.96) 6.75 (.80) .30 .04 --------------------------------------------------------------------- Total income (loss) from investment operations (.92) 6.73 (.73) .34 .04 --------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.04) -- (.04) -- -- Distributions from net realized gain on investments and foreign currency transactions (.25) -- (.04) -- -- --------------------------------------------------------------------- Total dividends and distributions to shareholders (.29) -- (.08) -- -- --------------------------------------------------------------------- Net asset value, end of period $ 15.09 $ 16.30 $ 9.57 $ 10.38 $ 10.04 ===================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) (5.72)% 70.32% (7.11)% 3.39% .40% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $297,842 $96,425 $13,537 $7,339 $ 432 Average net assets (in thousands) $214,545 $31,696 $11,181 $3,990 $ 263 Number of shares outstanding at end of period (in thousands) 19,743 5,917 1,415 707 43 Ratios to average net assets: Net investment income .54% .72% 1.04% .75% .08%(3) Expenses .91% .92% 1.06% 1.32% 6.84%(3) Portfolio turnover rate(4) 70.4% 65.1% 34.1% 29.5% 0.0%
1. For the period from November 12, 1990 (commencement of operations) to December 31, 1990. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. See accompanying Notes to Financial Statements. FINANCIAL HIGHLIGHTS Oppenheimer Variable Account Funds
OPPENHEIMER STRATEGIC BOND FUND -------------------------------- Year Ended December 31, 1994 1993(1) -------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 5.12 $ 5.00 Income (loss) from investment operations: Net investment income .35 .10 Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions (.54) .11 -------------------------------- Total income (loss) from investment operations (.19) .21 -------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.32) (.09) Distributions from net realized gain on investments, options written and foreign currency transactions -- -- Distributions in excess of net realized gain on investments (.01) -- -------------------------------- Total dividends and distributions to shareholders (.33) (.09) -------------------------------- Net asset value, end of period $ 4.60 $ 5.12 ================================ TOTAL RETURN, AT NET ASSET VALUE(2) (3.78)% 4.25% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $20,320 $9,887 Average net assets (in thousands) $15,389 $4,259 Number of shares outstanding at end of period (in thousands) 4,418 1,930 Ratios to average net assets: Net investment income 8.36% 5.67%(3) Expenses .87% .96%(3) Portfolio turnover rate(4) 136.6% 10.9%
1. For the period from May 3, 1993 (commencement of operations) to December 31, 1993. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. See accompanying Notes to Financial Statements. NOTES TO FINANCIAL STATEMENTS Oppenheimer Variable Account Funds 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Money Fund (OMF), Oppenheimer High Income Fund (OHIF), Oppenheimer Bond Fund (OBF), Oppenheimer Capital Appreciation Fund (OCAP), Oppenheimer Growth Fund (OGF), Oppenheimer Multiple Strategies Fund (OMSF), Oppenheimer Global Securities Fund (OGSF) and Oppenheimer Strategic Bond Fund (OSBF) (collectively, the Funds) are separate series of Oppenheimer Variable Account Funds (the Trust), a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust's investment advisor is Oppenheimer Management Corporation (the Manager). The following is a summary of significant accounting policies consistently followed by the Funds. INVESTMENT VALUATION. Portfolio securities of OMF are valued on the basis of amortized cost, which approximates market value. Portfolio securities of OHIF, OBF, OCAP, OGF, OMSF, OGSF and OSBF are valued at 4:00 p.m. (New York time) on each trading day. Listed and unlisted securities for which such information is regularly reported are valued at the last sale price of the day or, in the absence of sales, at values based on the closing bid or asked price or the last sale price on the prior trading day. Long-term debt securities are valued by a portfolio pricing service approved by the Board of Trustees. Long-term debt securities which cannot be valued by the approved portfolio pricing service are valued using dealer-supplied valuations provided the Manager is satisfied that the firm rendering the quotes is reliable and that the quotes reflect current market value, or under consistently applied procedures established by the Board of Trustees to determine fair value in good faith. Short-term debt securities having a remaining maturity of 60 days or less are valued at cost (or last determined market value) adjusted for amortization to maturity of any premium or discount. Options are valued based upon the last sale price on the principal exchange on which the option is traded or, in the absence of any transactions that day, the value is based upon the last sale on the prior trading date if it is within the spread between the closing bid and asked prices. If the last sale price is outside the spread, the closing bid or asked price closest to the last reported sale price is used. Forward foreign currency exchange contracts (forward contracts) are valued at the closing price on the London foreign exchange market on a daily basis. SECURITY CREDIT RISK. OHIF, OMSF and OSBF invest in high yield securities, which may be subject to a greater degree of credit risk, greater market fluctuations and risk of loss of income and principal, and may be more sensitive to economic conditions than lower yielding, higher rated fixed income securities. The Funds may acquire securities in default, and are not obligated to dispose of securities whose issuers subsequently default. At December 31, 1994, securities with an aggregate market value of $4,260,529 for OHIF, $561,000 for OMSF and $52,077 for OSBF, representing 4.45%, 1.92% and .25% respectively, of the Funds' total assets, were in default. FOREIGN CURRENCY TRANSLATION. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities purchased by OHIF, OBF, OGF, OMSF, OGSF and OSBF that are denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange. Amounts related to the purchase and sale of securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments is separately identified from fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Funds' results of operations. REPURCHASE AGREEMENTS. The Funds require the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Funds may be delayed or limited. FEDERAL INCOME TAXES. The Trust intends for each Fund to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income, including any net realized gain on investments not offset by loss carryovers, to shareholders. Therefore, no federal income tax provision is required. At December 31, 1994, the following Funds had available for federal income tax purposes unused capital loss carryovers expiring in 2002: OMF -- $5,000 OHIF -- $1,231,000 OBF -- $275,000 OSBF -- $596,000
NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds EQUALIZATION. Prior to September 25, 1993, OHIF and OBF followed the accounting practice of equalization, by which a portion of the proceeds from sales and costs of redemptions of Fund shares equivalent on a per share basis to the amount of undistributed net investment income were credited or charged to undistributed income. The cumulative effect of the change in accounting practice resulted in a reclassification for OHIF and OBF of $2,119,310 and $1,577,200, respectively, from undistributed net investment income to paid-in capital. DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders of OHIF, OBF, OCAP, OGF, OMSF, OGSF and OSBF are recorded on the ex-dividend date. OMF intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, OMF may withhold dividends or make distributions of net realized gains. CHANGE IN ACCOUNTING CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes primarily because of premium amortization, paydown gains and losses and the recognition of certain foreign currency gains (losses) as ordinary income (loss) for tax purposes. The character of the distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain (loss) were recorded by the Funds. Effective January 1, 1994, the Funds adopted Statement of Position 93-2: Determination, Disclosure, and Financial Statement Presentation of Income, Capital Gain, and Return of Capital Distributions by Investment Companies. As a result, the Funds changed the classification of distributions to shareholders to better disclose the differences between financial statement amounts and distributions determined in accordance with income tax regulations. These changes, as well as similar changes in classification made during the fiscal year ending December 31, 1994 are shown below:
Cumulative Adjustments as of Adjustments for the Fiscal Year Ended December 31, 1993 December 31, 1994 - ----------------------------------------------------------------------------------------------------------------------- Undistributed Undistributed Undistributed Undistributed Net Net Net Net Investment Realized Paid-in Investment Realized Paid-in Income Gains/(Losses) Capital Income Gains/(Losses) Capital - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer High Income Fund $203,008 $(293,507) $ 90,499 $(368,824) $368,824 -- - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Bond Fund (39,100) 474,282 (435,182) 10,134 (10,134) -- - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Capital Appreciation Fund (20,604) 14,186 6,418 (52,642) 52,642 -- - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Growth Fund (15,808) 15,808 -- (2,011) 2,011 -- - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Multiple Strategies Fund (203,319) 247,718 (44,399) (27,187) 27,187 -- - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Global Securities Fund 10,825 80,207 (91,032) (1,153,447) 1,153,447 -- - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Strategic Bond Fund 7,021 (7,021) -- (26,263) 26,263 -- - -----------------------------------------------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are purchased or sold (trade date) and dividend income is recorded on the ex-dividend date. Discount on securities purchased by OHIF, OBF, OCAP, OGF, OMSF, OGSF and OSBF is amortized over the life of the respective securities, in accordance with federal income tax requirements. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on an identified cost basis, which is the same basis used for federal income tax purposes. Dividends in kind are recognized as income on the ex-dividend date, at the current market value of the underlying security. Interest on payment-in-kind debt instruments is accrued as income at the coupon rate and a market adjustment is made on the ex-date. NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds 2. SHARES OF BENEFICIAL INTEREST The Funds have authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
OPPENHEIMER MONEY FUND ------------------------------------------------------------------ YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 ------------------------------------------------------------------ SHARES AMOUNT SHARES AMOUNT ------------------------------------------------------------------ Sold 175,917,558 $175,917,558 102,985,240 $102,985,240 Dividends and distributions reinvested 3,640,684 3,640,684 1,805,107 1,805,107 Redeemed (151,084,269) (151,084,269) (101,836,198) (101,836,198) ------------------------------------------------------------------ Net increase 28,473,973 $ 28,473,973 2,954,149 $ 2,954,149 ==================================================================
OPPENHEIMER HIGH INCOME FUND ------------------------------------------------------------------ YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 ------------------------------------------------------------------ SHARES AMOUNT SHARES AMOUNT ------------------------------------------------------------------ Sold 9,936,582 $81,477,904 10,942,819 $113,254,844 Dividends and distributions reinvested 841,101 8,686,931 743,446 7,814,552 Redeemed (9,441,490) (75,726,156) (7,432,492) (76,976,837) -------------------------------------------------------------------- Net increase 1,336,193 $14,438,679 4,253,773 $ 44,092,559 ====================================================================
OPPENHEIMER BOND FUND ------------------------------------------------------------------ YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 ------------------------------------------------------------------ SHARES AMOUNT SHARES AMOUNT ------------------------------------------------------------------ Sold 5,002,623 $ 56,466,171 4,694,025 $ 53,668,794 Dividends and distributions reinvested 666,678 7,384,654 518,084 5,957,407 Redeemed (2,744,016) (30,950,944) (1,375,924) (15,753,286) -------------------------------------------------------------------- Net increase 2,925,285 $ 32,899,881 3,836,185 $ 43,872,915 ====================================================================
OPPENHEIMER CAPITAL APPRECIATION FUND ------------------------------------------------------------------ YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 ------------------------------------------------------------------ SHARES AMOUNT SHARES AMOUNT ------------------------------------------------------------------ Sold 7,912,557 $ 173,453,586 4,925,361 $ 134,864,285 Dividends and distributions reinvested 614,575 17,331,023 151,099 3,652,073 Redeemed (5,695,411) (114,272,197) (3,951,312) (106,719,894) -------------------------------------------------------------------- Net increase 2,831,721 $ 76,512,412 1,125,148 $ 31,796,464 ====================================================================
NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds 2. SHARES OF BENEFICIAL INTEREST (Continued)
OPPENHEIMER GROWTH FUND ----------------------------------------------------------- YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 ----------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------- Sold 2,577,268 $ 45,230,951 3,164,464 $ 53,547,991 Dividends and distributions reinvested 36,305 644,411 66,987 1,107,299 Redeemed (2,236,767) (38,999,875) (2,180,502) (36,823,721) ---------------------------------------------------------- Net increase 376,806 $ 6,875,487 1,050,949 $ 17,831,569 ==========================================================
OPPENHEIMER MULTIPLE STRATEGIES FUND ----------------------------------------------------------- YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 ----------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------- Sold 9,807,084 $ 84,443,396 6,332,739 $ 84,477,261 Dividends and distributions reinvested 1,140,244 14,981,165 644,161 8,601,104 Redeemed (6,353,523) (37,006,732) (1,742,975) (23,415,881) ------------------------------------------------------------- Net increase 4,593,805 $ 62,417,829 5,233,925 $ 69,662,484 =============================================================
OPPENHEIMER GLOBAL SECURITIES FUND -------------------------------------------------------------- YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 -------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------- Sold 22,151,454 $ 336,310,887 4,921,273 $ 68,947,505 Dividends and distributions reinvested 178,687 2,801,813 -- -- Redeemed (8,503,911) (112,426,012) (419,042) (5,789,067) -------------------------------------------------------------- Net increase 13,826,230 $ 226,686,688 4,502,231 $ 63,158,438 ==============================================================
OPPENHEIMER STRATEGIC BOND FUND -------------------------------------------------------------- YEAR ENDED YEAR ENDED DECEMBER 31, 1994 DECEMBER 31, 1993 -------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------- Sold 3,749,500 $18,415,292 2,316,566 $ 11,749,598 Dividends and distributions reinvested 247,485 1,178,372 30,366 155,087 Redeemed (1,508,782) (7,350,665) (416,974) (2,133,050) -------------------------------------------------------------- Net increase 2,488,203 $12,242,999 1,929,958 $ 9,771,635 ==============================================================
1. For the period from May 3, 1993 (commencement of operations) to December 31, 1993. NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds 3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS AND OPTIONS WRITTEN At December 31, 1994, net unrealized appreciation or depreciation on investments and options written consisted of the following:
OPPENHEIMER OPPENHEIMER OPPENHEIMER OPPENHEIMER CAPITAL OPPENHEIMER MULTIPLE HIGH INCOME BOND APPRECIATION GROWTH STRATEGIES FUND FUND FUND FUND FUND ------------------------------------------------------------------------------------- Gross appreciation $ 2,552,277 $ 998,839 $23,149,613 $ 9,180,511 $ 24,352,704 Gross depreciation (6,244,151) (5,495,358) (7,216,695) (1,959,444) (22,166,686) ------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $(3,691,874) $(4,496,519) $15,932,918 $ 7,221,067 $ 2,186,018 ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Purchases and sales of investment securities (excluding short-term securities) for the year ended December 31, 1994 were as follows: Purchases $112,258,989 $66,764,507 $179,543,692 $31,787,923 $144,299,360 ==================================================================================== Sales $100,322,621 $34,324,730 $127,358,246 $28,013,126 $ 82,139,044 ====================================================================================
OPPENHEIMER OPPENHEIMER GLOBAL SECURITIES STRATEGIC BOND FUND FUND ------------------------------------------------------------------------------------- Gross appreciation $ 19,078,105 $ 124,895 Gross depreciation (26,920,862) (1,162,656) --------------------------------- Net unrealized appreciation (depreciation) $ (7,842,757) $ (1,037,761) ================================= Purchases and sales of investment securities (excluding short-term securities) for the year ended December 31, 1994 were as follows: Purchases $342,349,671 $29,385,446 ================================ Sales $141,562,451 $19,880,751 ================================
NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds 4. OPTION ACTIVITY OHIF, OCAP, OGF, OMSF, OGSF and OSBF may buy and sell put and call options, or write covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Funds generally purchase put options or write covered call options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Funds receive a premium and become obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. The Funds segregate assets to cover their obligations under option contracts. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Funds will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. In this report, securities segregated to cover outstanding call options are noted in the Statement of Investments. Shares subject to call, expiration date, exercise price, premium received and market value are detailed in a footnote to the Statement of Investments where applicable. Options written are reported as a liability in the Statement of Assets and Liabilities. Gains and losses are reported in the Statement of Operations. The risk in writing a call option is that the Funds give 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 Funds 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 Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. OHIF option activity for the period ended December 31, 1994 was as follows:
CALL OPTIONS ---------------------- NUMBER OF AMOUNT OF OPTIONS PREMIUMS ---------------------- Options outstanding at December 31, 1993 -- -- Options written 39,741 $ 50,381 Options cancelled in closing purchase transactions (39,741) (50,381) Options expired prior to exercise -- -- Options exercised -- -- ---------------------- Options outstanding at December 31, 1994 -- $ -- ======================
OCAP option activity for the period ended December 31, 1994 was as follows:
CALL OPTIONS ---------------------- NUMBER OF AMOUNT OF OPTIONS PREMIUMS ---------------------- Options outstanding at December 31, 1993 -- -- Options written 250 $ 200,618 Options cancelled in closing purchase transactions (250) (200,618) Options expired prior to exercise -- -- Options exercised -- -- ---------------------- Options outstanding at December 31, 1994 -- $ -- ======================
NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds OMSF option activity for the year ended December 31, 1994 was as follows:
CALL OPTIONS ------------------------- NUMBER OF AMOUNT OF OPTIONS PREMIUMS ------------------------- Options outstanding at December 31, 1993 2,385 $ 654,848 Options written 4,394 1,285,996 Options cancelled in closing purchase transactions (1,425) (487,059) Options expired prior to exercise (1,932) (495,481) Options exercised (1,167) (350,622) ------------------------- Options outstanding at December 31, 1994 2,255 $ 607,682 ------------------------- -------------------------
OSBF option activity for the year ended December 31, 1994 was as follows:
PUT OPTIONS ------------------------- NUMBER OF AMOUNT OF OPTIONS PREMIUMS ------------------------- Options outstanding at December 31, 1993 -- $ -- Options written 279,064 4,348 Options cancelled in closing transactions -- -- Options expired prior to exercise (279,064) (4,348) Options exercised -- -- ------------------------- Options outstanding at December 31, 1994 -- $ -- ------------------------- -------------------------
CALL OPTIONS ------------------------- NUMBER OF AMOUNT OF OPTIONS PREMIUMS ------------------------- Options outstanding at December 31, 1993 -- $ -- Options written 1,288,535 26,046 Options cancelled in closing transactions (1,288,223) (16,321) Options expired prior to exercise (5) (8,125) Options exercised -- -- ------------------------- Options outstanding at December 31, 1994 307 $ 1,600 ------------------------- -------------------------
5. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS A forward foreign currency exchange contract (forward contract) is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. OHIF, OGSF and OSBF use forward contracts to seek to manage foreign currency risks. They may also be used to tactically shift portfolio currency risk. The Funds generally enter into forward contracts as a hedge upon the purchase or sale of a security denominated in a foreign currency. In addition, the Funds may enter into such contracts as a hedge against changes in foreign currency exchange rates on portfolio positions. Forward contracts are valued at the closing price on the London foreign exchange market on a daily basis. The Funds will realize a gain or loss upon the closing or settlement of the forward transaction. In this report, securities segregated to cover net exposure on outstanding forward contracts are noted in the Statement of Investments where applicable. Gains and losses on outstanding contracts (unrealized appreciation or depreciation on forward contracts) are reported in the Statement of Assets and Liabilities. Realized gains and losses are reported with all other foreign currency gains and losses in the Funds' results of operations. NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds Risks include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the value of a foreign currency relative to the U.S. dollar. At December 31, 1994, outstanding forward contracts to sell foreign currencies were as follows: OPPENHEIMER GLOBAL SECURITIES FUND
UNREALIZED EXPIRATION CONTRACT VALUATION AS OF APPRECIATION CONTRACTS TO SELL DATE AMOUNT DECEMBER 31, (DEPRECIATION) 1994 - -------------------------------------------------------------------------------- Austrian Schilling 1/30/95 $ 6,000,000 $ 6,104,867 $ (104,867) British Pound 1/30/95 7,800,000 7,895,404 (95,404) Deutsche Mark 1/30/95 11,000,000 11,190,341 (190,341) Finnish Markka 1/30/95 3,000,000 3,012,855 (12,855) French Franc 1/30/95 8,400,000 8,564,740 (164,740) Italian Lira 1/30/95 2,500,000 2,527,596 (27,596) Netherlands Guilder 1/30/95 6,000,000 6,104,844 (104,844) Norwegian Krone 1/30/95 6,800,000 6,916,652 (116,652) Portuguese Escudo 1/30/95 7,000,000 7,130,583 (130,583) Spanish Peseta 1/30/95 2,500,000 2,530,139 (30,139) Swedish Krona 1/30/95 13,783,574 13,879,376 (95,802) Swiss Franc 1/30/95 4,307,443 4,385,426 (77,983) -------------------------------------------- $79,091,017 $80,242,823 $(1,151,806) ============================================
6. FUTURES CONTRACTS OHIF, OGSF and OSBF may buy and sell interest rate futures contracts in order to gain exposure to or protect against changes in interest rates. The Funds may also buy or write put or call options on these futures contracts. The Funds generally sell futures contracts to hedge against increases in interest rates and the resulting negative effect on the value of fixed rate portfolio securities. The Funds may also purchase futures contracts to gain exposure to changes in interest rates as it may be more efficient or cost effective than actually buying fixed income securities. The Funds will segregate assets to cover their commitments under futures contracts. Upon entering into a futures contract, the Funds are required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Funds recognize a realized gain or loss when the contract is closed or expires. NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds In this report, the number of open futures contracts, face amount, market value and unrealized gain or loss are reported in a footnote to the Statement of Investments. In addition, securities segregated to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Gains and losses (unrealized appreciation or depreciation on futures contracts) are reported in the Statement of Assets and Liabilities. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. At December 31, 1994, outstanding futures contracts to purchase and sell debt securities were as follows: OPPENHEIMER STRATEGIC BOND FUND
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACTS TO PURCHASE DATE CONTRACTS DECEMBER 31, 1994 (DEPRECIATION) - ------------------------------------------------------------------------------------------- German 10 Year Bond 3/95 25 $3,592,705 $(21,919) -------------------------------------------------- CONTRACTS TO SELL - ----------------------- French 10 Year Bond 3/95 38 3,912,655 41,055 -------------------------------------------------- (13) $ (319,950) $ 19,136 ==================================================
7. RESTRICTED SECURITIES The following Funds own securities purchased in private placement transactions, without registration under the Securities Act of 1933 (the Act). The securities are valued under methods approved by the Board of Trustees as reflecting fair value. Each Fund intends to invest no more than 10% of its net assets (determined at the time of purchase) in restricted and illiquid securities, excluding securities eligible for resale pursuant to Rule 144A of the Act that are determined to be liquid by the Board of Trustees or by the Manager under Board-approved guidelines. Illiquid and/or restricted securities, including those restricted securities that are transferable under Rule 144A of the Act are listed below. Oppenheimer High Income Fund
VALUATION ACQUISITION COST AS OF SECURITY DATE PER UNIT DECEMBER 31, 1994 - ---------------------------------------------------------------------------------------------------------------------------- Argentina Local Market Securities Trust, Series 1994-II, 11.30%, 4/1/00(1) 8/24/94 $ 100.00 $ 85.25 Berg Electronics Holdings Corp.(1) 4/28/93-8/11/93 $ 1.19 $ 4.50 Brazil (Federal Republic of) Bonds, 10.375%, 11/6/95(1) 4/26/93 $ 99.80 $ 99.00 Celcaribe SA(1) 5/17/94 $ 1.19 $ 1.15 Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 03/15/04(1) 5/17/94 $ 60.78 $ 65.26 Dell Computer Corp., $7.00 Cv., Series A(1) 8/19/93-1/24/94 $ 103.11 $ 172.50 ECM Fund L.P.I. 4/14/92 $1,000.00 $1,000.00 ECM Fund L.P.I., 14% Sub. Nts., 6/10/02 4/14/92 $ 100.00 $ 110.00 GPA Holland, 9.50% Medium-Term Nts., Series A, 12/15/01 1/27/94 $ 79.96 $ 66.50 Gillett Holdings, Inc., Cl. 1 12/1/92 $ 10.50 $ 19.63 GSPI Corp., 10.15% Fst. Mtg. Bonds, 6/24/10(1) 1/29/93 $ 102.40 $ 106.13 Hillsborough Holding Corp., 7.50% Participation Agreement, 12/30/99 1/6/94 $ 128.50 $ 157.50 Icon Health & Fitness, Units(1) 11/4/94 $ 98.77 $ 98.50 Lehman Brothers Holdings, Inc., Standard & Poor's 500 Index-Linked Nts., 5.788%, 1/25/95 11/22/94 $ 144.40 $ 117.12 Merrill Lynch & Co., Inc., Standard & Poor's 500 Index-Linked Nts., 5.60%, 2/6/95 11/28/94 $ 143.80 $ 116.99 Mary Kay Corp., 12.75% Gtd. Sr. Nts., Series B, 12/6/00 12/11/92-3/22/93 $ 106.50 $ 104.50 PriCellular Wireless Corp., .50%/14% Sr. Sub. Disc. Nts., 11/15/01(1) 11/17/94 $ 66.83 $ 66.50 Purity Supreme, Inc. Wts., Exp. 8/97 7/29/92 $ 0.00 $ .02 Residential Funding Corp. Mtg. Pass-Through Certificates, 7.97%, Series 1993-J2, Cl. B1, 6/15/23(1) 6/29/93 $ 83.97 $ 70.95 SD Warren Co., 12% Sr. Sub. Nts., 12/15/04(1) 12/13/94 $ 100.00 $ 103.00 Subic Power Corp., 9.50% Sr. Sec. Nts., Series A, 12/28/08(1) 12/20/93 $ 99.93 $ 86.50 Terex Corp. Rts., Exp. 7/96(1) 6/29/94 $ 4.00 $ 0.75
NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds Oppenheimer High Income Fund (Continued)
VALUATION ACQUISITION COST AS OF SECURITY DATE PER UNIT DECEMBER 31, 1994 - ---------------------------------------------------------------------------------------------------------------------------- Terex Corp., 13% Nts., 8/1/96(1) 10/19/94-11/15/94 $ 97.18 $91.74 Triangle Wire & Cable, Inc. 5/2/94 $ 9.50 $ 4.00 Tribasa Toll Road Trust, 10.50% Nts., Series 1993-A, 12/1/11(1) 11/8/93 $100.00 $86.50
Restricted and illiquid securities, excluding securities eligible for resale pursuant to Rule 144A of the Act amount to $4,206,558 or 4.4% of the Fund's net assets, at December 31, 1994. 1. Transferable under Rule 144A of the Act. Oppenheimer Bond Fund
VALUATION PER UNIT ACQUISITION COST AS OF SECURITY DATE PER UNIT DECEMBER 31, 1994 - ---------------------------------------------------------------------------------------------------------------------------- Corporacion Andina de Fomento Bonds, 6.625%, 10/14/98(1) 9/24/93 $ 99.95 $ 90.00 Corporacion Andina de Fomento Nts., 7.25%, 4/30/98(1) 4/16/93 $ 99.38 $ 91.88 Czechoslovakia National Bank Bonds, 7%, 4/6/96(1) 3/11/93 $ 99.93 $ 98.81 GSPI Corp., 10.15% Fst. Mtg. Bonds, 6/24/10(1) 1/29/93 $102.38 $106.13 FDIC Trust, Series 1994-C1, Cl. 2-D, 8.70%, 9/25/25 8/11/94 $ 98.00 $ 95.13 FDIC Trust, Series 1994-C1, Cl. 2-E, 8.70%, 9/25/25 8/11/94 $ 94.88 $ 91.66
Restricted and illiquid securities, excluding securities eligible for resale pursuant to Rule 144A of the Act amount to $2,801,719 or 2.1% of the Fund's net assets, at December 31, 1994. 1. Transferable under Rule 144A of the Act. Oppenheimer Capital Appreciation Fund
VALUATION ACQUISITION COST AS OF SECURITY DATE PER UNIT DECEMBER 31, 1994 - ---------------------------------------------------------------------------------------------------------------------------- Intelcom Group, Inc., 7% Cv. Sub. Nts., 10/30/98 11/2/93-10/28/94 $ 99.04 $ 80.44 Medaphis Corp., 6.50% Cv. Sub. Nts., 1/1/00(1) 12/22/92 $100.00 $167.25 PerSeptive Biosystems, Inc., 8.25% Cv. Sub. Debs., 8/15/01 8/19/94 $100.00 $ 68.50 Sierra On-Line, Inc., 6.50% Cv. Sub. Nts., 4/1/01(1) 11/16/94 $106.00 $127.50
Restricted and illiquid securities, excluding securities eligible for resale pursuant to Rule 144A of the Act amount to $1,545,666 or .83% of the Fund's net assets, at December 31, 1994. 1. Transferable under Rule 144A of the Act. Oppenheimer Multiple Strategies Fund
VALUATION ACQUISITION COST AS OF SECURITY DATE PER UNIT DECEMBER 31, 1994 - ---------------------------------------------------------------------------------------------------------------------------- Central Puerto SA, ADR(1) 7/20/94-7/22/94 $ 31.81 $24.75 PerSeptive Biosystems, Inc., 8.25% Cv. Sub. Debs., 8/15/01 8/19/94 $100.00 $68.50 PriCellular Wireless Corp., .50%/14% Sr. Sub. Disc. Nts., 11/15/01(1) 11/17/94 $ 67.00 $66.50 Samsung Electronics Co, GDR(1) 8/18/94 $ 38.28 $46.50 Santa Anita Realty Enterprises, Inc., Units 5/28/93-11/29/93 $ 17.96 $13.75 Turkiye Garanti Bankasi AS, Sponsored ADR(1) 7/20/94-7/22/94 $ 2.20 $ 2.53 YuKong Ltd., GDR(1) 9/29/94 $ 24.95 $15.75 YuKong Ltd., GDR(1) 10/18/94-12/22/94 $ 16.75 $15.00
Restricted and illiquid securities, excluding securities eligible for resale pursuant to Rule 144A of the Act amount to $755,000 or .26% of the Fund's net assets, at December 31, 1994. 1. Transferable under Rule 144A of the Act. NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds Oppenheimer Global Securities Fund
VALUATION ACQUISITION COST AS OF SECURITY DATE PER UNIT DECEMBER 31, 1994 - ---------------------------------------------------------------------------------------------------------------------------- Capex SA, GDR(1) 6/13/94 $ 20.00 $ 16.38 Carulla SA(1) 6/23/94 $ 11.33 $ 11.54 Central Puerto SA, ADR(1) 11/23/93 $ 26.50 $ 24.75 First NIS Regional Fund(1) 11/23/94 $ 4.00 $ 4.25 Hindustan Development Corp. Ltd., Units(1) 9/19/94 $ 4.10 $ 2.13 Indian Rayon and Industries Ltd., GDR(1) 1/28/94 $ 22.51 $ 19.45 Indo Gulf Fertilizer, GDR(1) 1/17/94 $ 4.51 $ 2.99 Industrial Credit and Investment Corp. India Ltd., 2.50% Cv. Debs., 4/30/00(1) 2/3/94 $ 108.40 $ 75.00 Internacional de Ceramica SA, Series B, ADR(1) 2/10/93-2/11/93 $ 25.40 $ 17.77 JK Corp. Ltd., GDR(1) 10/17/94 $ 8.00 $ 6.73 Mavesa, ADR(1) 8/25/94 $ 5.88 $ 4.95 Pakistan Telecommunications, GDR(1) 9/19/94-10/4/94 $ 186.07 $ 135.50 Plant Genetics Systems International NV 5/27/92 $ 11.18 $ 7.55 President Enterprises Corp.(1) 10/11/94 $ 15.83 $ 20.25 PT Panin Bank(1) 7/2/93-9/22/94 $ 1.52 $ 1.39 Reliance Industries Ltd., GDS(1) 10/4/94-10/20/94 $ 28.57 $ 19.80 Samsung Electronics Co, GDR(1) 8/18/94 $ 38.28 $ 46.50 Scici Ltd., 3.50% Cv. Bonds, 4/1/04(1) 10/19/93-1/20/94 $ 117.00 $ 88.00 Taipei Fund, Cl. B, IDR 12/26/93 $80,000.00 $95,900.00 Tata Electric Cos.(1) 2/22/94 $ 710.00 $ 437.50 Tung Ho Steel Enterprise Corp., GDR(1) 9/9/94 $ 17.20 $ 15.50 Turkiye Garanti Bankasi AS, Sponsored ADR(1) 10/29/93-10/4/94 $ 2.24 $ 2.53 VA Technoligie AG(1) 5/19/94-9/13/94 $ 96.82 $ 100.66 YuKong Ltd., GDR(1) 9/9/94-10/18/94 $ 26.05 $ 15.00
Restricted and illiquid securities, excluding securities eligible for resale pursuant to Rule 144A of the Act amount to $644,114, or .22% of the Fund's net assets, at December 31, 1994. 1. Transferable under Rule 144A of the Act. Oppenheimer Strategic Bond Fund
VALUATION ACQUISITION COST AS OF SECURITY DATE PER UNIT DECEMBER 31, 1994 - ---------------------------------------------------------------------------------------------------------------------------- Argentina Local Market Securities Trust, Series 1994-II, 11.30%, 4/1/00(1) 8/24/94 $100.00 $ 85.25 Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 3/15/04(1) 5/17/94 $ 60.78 $ 65.26 Celcaribe SA(1) 5/17/94 $ 1.19 $ 1.15 Ecuador (Republic of) Bonds, 12/29/49(1) 10/7/94 $ 60.50 $ 54.38 GPA Holland BV, 8.625% Medium-Term Nts., Series C, 1/15/99 1/10/94 $ 78.13 $ 71.50 Icon Health & Fitness, Inc., Units(1) 1/4/94 $ 98.79 $ 98.50 Lehman Brothers Holdings, Inc., Standard & Poor's Index- Linked Nts., 5.788%, 1/25/95 11/22/94 $144.40 $117.12 PriCellular Wireless Corp., .50%/14% Sr. Sub. Disc. Nts., 11/15/01(1) 11/17/94 $ 66.83 $ 66.50 SD Warren Co., 12% Sr. Sub. Nts., 12/15/04(1) 12/13/94 $100.00 $103.00 Subic Power Corp., 9.50% Sr. Sec. Nts., Series A, 12/28/08(1) 12/20/93 $ 99.93 $ 86.50 Terex Corp., 13% Sr. Nts., 8/1/96(1) 10/21/94 $ 97.25 $ 94.75 Terex Corp. Rts., Exp. 7/96(1) 6/29/94 $ 1.49 $ 0.75 Tribasa Toll Road Trust, 10.50% Nts., Series 1993-A, 12/1/11(1) 11/8/93 $100.00 $ 86.50 United Mexican States, Combined Facility 3, Loan Participation Agreement, 7.625%, 3/20/00 10/25/94 $ 89.00 $ 86.00 United Mexican States, Myra Old Money Loan Participation Agreement, 7.625%, 3/20/05 10/12/94 $ 82.88 $ 69.50
Restricted and illiquid securities, excluding securities eligible for resale pursuant to Rule 144A of the Act amount to $548,310 or 2.7% of the Fund's net assets, at December 31, 1994. 1. Transferable under Rule 144A of the Act. NOTES TO FINANCIAL STATEMENTS (Continued) Oppenheimer Variable Account Funds 8. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreements with the Trust. For OBF, OCAP, OGF, OMSF, OHIF, OGSF and OSBF, the annual fees are .75% of the first $200 million of net assets, .72% of the next $200 million, .69% of the next $200 million, .66% of the next $200 million and .60% of net assets in excess of $800 million. In addition, management fees for OHIF, OBF and OSBF are .50% of net assets in excess of $1 billion. Management fees for OMF are .45% of the first $500 million, .425% of the next $500 million, .40% of the next $500 million and .375% of net assets in excess of $1.5 billion. The Manager has agreed to reimburse any Fund if aggregate Fund expenses (with specified exceptions) exceed 2.5% of the first $30 million of the Fund's net assets, plus 2.0% of the next $70 million, plus 1.5% of net assets in excess of $100 million. For OSBF, the Manager has agreed to limit the management fee charged so that the ordinary operating expenses of the Fund will not exceed 1.0% of its average net assets in any fiscal year. Prior to September 1, 1994, management fees were as follows: except as stated below, the annual fees were .50% of the first $250 million of aggregate Trust net assets, .45% of the next $50 million, .40% of the next $100 million, .35% of the next $400 million and .30% of net assets in excess of $800 million. OMF fees were reduced by .05% of the first $250 million of Fund net assets, as well as on Fund net assets in excess of $4 billion. OHIF paid an additional management fee of .15% of its net assets annually. OGSF fees were .75% of the first $200 million of aggregate Trust net assets with a reduction of .03% of each $200 million thereafter to $800 million, and .60% of net assets in excess of $800 million. OSBF fees were .65% of net assets annually. Fees were allocated ratably to each Fund based on the relative value of Fund net assets to total Trust net assets as of the close of business each day. The Manager agreed to reimburse OMF, OHIF, OBF, OCAP, OGF, OMSF and OSBF if aggregate Fund expenses (with specified exceptions) exceeded 2% of the first $10 million of average annual net assets, 1.50% of the next $20 million and 1% of average annual net assets in excess of $30 million. Prior to September 1, 1994, the Manager and Monarch Life Insurance Company, Bankers Security Life Insurance Society (Bankers), Confederation Life Insurance and Annuity Company and Massachusetts Mutual Life Insurance Company had also voluntarily undertaken to limit the expenses of OMF, OHIF, OBF, OCAP, OGF and OMSF to .75% of average annual net assets, after any other reimbursement by the Manager. The reimbursement was based on the proportionate number of shares in the accounts of the respective insurance companies. The undertaking by Bankers extended to OMSF only. FEDERAL INCOME TAX INFORMATION (Unaudited) In early 1995, shareholders will receive information regarding all dividends and distributions paid to them by the Funds during calendar year 1994. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service. Certain distributions paid on March 28, 1994 were designated as "capital gain distributions" for federal income tax purposes. These distributions are shown in the table below. Whether received in stock or cash, the capital gain distribution should be treated by shareholders as a gain from the sale of capital assets held for more than one year (long-term capital gains). Dividends paid by the Funds during the fiscal year ended December 31, 1994 which are not designated as capital gain distributions should be multiplied by the percentages listed below to arrive at the net amount eligible for the corporate dividend-received deduction.
============================================================================== Long-Term Capital Corporate Dividend- Gain Distribution Received Deduction ============================================================================== Oppenheimer Money Fund -- 0.00% - ------------------------------------------------------------------------------ Oppenheimer High Income Fund .059 4.49% - ------------------------------------------------------------------------------ Oppenheimer Bond Fund .02 .16% - ------------------------------------------------------------------------------ Oppenheimer Capital Appreciation Fund 2.233 47.54% - ------------------------------------------------------------------------------ Oppenheimer Growth Fund -- 95.83% - ------------------------------------------------------------------------------ Oppenheimer Multiple Strategies Fund .062 14.11% - ------------------------------------------------------------------------------ Oppenheimer Global Securities Fund .026 8.34% - ------------------------------------------------------------------------------ Oppenheimer Strategic Bond Fund .006 1.90% ==============================================================================
The foregoing information is presented to assist shareholders in reporting distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. INDEPENDENT AUDITORS' REPORT The Board of Trustees and Shareholders of Oppenheimer Variable Account Funds: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Oppenheimer Money Fund, Oppenheimer High Income Fund, Oppenheimer Bond Fund, Oppenheimer Capital Appreciation Fund, Oppenheimer Growth Fund, Oppenheimer Multiple Strategies Fund, Oppenheimer Global Securities Fund and Oppenheimer Strategic Bond Fund (all of which are series of Oppenheimer Variable Account Funds) as of December 31, 1994, the related statements of operations for the year then ended, the statements of changes in net assets for the years ended December 31, 1994 and 1993, and the financial highlights for the applicable periods ended December 31, 1994, 1993, 1992, 1991, 1990, 1989, 1988, 1987, and 1986, June 30, 1986 and December 31, 1985. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned at December 31, 1994 by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Oppenheimer Money Fund, Oppenheimer High Income Fund, Oppenheimer Bond Fund, Oppenheimer Capital Appreciation Fund, Oppenheimer Growth Fund, Oppenheimer Multiple Strategies Fund, Oppenheimer Global Securities Fund and Oppenheimer Strategic Bond Fund at December 31, 1994, the results of their operations, the changes in their net assets, and the financial highlights for the respective stated periods, in conformity with generally accepted accounting principles. DELOITTE & TOUCHE LLP Denver, Colorado January 23, 1995 Oppenheimer Variable Account Funds Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee and President Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Andrew J. Donohue, Vice President George R. Evans, Vice President Paul LaRocco, Portfolio Manager David P. Negri, Vice President Jane Putnam, Vice President Richard H. Rubinstein, Vice President Arthur Steinmetz, Vice President Arthur J. Zimmer, Vice President George C. Bowen, Vice President, Secretary and Treasurer Robert J. Bishop, Assistant Treasurer Scott Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor Oppenheimer Management Corporation Transfer Agent Oppenheimer Shareholder Services Custodian of Portfolio Securities The Bank of New York Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson, Adams & Wolf, P.C. This is a copy of a report to shareholders of Oppenheimer Variable Account Funds. This report must be preceded or accompanied by a Prospectus of Oppenheimer Variable Account Funds. For material information concerning the Funds, see the Prospectus. -----END PRIVACY-ENHANCED MESSAGE-----