-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MybbNkvzULhlPUdNsGbdjnQS1AOyu+axKx1MdEsdug7dCfJDlkJ2HPfmEiPjVI1E m7vq0P5iqz6ehIeMqtyJYg== 0000950123-10-052806.txt : 20100525 0000950123-10-052806.hdr.sgml : 20100525 20100525162920 ACCESSION NUMBER: 0000950123-10-052806 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100331 FILED AS OF DATE: 20100525 DATE AS OF CHANGE: 20100525 EFFECTIVENESS DATE: 20100525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 IRS NUMBER: 840974272 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 10857257 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER VARIABLE LIFE FUNDS DATE OF NAME CHANGE: 19860609 0000752737 S000010331 Oppenheimer Balanced Fund/VA C000028586 Non-Service C000028587 Service 0000752737 S000010332 Oppenheimer Value Fund/VA C000028588 Non-Service C000028589 Service 0000752737 S000010333 Oppenheimer Small- & Mid-Cap Growth Fund/VA C000028590 Non-Service C000028591 Service 0000752737 S000010334 Oppenheimer Capital Appreciation Fund C000028592 Non-Service C000028593 Service 0000752737 S000010335 Oppenheimer Core Bond Fund/VA C000028594 Non-Service C000028595 Service 0000752737 S000010336 Oppenheimer Global Securities/VA C000028596 Non-Service C000028597 Service C000028916 Class 3 C000028917 Class4 0000752737 S000010337 Oppenheimer High Income Fund/VA C000028598 Non-Service C000028599 Service C000047467 3 C000047468 4 0000752737 S000010338 Oppenheimer Main Street Fund/VA C000028600 Non-Service C000028601 Service 0000752737 S000010339 Oppenheimer Main Street Small Cap Fund/VA C000028602 Non-Service C000028603 Service 0000752737 S000010340 Oppenheimer Money Fund/VA C000028604 Non-Service C000028605 Service 0000752737 S000010341 Oppenheimer Global Strategic Income Fund/VA C000028606 Non-Service C000028607 Service N-Q 1 p17263nvq.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-4108 Oppenheimer Variable Account Funds (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: December 31 Date of reporting period: 03/31/2010 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- ------------ COMMON STOCKS--99.2% CONSUMER DISCRETIONARY--18.3% HOTELS, RESTAURANTS & LEISURE--4.0% Cheesecake Factory, Inc. (The)(1) 221,700 $ 5,999,202 China Lodging Group Ltd., Sponsored ADS(1) 32,000 479,360 Chipotle Mexican Grill, Inc., Cl. A(1) 43,030 4,848,190 Panera Bread Co., Cl. A(1) 82,300 6,295,127 Royal Caribbean Cruises Ltd.(1) 90,800 2,995,492 Starwood Hotels & Resorts Worldwide, Inc. 63,600 2,966,304 ------------ 23,583,675 HOUSEHOLD DURABLES--0.8% Tupperware Brands Corp. 98,500 4,749,670 INTERNET & CATALOG RETAIL--0.9% Priceline.com, Inc.(1) 20,200 5,151,000 MEDIA--2.4% Discovery Communications, Inc.(1) 183,400 6,197,086 DreamWorks Animation SKG, Inc., Cl. A(1) 103,300 4,068,987 Scripps Networks Interactive, Cl. A 94,000 4,168,900 ------------ 14,434,973 MULTILINE RETAIL--2.2% Dollar Tree, Inc.(1) 112,850 6,682,977 Nordstrom, Inc. 151,600 6,192,860 ------------ 12,875,837 SPECIALTY RETAIL--5.5% Chico's FAS, Inc. 412,200 5,943,924 Guess?, Inc. 119,500 5,614,110 J. Crew Group, Inc.(1) 135,500 6,219,450 Tiffany & Co. 130,400 6,192,696 Urban Outfitters, Inc.(1) 221,580 8,426,687 ------------ 32,396,867 TEXTILES, APPAREL & LUXURY GOODS--2.5% Phillips/Van Heusen Corp. 64,300 3,688,248 Polo Ralph Lauren Corp., Cl. A 72,740 6,185,810 Warnaco Group, Inc. (The)(1) 99,400 4,742,374 ------------ 14,616,432 CONSUMER STAPLES--4.3% FOOD & STAPLES RETAILING--0.5% Whole Foods Market, Inc.(1) 80,800 2,920,920 FOOD PRODUCTS--2.1% J.M. Smucker Co. (The) 95,100 5,730,726 TreeHouse Foods, Inc.(1) 149,200 6,545,404 ------------ 12,276,130 PERSONAL PRODUCTS--1.7% Estee Lauder Cos., Inc. (The), Cl. A 108,200 7,018,934 Nu Skin Asia Pacific, Inc., Cl. A 99,500 2,895,450 ------------ 9,914,384
1 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- ------------ ENERGY--6.9% ENERGY EQUIPMENT & SERVICES--2.3% Cameron International Corp.(1) 184,850 $ 7,922,671 Oceaneering International, Inc.(1) 83,100 5,276,019 ------------ 13,198,690 OIL, GAS & CONSUMABLE FUELS--4.6% Alpha Natural Resources, Inc.(1) 74,500 3,716,805 Concho Resources, Inc.(1) 225,450 11,353,662 EXCO Resources, Inc. 158,500 2,913,230 Petrohawk Energy Corp.(1) 196,400 3,982,992 Range Resources Corp. 110,846 5,195,352 ------------ 27,162,041 FINANCIALS--9.3% CAPITAL MARKETS--4.1% Greenhill & Co., Inc. 57,600 4,728,384 Jefferies Group, Inc. 167,300 3,959,991 Stifel Financial Corp.(1) 130,100 6,992,875 Waddell & Reed Financial, Inc., Cl. A 227,500 8,199,100 ------------ 23,880,350 COMMERCIAL BANKS--1.5% East West Bancorp, Inc. 173,700 3,025,854 Signature Bank(1) 161,600 5,987,280 ------------ 9,013,134 DIVERSIFIED FINANCIAL SERVICES--0.9% MSCI, Inc., Cl. A(1) 149,510 5,397,311 INSURANCE--0.8% Assured Guaranty Ltd. 220,300 4,839,991 REAL ESTATE INVESTMENT TRUSTS--0.9% Digital Realty Trust, Inc. 96,310 5,220,002 REAL ESTATE MANAGEMENT & DEVELOPMENT--1.1% Jones Lang LaSalle, Inc. 87,400 6,370,586 HEALTH CARE--17.6% BIOTECHNOLOGY--4.6% Alexion Pharmaceuticals, Inc.(1) 190,100 10,335,737 Amylin Pharmaceuticals, Inc.(1) 128,500 2,889,965 Human Genome Sciences, Inc.(1) 151,300 4,569,260 Myriad Genetics, Inc.(1) 147,650 3,550,983 United Therapeutics Corp.(1) 107,000 5,920,310 ------------ 27,266,255 HEALTH CARE EQUIPMENT & SUPPLIES--3.4% Edwards Lifesciences Corp.(1) 105,470 10,428,874 ResMed, Inc.(1) 55,800 3,551,670 Thoratec Corp.(1) 178,100 5,957,445 ------------ 19,937,989 HEALTH CARE PROVIDERS & SERVICES--6.8% Catalyst Health Solutions, Inc.(1) 126,300 5,226,294
2 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- ------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED Coventry Health Care, Inc.(1) 140,400 $ 3,470,688 Genoptix, Inc.(1) 147,011 5,217,420 Health Management Associates, Inc., Cl. A(1) 587,000 5,048,200 HMS Holdings Corp.(1) 150,500 7,673,995 MEDNAX, Inc.(1) 101,800 5,923,742 Schein (Henry), Inc.(1) 122,670 7,225,263 ------------ 39,785,602 HEALTH CARE TECHNOLOGY--1.9% Cerner Corp.(1) 74,900 6,370,994 SXC Health Solutions Corp.(1) 73,800 4,965,264 ------------ 11,336,258 PHARMACEUTICALS--0.9% Perrigo Co. 93,710 5,502,651 INDUSTRIALS--12.1% AEROSPACE & DEFENSE--2.0% Goodrich Corp. 82,700 5,832,004 Rockwell Collins, Inc. 98,700 6,177,633 ------------ 12,009,637 COMMERCIAL SERVICES & SUPPLIES--0.9% Stericycle, Inc.(1) 101,122 5,511,149 ONSTRUCTION & ENGINEERING--0.5% Chicago Bridge & Iron Co. NV(1) 130,200 3,028,452 ELECTRICAL EQUIPMENT--1.5% Regal-Beloit Corp. 99,800 5,929,118 Roper Industries, Inc. 51,600 2,984,544 ------------ 8,913,662 MACHINERY--3.9% Bucyrus International, Inc. 89,100 5,879,709 Flowserve Corp. 43,800 4,829,826 Gardner Denver, Inc. 140,081 6,169,167 Parker-Hannifin Corp. 46,400 3,003,936 Pentair, Inc. 83,300 2,967,146 ------------ 22,849,784 PROFESSIONAL SERVICES--1.3% Manpower, Inc. 76,500 4,369,680 Verisk Analytics, Inc., Cl. A(1) 125,240 3,531,768 ------------ 7,901,448 ROAD & RAIL--0.8% Kansas City Southern, Inc.(1) 123,300 4,459,761 TRADING COMPANIES & DISTRIBUTORS--0.8% W.W. Grainger, Inc. 41,100 4,443,732 TRANSPORTATION INFRASTRUCTURE--0.4% Aegean Marine Petroleum Network, Inc. 85,400 2,423,652 INFORMATION TECHNOLOGY--23.2% COMMUNICATIONS EQUIPMENT--1.4% F5 Networks, Inc.(1) 137,700 8,469,927
3 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- ------------ COMPUTERS & PERIPHERALS--1.2% NetApp, Inc.(1) 209,870 $ 6,833,367 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.8% Dolby Laboratories, Inc., Cl. A(1) 77,500 4,546,925 INTERNET SOFTWARE & SERVICES--4.5% Equinix, Inc.(1) 68,983 6,714,805 GSI Commerce, Inc.(1) 230,400 6,375,168 Mercadolibre, Inc.(1) 71,602 3,451,932 Rackspace Hosting, Inc.(1) 144,200 2,700,866 VistaPrint NV(1) 129,800 7,431,050 ------------ 26,673,821 IT SERVICES--2.7% Cognizant Technology Solutions Corp.(1) 229,610 11,705,518 Global Payments, Inc. 99,300 4,523,115 ------------ 16,228,633 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.6% ARM Holdings plc, Sponsored ADR 420,600 4,496,214 Atheros Communications, Inc.(1) 120,600 4,668,426 Broadcom Corp., Cl. A 141,400 4,691,652 Marvell Technology Group Ltd.(1) 314,700 6,413,586 Netlogic Microsystems, Inc.(1) 244,600 7,198,578 Silicon Laboratories, Inc.(1) 118,400 5,644,128 ------------ 33,112,584 SOFTWARE--7.0% Ansys, Inc.(1) 111,630 4,815,718 Citrix Systems, Inc.(1) 93,900 4,457,433 Concur Technologies, Inc.(1) 109,400 4,486,494 Informatica Corp.(1) 167,100 4,488,306 Longtop Financial Technologies Ltd., ADR(1) 137,300 4,422,433 Red Hat, Inc.(1) 147,800 4,326,106 Salesforce.com, Inc.(1) 83,380 6,207,641 SS&C Technologies Holdings, Inc.(1) 95,700 1,443,156 Sybase, Inc.(1) 136,300 6,354,306 ------------ 41,001,593 MATERIALS--4.6% CHEMICALS--2.3% Albemarle Corp. 70,400 3,001,152 Intrepid Potash, Inc.(1) 119,000 3,609,270 Lubrizol Corp. (The) 74,420 6,825,802 ------------ 13,436,224 CONTAINERS & PACKAGING--0.5% Rock-Tenn Co., Cl. A 67,020 3,054,101 METALS & MINING--1.8% Silver Wheaton Corp.(1) 178,000 2,792,820 Steel Dynamics, Inc. 292,400 5,108,230
4 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- ------------ METALS & MINING CONTINUED Thompson Creek Metals Co., Inc.(1) 207,000 $ 2,800,710 ------------ 10,701,760 TELECOMMUNICATION SERVICES--2.9% WIRELESS TELECOMMUNICATION SERVICES--2.9% Crown Castle International Corp.(1) 150,400 5,749,792 NII Holdings, Inc.(1) 108,400 4,515,944 SBA Communications Corp.(1) 187,070 6,747,615 ------------ 17,013,351 ------------ Total Common Stocks (Cost $467,017,469) 584,444,311 INVESTMENT COMPANIES--2.1% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2, 3) 90,079 90,079 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(2, 4) 11,937,037 11,937,037 ------------ Total Investment Companies (Cost $12,027,116) 12,027,116 ------------ TOTAL INVESTMENTS, AT VALUE (COST $479,044,585) 101.3% 596,471,427 LIABILITIES IN EXCESS OF OTHER ASSETS (1.3) (7,386,913) ---------- ------------ NET ASSETS 100.0% $589,084,514 ========== ============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of March 31, 2010. (3.) Interest rate is less than 0.0005%. (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- ---------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 10,877,341 60,286,430 59,226,734 11,937,037
VALUE INCOME ----------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $11,937,037 $3,491
5 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED OTHER SIGNIFICANT SIGNIFICANT QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ------------- ----------------- ------------------- ------------ ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $107,808,454 $-- $-- $107,808,454 Consumer Staples 25,111,434 -- -- 25,111,434 Energy 40,360,731 -- -- 40,360,731 Financials 54,721,374 -- -- 54,721,374 Health Care 103,828,755 -- -- 103,828,755 Industrials 71,541,277 -- -- 71,541,277 Information Technology 136,866,850 -- -- 136,866,850 Materials 27,192,085 -- -- 27,192,085 Telecommunication Services 17,013,351 -- -- 17,013,351 Investment Companies 12,027,116 -- -- 12,027,116 ------------ --- --- ------------ Total Assets $596,471,427 $-- $-- $596,471,427 ------------ --- --- ------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS As of April 30, 2010, the Fund changed its name from Oppenheimer MidCap Fund/VA to Oppenheimer Small & Mid-Cap Growth Fund/VA. SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. 6 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. 7 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Federal tax cost of securities $482,656,368 ============ Gross unrealized appreciation $117,108,657 Gross unrealized depreciation (3,293,598) ------------ Net unrealized appreciation $113,815,059 ============
8 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------------- -------------- COMMON STOCKS--54.8% CONSUMER DISCRETIONARY--4.9% MEDIA--4.9% Jupiter Telecommunications Co. Ltd. 6,621 $ 7,648,604 Liberty Global, Inc., Series A(1) 80,238 2,339,740 Liberty Global, Inc., Series C(1) 77,960 2,252,264 -------------- 12,240,608 -------------- CONSUMER STAPLES--6.3% BEVERAGES--0.4% Molson Coors Brewing Co., Cl. B, Non-Vtg. 22,100 929,526 FOOD & STAPLES RETAILING--1.9% CVS Caremark Corp. 44,100 1,612,296 Kroger Co. (The) 89,600 1,940,736 Walgreen Co. 31,000 1,149,790 -------------- 4,702,822 -------------- FOOD PRODUCTS--1.8% Nestle SA 87,780 4,495,561 TOBACCO--2.2% Altria Group, Inc. 83,010 1,703,365 Lorillard, Inc. 50,660 3,811,658 -------------- 5,515,023 -------------- ENERGY--5.2% OIL, GAS & CONSUMABLE FUELS--5.2% Chevron Corp. 86,600 6,566,878 Exxon Mobil Corp. 96,370 6,454,863 -------------- 13,021,741 -------------- FINANCIALS--8.1% CAPITAL MARKETS--1.1% Goldman Sachs Group, Inc. (The) 8,400 1,433,292 Morgan Stanley 46,300 1,356,127 -------------- 2,789,419 -------------- DIVERSIFIED FINANCIAL SERVICES--4.1% Bank of America Corp. 235,500 4,203,675 JPMorgan Chase & Co. 132,900 5,947,275 -------------- 10,150,950 -------------- INSURANCE--2.9% Assurant, Inc. 51,500 1,770,570 Everest Re Group Ltd. 68,430 5,538,040 -------------- 7,308,610 -------------- HEALTH CARE--5.2% BIOTECHNOLOGY--1.3% Amgen, Inc.(1) 23,400 1,398,384 Genzyme Corp. (General Division)(1) 18,900 979,587 Vanda Pharmaceuticals, Inc.(1) 64,800 747,792 -------------- 3,125,763 -------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.9% Covidien plc 46,700 2,348,076
1 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------------- -------------- HEALTH CARE PROVIDERS & SERVICES--1.2% Aetna, Inc. 87,140 $ 3,059,485 PHARMACEUTICALS--1.8% Merck & Co., Inc. 88,927 3,321,423 Pfizer, Inc. 67,965 1,165,600 -------------- 4,487,023 -------------- INDUSTRIALS--4.7% AEROSPACE & DEFENSE--0.0% AerCap Holdings NV(1) 9,000 103,680 ELECTRICAL EQUIPMENT--0.6% General Cable Corp.(1) 50,500 1,363,500 INDUSTRIAL CONGLOMERATES--0.6% Tyco International Ltd. 41,300 1,579,725 MACHINERY--3.0% Joy Global, Inc. 57,780 3,270,348 Navistar International Corp.(1) 92,850 4,153,181 -------------- 7,423,529 -------------- TRADING COMPANIES & DISTRIBUTORS--0.5% Aircastle Ltd. 133,700 1,266,139 INFORMATION TECHNOLOGY--17.9% COMMUNICATIONS EQUIPMENT--3.8% Orbcomm, Inc.(1) 375 806 QUALCOMM, Inc. 113,360 4,759,986 Research in Motion Ltd.(1) 65,680 4,857,036 -------------- 9,617,828 -------------- COMPUTERS & PERIPHERALS--0.9% Dell, Inc.(1) 147,000 2,206,470 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.0% CalAmp Corp.(1) 19 53 INTERNET SOFTWARE & SERVICES--4.3% eBay, Inc.(1) 150,600 4,058,670 Google, Inc., Cl. A(1) 12,010 6,809,790 -------------- 10,868,460 -------------- SOFTWARE--8.9% Oracle Corp. 128,700 3,306,303 Synopsys, Inc.(1) 114,640 2,564,497 Take-Two Interactive Software, Inc.(1) 1,048,576 10,328,474 THQ, Inc.(1) 853,300 5,981,633 -------------- 22,180,907 -------------- MATERIALS--1.9% CHEMICALS--1.9% Celanese Corp., Series A 28,200 898,170 Potash Corp. of Saskatchewan, Inc. 32,400 3,866,940 -------------- 4,765,110 -------------- TELECOMMUNICATION SERVICES--0.0% DIVERSIFIED TELECOMMUNICATION SERVICES--0.0% XO Holdings, Inc.(1) 85 64
2 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------------- -------------- UTILITIES--0.6% ELECTRIC UTILITIES--0.6% Edison International, Inc. 40,500 $ 1,383,877 -------------- Total Common Stocks (Cost $125,222,502) 136,933,949 -------------- PREFERRED STOCKS--2.6% Mylan, Inc., 6.50% Cv., Non-Vtg. (Cost $3,047,107) 4,800 6,528,000
Principal Amount ---------------- ASSET-BACKED SECURITIES--4.7% Ally Master Owner Trust 2010-1, Asset-Backed Certificates, Series 2010-1, Cl. A, 1.98%, 1/15/13(2,3) $ 240,000 241,373 AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.98%, 1/15/13 105,000 105,035 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.726%, 5/25/34(2) 306,713 255,551 Bank of America Auto Trust, Automobile Asset-Backed Certificates, Series 2009-2A, Cl. A4, 3.03%, 10/15/16(3) 775,000 797,990 Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13 265,000 272,511 Bayview Financial Mortgage Pass-Through Trust 2006-A, Mtg. Pass-Through Certificates, Series 2006-A, Cl. 2A4, 0.547%, 2/28/41(2) 318,687 253,316 Capital One Multi-Asset Execution Trust, Credit Card Asset-Backed Certificates, Series 2009-A2, Cl. A2, 3.20%, 6/15/11 280,000 287,289 Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15(3) 80,000 80,316 Chase Issuance Trust, Credit Card Asset-Backed Certificates, Series 2007-A15, Cl. A, 4.96%, 9/17/12 665,000 678,631 Chrysler Financial Lease Trust, Asset-Backed Nts., Series 2010-A, Cl. A2, 1.78%, 6/15/11(3) 260,000 259,870 CIT Equipment Collateral, Asset-Backed Certificates, Series 2009-VT1, Cl. A2, 2.20%, 10/15/10(3) 224,648 225,379 Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 183,628 CNH Equipment Trust, Asset-Backed Certificates: Series 2009-B, Cl. A3, 2.97%, 3/15/13 341,956 346,624 Series 2010-A, Cl. A2, 0.81%, 3/25/15 305,000 305,000 Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 0.986%, 2/25/33(2) 18,836 15,212 Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36(2) 310,668 233,285 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36(2) 175,219 143,315 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.366%, 6/25/47(2) 480,000 394,395 DT Auto Owner Trust, Automobile Receivables Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15 215,903 216,876 Ellington Loan Acquisition Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. A2A2, 1.046%, 5/27/37(2,3) 356,174 308,660
3 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-A, Cl. A, 1.04%, 3/15/13(3) $ 225,000 $ 225,068 Ford Credit Auto Owner Trust, Automobile Receivables Nts.: Series 2009-B, Cl. A2, 2.10%, 11/15/11 108,242 108,698 Series 2009-E, Cl. A2, 0.80%, 3/15/12 505,000 505,545 Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.78%, 9/15/12(2) 245,000 245,762 Ford Credit Floorplan Master Owner Trust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.88%, 12/15/14(2) 250,000 251,325 Harley-Davidson Motorcycle Trust 2009-2, Motorcycle Contract-Backed Nts., Series 2009-2, Cl. A2, 2%, 7/15/12 737,082 741,071 Honda Auto Receivables 2009-3 Owner Trust, Automobile Asset-Backed Nts., Series 2009-3, Cl. A2, 1.50%, 8/15/11 350,000 351,326 HSBC Credit Card Master Note Trust (USA) I, Asset-Backed Securities, Series 2007-1, Cl. A, 0.282%, 4/15/13(2) 265,000 264,534 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.50%, 1/20/35(2) 255,046 226,083 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.35%, 3/20/36(2) 143,819 142,147 MBNA Credit Card Master Note Trust, Credit Card Receivables: Series 2003-C7, Cl. C7, 1.58%, 3/15/16(2) 255,000 245,236 Series 2005-A6, Cl. A6, 4.50%, 1/15/13 660,000 669,660 Merrill Auto Trust Securitization 2007-1, Asset-Backed Nts., Series 2007-1, Cl. A4, 0.29%, 12/15/13(2) 285,000 283,281 Morgan Stanley Structured Trust I 2001-1, Asset-Backed Certificates, Series 2004-1, Cl. A1, 0.326%, 6/25/37(2) 267,926 246,694 Navistar Financial Dealer Note Master Owner Trust, Asset-Backed Nts., Series 2010-1, Cl. A, 1.878%, 1/26/15(2,3) 405,000 405,199 Nissan Master Owner Trust, Automobile Receivables Nts., Series 2010-AA, Cl. A, 1.38%, 1/15/13(2,3) 240,000 240,849 Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.346%, 7/1/36(2) 638,737 390,136 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.346%, 9/25/36(2) 258,673 250,301 Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 0.286%, 9/25/36(2) 19,084 18,987 World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-C, Cl. A, 2.36%, 5/15/14 245,000 245,862 -------------- Total Asset-Backed Securities (Cost $12,209,700) 11,662,020 -------------- MORTGAGE-BACKED OBLIGATIONS--28.3% GOVERNMENT AGENCY--23.9% FHLMC/FNMA/FHLB/SPONSORED--23.0% Federal Home Loan Bank, Mtg.-Backed Obligations, Series 5G-2012, Cl. 1, 4.97%, 2/24/12 546,182 572,348
4 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Federal Home Loan Mortgage Corp.: 5.50%, 9/1/39 $ 1,446,861 $ 1,529,626 7%, 10/1/37 1,408,384 1,565,815 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 23.664%, 3/25/36(2) 269,698 338,518 Series 2426, Cl. BG, 6%, 3/15/17 533,843 576,183 Series 2427, Cl. ZM, 6.50%, 3/15/32 555,936 607,543 Series 2626, Cl. TB, 5%, 6/1/33 805,000 865,974 Series 2638, Cl. KG, 4%, 11/1/27 1,000,000 1,027,095 Series 2648, Cl. JE, 3%, 2/1/30 555,882 562,877 Series 2663, Cl. BA, 4%, 8/1/16 681,712 701,704 Series 2676, Cl. KB, 5%, 2/1/20 232,804 239,609 Series 2686, Cl. CD, 4.50%, 2/1/17 423,899 437,289 Series 2907, Cl. GC, 5%, 6/1/27 162,492 168,441 Series 2911, Cl. CU, 5%, 2/1/28 446,246 464,044 Series 2929, Cl. PC, 5%, 1/1/28 163,940 169,987 Series 2952, Cl. GJ, 4.50%, 12/1/28 90,434 92,820 Series 3019, Cl. MD, 4.75%, 1/1/31 425,690 443,444 Series 3025, Cl. SJ, 23.907%, 8/15/35(2) 83,774 103,860 Series 3033, Cl. UD, 5.50%, 10/1/30 475,000 501,014 Series 3061, Cl. MB, 5.50%, 5/1/30 185,000 195,743 Series 3094, Cl. HS, 23.54%, 6/15/34(2) 162,826 195,684 Series 3157, Cl. MC, 5.50%, 2/1/26 571,115 577,283 Series 3242, Cl. QA, 5.50%, 3/1/30 209,853 219,155 Series 3279, Cl. PH, 6%, 2/1/27 675,000 684,358 Series 3291, Cl. NA, 5.50%, 10/1/27 113,050 115,427 Series 3306, Cl. PA, 5.50%, 10/1/27(4) 192,380 198,075 Series R001, Cl. AE, 4.375%, 4/1/15 129,971 133,285 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 183, Cl. IO, 12.257%, 4/1/27(5) 219,666 56,845 Series 192, Cl. IO, 9.631%, 2/1/28(5) 62,104 12,729 Series 2130, Cl. SC, 51.595%, 3/15/29(5) 172,218 33,000 Series 224, Cl. IO, 0.777%, 3/1/33(5) 337,717 70,930 Series 243, Cl. 6, 2.092%, 12/15/32(5) 215,109 39,256 Series 2527, Cl. SG, 22.478%, 2/15/32(5) 97,122 4,758 Series 2531, Cl. ST, 48.796%, 2/15/30(5) 1,294,687 71,784 Series 2796, Cl. SD, 66.526%, 7/15/26(5) 246,382 46,239 Series 2802, Cl. AS, 99.999%, 4/15/33(5) 278,941 27,109 Series 2920, Cl. S, 70.954%, 1/15/35(5) 1,333,399 173,605 Series 3000, Cl. SE, 99.999%, 7/15/25(5) 1,237,103 131,608 Series 3045, Cl. DI, 37.499%, 10/15/35(5) 1,071,684 134,651 Series 3110, Cl. SL, 99.999%, 2/15/26(5) 190,509 19,439 Series 3146, Cl. SA, 55.065%, 4/15/36(5) 1,382,833 162,841 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.564%, 6/1/26(6) 59,110 48,972 Federal National Mortgage Assn.: 4.50%, 4/1/25-4/1/40(7) 5,942,000 6,008,725
5 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED 5%, 4/1/25-6/1/40(7) $ 6,843,000 $ 7,061,008 5.50%, 9/25/20 14,057 15,159 5.50%, 4/1/25-4/1/40(7) 7,523,000 7,934,950 6%, 3/1/37 1,289,580 1,376,646 6%, 4/1/25-4/1/40(7) 8,023,000 8,581,432 6.50%, 4/1/40(7) 1,780,000 1,929,353 7%, 11/1/17(4) 271,065 290,557 7.50%, 1/1/33 247,860 280,528 8.50%, 7/1/32 12,519 14,176 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1998-61, Cl. PL, 6%, 11/25/28 197,575 214,819 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,000,000 1,068,022 Trust 2004-81, Cl. KC, 4.50%, 4/1/17 606,490 623,850 Trust 2005-104, Cl. MC, 5.50%, 12/25/25 700,000 751,104 Trust 2005-12, Cl. JC, 5%, 6/1/28 419,521 436,624 Trust 2005-22, Cl. EC, 5%, 10/1/28 157,152 163,739 Trust 2005-30, Cl. CU, 5%, 4/1/29 159,811 167,114 Trust 2005-57, Cl. PA, 5.50%, 5/1/27 232,716 234,595 Trust 2005-69, Cl. LE, 5.50%, 11/1/33 541,326 576,685 Trust 2006-46, Cl. SW, 23.297%, 6/25/36(2) 201,931 248,391 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 391,810 402,199 Trust 2009-37, Cl. HA, 4%, 4/1/19 785,822 819,368 Trust 2009-70, Cl. PA, 5%, 8/1/35 822,638 879,110 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 48.005%, 11/25/31(5) 564,985 96,321 Trust 2001-81, Cl. S, 38.011%, 1/25/32(5) 131,215 21,504 Trust 2002-47, Cl. NS, 35.54%, 4/25/32(5) 290,570 46,285 Trust 2002-51, Cl. S, 35.846%, 8/25/32(5) 266,812 44,620 Trust 2002-52, Cl. SD, 42.028%, 9/25/32(5) 318,345 51,450 Trust 2002-77, Cl. SH, 45.683%, 12/18/32(5) 179,554 26,313 Trust 2002-84, Cl. SA, 49.851%, 12/25/32(5) 507,680 78,800 Trust 2002-9, Cl. MS, 36.037%, 3/25/32(5) 195,827 26,958 Trust 2003-33, Cl. SP, 55.329%, 5/25/33(5) 582,616 81,222 Trust 2003-4, Cl. S, 47.939%, 2/25/33(5) 338,247 47,295 Trust 2003-46, Cl. IH, 0.622%, 6/1/33(5) 1,901,534 283,766 Trust 2003-89, Cl. XS, 69.157%, 11/25/32(5) 264,508 20,694 Trust 2004-54, Cl. DS, 51.89%, 11/25/30(5) 264,840 41,529 Trust 2005-14, Cl. SE, 44.08%, 3/25/35(5) 209,842 19,296 Trust 2005-40, Cl. SA, 72.467%, 5/25/35(5) 771,147 106,396 Trust 2005-6, Cl. SE, 86.987%, 2/25/35(5) 1,072,211 139,497 Trust 2005-71, Cl. SA, 73.99%, 8/25/25(5) 827,838 98,418 Trust 2005-87, Cl. SE, 48.002%, 10/25/35(5) 976,419 89,286 Trust 2005-87, Cl. SG, 39.17%, 10/25/35(5) 44,383 4,731 Trust 2006-60, Cl. DI, 41.897%, 4/25/35(5) 133,814 17,041 Trust 2007-88, Cl. XI, 24.889%, 6/25/37(5) 3,813,454 352,594 Trust 222, Cl. 2, 17.657%, 6/1/23(5) 471,916 85,580
6 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 233, Cl. 2, 24.013%, 8/1/23(5) $ 417,534 $ 77,785 Trust 252, Cl. 2, 25.002%, 11/1/23(5) 381,682 81,996 Trust 319, Cl. 2, 5.406%, 2/1/32(5) 130,810 23,809 Trust 331, Cl. 9, 15.623%, 2/1/33(5) 384,127 75,774 Trust 334, Cl. 17, 22.81%, 2/1/33(5) 219,889 31,544 Trust 339, Cl. 12, 2.097%, 7/1/33(5) 381,093 70,664 Trust 339, Cl. 7, 0%, 7/1/33(5,8) 1,360,819 244,332 Trust 343, Cl. 13, 10.069%, 9/1/33(5) 339,233 60,006 Trust 345, Cl. 9, 2.89%, 1/1/34(5) 564,788 109,769 Trust 351, Cl. 10, 6.835%, 4/1/34(5) 54,559 11,222 Trust 351, Cl. 8, 5.937%, 4/1/34(5) 169,844 30,667 Trust 356, Cl. 10, 3.763%, 6/1/35(5) 139,448 26,008 Trust 356, Cl. 12, 2.109%, 2/1/35(5) 74,211 15,479 Trust 362, Cl. 12, 4.209%, 8/1/35(5) 903,551 157,282 Trust 362, Cl. 13, 4.239%, 8/1/35(5) 496,691 86,815 Trust 364, Cl. 16, 4.396%, 9/1/35(5) 390,478 49,919 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.108%, 9/25/23(6) 172,005 148,698 -------------- 57,480,486 -------------- GNMA/GUARANTEED--0.9% Government National Mortgage Assn.: 4.50%, 4/1/40(7) 1,840,000 1,862,137 8%, 4/15/23 77,739 89,482 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 81.677%, 1/16/27(5) 286,517 45,309 Series 2002-15, Cl. SM, 71.519%, 2/16/32(5) 334,717 48,147 Series 2002-76, Cl. SY, 76.741%, 12/16/26(5) 748,878 128,447 Series 2004-11, Cl. SM, 59.384%, 1/17/30(5) 243,175 44,406 -------------- 2,217,928 -------------- NON-AGENCY--4.4% COMMERCIAL--2.8% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-1, Cl. AM, 5.421%, 9/1/45 1,385,000 1,215,497 Series 2007-1, Cl. A4, 5.451%, 1/1/17 355,000 348,787 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.095%, 12/1/49(2) 780,000 621,112 Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 329,845 176,007 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 301,244 281,310 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 285,856 200,517
7 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- COMMERCIAL CONTINUED GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C4, Cl. AM, 5.332%, 11/1/45(2) $ 355,000 $ 324,062 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2001-LIBA, Cl. B, 6.733%, 2/10/16(3) 290,000 304,381 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 485,000 454,606 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 235,000 233,830 Series 2007-LDP10, Cl. A3S, 5.317%, 4/1/13 315,000 310,253 Series 2007-LD11, Cl. A2, 5.803%, 6/15/49(2) 270,000 279,420 JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 7/1/37 428,487 338,583 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 500,000 510,010 Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2 A2, 3%, 4/1/34(2) 266,174 257,945 Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 602,595 520,238 Morgan Stanley Resecuritization Trust, Automobile Receivable Nts., Series 2010-F, Cl. A, 0.48%, 6/17/11(2,3) 255,000 251,333 Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 7/1/17 260,000 250,804 Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.871%, 2/1/35(2) 190,068 171,706 -------------- 7,050,401 -------------- MANUFACTURED HOUSING--0.1% Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 4.965%, 3/25/36(2) 285,701 237,079 MULTIFAMILY--0.5% GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38 330,000 347,449 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 5A1, 5.497%, 7/1/36(2) 371,997 294,262 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.059%, 3/25/36(2) 687,317 586,663 -------------- 1,228,374 -------------- OTHER--0.1% Greenwich Capital Commercial Mortgage 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39 320,000 311,778 RESIDENTIAL--0.9% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 4.14%, 6/1/34(2) 175,000 160,488
8 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- RESIDENTIAL CONTINUED CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36 $ 359,767 $ 315,656 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. A4, 6.095%, 12/1/49(2) 300,000 302,886 Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35 907,012 684,117 GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36 363,937 322,726 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 185,803 185,846 RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 89,816 84,314 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.999%, 9/1/34(2) 115,110 112,196 -------------- 2,168,229 -------------- Total Mortgage-Backed Obligations (Cost $69,751,881) 70,694,275 -------------- U.S. GOVERNMENT OBLIGATIONS--0.5% Federal Home Loan Mortgage Corp. Nts.: 2.50%, 4/23/14 130,000 131,186 2.875%, 2/9/15 600,000 604,365 Federal National Mortgage Assn. Nts.: 2.625%, 11/20/14 515,000 515,592 3%, 9/16/14 75,000 76,459 -------------- Total U.S. Government Obligations (Cost $1,325,177) 1,327,602 -------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--14.2% CONSUMER DISCRETIONARY--2.0% AUTO COMPONENTS--0.1% Lear Corp., 8.125% Sr. Unsec. Nts., 3/15/20 245,000 250,206 AUTOMOBILES--0.3% Daimler Finance North America LLC, 6.50% Sr. Unsec. Unsub. Nts., 11/15/13 235,000 260,742 Ford Motor Credit Co. LLC, 9.75% Sr. Unsec. Nts., 9/15/10 465,000 476,201 -------------- 736,943 -------------- DIVERSIFIED CONSUMER SERVICES--0.1% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 240,000 240,000 HOTELS, RESTAURANTS & LEISURE--0.1% Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15(3) 242,000 247,219 HOUSEHOLD DURABLES--0.2% Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14 356,000 389,960 LEISURE EQUIPMENT & PRODUCTS--0.1% Mattel, Inc., 6.125% Sr. Unsec. Nts., 6/15/11 230,000 241,200 MEDIA--0.9% CBS Corp., 8.875% Sr. Unsec. Nts., 5/15/19 222,000 268,614 Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22 145,000 194,137 DirecTV Holdings LLC/DirecTV Financing Co., Inc., 7.625% Sr. Unsec. Unsub. Nts., 5/15/16 432,000 484,438
9 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- MEDIA CONTINUED DISH DBS Corp., 7.875% Sr. Unsec. Nts., 9/1/19 $ 205,000 $ 214,225 Grupo Televisa SA, 6.625% Sr. Unsec. Bonds, 1/15/40 200,000 200,715 Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14 218,000 239,255 Time Warner Cos., Inc., 9.125% Debs., 1/15/13 165,000 192,873 Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 130,000 157,015 Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30 140,000 154,693 Virgin Media Secured Finance plc, 6.50% Sr. Sec. Nts., 1/15/18(3) 240,000 241,800 -------------- 2,347,765 -------------- SPECIALTY RETAIL--0.2% Home Depot, Inc. (The), 5.875% Sr. Unsec. Unsub. Nts., 12/16/36 212,000 206,411 Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11 350,000 371,461 -------------- 577,872 -------------- CONSUMER STAPLES--0.7% BEVERAGES--0.2% Anheuser-Busch InBev Worldwide, Inc., 7.75% Sr. Unsec. Unsub. Nts., 1/15/19(3) 260,000 309,748 Constellation Brands, Inc., 8.375% Sr. Nts., 12/15/14 220,000 238,975 -------------- 548,723 -------------- FOOD & STAPLES RETAILING--0.1% Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 95,000 121,172 FOOD PRODUCTS--0.2% Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14 25,000 26,119 8.50% Sr. Unsec. Nts., 6/15/19 175,000 203,774 Kraft Foods, Inc., 6.50% Sr. Unsec. Unsub. Nts., 2/9/40 200,000 207,951 Sara Lee Corp., 6.25% Sr. Unsec. Unsub. Nts., 9/15/11 165,000 175,388 -------------- 613,232 -------------- TOBACCO--0.2% Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18 405,000 498,761 ENERGY--1.8% ENERGY EQUIPMENT & SERVICES--0.2% Pride International, Inc., 8.50% Sr. Nts., 6/15/19 275,000 312,125 Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36 165,000 164,465 Weatherford International, Inc., 6.625% Sr. Unsec. Unsub. Nts., Series B, 11/15/11 42,000 44,966 -------------- 521,556 -------------- OIL, GAS & CONSUMABLE FUELS--1.6% Anadarko Petroleum Corp., 6.45% Sr. Unsec. Nts., 9/15/36 203,000 207,546 DCP Midstream LLC: 5.35% Sr. Unsec. Nts., 3/18/20(3) 80,000 80,315 9.75% Sr. Unsec. Unsub. Nts., 3/15/19(3) 93,000 119,413 Duke Energy Field Services LLC, 7.875% Unsec. Nts., 8/16/10 220,000 225,672 El Paso Corp., 8.25% Sr. Unsec. Nts., 2/15/16 250,000 268,125 Energy Transfer Partners LP, 7.50% Sr. Unsec. Unsub. Bonds, 7/1/38 200,000 224,698 Enterprise Products Operating LLP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 195,000 204,155
10 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 $ 440,000 $ 470,909 Kerr-McGee Corp., 6.875% Sr. Unsec. Unsub. Nts., 9/15/11 173,000 186,456 Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37 235,000 237,649 Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 235,000 238,819 Pipeline Funding Co. LLC, 7.50% Sr. Sec. Nts., 1/15/30(3) 168,000 160,847 Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14(3) 140,000 150,950 Rockies Express Pipeline LLC: 3.90% Sr. Unsec. Unsub. Nts., 4/15/15(3) 203,000 200,432 5.625% Sr. Unsec. Unsub. Nts., 4/15/20(3) 163,000 160,780 Williams Cos., Inc. Credit, Linked Certificate Trust V (The), 6.375% Sr. Unsec. Nts., 10/1/10(3) 175,000 178,256 Williams Partners LP/Williams Partners Finance Corp., 7.25% Sr. Unsec. Nts., 2/1/17 265,000 302,769 Woodside Finance Ltd., 4.50% Nts., 11/10/14(3) 205,000 210,234 -------------- 3,828,025 -------------- FINANCIALS--4.3% CAPITAL MARKETS--0.4% Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19(3) 367,000 370,012 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 255,000 236,149 Morgan Stanley: 5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17 100,000 102,367 7.30% Sr. Unsec. Nts., 5/13/19 110,000 121,734 Nomura Holdings, Inc., 6.70% Sr. Unsec. Nts., 3/4/20 240,000 249,526 -------------- 1,079,788 -------------- COMMERCIAL BANKS--1.1% Barclays Bank plc, 6.278% Perpetual Bonds(9) 540,000 437,400 City National Capital Trust I, 9.625% Jr. Sub. Bonds, 2/1/40 250,000 278,491 Comerica Capital Trust II, 6.576% Bonds, 2/20/37(2) 287,000 254,713 Fifth Third Bancorp: 5.45% Unsec. Sub. Nts., 1/15/17 150,000 148,451 8.25% Sub. Nts., 3/1/38 120,000 126,444 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(2) 390,000 349,050 Royal Bank of Scotland Group plc, 6.40% Sr. Unsec. Unsub. Nts., 10/21/19 426,000 426,646 Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K(9) 770,000 808,500 -------------- 2,829,695 -------------- CONSUMER FINANCE--0.3% Capital One Capital V, 10.25% Cum. Jr. Unsec. Sub. Nts., 8/15/39 350,000 415,727 SLM Corp., 8% Sr. Nts., 3/25/20 245,000 238,973 -------------- 654,700 -------------- DIVERSIFIED FINANCIAL SERVICES--0.9% Citigroup, Inc.: 6% Sr. Unsec. Nts., 8/15/17 440,000 450,582 8.125% Sr. Unsec. Nts., 7/15/39 387,000 448,118
11 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(9) $ 815,000 $ 871,809 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 530,000 589,274 -------------- 2,359,783 -------------- INSURANCE--1.3% AXA SA, 6.379% Sub. Perpetual Bonds(3,9) 345,000 303,600 Genworth Financial, Inc., 8.625% Sr. Unsec. Unsub. Nts., 12/15/16 400,000 436,840 Hartford Financial Services Group, Inc. (The), 6% Sr. Unsec. Nts., 1/15/19 175,000 179,514 Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13(3) 495,000 494,243 Lincoln National Corp.: 6.05% Jr. Unsec. Sub. Bonds, 4/20/67 190,000 160,075 7% Jr. Sub. Bonds, 5/17/66(2) 315,000 289,800 Marsh & McLennan Cos., Inc., 5.15% Sr. Unsec. Nts., 9/15/10 235,000 239,073 Principal Life Global Funding I, 4.40% Sr. Sec. Nts., 10/1/10(3) 232,000 235,395 Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23(3) 185,000 213,570 Swiss Re Capital I LP, 6.854% Perpetual Bonds(3,9) 472,000 431,059 ZFS Finance USA Trust IV, 5.875% Sub. Bonds, 5/9/32(3) 270,000 254,586 -------------- 3,237,755 -------------- REAL ESTATE INVESTMENT TRUSTS--0.3% AvalonBay Communities, Inc., 6.625% Sr. Unsec. Unsub. Nts., 9/15/11 100,000 107,016 Digital Realty Trust LP, 5.875% Unsec. Unsub. Bonds, 2/1/20(3) 246,000 240,988 Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12 93,000 96,918 ProLogis, 7.625% Sr. Unsec. Nts., 8/15/14 205,000 224,354 -------------- 669,276 -------------- HEALTH CARE--0.6% HEALTH CARE PROVIDERS & SERVICES--0.2% HCA, Inc., 8.50% Sr. Sec. Nts., 4/15/19(3) 225,000 243,141 WellPoint, Inc., 5% Sr. Unsec. Unsub. Nts., 1/15/11 220,000 226,500 -------------- 469,641 -------------- LIFE SCIENCES TOOLS & SERVICES--0.3% Fisher Scientific International, Inc., 6.125% Sr. Unsec. Sub. Nts., 7/1/15 415,000 431,112 Life Technologies Corp., 6% Sr. Nts., 3/1/20 408,000 418,517 -------------- 849,629 -------------- PHARMACEUTICALS--0.1% Watson Pharmaceuticals, Inc., 6.125% Sr. Unsec. Nts., 8/15/19 240,000 252,722 INDUSTRIALS--1.6% AEROSPACE & DEFENSE--0.4% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 121,000 122,210 BAE Systems Holdings, Inc., 6.375% Nts., 6/1/19(3) 230,000 250,251 L-3 Communications Corp., 5.875% Sr. Sub. Nts., 1/15/15 250,000 255,625 Meccanica Holdings USA, Inc.: 6.25% Sr. Nts., 1/15/40(3) 70,000 68,858
12 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- AEROSPACE & DEFENSE CONTINUED 7.375% Sr. Unsec. Unsub. Nts., 7/15/39(3) $ 337,000 $ 370,984 -------------- 1,067,928 -------------- COMMERCIAL SERVICES & SUPPLIES--0.4% Browning-Ferris Industries, Inc., 7.40% Sr. Unsec. Debs., 9/15/35 150,000 166,841 Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17 235,000 246,750 R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12 230,000 239,132 Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11 195,000 207,756 -------------- 860,479 -------------- ELECTRICAL EQUIPMENT--0.1% Roper Industries, Inc., 6.25% Sr. Nts., 9/1/19 248,000 263,274 INDUSTRIAL CONGLOMERATES--0.4% General Electric Capital Corp.: 4.25% Sr. Unsec. Nts., Series A, 6/15/12 210,000 219,009 5.50% Sr. Unsec. Nts., 1/8/20 255,000 260,656 Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21 430,000 492,320 -------------- 971,985 -------------- MACHINERY--0.1% SPX Corp., 7.625% Sr. Unsec. Nts., 12/15/14 265,000 278,581 ROAD & RAIL--0.2% CSX Corp., 7.375% Sr. Unsec. Nts., 2/1/19 355,000 414,365 INFORMATION TECHNOLOGY--0.3% COMMUNICATIONS EQUIPMENT--0.1% Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11 220,000 237,796 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.1% Agilent Technologies, Inc., 5.50% Sr. Unsec. Unsub. Nts., 9/14/15 391,000 419,540 SOFTWARE--0.1% CA, Inc., 5.375% Sr. Unsec. Unsub. Nts., 12/1/19 125,000 126,585 MATERIALS--1.0% CHEMICALS--0.3% Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17(3) 220,000 246,950 Terra Capital, Inc., 7.75% Sr. Unsec. Nts., 11/1/19 320,000 388,000 -------------- 634,950 -------------- CONTAINERS & PACKAGING--0.2% Ball Corp., 7.125% Sr. Unsec. Nts., 9/1/16 250,000 266,875 Sealed Air Corp., 7.875% Sr. Nts., 6/15/17(3) 225,000 244,542 -------------- 511,417 -------------- METALS & MINING--0.5% Cliffs Natural Resources, Inc., 5.90% Sr. Unsec. Unsub. Nts., 3/15/20 170,000 174,429 Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 350,000 389,897 Teck Resources Ltd., 9.75% Sr. Sec. Nts., 5/15/14 275,000 327,250 Vale Overseas Ltd., 6.875% Sr. Unsec. Nts., 11/10/39 250,000 260,287 Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15 75,000 78,732
13 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- METALS & MINING CONTINUED 6% Sr. Unsec. Unsub. Nts., 10/15/15 $ 132,000 $ 142,546 -------------- 1,373,141 -------------- TELECOMMUNICATION SERVICES--1.1% DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38 230,000 234,169 British Telecommunications plc, 9.625% Bonds, 12/15/30 151,000 190,626 Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 235,000 238,525 Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10(2) 167,000 169,473 Embarq Corp., 6.738% Sr. Unsec. Nts., 6/1/13 225,000 244,962 Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15 232,000 254,620 Telecom Italia Capital SA, 4.875% Sr. Unsec. Unsub. Nts., 10/1/10 345,000 351,052 Telefonica Europe BV, 7.75% Unsec. Nts., 9/15/10 165,000 169,999 Telus Corp., 8% Nts., 6/1/11 185,000 199,156 Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38 151,000 157,185 Windstream Corp., 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 280,000 287,700 -------------- 2,497,467 -------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17 185,000 207,663 Rogers Wireless, Inc., 9.625% Sr. Sec. Nts., 5/1/11 92,000 99,745 -------------- 307,408 -------------- UTILITIES--0.8% ELECTRIC UTILITIES--0.2% Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12(3) 180,000 198,621 FirstEnergy Corp., 7.375% Sr. Unsub. Nts., Series C, 11/15/31 162,000 168,110 Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19(3) 60,000 73,215 -------------- 439,946 -------------- ENERGY TRADERS--0.3% Constellation Energy Group, Inc., 7.60% Unsec. Nts., 4/1/32 240,000 275,538 Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20(3) 30,000 31,425 NRG Energy, Inc., 7.375% Sr. Nts., 2/1/16 235,000 233,825 Oncor Electric Delivery Co., 6.375% Sr. Sec. Nts., 1/15/15 303,000 335,544 -------------- 876,332 -------------- MULTI-UTILITIES--0.3% Narragansett Electric Co., 5.638% Sr. Unsec. Nts., 3/15/40(3) 103,000 100,182 NiSource Finance Corp., 7.875% Sr. Unsec. Nts., 11/15/10 225,000 233,667 Sempra Energy: 6.50% Sr. Unsec. Nts., 6/1/16 100,000 111,850 9.80% Sr. Unsec. Nts., 2/15/19 200,000 260,332 -------------- 706,031 -------------- Total Non-Convertible Corporate Bonds and Notes (Cost $33,834,046) 35,552,848
Shares ---------------- INVESTMENT COMPANIES--7.9% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(10,11) 42,439 42,439
14 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(10,12) 19,817,423 $ 19,817,423 -------------- Total Investment Companies (Cost $19,859,862) 19,859,862 TOTAL INVESTMENTS, AT VALUE (COST $265,250,275) 113.0% 282,558,556 Liabilities in Excess of Other Assets (13.0) (32,599,668) ---------- -------------- Net Assets 100.0% $ 249,958,888 ========== ==============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Represents the current interest rate for a variable or increasing rate security. (3.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $9,772,034 or 3.91% of the Fund's net assets as of March 31, 2010. (4.) All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $488,632. See accompanying Notes. (5.) Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $4,183,770 or 1.67% of the Fund's net assets as of March 31, 2010. (6.) Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $197,670 or 0.08% of the Fund's net assets as of March 31, 2010. (7.) When-issued security or delayed delivery to be delivered and settled after March 31, 2010. See accompanying Notes. (8.) The current amortization rate of the security's cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change. (9.) This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. (10.) Rate shown is the 7-day yield as of March 31, 2010. (11.) Interest rate is less than 0.0005%. (12.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- --------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 30,151,515 8,746,045 19,080,137 19,817,423
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $19,817,423 $11,710
VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level: 15 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
LEVEL 2-- OTHER LEVEL 3-- LEVEL 1-- SIGNIFICANT SIGNIFICANT UNADJUSTED OBSERVABLE UNOBSERVABLE QUOTED PRICES INPUTS INPUTS VALUE ------------- ------------- ------------ ------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 12,240,608 $ -- $-- $ 12,240,608 Consumer Staples 15,642,932 -- -- 15,642,932 Energy 13,021,741 -- -- 13,021,741 Financials 20,248,979 -- -- 20,248,979 Health Care 13,020,347 -- -- 13,020,347 Industrials 11,736,573 -- -- 11,736,573 Information Technology 44,873,718 -- -- 44,873,718 Materials 4,765,110 -- -- 4,765,110 Telecommunication Services 64 -- -- 64 Utilities 1,383,877 -- -- 1,383,877 Preferred Stocks 6,528,000 -- -- 6,528,000 Asset-Backed Securities -- 11,662,020 -- 11,662,020 Mortgage-Backed Obligations -- 70,694,275 -- 70,694,275 U.S. Government Obligations -- 1,327,602 -- 1,327,602 Non-Convertible Corporate Bonds and Notes -- 35,552,848 -- 35,552,848 Investment Companies 19,859,862 -- -- 19,859,862 ------------ ------------- --- ------------- Total Investments, at Value 163,321,811 119,236,745 -- 282,558,556 OTHER FINANCIAL INSTRUMENTS: Futures margins 66,915 -- -- 66,915 ------------ ------------- --- ------------- Total Assets $163,388,726 $ 119,236,745 $-- $ 282,625,471 ------------ ------------- --- ------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Depreciated swaps, at value $ -- $ (31,423) $-- $ (31,423) ------------ ------------- --- ------------- Total Liabilities $ -- $ (31,423) $-- $ (31,423) ------------ ------------- --- -------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. FUTURES CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
NUMBER OF EXPIRATION UNREALIZED CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE APPRECIATION - -------------------- -------- --------- ---------- ---------- ------------ U.S. Long Bonds Buy 73 6/21/10 $8,477,125 $51,675 U.S. Treasury Bonds, 10 yr. Buy 68 6/21/10 7,905,000 9,566 U.S. Treasury Nts., 2 yr. Sell 36 6/30/10 7,810,313 12,527 U.S. Treasury Nts., 5 yr. Sell 36 6/30/10 4,134,375 8,597 ------- $82,365 =======
16 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
PAY/ BUY/SELL NOTIONAL RECEIVE REFERENCE ENTITY/ CREDIT AMOUNT FIXED TERMINATION UNREALIZED SWAP COUNTERPARTY PROTECTION (000'S) RATE DATE VALUE DEPRECIATION - ----------------- ---------- -------- ------- ----------- -------- ------------ VALE INCO LTD.: Morgan Stanley Capital Services, Inc. Buy $ 545 0.70% 3/20/17 $ (5,210) $ 5,210 Morgan Stanley Capital Services, Inc. Buy 550 0.63 3/20/17 (2,836) 2,836 ------ -------- ------------ Total 1,095 (8,046) 8,046 VALE OVERSEAS: Morgan Stanley Capital Services, Inc. Sell 545 1.17 3/20/17 (10,496) 10,496 Morgan Stanley Capital Services, Inc. Sell 550 1.10 3/20/17 (12,881) 12,881 ------ -------- ------------ Total 1,095 (23,377) 23,377 -------- ------------ Grand Total Buys (8,046) 8,046 Grand Total Sells (23,377) 23,377 -------- ------------ Total Credit Default Swaps $(31,423) $ 31,423 ======== ============
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR REFERENCE SELLING CREDIT ASSET TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD PROTECTION RATING PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RANGE** - ---------------------------------------------- -------------- ------------------- --------- Investment Grade Single Name Corporate Debt $1,095,000 $-- BBB+
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables. SWAP SUMMARY AS OF MARCH 31, 2010 IS AS FOLLOWS:
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE - ----------------- ------------------- -------- -------- Morgan Stanley Capital Services, Inc.: Credit Default Buy Protection $1,095 $ (8,046) Credit Default Sell Protection 1,095 (23,377) -------- $(31,423) ========
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. 17 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages 18 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ---------------------- Purchased securities $42,633,841 Sold securities 9,280,958
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund's market value of investments relative to its net assets which can incrementally increase the volatility of the Fund's performance. Forward roll transactions can be replicated over multiple settlement periods. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, 19 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. The Fund's actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below. RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and 20 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow. COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. CREDIT RELATED CONTINGENT FEATURES. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's ISDA master agreements which govern certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2010, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $31,423 for which collateral was not posted by the Fund. Securities held in collateralized accounts to cover these liabilities are noted in the Statement of Investments, if applicable. If a contingent feature would have been triggered as of March 31, 2010, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities in the annual and semiannual reports; securities posted as collateral, if any, are reported on the Statement of Investments. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. 21 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities in the annual and semiannual reports. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. 22 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The Fund has engaged in pairs trades by purchasing protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks. Pairs trades attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $266,412,546 Federal tax cost of other investments 4,355,072 ------------- Total federal tax cost $270,767,618 ============= Gross unrealized appreciation $ 33,077,631 Gross unrealized depreciation (16,880,679) ------------- Net unrealized appreciation $ 16,196,952 =============
23 | Oppenheimer Balanced Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- -------------- COMMON STOCKS--97.7% CONSUMER DISCRETIONARY--9.9% DIVERSIFIED CONSUMER SERVICES--1.2% Apollo Group, Inc., Cl. A(1) 285,950 $ 17,525,876 HOTELS, RESTAURANTS & LEISURE--0.6% McDonald's Corp. 146,340 9,763,805 INTERNET & CATALOG RETAIL--1.1% Amazon.com, Inc.(1) 128,694 17,467,637 MEDIA--2.7% Cablevision Systems Corp. New York Group, Cl. A 605,975 14,628,237 Madison Square Garden, Inc., Cl. A(1) 145,793 3,168,082 McGraw-Hill Cos., Inc. (The) 299,360 10,672,184 Walt Disney Co. (The) 363,270 12,681,756 -------------- 41,150,259 SPECIALTY RETAIL--1.2% Bed Bath & Beyond, Inc.(1) 367,210 16,069,110 TJX Cos., Inc. (The) 52,500 2,232,300 -------------- 18,301,410 TEXTILES, APPAREL & LUXURY GOODS--3.1% Coach, Inc. 559,600 22,115,392 Nike, Inc., Cl. B 202,440 14,879,340 Polo Ralph Lauren Corp., Cl. A 132,500 11,267,800 -------------- 48,262,532 CONSUMER STAPLES--8.0% BEVERAGES--1.9% PepsiCo, Inc. 436,750 28,895,380 FOOD & STAPLES RETAILING--2.0% Wal-Mart Stores, Inc. 445,000 24,742,000 Walgreen Co. 182,440 6,766,700 -------------- 31,508,700 FOOD PRODUCTS--2.2% Nestle SA 464,986 23,813,775 Unilever NV CVA 337,600 10,211,718 -------------- 34,025,493 HOUSEHOLD PRODUCTS--0.9% Colgate-Palmolive Co. 162,970 13,894,822 TOBACCO--1.0% Philip Morris International, Inc. 294,270 15,349,123 ENERGY--7.6% ENERGY EQUIPMENT & SERVICES--3.0% Cameron International Corp.(1) 293,970 12,599,554 Halliburton Co. 469,540 14,147,240 Schlumberger Ltd. 323,710 20,542,637 -------------- 47,289,431 OIL, GAS & CONSUMABLE FUELS--4.6% Apache Corp. 147,980 15,019,970 Cobalt International Energy, Inc.(1) 272,860 3,710,896 EOG Resources, Inc. 65,500 6,087,570
1 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- -------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Occidental Petroleum Corp. 346,210 $ 29,268,593 Range Resources Corp. 192,120 9,004,664 Southwestern Energy Co.(1) 186,910 7,610,975 -------------- 70,702,668 FINANCIALS--8.6% CAPITAL MARKETS--3.3% Charles Schwab Corp. (The) 639,990 11,961,413 Credit Suisse Group AG 295,629 15,238,464 Goldman Sachs Group, Inc. (The) 104,400 17,813,772 T. Rowe Price Group, Inc. 121,360 6,666,305 -------------- 51,679,954 COMMERCIAL BANKS--0.7% Wells Fargo & Co. 339,180 10,555,282 DIVERSIFIED FINANCIAL SERVICES--4.0% BM&F BOVESPA SA 1,633,360 10,966,524 CME Group, Inc. 27,600 8,724,636 IntercontinentalExchange, Inc.(1) 150,570 16,890,943 JPMorgan Chase & Co. 370,000 16,557,500 MSCI, Inc., Cl. A(1) 230,193 8,309,967 -------------- 61,449,570 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.6% Jones Lang LaSalle, Inc. 124,580 9,080,636 HEALTH CARE--15.9% BIOTECHNOLOGY--3.3% Amgen, Inc.(1) 224,640 13,424,486 Celgene Corp.(1) 356,060 22,061,478 Gilead Sciences, Inc.(1) 348,620 15,855,238 -------------- 51,341,202 HEALTH CARE EQUIPMENT & SUPPLIES--4.0% Baxter International, Inc. 499,580 29,075,556 Dentsply International, Inc. 320,030 11,153,046 St. Jude Medical, Inc.(1) 222,850 9,147,993 Stryker Corp. 214,840 12,293,145 -------------- 61,669,740 HEALTH CARE PROVIDERS & SERVICES--3.6% Express Scripts, Inc.(1) 289,660 29,475,802 Medco Health Solutions, Inc.(1) 216,120 13,952,707 Schein (Henry), Inc.(1) 190,730 11,233,997 -------------- 54,662,506 LIFE SCIENCES TOOLS & SERVICES--1.3% Thermo Fisher Scientific, Inc.(1) 401,300 20,642,872 PHARMACEUTICALS--3.7% Allergan, Inc. 347,630 22,707,192 Novo Nordisk AS, Cl. B 130,110 10,096,166 Roche Holding AG 83,405 13,526,418
2 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- -------------- PHARMACEUTICALS CONTINUED Shire plc 463,700 $ 10,231,263 -------------- 56,561,039 INDUSTRIALS--6.1% AEROSPACE & DEFENSE--2.3% General Dynamics Corp. 126,140 9,738,008 Goodrich Corp. 129,132 9,106,389 Lockheed Martin Corp. 204,280 17,000,182 -------------- 35,844,579 ELECTRICAL EQUIPMENT--2.4% ABB Ltd. 1,005,233 21,956,104 First Solar, Inc.(1) 127,860 15,682,029 -------------- 37,638,133 MACHINERY--0.7% Joy Global, Inc. 182,207 10,312,916 PROFESSIONAL SERVICES--0.3% Verisk Analytics, Inc., Cl. A(1) 156,383 4,410,001 ROAD & RAIL--0.4% Union Pacific Corp. 76,670 5,619,911 INFORMATION TECHNOLOGY--34.2% COMMUNICATIONS EQUIPMENT--5.8% Juniper Networks, Inc.(1) 474,260 14,550,297 QUALCOMM, Inc. 1,074,590 45,122,034 Research in Motion Ltd.(1) 398,870 29,496,437 -------------- 89,168,768 COMPUTERS & PERIPHERALS--7.1% Apple, Inc.(1) 202,500 47,573,325 Hewlett-Packard Co. 890,200 47,314,130 NetApp, Inc.(1) 465,400 15,153,424 -------------- 110,040,879 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.5% Corning, Inc. 412,250 8,331,573 INTERNET SOFTWARE & SERVICES--5.5% eBay, Inc.(1) 947,530 25,535,934 Google, Inc., Cl. A(1) 104,900 59,479,349 -------------- 85,015,283 IT SERVICES--5.1% Cognizant Technology Solutions Corp.(1) 124,800 6,362,304 MasterCard, Inc., Cl. A 111,730 28,379,420 Visa, Inc., Cl. A 376,597 34,281,625 Western Union Co. 560,600 9,507,776 -------------- 78,531,125 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.2% Broadcom Corp., Cl. A 705,440 23,406,499 LSI Corp.(1) 822,630 5,034,496 MEMC Electronic Materials, Inc.(1) 834,100 12,786,753
3 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------- -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED NVIDIA Corp.(1) 1,325,480 $ 23,036,842 -------------- 64,264,590 SOFTWARE--6.0% Adobe Systems, Inc.(1) 726,030 25,679,681 Microsoft Corp. 958,750 28,062,613 Oracle Corp. 1,204,790 30,951,055 Salesforce.com, Inc.(1) 98,275 7,316,574 -------------- 92,009,923 MATERIALS--5.1% CHEMICALS--4.4% Celanese Corp., Series A 264,566 8,426,427 Monsanto Co. 353,840 25,271,253 Potash Corp. of Saskatchewan, Inc. 118,610 14,156,104 Praxair, Inc. 240,642 19,973,286 -------------- 67,827,070 METALS & MINING--0.7% Xstrata plc(1) 553,610 10,488,666 TELECOMMUNICATION SERVICES--2.3% WIRELESS TELECOMMUNICATION SERVICES--2.3% Crown Castle International Corp.(1) 487,680 18,644,006 NII Holdings, Inc.(1) 405,300 16,884,790 -------------- 35,528,796 -------------- Total Common Stocks (Cost $1,098,263,694) 1,506,812,150 INVESTMENT COMPANIES--2.0% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2,3) 481,093 481,093 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(2,4) 29,883,305 29,883,305 -------------- Total Investment Companies (Cost $30,364,398) 30,364,398 TOTAL INVESTMENTS, AT VALUE (COST $1,128,628,092) 99.7% 1,537,176,548 Other Assets Net of Liabilities 0.3 4,505,004 ---------- -------------- Net Assets 100.0% $1,541,681,552 ========== ==============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of March 31, 2010. (3.) Interest rate is less than 0.0005%. 4 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- --------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 7,898,767 80,609,036 58,624,498 29,883,305
VALUE INCOME ----------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $29,883,305 $6,502
VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED OTHER SIGNIFICANT SIGNIFICANT QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE -------------- ----------------- ------------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 152,471,519 $ -- $-- $ 152,471,519 Consumer Staples 123,673,518 -- -- 123,673,518 Energy 117,992,099 -- -- 117,992,099 Financials 132,765,442 -- -- 132,765,442 Health Care 244,877,359 -- -- 244,877,359 Industrials 93,825,540 -- -- 93,825,540 Information Technology 527,362,141 -- -- 527,362,141 Materials 78,315,736 -- -- 78,315,736 Telecommunication Services 35,528,796 -- -- 35,528,796 Investment Companies 30,364,398 -- -- 30,364,398 -------------- ------- --- -------------- Total Investments, at Value 1,537,176,548 -- -- 1,537,176,548 OTHER FINANCIAL INSTRUMENTS: Foreign currency exchange contracts -- 30,126 -- 30,126 -------------- ------- --- -------------- Total Assets $1,537,176,548 $30,126 $-- $1,537,206,674 -------------- ------- --- --------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. The table below shows the significant transfers between Level 1 and Level 2. The Fund's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. 5 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
TRANSFERS INTO LEVEL 1* TRANSFERS OUT OF LEVEL 2* ----------------------- ------------------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Financials $26,322,911 $(26,322,911) Industrials 19,626,598 (19,626,598) Materials 7,159,598 (7,159,598) ----------- ------------ Total Assets $53,109,107 $(53,109,107) =========== ============
* Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent of a readily available unadjusted quoted market price due to a significant event occurring before the Fund's assets were valued but after the close of the securities' respective exchanges. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
CONTRACT AMOUNT EXPIRATION UNREALIZED COUNTERPARTY/CONTRACT DESCRIPTION BUY/SELL (000'S) DATE VALUE APPRECIATION - --------------------------------- -------- --------------- ---------- ---------- ------------ BANK OF NEW YORK (THE) Japanese Yen (JPY) Sell 49,799 JPY 4/1/10 $ 532,666 $ 5,410 RBS GREENWICH CAPITAL Japanese Yen (JPY) Sell 81,460 JPY 4/1/10 871,318 8,581 UBS INVESTMENT BANK Japanese Yen (JPY) Sell 205,816 JPY 4/2/10 2,201,477 16,135 ------- Total unrealized appreciation $30,126 =======
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. 6 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FOREIGN CURRENCY EXCHANGE CONTRACTS 7 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date. Foreign currency exchange contracts, if any, are reported on a schedule following the Statement of Investments. These contracts will be valued daily based upon the closing prices of the currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. The Fund has purchased and sold foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter. Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $1,151,664,329 ============== Gross unrealized appreciation $ 393,410,782 Gross unrealized depreciation (7,898,563) -------------- Net unrealized appreciation $ 385,512,219 ==============
8 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- ASSET-BACKED SECURITIES--11.5% Ally Master Owner Trust 2010-1, Asset-Backed Certificates, Series 2010-1, Cl. A, 1.98%, 1/15/13/(1,2) $ 480,000 $ 482,746 AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.98%, 1/15/13 210,000 210,071 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.726%, 5/25/34(1) 589,832 491,444 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.346%, 9/25/36(1) 21,901 8,038 Bank of America Auto Trust, Automobile Asset-Backed Certificates, Series 2009-2A, Cl. A4, 3.03%, 10/15/16(2) 1,535,000 1,580,536 Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13 730,000 750,690 Bayview Financial Mortgage Pass-Through Trust 2006-A, Mtg. Pass-Through Certificates, Series 2006-A, Cl. 2A4, 0.547%, 2/28/41(1) 621,828 494,275 Capital One Multi-Asset Execution Trust, Credit Card Asset-Backed Certificates, Series 2009-A2, Cl. A2, 3.20%, 6/15/11 560,000 574,578 Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15(2) 155,000 155,612 Chase Issuance Trust, Credit Card Asset-Backed Certificates, Series 2007-A15, Cl. A, 4.96%, 9/17/12 1,730,000 1,765,461 Chrysler Financial Lease Trust, Asset-Backed Nts., Series 2010-A, Cl. A2, 1.78%, 6/15/11(2) 515,000 514,743 CIT Equipment Collateral, Asset-Backed Certificates, Series 2009-VT1, Cl. A2, 2.20%, 10/15/10(2) 445,284 446,734 Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 316,248 CNH Equipment Trust, Asset-Backed Certificates: Series 2009-B, Cl. A3, 2.97%, 3/15/13 661,851 670,884 Series 2010-A, Cl. A2, 0.81%, 3/25/15 585,000 585,000 Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 0.986%, 2/25/33(1) 35,747 28,869 Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36(1) 604,077 453,609 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36(1) 335,837 274,688 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.366%, 6/25/47(1) 40,000 32,866 DT Auto Owner Trust, Automobile Receivables Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15 431,806 433,752 Ellington Loan Acquisition Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. A2A2, 1.046%, 5/27/37(1,2) 700,274 606,857 First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.336%, 7/25/36(1) 27,315 26,222 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.356%, 7/7/36(1) 12,267 10,801 Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-A, Cl. A, 1.04%, 3/15/13(2) 450,000 450,137
1 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- Ford Credit Auto Owner Trust, Automobile Receivables Nts.: Series 2009-B, Cl. A2, 2.10%, 11/15/11 $ 491,597 $ 493,668 Series 2009-E, Cl. A2, 0.80%, 3/15/12 980,000 981,058 Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.78%, 9/15/12(1) 470,000 471,462 Ford Credit Floorplan Master Owner Trust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.88%, 12/15/14(1) 490,000 492,596 HSBC Credit Card Master Note Trust (USA) I, Asset-Backed Securities, Series 2007-1, Cl. A, 0.282%, 4/15/13(1) 515,000 514,095 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.50%, 1/20/35(1) 506,944 449,374 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.35%, 3/20/36(1) 19,975 19,743 Harley-Davidson Motorcycle Trust 2009-2, Motorcycle Contract-Backed Nts., Series 2009-2, Cl. A2, 2%, 7/15/12 1,360,416 1,367,779 Honda Auto Receivables 2009-3 Owner Trust, Automobile Asset-Backed Nts., Series 2009-3, Cl. A2, 1.50%, 8/15/11 650,000 652,462 Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31(2) 428,984 429,842 MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2005-A6, Cl. A6, 4.50%, 1/15/13 1,740,000 1,765,467 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.346%, 8/25/36(1) 69,205 25,569 Merrill Auto Trust Securitization 2007-1, Asset-Backed Nts., Series 2007-1, Cl. A4, 0.29%, 12/15/13(1) 550,000 546,683 Morgan Stanley Structured Trust I 2001-1, Asset-Backed Certificates, Series 2004-1, Cl. A1, 0.326%, 6/25/37(1) 526,921 485,165 NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.832%, 1/25/29(1,2) 3,370,016 235,901 Navistar Financial Dealer Note Master Owner Trust, Asset-Backed Nts., Series 2010-1, Cl. A, 1.878%, 1/26/15(1,2) 790,000 790,389 Nissan Master Owner Trust, Automobile Receivables Nts., Series 2010-AA, Cl. A, 1.38%, 1/15/13(1,2) 485,000 486,716 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.346%, 9/25/36(1) 19,400 18,773 Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 0.286%, 9/25/36(1) 38,735 38,539 Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.346%, 7/25/36(1) 1,552 1,545 World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-C, Cl. A, 2.36%, 5/15/14 490,000 491,725 ------------- Total Asset-Backed Securities (Cost $25,573,432) 22,123,412
2 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- MORTGAGE-BACKED OBLIGATIONS--74.1% GOVERNMENT AGENCY--62.7% FHLMC/FNMA/FHLB/SPONSORED--60.5% Federal Home Loan Bank, Mtg.-Backed Obligations, Series 5G-2012, Cl. 1, 4.97%, 2/24/12 $ 407,198 $ 426,706 Federal Home Loan Mortgage Corp.: 5%, 8/15/33-12/15/34 3,192,606 3,319,072 5.50%, 9/1/39 1,827,615 1,932,159 6%, 5/15/18-10/15/29 4,289,765 4,653,995 6.50%, 4/15/18-4/1/34 892,041 977,530 7%, 8/15/16-10/1/37 580,304 643,358 7%, 10/1/31(3) 562,123 630,706 8%, 4/1/16 300,515 329,656 9%, 8/1/22-5/1/25 93,346 105,076 10.50%, 11/14/20 4,134 4,692 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 20,697 22,983 Series 1674, Cl. Z, 6.75%, 2/15/24 68,864 76,493 Series 2006-11, Cl. PS, 23.664%, 3/25/36(1) 518,556 650,878 Series 2034, Cl. Z, 6.50%, 2/15/28 9,001 9,905 Series 2042, Cl. N, 6.50%, 3/15/28 24,722 25,967 Series 2043, Cl. ZP, 6.50%, 4/15/28 822,199 876,383 Series 2046, Cl. G, 6.50%, 4/15/28 72,338 78,104 Series 2053, Cl. Z, 6.50%, 4/15/28 9,949 10,891 Series 2066, Cl. Z, 6.50%, 6/15/28 1,363,106 1,482,953 Series 2195, Cl. LH, 6.50%, 10/15/29 814,271 885,246 Series 2220, Cl. PD, 8%, 3/15/30 3,748 4,209 Series 2326, Cl. ZP, 6.50%, 6/15/31 245,140 267,846 Series 2435, Cl. EQ, 6%, 5/15/31 4,777 4,799 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,204,064 1,319,139 Series 2470, Cl. LF, 1.23%, 2/15/32(1) 11,365 11,591 Series 2500, Cl. FD, 0.73%, 3/15/32(1) 208,585 209,142 Series 2526, Cl. FE, 0.63%, 6/15/29(1) 323,846 324,497 Series 2538, Cl. F, 0.83%, 12/15/32(1) 1,671,339 1,677,957 Series 2551, Cl. FD, 0.63%, 1/15/33(1) 229,311 229,440 Series 2638, Cl. KG, 4%, 11/1/27 1,900,000 1,951,481 Series 2648, Cl. JE, 3%, 2/1/30 1,078,115 1,091,681 Series 2663, Cl. BA, 4%, 8/1/16 634,371 652,975 Series 2686, Cl. CD, 4.50%, 2/1/17 631,729 651,684 Series 2750, Cl. XG, 5%, 2/1/34 130,000 132,135 Series 2890, Cl. PE, 5%, 11/1/34 130,000 131,833 Series 2907, Cl. GC, 5%, 6/1/27 380,574 394,508 Series 2911, Cl. CU, 5%, 2/1/28 875,491 910,410 Series 2929, Cl. PC, 5%, 1/1/28 376,098 389,970 Series 2936, Cl. PE, 5%, 2/1/35 69,000 69,850 Series 2939, Cl. PE, 5%, 2/15/35 247,000 250,972 Series 2952, Cl. GJ, 4.50%, 12/1/28 206,253 211,694 Series 3019, Cl. MD, 4.75%, 1/1/31 646,137 673,084 Series 3025, Cl. SJ, 23.907%, 8/15/35(1) 106,114 131,557 Series 3033, Cl. UD, 5.50%, 10/1/30 820,000 864,908 Series 3035, Cl. DM, 5.50%, 11/15/25 8,536 8,572 Series 3061, Cl. MB, 5.50%, 5/1/30 360,000 380,906
3 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Series 3094, Cl. HS, 23.54%, 6/15/34(1) $ 300,603 $ 361,262 Series 3157, Cl. MC, 5.50%, 2/1/26 1,142,229 1,154,566 Series 3242, Cl. QA, 5.50%, 3/1/30 434,696 453,963 Series 3279, Cl. PH, 6%, 2/1/27 1,030,000 1,044,280 Series 3291, Cl. NA, 5.50%, 10/1/27 228,558 233,363 Series 3306, Cl. PA, 5.50%, 10/1/27 681,128 701,292 Series R001, Cl. AE, 4.375%, 4/1/15 402,566 412,828 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 205, Cl. IO, 8.195%, 9/1/29(4) 27,541 7,731 Series 206, Cl. IO, 2.708%, 12/1/29(4) 331,042 66,571 Series 2074, Cl. S, 53.339%, 7/17/28(4) 5,757 1,021 Series 2079, Cl. S, 65.237%, 7/17/28(4) 9,727 1,770 Series 2130, Cl. SC, 51.805%, 3/15/29(4) 403,483 77,315 Series 224, Cl. IO, 0.759%, 3/1/33(4) 660,751 138,776 Series 243, Cl. 6, 2.092%, 12/15/32(4) 420,212 76,686 Series 2526, Cl. SE, 39.764%, 6/15/29(4) 14,625 2,126 Series 2527, Cl. SG, 26.824%, 2/15/32(4) 1,129,718 55,350 Series 2531, Cl. ST, 44.661%, 2/15/30(4) 391,093 21,684 Series 2796, Cl. SD, 66.464%, 7/15/26(4) 641,935 120,474 Series 2802, Cl. AS, 99.999%, 4/15/33(4) 547,454 53,205 Series 2819, Cl. S, 49.92%, 6/15/34(4) 123,817 17,102 Series 2920, Cl. S, 71.013%, 1/15/35(4) 2,380,218 309,897 Series 3000, Cl. SE, 99.999%, 7/15/25(4) 2,557,402 272,066 Series 3004, Cl. SB, 99.999%, 7/15/35(4) 138,776 17,830 Series 3045, Cl. DI, 37.679%, 10/15/35(4) 1,539,653 193,449 Series 3110, Cl. SL, 99.999%, 2/15/26(4) 381,017 38,878 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.555%, 6/1/26(5) 147,776 122,429 Federal National Mortgage Assn.: 4.50%, 4/1/25-4/1/40(6) 11,120,000 11,244,050 5%, 2/25/22-7/25/22 29,685 31,359 5%, 4/1/25-6/1/40(6) 7,644,000 7,849,373 5.305%, 10/1/36 349,028 366,145 5.50%, 4/1/25-4/1/40(6) 15,725,000 16,582,984 6%, 4/1/25-4/1/40(6) 13,859,000 14,824,468 6.50%, 3/25/11-1/1/34 1,627,000 1,763,803 6.50%, 8/25/17(3) 261,243 283,100 6.50%, 4/1/40(6) 2,816,000 3,052,279 7%, 11/1/17-7/25/35 994,717 1,082,099 7.50%, 1/1/33 15,839 17,927 8.50%, 7/1/32 45,901 51,978 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 22,992 26,556 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 833,524 915,160 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 706,309 769,419 Trust 1998-61, Cl. PL, 6%, 11/25/28 371,905 404,365
4 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 1999-54, Cl. LH, 6.50%, 11/25/29 $ 555,136 $ 601,901 Trust 2001-44, Cl. QC, 6%, 9/25/16 37,332 40,159 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 41,783 45,662 Trust 2001-74, Cl. QE, 6%, 12/25/31 1,090,230 1,182,372 Trust 2002-12, Cl. PG, 6%, 3/25/17 18,834 20,305 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 4,250,331 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,975,000 2,109,343 Trust 2004-81, Cl. KC, 4.50%, 4/1/17 463,421 476,686 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,160,000 1,223,865 Trust 2005-117, Cl. LA, 5.50%, 12/25/27 52,229 53,060 Trust 2005-12, Cl. JC, 5%, 6/1/28 825,794 859,460 Trust 2005-22, Cl. EC, 5%, 10/1/28 318,927 332,293 Trust 2005-30, Cl. CU, 5%, 4/1/29 281,772 294,649 Trust 2005-57, Cl. PA, 5.50%, 5/1/27 361,588 364,507 Trust 2006-110, Cl. PW, 5.50%, 5/25/28 91,896 95,009 Trust 2006-46, Cl. SW, 23.297%, 6/25/36(1) 393,540 484,085 Trust 2006-50, Cl. KS, 23.298%, 6/25/36(1) 757,605 915,329 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 830,591 852,615 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 50.851%, 11/18/31(4) 43,875 7,756 Trust 2001-63, Cl. SD, 41.368%, 12/18/31(4) 13,517 2,479 Trust 2001-65, Cl. S, 48.094%, 11/25/31(4) 1,100,808 187,670 Trust 2001-68, Cl. SC, 33.48%, 11/25/31(4) 9,354 1,476 Trust 2001-81, Cl. S, 38.304%, 1/25/32(4) 296,888 48,654 Trust 2002-28, Cl. SA, 40.402%, 4/25/32(4) 7,601 1,256 Trust 2002-38, Cl. SO, 59.702%, 4/25/32(4) 17,878 2,522 Trust 2002-39, Cl. SD, 45.37%, 3/18/32(4) 11,821 1,904 Trust 2002-47, Cl. NS, 35.595%, 4/25/32(4) 756,338 120,477 Trust 2002-48, Cl. S, 37.237%, 7/25/32(4) 12,675 2,060 Trust 2002-51, Cl. S, 35.902%, 8/25/32(4) 694,321 116,115 Trust 2002-52, Cl. SD, 41.647%, 9/25/32(4) 832,006 134,467 Trust 2002-52, Cl. SL, 38.182%, 9/25/32(4) 7,856 1,312 Trust 2002-53, Cl. SK, 42.56%, 4/25/32(4) 41,188 5,412 Trust 2002-56, Cl. SN, 39.928%, 7/25/32(4) 17,282 2,735 Trust 2002-60, Cl. SM, 49.831%, 8/25/32(4) 151,910 21,484 Trust 2002-7, Cl. SK, 51.076%, 1/25/32(4) 71,821 10,666 Trust 2002-77, Cl. BS, 42.526%, 12/18/32(4) 92,459 14,475 Trust 2002-77, Cl. IS, 53.082%, 12/18/32(4) 30,458 3,917 Trust 2002-77, Cl. JS, 40.797%, 12/18/32(4) 154,991 24,644 Trust 2002-77, Cl. SA, 41.474%, 12/18/32(4) 145,267 22,508 Trust 2002-77, Cl. SH, 45.719%, 12/18/32(4) 374,791 54,923 Trust 2002-84, Cl. SA, 49.983%, 12/25/32(4) 991,249 153,858 Trust 2002-9, Cl. MS, 36.40%, 3/25/32(4) 14,550 2,003 Trust 2002-90, Cl. SN, 51.845%, 8/25/32(4) 78,150 10,976 Trust 2002-90, Cl. SY, 53.836%, 9/25/32(4) 49,610 6,957 Trust 2003-26, Cl. DI, 11.611%, 4/25/33(4) 31,236 6,511 Trust 2003-33, Cl. SP, 55.47%, 5/25/33(4) 1,070,602 149,251
5 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 2003-4, Cl. S, 48.053%, 2/25/33(4) $ 712,309 $ 99,599 Trust 2003-89, Cl. XS, 68.632%, 11/25/32(4) 776,107 60,720 Trust 2004-54, Cl. DS, 51.942%, 11/25/30(4) 588,870 92,340 Trust 2005-14, Cl. SE, 44.109%, 3/25/35(4) 500,512 46,025 Trust 2005-40, Cl. SA, 72.589%, 5/25/35(4) 1,390,046 191,786 Trust 2005-40, Cl. SB, 86.017%, 5/25/35(4) 63,765 9,161 Trust 2005-6, Cl. SE, 87.345%, 2/25/35(4) 1,872,976 243,678 Trust 2005-71, Cl. SA, 74.186%, 8/25/25(4) 1,708,597 203,127 Trust 2005-87, Cl. SE, 51.983%, 10/25/35(4) 2,209,835 202,073 Trust 2005-87, Cl. SG, 94.32%, 10/25/35(4) 3,753,507 400,067 Trust 2006-60, Cl. DI, 41.955%, 4/25/35(4) 358,431 45,644 Trust 2009-106, Cl. SA, 24.152%, 1/25/40(4) 1,268,552 148,037 Trust 221, Cl. 2, 24.533%, 5/1/23(4) 10,022 2,102 Trust 222, Cl. 2, 18.414%, 6/1/23(4) 1,191,726 216,114 Trust 252, Cl. 2, 25.074%, 11/1/23(4) 998,523 214,510 Trust 294, Cl. 2, 9.867%, 2/1/28(4) 111,351 28,874 Trust 301, Cl. 2, 0.609%, 4/1/29(4) 13,312 2,718 Trust 303, Cl. IO, 0.147%, 11/1/29(4) 171,001 44,889 Trust 320, Cl. 2, 8.845%, 4/1/32(4) 805,316 194,378 Trust 321, Cl. 2, 0.875%, 4/1/32(4) 2,610,530 611,372 Trust 324, Cl. 2, 0.355%, 7/1/32(4) 27,629 6,281 Trust 331, Cl. 5, 2.387%, 2/1/33(4) 38,546 6,807 Trust 331, Cl. 9, 15.699%, 2/1/33(4) 677,457 133,638 Trust 334, Cl. 12, 0.005%, 2/1/33(4) 67,518 11,803 Trust 334, Cl. 17, 22.93%, 2/1/33(4) 464,200 66,591 Trust 339, Cl. 12, 2.099%, 7/1/33(4) 913,964 169,470 Trust 339, Cl. 7, 0.822%, 7/1/33(4) 2,289,645 411,101 Trust 343, Cl. 13, 10.068%, 9/1/33(4) 809,397 143,171 Trust 343, Cl. 18, 7.235%, 5/1/34(4) 237,478 42,495 Trust 345, Cl. 9, 2.931%, 1/1/34(4) 1,073,845 208,706 Trust 351, Cl. 10, 6.835%, 4/1/34(4) 330,386 67,955 Trust 351, Cl. 8, 5.937%, 4/1/34(4) 517,048 93,359 Trust 356, Cl. 10, 3.763%, 6/1/35(4) 440,257 82,111 Trust 356, Cl. 12, 2.109%, 2/1/35(4) 222,633 46,437 Trust 362, Cl. 12, 4.206%, 8/1/35(4) 1,335,509 232,474 Trust 362, Cl. 13, 4.239%, 8/1/35(4) 734,142 128,318 Trust 364, Cl. 15, 6.747%, 9/1/35(4) 48,747 8,316 Trust 364, Cl. 16, 4.396%, 9/1/35(4) 937,600 119,863 Trust 365, Cl. 16, 7.939%, 3/1/36(4) 1,571,365 237,013 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.071%, 9/25/23(5) 363,944 314,627 ------------- 116,218,421 GNMA/GUARANTEED--2.2% Government National Mortgage Assn.: 4.50%, 4/1/40(6) 3,545,000 3,587,650
6 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- GNMA/GUARANTEED CONTINUED 7%, 12/29/23-3/15/26 $ 33,334 $ 37,335 8.50%, 8/1/17-12/15/17 143,795 157,972 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 1999-32, Cl. ZB, 8%, 9/16/29 93,283 105,597 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2000-7, Cl. Z, 8%, 1/16/30 41,302 45,210 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 52.079%, 7/16/28(4) 19,903 3,632 Series 2001-21, Cl. SB, 82.03%, 1/16/27(4) 739,375 116,922 Series 2002-15, Cl. SM, 71.519%, 2/16/32(4) 775,978 111,620 Series 2004-11, Cl. SM, 59.394%, 1/17/30(4) 555,287 101,400 ------------- 4,267,338 NON-AGENCY--11.4% COMMERCIAL--8.6% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.597%, 4/14/29(4) 8,334,046 332,562 Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-1, Cl. AM, 5.421%, 9/1/45 3,070,000 2,694,279 Series 2007-1, Cl. A4, 5.451%, 1/1/17 710,000 697,574 Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/22/24(2,4,7) 6,699,093 303,315 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 80,000 63,051 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.095%, 12/1/49(1) 1,920,000 1,528,892 Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 380,000 389,649 CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37 110,865 82,285 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 622,571 581,374 First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.102%, 11/1/37(1) 518,213 394,821 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 9,771 9,862 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2001-LIBA, Cl. B, 6.733%, 2/10/16(2) 605,000 635,002 Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.786%, 5/25/35(1) 644,764 461,579
7 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- COMMERCIAL CONTINUED JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 $ 1,110,000 $ 1,040,439 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 3,950,000 3,930,337 JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 7/1/37 833,169 658,356 Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0%, 2/18/30(4,7) 3,773,645 109,018 Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/24(2) 189,390 137,967 Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,159,667 1,001,175 Morgan Stanley Resecuritization Trust, Automobile Receivable Nts., Series 2010-F, Cl. A, 0.48%, 6/17/11(1,2) 340,000 335,111 Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 0%, 5/18/32(4,7) 53,132,585 256,758 Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 7/1/17 520,000 501,608 Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.871%, 2/1/35(1) 380,136 343,411 ------------- 16,488,425 MANUFACTURED HOUSING--1.2% Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 4.965%, 3/25/36(1) 2,886,162 2,394,984 MULTIFAMILY--1.0% GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38 640,000 673,841 Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 2.801%, 2/1/35(1) 117,827 107,794 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 5A1, 5.497%, 7/1/36(1) 686,764 543,252 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.059%, 3/25/36(1) 670,554 572,355 ------------- 1,897,242 OTHER--0.0% Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 45.516%, 10/23/17(4) 1,280 158 Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 4.13%, 10/23/17(5) 1,894 1,841 ------------- 1,999
8 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- RESIDENTIAL--0.6% CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 $ 40,000 $ 28,851 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 62,231 62,013 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 6.074%, 10/25/36(1) 66,445 58,522 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 370,399 370,485 RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 75,720 45,974 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 7,108 6,672 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 30,084 19,372 Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 3 A1, 2.915%, 5/1/34(1) 281,196 254,027 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 5.396%, 2/1/37(1) 72,574 51,126 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.999%, 9/1/34(1) 311,109 303,233 ------------- 1,200,275 ------------- Total Mortgage-Backed Obligations (Cost $140,397,930) 142,468,684 U.S. GOVERNMENT OBLIGATIONS--1.8% Federal Home Loan Mortgage Corp. Nts.: 2.50%, 4/23/14 350,000 353,194 2.875%, 2/9/15 1,585,000 1,596,531 Federal National Mortgage Assn. Nts.: 2.625%, 11/20/14 1,335,000 1,336,534 3%, 9/16/14 200,000 203,891 ------------- Total U.S. Government Obligations (Cost $3,485,539) 3,490,150 CORPORATE BONDS AND NOTES--36.7% CONSUMER DISCRETIONARY--5.1% AUTO COMPONENTS--0.3% Lear Corp., 8.125% Sr. Unsec. Nts., 3/15/20 470,000 479,988 AUTOMOBILES--0.7% Daimler Finance North America LLC, 6.50% Sr. Unsec. Unsub. Nts., 11/15/13 455,000 504,840 Ford Motor Credit Co. LLC, 9.75% Sr. Unsec. Nts., 9/15/10 880,000 901,197 ------------- 1,406,037 DIVERSIFIED CONSUMER SERVICES--0.3% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 480,000 480,000 HOTELS, RESTAURANTS & LEISURE--0.2% Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15(2) 468,000 478,092
9 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- HOUSEHOLD DURABLES--0.4% Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14 $ 690,000 $ 755,822 LEISURE EQUIPMENT & PRODUCTS--0.2% Mattel, Inc., 6.125% Sr. Unsec. Nts., 6/15/11 455,000 477,156 MEDIA--2.4% CBS Corp., 8.875% Sr. Unsec. Nts., 5/15/19 425,000 514,238 Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22 290,000 388,275 DirecTV Holdings LLC/DirecTV Financing Co., Inc., 7.625% Sr. Unsec. Unsub. Nts., 5/15/16 870,000 975,604 DISH DBS Corp., 7.875% Sr. Unsec. Nts., 9/1/19 405,000 423,225 Grupo Televisa SA, 6.625% Sr. Unsec. Bonds, 1/15/40 393,000 394,405 Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14 430,000 471,925 Time Warner Cos., Inc., 9.125% Debs., 1/15/13 320,000 374,056 Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 255,000 307,990 Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30 280,000 309,387 Virgin Media Secured Finance plc, 6.50% Sr. Sec. Nts., 1/15/18(2) 475,000 478,563 ------------- 4,637,668 SPECIALTY RETAIL--0.6% Home Depot, Inc. (The), 5.875% Sr. Unsec. Unsub. Nts., 12/16/36 413,000 402,112 Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11 680,000 721,695 ------------- 1,123,807 CONSUMER STAPLES--1.9% BEVERAGES--0.5% Anheuser-Busch InBev Worldwide, Inc., 7.75% Sr. Unsec. Unsub. Nts., 1/15/19(2) 505,000 601,626 Constellation Brands, Inc., 8.375% Sr. Nts., 12/15/14 445,000 483,381 ------------- 1,085,007 FOOD & STAPLES RETAILING--0.2% Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 250,000 318,874 FOOD PRODUCTS--0.7% Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14 210,000 219,396 8.50% Sr. Unsec. Nts., 6/15/19 200,000 232,885 Kraft Foods, Inc., 6.50% Sr. Unsec. Unsub. Nts., 2/9/40 398,000 413,822 Sara Lee Corp., 6.25% Sr. Unsec. Unsub. Nts., 9/15/11 420,000 446,442 ------------- 1,312,545 TOBACCO--0.5% Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18 785,000 966,735 ENERGY--4.4% ENERGY EQUIPMENT & SERVICES--0.5% Pride International, Inc., 8.50% Sr. Nts., 6/15/19 530,000 601,550 Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36 320,000 318,962 Weatherford International, Inc., 6.625% Sr. Unsec. Unsub. Nts., Series B, 11/15/11 81,000 86,720 ------------- 1,007,232 OIL, GAS & CONSUMABLE FUELS--3.9% Anadarko Petroleum Corp., 6.45% Sr. Unsec. Nts., 9/15/36 385,000 393,621
10 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- OIL, GAS & CONSUMABLE FUELS CONTINUED DCP Midstream LLC: 5.35% Sr. Unsec. Nts., 3/18/20(2) $ 160,000 $ 160,631 9.75% Sr. Unsec. Unsub. Nts., 3/15/19(2) 185,000 237,542 Duke Energy Field Services LLC, 7.875% Unsec. Nts., 8/16/10 425,000 435,957 El Paso Corp., 8.25% Sr. Unsec. Nts., 2/15/16 490,000 525,525 Energy Transfer Partners LP, 7.50% Sr. Unsec. Unsub. Bonds, 7/1/38 390,000 438,160 Enterprise Products Operating LLP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 515,000 539,178 Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 840,000 899,007 Kerr-McGee Corp., 6.875% Sr. Unsec. Unsub. Nts., 9/15/11 343,000 369,678 Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37 450,000 455,072 Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 450,000 457,313 Pipeline Funding Co. LLC, 7.50% Sr. Sec. Nts., 1/15/30(2) 325,000 311,162 Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14(2) 270,000 291,118 Rockies Express Pipeline LLC: 3.90% Sr. Unsec. Unsub. Nts., 4/15/15(2) 393,000 388,029 5.625% Sr. Unsec. Unsub. Nts., 4/15/20(2) 315,000 310,709 Williams Cos., Inc. Credit, Linked Certificate Trust V (The), 6.375% Sr. Unsec. Nts., 10/1/10(2) 345,000 351,419 Williams Partners LP/Williams Partners Finance Corp., 7.25% Sr. Unsec. Nts., 2/1/17 435,000 496,998 Woodside Finance Ltd., 4.50% Nts., 11/10/14(2) 410,000 420,469 ------------- 7,481,588 FINANCIALS--11.1% CAPITAL MARKETS--1.1% Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19(2) 728,000 733,974 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 505,000 467,667 Morgan Stanley: 5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17 215,000 220,090 7.30% Sr. Unsec. Nts., 5/13/19 193,000 213,588 Nomura Holdings, Inc., 6.70% Sr. Unsec. Nts., 3/4/20 480,000 499,052 ------------- 2,134,371 COMMERCIAL BANKS--2.9% Barclays Bank plc, 6.278% Perpetual Bonds(8) 1,060,000 858,600 City National Capital Trust I, 9.625% Jr. Sub. Bonds, 2/1/40 490,000 545,843 Comerica Capital Trust II, 6.576% Bonds, 2/20/37(1) 551,000 489,013 Fifth Third Bancorp: 5.45% Unsec. Sub. Nts., 1/15/17 300,000 296,902 8.25% Sub. Nts., 3/1/38 229,000 241,297 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(1) 890,000 796,550 Royal Bank of Scotland Group plc, 6.40% Sr. Unsec. Unsub. Nts., 10/21/19 850,000 851,289 Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K(8) 1,415,000 1,485,750 ------------- 5,565,244
11 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- CONSUMER FINANCE--0.7% Capital One Capital V, 10.25% Cum. Jr. Unsec. Sub. Nts., 8/15/39 $ 690,000 $ 819,576 SLM Corp., 8% Sr. Nts., 3/25/20 471,000 459,412 ------------- 1,278,988 DIVERSIFIED FINANCIAL SERVICES--2.4% Citigroup, Inc.: 6% Sr. Unsec. Nts., 8/15/17 850,000 870,443 8.125% Sr. Unsec. Nts., 7/15/39 747,000 864,972 JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(8) 1,620,000 1,732,920 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 1,025,000 1,139,634 ------------- 4,607,969 INSURANCE--3.3% AXA SA, 6.379% Sub. Perpetual Bonds(2,8) 695,000 611,600 Genworth Financial, Inc., 8.625% Sr. Unsec. Unsub. Nts., 12/15/16 775,000 846,378 Hartford Financial Services Group, Inc. (The), 6% Sr. Unsec. Nts., 1/15/19 355,000 364,158 Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13(2) 930,000 928,577 Lincoln National Corp.: 6.05% Jr. Unsec. Sub. Bonds, 4/20/67 375,000 315,938 7% Jr. Sub. Bonds, 5/17/66(1) 615,000 565,800 Marsh & McLennan Cos., Inc., 5.15% Sr. Unsec. Nts., 9/15/10 455,000 462,886 Principal Life Global Funding I, 4.40% Sr. Sec. Nts., 10/1/10(2) 455,000 461,658 Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23(2) 470,000 542,583 Swiss Re Capital I LP, 6.854% Perpetual Bonds(2,8) 911,000 831,981 ZFS Finance USA Trust IV, 5.875% Sub. Bonds, 5/9/32(2) 532,000 501,628 ------------- 6,433,187 REAL ESTATE INVESTMENT TRUSTS--0.7% AvalonBay Communities, Inc., 6.625% Sr. Unsec. Unsub. Nts., 9/15/11 202,000 216,172 Digital Realty Trust LP, 5.875% Unsec. Unsub. Bonds, 2/1/20(2) 480,000 470,221 Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12 180,000 187,583 ProLogis, 7.625% Sr. Unsec. Nts., 8/15/14 410,000 448,708 ------------- 1,322,684 HEALTH CARE--1.6% HEALTH CARE PROVIDERS & SERVICES--0.5% HCA, Inc., 8.50% Sr. Sec. Nts., 4/15/19(2) 445,000 480,878 WellPoint, Inc., 5% Sr. Unsec. Unsub. Nts., 1/15/11 435,000 447,853 ------------- 928,731 LIFE SCIENCES TOOLS & SERVICES--0.9% Fisher Scientific International, Inc., 6.125% Sr. Unsec. Sub. Nts., 7/1/15 827,000 859,107 Life Technologies Corp., 6% Sr. Nts., 3/1/20 803,000 823,700 ------------- 1,682,807 PHARMACEUTICALS--0.2% Watson Pharmaceuticals, Inc., 6.125% Sr. Unsec. Nts., 8/15/19 460,000 484,384
12 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- INDUSTRIALS--3.9% AEROSPACE & DEFENSE--1.1% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 $ 238,000 $ 240,380 BAE Systems Holdings, Inc., 6.375% Nts., 6/1/19(2) 450,000 489,621 L-3 Communications Corp., 5.875% Sr. Sub. Nts., 1/15/15 485,000 495,913 Meccanica Holdings USA, Inc.: 6.25% Sr. Nts., 1/15/40(2) 95,000 93,451 7.375% Sr. Unsec. Unsub. Nts., 7/15/39(2) 690,000 759,582 ------------- 2,078,947 COMMERCIAL SERVICES & SUPPLIES--0.9% Browning-Ferris Industries, Inc., 7.40% Sr. Unsec. Debs., 9/15/35 375,000 417,103 Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17 465,000 488,250 R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12 455,000 473,065 Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11 295,000 314,297 ------------- 1,692,715 ELECTRICAL EQUIPMENT--0.2% Roper Industries, Inc., 6.25% Sr. Nts., 9/1/19 475,000 504,254 INDUSTRIAL CONGLOMERATES--1.0% General Electric Capital Corp.: 4.25% Sr. Unsec. Nts., Series A, 6/15/12 415,000 432,804 5.50% Sr. Unsec. Nts., 1/8/20 515,000 526,424 Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21 820,000 938,843 ------------- 1,898,071 MACHINERY--0.3% SPX Corp., 7.625% Sr. Unsec. Nts., 12/15/14 510,000 536,138 ROAD & RAIL--0.4% CSX Corp., 7.375% Sr. Unsec. Nts., 2/1/19 685,000 799,549 INFORMATION TECHNOLOGY--0.8% COMMUNICATIONS EQUIPMENT--0.3% Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11 440,000 475,593 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% Agilent Technologies, Inc., 5.50% Sr. Unsec. Unsub. Nts., 9/14/15 759,000 814,401 SOFTWARE--0.1% CA, Inc., 5.375% Sr. Unsec. Unsub. Nts., 12/1/19 245,000 248,106 MATERIALS--2.7% CHEMICALS--0.7% Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17(2) 440,000 493,900 Terra Capital, Inc., 7.75% Sr. Unsec. Nts., 11/1/19 620,000 751,750 ------------- 1,245,650 CONTAINERS & PACKAGING--0.5% Ball Corp., 7.125% Sr. Unsec. Nts., 9/1/16 480,000 512,400 Sealed Air Corp., 7.875% Sr. Nts., 6/15/17(2) 445,000 483,649 ------------- 996,049 METALS & MINING--1.5% Cliffs Natural Resources, Inc., 5.90% Sr. Unsec. Unsub. Nts., 3/15/20 330,000 338,597
13 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ------------ ------------- METALS & MINING CONTINUED Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 $ 700,000 $ 779,794 Teck Resources Ltd., 9.75% Sr. Sec. Nts., 5/15/14 535,000 636,650 Vale Overseas Ltd., 6.875% Sr. Unsec. Nts., 11/10/39 495,000 515,368 Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15 245,000 257,193 6% Sr. Unsec. Unsub. Nts., 10/15/15 347,000 374,723 ------------- 2,902,325 TELECOMMUNICATION SERVICES--3.1% DIVERSIFIED TELECOMMUNICATION SERVICES--2.8% AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38 447,000 455,103 British Telecommunications plc, 9.625% Bonds, 12/15/30 295,000 372,414 Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 455,000 461,825 Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10(1) 427,000 433,323 Embarq Corp., 6.738% Sr. Unsec. Nts., 6/1/13 440,000 479,038 Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15 452,000 496,070 Telecom Italia Capital SA, 4.875% Sr. Unsec. Unsub. Nts., 10/1/10 880,000 895,436 Telefonica Europe BV, 7.75% Unsec. Nts., 9/15/10 420,000 432,726 Telus Corp., 8% Nts., 6/1/11 483,000 519,959 Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38 292,000 303,960 Windstream Corp., 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 530,000 544,563 ------------- 5,394,417 WIRELESS TELECOMMUNICATION SERVICES--0.3% American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17 360,000 404,100 Rogers Wireless, Inc., 9.625% Sr. Sec. Nts., 5/1/11 179,000 194,069 ------------- 598,169 UTILITIES--2.1% ELECTRIC UTILITIES--0.5% Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12(2) 350,000 386,208 FirstEnergy Corp., 7.375% Sr. Unsub. Nts., Series C, 11/15/31 318,000 329,993 Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19(2) 117,000 142,770 ------------- 858,971 ENERGY TRADERS--0.9% Constellation Energy Group, Inc., 7.60% Unsec. Nts., 4/1/32 465,000 533,855 Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20(2) 60,000 62,850 NRG Energy, Inc., 7.375% Sr. Nts., 2/1/16 455,000 452,725 Oncor Electric Delivery Co., 6.375% Sr. Sec. Nts., 1/15/15 589,000 652,262 ------------- 1,701,692 MULTI-UTILITIES--0.7% Narragansett Electric Co., 5.638% Sr. Unsec. Nts., 3/15/40(2) 196,000 190,638 NiSource Finance Corp., 7.875% Sr. Unsec. Nts., 11/15/10 432,000 448,640 Sempra Energy: 6.50% Sr. Unsec. Nts., 6/1/16 250,000 279,626 9.80% Sr. Unsec. Nts., 2/15/19 390,000 507,647 ------------- 1,426,551 ------------- Total Corporate Bonds and Notes (Cost $67,190,248) 70,620,514
14 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Units Value --------- ------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% Pathmark Stores, Inc. Wts., Strike Price $22.31, Exp. 9/19/10 (9) (Cost $14,872) 5,408 $ --
Shares --------- INVESTMENT COMPANIES--5.1% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(10,11) 10,454 10,454 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(10,12) 9,721,011 9,721,011 ------------ Total Investment Companies (Cost $9,731,465) 9,731,465 TOTAL INVESTMENTS, AT VALUE (COST $246,393,486) 129.2% 248,434,225 Liabilities in Excess of Other Assets (29.2) (56,097,726) --------- ------------ Net Assets 100.0% $192,336,499 ========= ============
Footnotes to Statement of Investments (1.) Represents the current interest rate for a variable or increasing rate security. (2.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $20,286,737 or 10.55% of the Fund's net assets as of March 31, 2010. (3.) All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $683,621. See accompanying Notes. (4.) Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $9,198,907 or 4.78% of the Fund's net assets as of March 31, 2010. (5.) Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $438,897 or 0.23% of the Fund's net assets as of March 31, 2010. (6.) When-issued security or delayed delivery to be delivered and settled after March 31, 2010. See accompanying Notes. (7.) The current amortization rate of the security's cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change. (8.) This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. (9.) Non-income producing security. (10.) Rate shown is the 7-day yield as of March 31, 2010. (11.) Interest rate is less than 0.0005%. (12.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- ---------- ------------ -------------- Oppenheimer Institutional Money Market Fund, Cl. E 23,853,396 14,921,042 29,053,427 9,721,011
VALUE INCOME ---------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $9,721,011 $7,812
15 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 2-- OTHER LEVEL 3-- LEVEL 1-- SIGNIFICANT SIGNIFICANT UNADJUSTED OBSERVABLE UNOBSERVABLE QUOTED PRICES INPUTS INPUTS VALUE ------------- ------------ ------------ ------------ ASSETS TABLE INVESTMENTS, AT VALUE: Asset-Backed Securities $ -- $ 22,123,412 $-- $ 22,123,412 Mortgage-Backed Obligations -- 142,468,684 -- 142,468,684 U.S. Government Obligations -- 3,490,150 -- 3,490,150 Corporate Bonds and Notes -- 70,620,514 -- 70,620,514 Rights, Warrants and Certificates -- -- -- -- Investment Companies 9,731,465 -- -- 9,731,465 ---------- ------------ --- ------------ Total Investments, at Value 9,731,465 238,702,760 -- 248,434,225 OTHER FINANCIAL INSTRUMENTS: Futures margins 88,348 -- -- 88,348 ---------- ------------ --- ------------ Total Assets $9,819,813 $238,702,760 $-- $248,522,573 ---------- ------------ --- ------------ LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Depreciated swaps, at value $ -- $ (58,690) $-- $ (58,690) Futures margins (27,128) -- -- (27,128) ---------- ------------ --- ------------ Total Liabilities $ (27,128) $ (58,690) $-- $ (85,818) ---------- ------------ --- ------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. FUTURES CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) - -------------------- -------- --------- ---------- ----------- -------------- U.S. Long Bonds Buy 137 6/21/10 $15,909,125 $ 31,224 U.S. Treasury Bonds, 10 yr. Buy 90 6/21/10 10,462,500 (79,962) U.S. Treasury Nts., 2 yr. Sell 75 6/30/10 16,271,484 23,197 U.S. Treasury Nts., 5 yr. Sell 69 6/30/10 7,924,219 14,769 -------- $(10,772) ========
16 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
PAY/ BUY/SELL NOTIONAL RECEIVE REFERENCE ENTITY/ CREDIT AMOUNT FIXED TERMINATION UNREALIZED SWAP COUNTERPARTY PROTECTION (000'S) RATE DATE VALUE DEPRECIATION - ----------------- ---------- -------- ------- ----------- -------- ------------ VALE INCO LTD.: Morgan Stanley Capital Services, Inc. Buy $1,030 0.70% 3/20/17 $ (9,846) $ 9,846 Morgan Stanley Capital Services, Inc. Buy 1,015 0.63 3/20/17 (5,235) 5,235 ------ -------- ------- Total 2,045 (15,081) 15,081 ----- ------ ------- ----------- -------- ------- VALE OVERSEAS: Morgan Stanley Capital Services, Inc. Sell 1,030 1.17 3/20/17 (19,837) 19,837 Morgan Stanley Capital Services, Inc. Sell 1,015 1.10 3/20/17 (23,772) 23,772 ----- -------- ------- Total 2,045 (43,609) 43,609 -------- ------- Grand Total Buys (15,081) 15,081 Grand Total Sells (43,609) 43,609 -------- ------- Total Credit Default Swaps $(58,690) $58,690 ======== =======
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR REFERENCE SELLING CREDIT ASSET TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD PROTECTION RATING PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RANGE** - ---------------------------------------------- -------------- ------------------- --------- Investment Grade Single Name Corporate Debt $2,045,000 $-- BBB+
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding table. SWAP SUMMARY AS OF MARCH 31, 2010 IS AS FOLLOWS:
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE - ----------------- ------------------- -------- --------- Morgan Stanley Capital Services, Inc.: Credit Default Buy Protection $2,045 $(15,081) Credit Default Sell Protection 2,045 (43,609) -------- Total Swaps $(58,690) ========
17 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are 18 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ---------------------- Purchased securities $71,152,245 Sold securities 13,992,703
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund's market value of investments relative to its net assets which can incrementally increase the volatility of the Fund's performance. Forward roll transactions can be replicated over multiple settlement periods. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, 19 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. The Fund's actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below. RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure 20 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow. COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. CREDIT RELATED CONTINGENT FEATURES. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's ISDA master agreements which govern certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2010, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $58,690 for which collateral was not posted by the Fund. Securities held in collateralized accounts to cover these liabilities are noted in the Statement of Investments, if applicable. If a contingent feature would have been triggered as of March 31, 2010, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities in the annual and semiannual reports; securities posted as collateral, if any, are reported on the Statement of Investments. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. 21 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities in the annual and semiannual reports. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security, or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. 22 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The Fund has engaged in pairs trades by purchasing protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks. Pairs trades attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $246,498,149 Federal tax cost of other investments 2,186,694 ------------ Total federal tax cost $248,684,843 ============ Gross unrealized appreciation $ 8,423,152 Gross unrealized depreciation (6,556,538) ------------ Net unrealized appreciation $ 1,866,614 ============
23 | Oppenheimer Core Bond Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value -------------- -------------- COMMON STOCKS--98.4% CONSUMER DISCRETIONARY--16.1% AUTOMOBILES--1.1% Bayerische Motoren Werke (BMW) AG 236,412 $ 10,928,443 Bayerische Motoren Werke (BMW) AG, Preference 538,031 18,861,388 -------------- 29,789,831 HOTELS, RESTAURANTS & LEISURE--3.5% Carnival Corp. 1,187,126 46,155,459 Lottomatica SpA 232,100 4,426,446 McDonald's Corp. 620,700 41,413,104 Shuffle Master, Inc.(1) 597,400 4,892,706 -------------- 96,887,715 HOUSEHOLD DURABLES--1.9% Sony Corp. 1,327,800 50,845,267 MEDIA--3.7% Grupo Televisa SA, Sponsored GDR 1,543,096 32,435,878 Sirius XM Radio, Inc.(1) 9,960,161 8,670,320 Walt Disney Co. (The) 1,306,300 45,602,933 Wire & Wireless India Ltd.(1) 2,212,100 294,732 Zee Entertainment Enterprises Ltd. 2,140,210 12,787,868 -------------- 99,791,731 SPECIALTY RETAIL--2.7% Industria de Diseno Textil SA 521,200 34,356,906 Tiffany & Co. 842,400 40,005,576 -------------- 74,362,482 TEXTILES, APPAREL & LUXURY GOODS--3.2% Bulgari SpA 1,746,678 14,225,760 LVMH Moet Hennessy Louis Vuitton SA 457,360 53,458,946 Tod's SpA 276,497 20,341,975 -------------- 88,026,681 CONSUMER STAPLES--9.6% BEVERAGES--3.2% Companhia de Bebidas das Americas, Sponsored ADR, Preference 199,315 18,269,213 Diageo plc 658,495 11,051,860 Fomento Economico Mexicano SA de CV, UBD 7,658,100 36,426,882 Grupo Modelo SA de CV, Series C(1) 3,786,000 22,353,897 -------------- 88,101,852 FOOD & STAPLES RETAILING--2.4% Shinsegae Department Store Co. 5,653 2,672,990 Tesco plc 3,819,175 25,236,878 Wal-Mart Stores, Inc. 676,400 37,607,840 -------------- 65,517,708 FOOD PRODUCTS--2.2% Nestle SA 533,121 27,303,238 Unilever plc 1,092,113 32,068,328 -------------- 59,371,566
1 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value -------------- -------------- HOUSEHOLD PRODUCTS--1.8% Colgate-Palmolive Co. 428,500 $ 36,533,910 Reckitt Benckiser Group plc 263,348 14,454,607 -------------- 50,988,517 ENERGY--4.4% ENERGY EQUIPMENT & SERVICES--2.4% Technip SA 424,960 34,553,327 Transocean Ltd.(1) 352,072 30,411,979 -------------- 64,965,306 OIL, GAS & CONSUMABLE FUELS--2.0% Husky Energy, Inc. 682,830 19,584,343 Total SA 607,820 35,284,724 -------------- 54,869,067 FINANCIALS--14.8% CAPITAL MARKETS--3.9% 3i Group plc 2,497,728 11,037,336 Credit Suisse Group AG 1,288,170 66,399,886 UBS AG 1,895,683 30,815,636 -------------- 108,252,858 COMMERCIAL BANKS--2.9% HSBC Holdings plc 3,720,973 37,908,229 Societe Generale SA, Cl. A 310,782 19,546,130 Sumitomo Mitsui Financial Group, Inc. 671,700 22,096,325 -------------- 79,550,684 CONSUMER FINANCE--1.3% SLM Corp.(1) 2,785,550 34,875,086 DIVERSIFIED FINANCIAL SERVICES--1.0% Investor AB, B Shares 1,464,954 28,099,622 INSURANCE--5.7% AFLAC, Inc. 673,000 36,537,170 Allianz SE 296,619 37,238,629 Dai-ichi Life Insurance Co(1) 11,036 17,061,563 Fidelity National Financial, Inc., Cl. A 913,700 13,541,034 Prudential plc 2,790,297 23,182,610 XL Capital Ltd., Cl. A 1,472,600 27,832,140 -------------- 155,393,146 HEALTH CARE--7.7% BIOTECHNOLOGY--2.2% Amylin Pharmaceuticals, Inc.(1) 734,288 16,514,137 Basilea Pharmaceutica AG(1) 29,923 2,319,997 Dendreon Corp.(1) 187,700 6,845,419 InterMune, Inc.(1) 324,300 14,454,051 Regeneron Pharmaceuticals, Inc.(1) 200,802 5,319,245 Seattle Genetics, Inc.(1) 731,028 8,728,474 Theravance, Inc.(1) 551,800 7,349,976 -------------- 61,531,299
2 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value -------------- -------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.5% Zimmer Holdings, Inc.(1) 219,000 $ 12,964,800 HEALTH CARE PROVIDERS & SERVICES--2.6% Aetna, Inc. 982,600 34,499,086 WellPoint, Inc.(1) 580,335 37,361,967 -------------- 71,861,053 PHARMACEUTICALS--2.4% Bayer AG 105,601 7,132,967 Mitsubishi Tanabe Pharma Corp. 391,000 5,520,590 Roche Holding AG 221,045 35,848,535 Sanofi-Aventis SA 225,905 16,839,592 -------------- 65,341,684 INDUSTRIALS--13.6% AEROSPACE & DEFENSE--3.7% Boeing Co. (The) 201,200 14,609,132 Empresa Brasileira de Aeronautica SA, ADR 873,583 20,931,049 European Aeronautic Defense & Space Co. 1,343,980 27,038,253 Lockheed Martin Corp. 179,900 14,971,278 Raytheon Co. 426,600 24,367,392 -------------- 101,917,104 AIR FREIGHT & LOGISTICS--0.8% TNT NV 717,227 20,566,100 BUILDING PRODUCTS--1.5% Assa Abloy AB, Cl. B 2,081,085 40,724,775 COMMERCIAL SERVICES & SUPPLIES--0.6% Secom Co. Ltd. 391,600 17,078,778 ELECTRICAL EQUIPMENT--1.2% Emerson Electric Co. 465,900 23,453,406 Prysmian SpA 488,000 9,590,210 -------------- 33,043,616 INDUSTRIAL CONGLOMERATES--5.3% 3M Co. 468,500 39,152,545 Koninklijke (Royal) Philips Electronics NV 1,125,400 36,085,518 Siemens AG 691,081 69,305,984 -------------- 144,544,047 MACHINERY--0.5% Fanuc Ltd. 126,300 13,401,391 INFORMATION TECHNOLOGY--29.3% COMMUNICATIONS EQUIPMENT--7.0% Juniper Networks, Inc.(1) 1,942,500 59,595,900 Tandberg ASA 641,750 18,302,703 Telefonaktiebolaget LM Ericsson, B Shares 10,806,080 113,120,352 -------------- 191,018,955 ELECTRONIC EQUIPMENT & INSTRUMENTS--5.4% Corning, Inc. 1,640,800 33,160,568 Hoya Corp. 1,003,500 27,486,480 Keyence Corp. 92,374 21,999,004 Kyocera Corp. 156,800 15,279,153 Murata Manufacturing Co. Ltd. 562,300 31,937,245
3 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value -------------- -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Nidec Corp. 168,600 $ 18,070,082 -------------- 147,932,532 INTERNET SOFTWARE & SERVICES--2.3% eBay, Inc.(1) 2,278,400 61,402,880 IT SERVICES--3.2% Automatic Data Processing, Inc. 835,000 37,132,450 Infosys Technologies Ltd. 869,626 50,671,525 -------------- 87,803,975 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.2% Altera Corp. 1,581,600 38,448,696 Maxim Integrated Products, Inc. 1,301,365 25,233,467 MediaTek, Inc. 1,549,696 26,887,162 Taiwan Semiconductor Manufacturing Co. Ltd. 13,162,184 25,401,125 -------------- 115,970,450 SOFTWARE--7.2% Adobe Systems, Inc.(1) 944,363 33,402,119 Intuit, Inc.(1) 1,393,900 47,866,526 Microsoft Corp. 1,755,800 51,392,268 Nintendo Co. Ltd. 58,700 19,652,476 SAP AG 939,069 45,439,027 -------------- 197,752,416 MATERIALS--0.4% CHEMICALS--0.4% Linde AG 81,954 9,740,879 TELECOMMUNICATION SERVICES--1.8% WIRELESS TELECOMMUNICATION SERVICES--1.8% KDDI Corp. 5,052 26,154,327 Vodafone Group plc 10,569,572 24,455,941 -------------- 50,610,268 UTILITIES--0.7% ELECTRIC UTILITIES--0.7% Fortum OYJ 762,500 18,651,064 -------------- Total Common Stocks (Cost $2,177,804,853) 2,693,547,185
Principal Amount -------------- CONVERTIBLE CORPORATE BONDS AND NOTES--0.1% Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $2,882,000) $ 2,882,000 2,492,930
Shares -------------- INVESTMENT COMPANIES--1.8% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2, 3) 1,034,857 1,034,857 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(2, 4) 49,739,829 49,739,829 -------------- Total Investment Companies (Cost $50,774,686) 50,774,686
4 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
VALUE -------------- TOTAL INVESTMENTS, AT VALUE (COST $2,231,461,539) 100.3% $2,746,814,801 Liabilities in Excess of Other Assets (0.3) (9,546,017) ----- -------------- Net Assets 100.0% $2,737,268,784 ===== ==============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of March 31, 2010. (3.) Interest rate is less than 0.0005%. (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- ----------- ----------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 30,907,869 86,695,116 67,863,156 49,739,829
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $49,739,829 $14,414
VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED QUOTED OTHER SIGNIFICANT SIGNIFICANT PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ----------------- ----------------- ------------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 439,408,975 $ 294,732 $-- $ 439,703,707 Consumer Staples 263,979,643 -- -- 263,979,643 Energy 119,834,373 -- -- 119,834,373 Financials 367,013,508 39,157,888 -- 406,171,396 Health Care 211,698,836 -- -- 211,698,836 Industrials 354,197,033 17,078,778 -- 371,275,811 Information Technology 613,874,247 188,006,961 -- 801,881,208 Materials 9,740,879 -- -- 9,740,879 Telecommunication Services 26,154,327 24,455,941 -- 50,610,268 Utilities 18,651,064 -- -- 18,651,064 Convertible Corporate Bonds and Notes -- 2,492,930 -- 2,492,930 Investment Companies 50,774,686 -- -- 50,774,686
5 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) -------------- ------------ --- -------------- Total Assets $2,475,327,571 $271,487,230 $-- $2,746,814,801 -------------- ------------ --- -------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Foreign currency exchange contracts $ -- $ (582,946) $-- $ (582,946) -------------- ------------ --- -------------- Total Liabilities $ -- $ (582,946) $-- $ (582,946) -------------- ------------ --- --------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. The table below shows the significant transfers between Level 1 and Level 2. The Fund's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
TRANSFERS INTO TRANSFERS OUT TRANSFERS INTO TRANSFERS OUT LEVEL 1* OF LEVEL 1** LEVEL 2** OF LEVEL 2* -------------- ------------- -------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $107,682,363 $ (423,073) $ 423,073 $(107,682,363) Consumer Staples 73,087,135 -- -- (73,087,135) Energy 75,498,991 -- -- (75,498,991) Financials 255,251,232 -- -- (255,251,232) Health Care 37,459,789 -- -- (37,459,789) Industrials 172,076,722 -- -- (172,076,722) Information Technology 137,124,102 (118,575,684) 118,575,684 (137,124,102) Telecommunication Services 28,924,502 (24,532,360) 24,532,360 (28,924,502) Utilities 24,666,340 -- -- (24,666,340) ------------ ------------- ------------ ------------- Total Assets $911,771,176 $(143,531,117) $143,531,117 $(911,771,176) ============ ============= ============ =============
* Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent of a readily available unadjusted quoted market price due to a significant event occurring before the Fund's assets were valued but after the close of the securities' respective exchanges. ** Transferred from Level 1 to Level 2 because of the absence of a readily available unadjusted quoted market price due to a significant event occurring before the Fund's assets were valued but after the close of the securities' respective exchanges. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
CONTRACT AMOUNT EXPIRATION UNREALIZED COUNTERPARTY/CONTRACT DESCRIPTION BUY/SELL (000'S) DATE VALUE DEPRECIATION - --------------------------------- -------- --------------- ---------- ----------- ------------ BROWN BROTHERS HARRIMAN Japanese Yen (JPY) Buy 1,545,040 JPY 4/1/10 $16,526,259 $582,946
Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows: 6 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Geographic Holdings Value Percent - ------------------- -------------- ---------- United States $1,077,740,515 39.3% Japan 286,582,681 10.4 Germany 198,647,317 7.2 France 186,720,972 6.8 Sweden 181,944,749 6.6 United Kingdom 179,395,789 6.5 Switzerland 162,687,292 5.9 Mexico 91,216,657 3.3 India 63,754,125 2.3 The Netherlands 56,651,618 2.1 Taiwan 52,288,287 1.9 Italy 48,584,391 1.8 Brazil 39,200,262 1.4 Spain 34,356,906 1.3 Cayman Islands 27,832,140 1.0 Canada 19,584,343 0.7 Finland 18,651,064 0.7 Norway 18,302,703 0.7 Korea, Republic of South 2,672,990 0.1 -------------- ----- Total $2,746,814,801 100.0% ============== =====
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. 7 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FOREIGN CURRENCY EXCHANGE CONTRACTS The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date. 8 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Foreign currency exchange contracts, if any, are reported on a schedule following the Statement of Investments. These contracts will be valued daily based upon the closing prices of the currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. The Fund has purchased and sold foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter. Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $2,262,783,545 Federal tax cost of other investments 888 -------------- Total federal tax cost $2,262,784,433 ============== Gross unrealized appreciation $ 628,485,183 Gross unrealized depreciation (144,282,114) -------------- Net unrealized appreciation $ 484,203,069 ==============
9 | Oppenheimer Global Securities Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ CORPORATE BONDS AND NOTES--89.7% CONSUMER DISCRETIONARY--22.8% AUTO COMPONENTS--2.0% Allison Transmission, Inc., 11% Sr. Nts., 11/1/15(1) $ 1,045,000 $ 1,118,150 American Axle & Manufacturing Holdings, Inc., 9.25% Sr. Sec. Nts., 1/15/17(1) 415,000 445,088 ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18 620,000 644,800 Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14(2,3) 425,000 410,125 8.25% Sr. Unsec. Nts., 8/1/10(2,3) 45,000 43,425 ------------ 2,661,588 ------------ AUTOMOBILES--0.8% Ford Motor Co., 7.45% Bonds, 7/16/31 1,130,000 1,073,500 DIVERSIFIED CONSUMER SERVICES--0.3% StoneMor Operating LLC/Cornerstone Family Service of West Virginia, Inc./Osiris Holdings of Maryland Subsidiary, Inc., 10.25% Sr. Nts., 12/1/17(1) 340,000 351,900 HOTELS, RESTAURANTS & LEISURE--5.7% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13(1) 410,000 358,750 Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/16(1) 755,000 764,438 Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13(1,2) 1,155,000 109,725 Harrah's Operating Co., 10% Sr. Sec. Nts., 12/15/18 1,393,000 1,159,673 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 685,000 589,100 Landry's Restaurant, Inc., 11.625% Sr. Sec. Nts., 12/1/15(1) 455,000 491,400 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(1,2) 1,505,000 383,775 MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 85,000 72,038 6.75% Sr. Unsec. Nts., 4/1/13 1,280,000 1,164,800 9% Sr. Sec. Nts., 3/15/20(1) 65,000 67,275 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 390,000 335,400 8% Sr. Sub. Nts., 4/1/12 730,000 677,075 11.50% Sr. Sec. Nts., 11/1/17(1) 315,000 337,050 Pinnacle Entertainment, Inc.: 8.25% Sr. Unsec. Sub. Nts., 3/15/12 316,000 315,210 8.625% Sr. Nts., 8/1/17(1) 110,000 108,075 Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(2,3) 2,595,000 16,219 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 750,000 825,938 ------------ 7,775,941 ------------ HOUSEHOLD DURABLES--1.5% Beazer Homes USA, Inc.: 6.50% Sr. Unsec. Nts., 11/15/13 380,000 364,325 6.875% Sr. Unsec. Nts., 7/15/15 345,000 305,325 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 285,000 249,375 8.875% Sr. Sub. Nts., 4/1/12 705,000 653,888 Libbey Glass, Inc., 10% Sr. Sec. Nts., 2/15/15(1) 445,000 470,588 ------------ 2,043,501 ------------
1 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ INTERNET & CATALOG RETAIL--0.1% Netflix, Inc., 8.50% Sr. Unsec. Nts., 11/15/17 $ 180,000 $ 189,900 LEISURE EQUIPMENT & PRODUCTS--1.7% Colt Defense LLC, 8.75% Sr. Unsec. Nts., 11/15/17(1) 500,000 503,750 Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18(1) 995,000 990,025 Easton-Bell Sports, Inc., 9.75% Sr. Sec. Nts., 12/1/16(1) 715,000 756,113 ------------ 2,249,888 ------------ MEDIA--7.3% AMC Entertainment, Inc., 11% Sr. Unsec. Unsub. Nts., 2/1/16 330,000 355,988 American Media Operations, Inc.: 9% Sr. Unsec. Nts., 5/1/13(1,4) 1,853 1,214 12.02% Sr. Sub. Nts., 11/1/13(1,4) 2,209,262 1,447,067 Belo Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27 368,000 304,060 Cengage Learning Acquisitions, Inc., 13.25% Sr. Sub. Nts., 7/15/15(1) 355,000 346,125 Charter Communications, Inc., 13.50% Sr. Nts., 11/30/16 1,053,694 1,272,336 Clear Channel Communications, Inc.: 4.40% Sr. Unsec. Unsub. Nts., 5/15/11 95,000 90,013 6.25% Nts., 3/15/11 455,000 442,488 10.75% Sr. Unsec. Unsub. Nts., 8/1/16 745,000 586,688 Clear Channel Worldwide Holdings, Inc., 9.25% Sr. Nts., 12/15/17(1) 155,000 162,750 Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 655,000 648,450 Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/14(5) 310,000 261,175 Media General, Inc., 11.75% Sr. Sec. Nts., 2/15/17(1) 725,000 720,469 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14(2) 1,460,000 146 6.875% Sr. Unsec. Sub. Nts., 10/1/13(2) 2,510,000 251 Radio One, Inc., 6.375% Sr. Unsec. Sub. Nts., 2/15/13 140,000 115,675 Reader's Digest Association, Inc., 9.50% Sr. Sec. Nts., 2/15/17(1,5) 635,000 650,875 Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 240,000 238,800 TL Acquisitions, Inc., 10.50% Sr. Nts., 1/15/15(1) 1,355,000 1,307,575 Umbrella Acquisition, Inc., 9.75% Sr. Unsec. Unsub. Nts., 3/15/15(1,4) 773,862 671,325 Valassis Communications, Inc., 8.25% Sr. Unsec. Unsub. Nts., 3/1/15 235,000 242,638 ------------ 9,866,108 ------------ MULTILINE RETAIL--0.7% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 995,000 975,100 SPECIALTY RETAIL--2.7% Burlington Coat Factory Warehouse Corp., 11.125% Sr. Unsec. Nts., 4/15/14 1,195,000 1,269,688 Michaels Stores, Inc.: 10% Sr. Unsec. Unsub. Nts., 11/1/14 1,000,000 1,060,000 11.375% Sr. Unsec. Sub. Bonds, 11/1/16 320,000 347,200 Sally Holdings LLC, 10.50% Sr. Unsec. Sub. Nts., 11/15/16 230,000 251,850 Toys R Us, Inc., 7.375% Sr. Unsec. Unsub. Bonds, 10/15/18 785,000 757,525 ------------ 3,686,263 ------------
2 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ CONSUMER STAPLES--3.6% BEVERAGES--0.2% Cott Beverages, Inc., 8.375% Sr. Nts., 11/15/17(1) $ 300,000 $ 310,500 FOOD & STAPLES RETAILING--0.3% Pantry, Inc. (The), 7.75% Sr. Unsec. Sub. Nts., 2/15/14 355,000 346,125 Real Time Data Co., 11% Nts., 5/31/09(1,2,3,4) 476,601 -- ------------ 346,125 ------------ FOOD PRODUCTS--2.5% ASG Consolidated LLC/ASG Finance, Inc., 11.50% Sr. Unsec. Nts., 11/1/11 1,025,000 1,035,250 Chiquita Brands International, Inc., 8.875% Sr. Unsec. Unsub. Nts., 12/1/15 420,000 437,850 JBS USA LLC/JBS USA Finance, Inc., 11.625% Sr. Nts., 5/1/14(1) 590,000 675,550 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 1,210,000 1,285,625 ------------ 3,434,275 ------------ PERSONAL PRODUCTS--0.6% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 545,000 549,088 Revlon Consumer Products Corp., 9.75% Sr. Sec. Nts., 11/15/15(1) 295,000 306,063 ------------ 855,151 ------------ ENERGY--12.2% ENERGY EQUIPMENT & SERVICES--1.3% Gibson Energy ULC/GEP Midstream Finance Corp., 10% Sr. Unsec. Nts., 1/15/18(1) 550,000 543,125 Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16(1) 500,000 517,500 North American Energy Alliance LLC, 10.875% Sr. Sec. Nts., 6/1/16(1) 650,000 695,500 ------------ 1,756,125 ------------ OIL, GAS & CONSUMABLE FUELS--10.9% Alon Refining Krotz Springs, Inc., 13.50% Sr. Sec. Nts., 10/15/14 730,000 706,275 Antero Resources Finance Corp., 9.375% Sr. Nts., 12/1/17(1) 635,000 657,225 Arch Coal, Inc., 8.75% Sr. Nts., 8/1/16(1) 290,000 308,125 Atlas Energy Resources LLC, 10.75% Sr. Unsec. Nts., 2/1/18 1,120,000 1,237,600 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 555,000 538,350 Berry Petroleum Co., 10.25% Sr. Unsec. Nts., 6/1/14 620,000 686,650 Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16 585,000 633,263 Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16 320,000 317,600 Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Nts., 12/15/17(1) 695,000 712,375 CONSOL Energy, Inc., 8.25% Sr. Nts., 4/1/20(1,6) 315,000 325,238 Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875% Sr. Unsec. Nts., 2/15/18(1) 195,000 202,069 Denbury Resources, Inc., 8.25% Sr. Unsec. Sub. Nts., 2/15/20 275,000 292,875 Energy XXI Gulf Coast, Inc., 10% Sr. Unsec. Nts., 6/15/13 345,000 355,350 Enterprise Products Operating LLP, 8.375% Jr. Sub. Nts., 8/1/66(5) 320,000 325,195
3 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ OIL, GAS & CONSUMABLE FUELS CONTINUED Linn Energy LLC, 8.625% Sr. Unsec. Nts., 4/15/20(1,6) $ 645,000 $ 648,225 Mariner Energy, Inc., 11.75% Sr. Unsec. Nts., 6/30/16 555,000 625,739 Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15(1) 1,035,000 1,066,050 OPTI Canada, Inc., 9% Sr. Sec. Nts., 12/15/12(1) 230,000 238,050 Petrohawk Energy Corp., 10.50% Sr. Unsec. Nts., 8/1/14 520,000 576,550 Plains Exploration & Production Co., 10% Sr. Unsec. Nts., 3/1/16 505,000 560,550 Quicksilver Resources, Inc.: 8.25% Sr. Unsec. Nts., 8/1/15 735,000 753,375 11.75% Sr. Nts., 1/1/16 615,000 707,250 Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19 95,000 101,888 SandRidge Energy, Inc.: 8.75% Sr. Nts., 1/15/20(1) 560,000 548,800 9.875% Sr. Unsec. Nts., 5/15/16(1) 795,000 820,838 Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 485,000 528,650 Western Refining, Inc., 11.25% Sr. Sec. Nts., 6/15/17(1) 305,000 276,025 ------------ 14,750,180 ------------ FINANCIALS--4.7% CAPITAL MARKETS--2.5% E*TRADE Financial Corp., 12.50% Sr. Unsec. Unsub. Nts., 11/30/17(4) 330,000 396,000 Graham Packaging Co. LP: 8.50% Sr. Nts., 1/1/17(1) 195,000 197,438 9.875% Sr. Unsec. Sub. Nts., 10/15/14 980,000 1,021,650 MU Finance plc, 8.375% Sr. Sec. Nts., 2/1/17(1) 470,000 465,888 Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/15(1) 1,305,000 1,259,325 ------------ 3,340,301 ------------ DIVERSIFIED FINANCIAL SERVICES--0.5% Capmark Financial Group, Inc.: 3.438% Sr. Unsec. Nts., 5/10/10(2,3) 690,000 211,313 5.875% Sr. Unsec. Nts., 5/10/12(2,3) 470,000 145,589 CIT Group, Inc., 7% Sr. Sec. Bonds, 5/1/17 355,000 328,375 ------------ 685,277 ------------ INSURANCE--1.6% American General Finance, 6.90% Nts., Series J, 12/15/17 705,000 618,296 International Lease Finance Corp.: 5.875% Unsec. Unsub. Nts., 5/1/13 710,000 682,307 8.625% Sr. Nts., 9/15/15(1,6) 410,000 420,114 Multiplan, Inc., 10.375% Sr. Sub. Nts., 4/15/16(1) 400,000 414,000 ------------ 2,134,717 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1% Realogy Corp., 10.50% Sr. Unsec. Nts., 4/15/14 225,000 195,188 HEALTH CARE--6.2% HEALTH CARE EQUIPMENT & SUPPLIES--0.9% Biomet, Inc., 10.375% Sr. Unsec. Nts., 10/15/17(4) 460,000 508,300
4 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Inverness Medical Innovations, Inc., 7.875% Sr. Nts., 2/1/16(1) $ 385,000 $ 378,744 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15(4) 350,000 350,000 ------------ 1,237,044 ------------ HEALTH CARE PROVIDERS & SERVICES--4.5% Apria Healthcare Group, Inc., 12.375% Sr. Sec. Nts., 11/1/14(1) 555,000 610,500 BioScrip, Inc., 10.25% Sr. Unsec. Nts., 10/1/15(1) 130,000 132,925 Catalent Pharma Solutions, Inc., 8.956% Sr. Unsec. Nts., 4/15/15(4) 471,012 465,124 Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15 795,000 824,813 HCA, Inc., 6.375% Nts., 1/15/15 925,000 883,375 HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16 565,000 613,731 Rural/Metro Corp., 0%/12.75% Sr. Unsec. Nts., 3/15/16(7) 680,000 724,200 Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 835,000 799,513 US Oncology Holdings, Inc., 6.643% Sr. Unsec. Nts., 3/15/12(4,5) 620,155 590,698 Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18(1) 475,000 464,313 ------------ 6,109,192 ------------ LIFE SCIENCES TOOLS & SERVICES--0.2% Pharmanet Development Group, Inc., 10.875% Sr. Sec. Nts., 4/15/17(1,6) 225,000 227,250 PHARMACEUTICALS--0.6% DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14 715,000 780,244 INDUSTRIALS--10.9% AEROSPACE & DEFENSE--1.1% Hawker Beechcraft Acquisition Co. LLC, 8.50% Sr. Unsec. Nts., 4/1/15 1,140,000 886,350 Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11 615,000 621,150 ------------ 1,507,500 ------------ AIRLINES--2.6% American Airlines, Inc., 10.50% Sr. Sec. Nts., 10/15/12(1) 1,065,000 1,139,550 Delta Air Lines, Inc.: 9.50% Sr. Sec. Nts., 9/15/14(1) 185,000 195,406 12.25% Sr. Sec. Nts., 3/15/15(1) 960,000 1,028,400 United Air Lines, Inc.: 9.875% Sr. Sec. Nts., 8/1/13(1) 495,000 522,225 12% Sr. Sec. Nts., 11/1/13(1) 640,000 665,600 ------------ 3,551,181 ------------ BUILDING PRODUCTS--1.7% AMH Holdings, Inc., 11.25% Sr. Unsec. Nts., 3/1/14 1,285,000 1,328,369 Goodman Global Group, Inc., 11.841% Sr. Nts., 12/15/14(1,8) 820,000 483,800 Ply Gem Industries, Inc., 13.125% Sr. Sub. Nts., 7/15/14(1) 485,000 505,613 ------------ 2,317,782 ------------ COMMERCIAL SERVICES & SUPPLIES--1.3% Acco Brands Corp., 10.625% Sr. Sec. Nts., 3/15/15(1) 270,000 296,325
5 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ COMMERCIAL SERVICES & SUPPLIES CONTINUED American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05(2,3) $ 200,000 $ -- West Corp., 9.50% Sr. Unsec. Nts., 10/15/14 1,360,000 1,404,200 ------------ 1,700,525 ------------ MACHINERY--1.3% Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13 655,000 656,638 Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17 825,000 806,438 Themadyne Holdings Corp., 9.25% Sr. Unsec. Sub. Nts., 2/1/14 350,000 352,625 ------------ 1,815,701 ------------ MARINE--0.7% Marquette Transportation Co., 10.875% Sr. Sec. Nts., 1/15/17(1) 725,000 740,406 Navios Maritime Holdings, Inc., 8.875% Nts., 11/1/17(1) 225,000 234,000 ------------ 974,406 ------------ PROFESSIONAL SERVICES--0.6% Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15(1) 855,000 807,975 ROAD & RAIL--0.7% Avis Budget Car Rental LLC: 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 675,000 671,625 9.625% Sr. Nts., 3/15/18(1) 65,000 68,250 Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16 210,000 226,538 ------------ 966,413 ------------ TRADING COMPANIES & DISTRIBUTORS--0.9% Ashtead Capital, Inc., 9% Nts., 8/15/16(1) 220,000 223,850 Ashtead Holdings plc, 8.625% Sr. Sec. Nts., 8/1/15(1) 215,000 216,075 United Rentals North America, Inc.: 7% Sr. Unsec. Unsub. Nts., 2/15/14 495,000 460,350 9.25% Sr. Unsec. Unsub. Nts., 12/15/19 275,000 281,875 ------------ 1,182,150 ------------ INFORMATION TECHNOLOGY--5.4% ELECTRONIC EQUIPMENT & INSTRUMENTS--1.4% RBS Global, Inc., /Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 665,000 716,538 Sanmina-SCI Corp., 8.125% Sr. Sub. Nts., 3/1/16 1,265,000 1,279,231 ------------ 1,995,769 ------------ IT SERVICES--2.1% First Data Corp., 9.875% Sr. Unsec. Nts., 9/24/15 1,360,000 1,179,800 SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 710,000 731,300 10.25% Sr. Unsec. Sub. Nts., 8/15/15 877,000 926,331 ------------ 2,837,431 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.9% Freescale Semiconductor, Inc., 8.875% Sr. Unsec. Nts., 12/15/14 1,350,000 1,296,000 NXP BV/NXP Funding LLC: 7.875% Sr. Sec. Nts., 10/18/14 640,000 627,200 9.50% Sr. Unsec. Unsub. Nts., 10/15/15 625,000 620,313 ------------ 2,543,513 ------------
6 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ MATERIALS--11.4% CHEMICALS--3.2% Hexion Finance Escrow LLC/Hexion Escrow Corp., 8.875% Sr. Sec. Nts., 2/1/18(1) $ 1,025,000 $ 1,014,750 Hexion US Finance Corp./Hexion Nova Scota Finance ULC, 9.75% Sr. Sec. Nts., 11/15/14 445,000 456,125 Huntsman International LLC: 7.375% Sr. Unsub. Nts., 1/1/15 1,405,000 1,401,488 8.625% Sr. Sub. Nts., 3/15/20(1) 350,000 352,625 Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 1,250,000 1,168,750 ------------ 4,393,738 ------------ CONTAINERS & PACKAGING--2.9% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 1,400,000 1,373,750 Cascades, Inc.: 7.75% Sr. Nts., 12/15/17(1) 230,000 232,875 7.875% Sr. Nts., 1/15/20(1) 170,000 171,700 Graphic Packing International, Inc., 9.50% Sr. Unsec. Unsub. Nts., 6/15/17 1,290,000 1,383,525 Jefferson Smurfit Corp., 7.50% Sr. Unsec. Unsub. Nts., 6/1/13(2,3) 245,000 216,825 Smurfit-Stone Container Corp., 8% Sr. Unsec. Unsub. Nts., 3/15/17(2,3) 320,000 287,200 Stone Container Corp., 8.375% Sr. Nts., 7/1/12(2,3) 245,000 218,663 ------------ 3,884,538 ------------ METALS & MINING--1.3% Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15(1) 485,000 456,506 Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15(5) 685,000 664,450 United Maritime LLC, 11.75% Sr. Sec. Nts., 6/15/15(1) 610,000 628,300 ------------ 1,749,256 ------------ PAPER & FOREST PRODUCTS--4.0% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15(2,3) 695,000 175,488 Abitibi-Consolidated, Inc.: 6% Sr. Unsec. Unsub. Nts., 6/20/13(2,3) 510,000 128,775 7.75% Sr. Unsec. Nts., 6/15/11(2,3) 345,000 87,113 8.85% Unsec. Bonds, 8/1/30(2,3) 310,000 78,275 Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15(1) 590,000 590,000 Bowater Pulp & Paper Canada, Inc., 10.60% Sr. Unsec. Nts., 1/15/11(2,3) 315,000 78,750 Bowater, Inc.: 6.50% Sr. Unsec. Nts., 6/15/13(2,3) 900,000 337,500 9% Sr. Unsec. Nts., 8/1/09(2,3) 155,000 59,288 Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16(1) 682,000 687,115 NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14 1,395,000 1,395,000 PE Paper Escrow GmbH, 12% Sr. Sec. Nts., 8/1/14(1) 325,000 367,877 Verso Paper Holdings LLC: 9.125% Sr. Sec. Nts., 8/1/14 665,000 648,375
7 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ------------ PAPER & FOREST PRODUCTS CONTINUED 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16 $ 830,000 $ 728,325 ------------ 5,361,881 ------------ TELECOMMUNICATION SERVICES--8.7% DIVERSIFIED TELECOMMUNICATION SERVICES--5.1% Cincinnati Bell, Inc., 8.25% Sr. Nts., 10/15/17 305,000 310,338 Global Crossing Ltd., 12% Sr. Sec. Nts., 9/15/15(1) 615,000 685,725 Intelsat Bermuda Ltd., 11.25% Sr. Unsec. Nts., 2/4/17 615,000 653,438 Intelsat Jackson Holdings SA, 11.25% Sr. Unsec. Nts., 6/15/16 320,000 348,000 ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16(1,6) 900,000 893,250 Level 3 Financing, Inc., 9.25% Sr. Unsec. Unsub. Nts., 11/1/14 970,000 950,600 New Communications Holdings, Inc., 8.50% Sr. Nts., 4/15/20(1,6) 675,000 683,438 PAETEC Holding Corp.: 8.875% Sr. Sec. Nts., 6/30/17(1) 440,000 454,300 9.50% Sr. Unsec. Unsub. Nts., 7/15/15 1,410,000 1,434,675 tw telecom holdings, Inc., 8% Sr. Nts., 3/1/18(1) 130,000 133,575 Windstream Corp., 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 310,000 318,525 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(2,3) 1,000,000 1 ------------ 6,865,865 ------------ WIRELESS TELECOMMUNICATION SERVICES--3.6% Clearwire Communications LLC, 12% Sr. Sec. Nts., 12/1/15(1) 665,000 681,625 Cricket Communications, Inc., 9.375% Sr. Unsec. Nts., 11/1/14 1,210,000 1,237,225 MetroPCS Wireless, Inc., 9.25% Sr. Unsec. Nts., 11/1/14 1,220,000 1,253,550 Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 770,000 735,350 Sprint Capital Corp.: 8.375% Nts., 3/15/12 295,000 308,275 8.75% Nts., 3/15/32 690,000 643,425 Teligent, Inc., 11.50% Sr. Nts., 12/1/08(2,3) 400,000 -- ------------ 4,859,450 ------------ UTILITIES--3.8% ELECTRIC UTILITIES--1.2% Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 1,515,000 1,064,288 Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17 250,000 186,875 Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15 510,000 357,000 ------------ 1,608,163 ------------ ENERGY TRADERS--2.6% AES Corp. (The), 8% Sr. Unsec. Unsub. Nts., 10/15/17 270,000 275,400 Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16 1,375,000 1,148,125 Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20(1) 600,000 628,500 Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13 325,000 325,813 NRG Energy, Inc.: 7.375% Sr. Nts., 1/15/17 515,000 511,138 7.375% Sr. Nts., 2/1/16 325,000 323,375 Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14 345,000 324,300 ------------ 3,536,651 ------------ Total Corporate Bonds and Notes (Cost $121,342,359) 121,495,146 ------------
8 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------------- ------------ PREFERRED STOCKS--0.0% AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.(3,4) 13,764 $ -- Eagle-Picher Holdings, Inc., 11.75% Cum Exchangeable, Series B, Non-Vtg.(3) 8,000 -- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.(3,4) 342 -- ------------ Total Preferred Stocks (Cost $1,097,476) -- ------------ COMMON STOCKS--1.0% American Media, Inc. (1,3) 9,424 1 Charter Communications, Inc., Cl. A (3) 40,830 1,408,635 Global Aviation Holdings, Inc. (3) 3 3,000 Orbcomm, Inc. (3) 1,127 2,423 ------------ Total Common Stocks (Cost $1,138,382) 1,414,059 ------------
Units ---------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11 (3) (Cost $4,339) 570 6
Principal Amount ---------------- LOAN PARTICIPATIONS--3.4% American Capital, Sr. Sec. Credit Facilities Revolving Term Loan, 3.75%, 5/16/12(5,6) $ 740,000 744,002 CIT Group, Inc., Sr. Sec. Credit Facilities Expansion Term Loan, Tranche 2A, 7.50%, 1/18/12(5,6) 1,220,000 1,251,516 Lyondell Chemical Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Roll-Up Debtor in Possession, 3.69%, 4/6/10(5,6) 630,000 673,313 Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/15(6) 1,195,000 1,278,650 Six Flags, Inc., Sr. Sec. Credit Facilities Term Loan, 12%, 3/16/16(5,6) 615,000 610,772 ------------ Total Loan Participations (Cost $4,331,048) 4,558,253 ------------
Shares ---------------- INVESTMENT COMPANIES--7.6% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00% (9,10) 40,759 40,759 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(9,11) 10,224,937 10,224,937 ------------ Total Investment Companies (Cost $10,265,696) 10,265,696 ------------
9 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
VALUE ------------- TOTAL INVESTMENTS, AT VALUE (COST $138,179,300) 101.7% $137,733,160 LIABILITIES IN EXCESS OF OTHER ASSETS (1.7) (2,367,741) ---------------- ------------ NET ASSETS 100.0% $135,365,419 ================ ============
Footnotes to Statement of Investments (1.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $41,774,894 or 30.86% of the Fund's net assets as of March 31, 2010. (2.) Issue is in default. See accompanying Notes. (3.) Non-income producing security. (4.) Interest or dividend is paid-in-kind, when applicable. (5.) Represents the current interest rate for a variable or increasing rate security. (6.) When-issued security or delayed delivery to be delivered and settled after March 31, 2010. See accompanying Notes. (7.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (8.) Zero coupon bond reflects effective yield on the date of purchase. (9.) Rate shown is the 7-day yield as of March 31, 2010. (10.) Interest rate is less than 0.0005%. (11.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- ---------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 2,092,310 29,554,935 21,422,308 10,224,937
VALUE INCOME ----------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $10,224,937 $2,164
VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 2-- OTHER LEVEL 3-- LEVEL 1-- SIGNIFICANT SIGNIFICANT UNADJUSTED OBSERVABLE UNOBSERVABLE QUOTED PRICES INPUTS INPUTS VALUE ------------- ------------ ------------ ------------ ASSETS TABLE INVESTMENTS, AT VALUE: Corporate Bonds and Notes $ -- $121,415,999 $79,147 $121,495,146 Preferred Stocks -- -- -- -- Common Stocks Consumer Discretionary 1,408,635 1 -- 1,408,636 Industrials -- -- 3,000 3,000 Information Technology 2,423 -- -- 2,423 Rights, Warrants and Certificates -- -- 6 6
10 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Loan Participations -- 4,558,253 -- 4,558,253 Investment Companies 10,265,696 -- -- 10,265,696 ----------- ------------ ------- ------------ Total Investments, at Value 11,676,754 125,974,253 82,153 137,733,160 OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value -- 11,262 -- 11,262 ----------- ------------ ------- ------------ Total Assets $11,676,754 $125,985,515 $82,153 $137,744,422 =========== ============ ======= ============
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT REFERENCE ENTITY/ CREDIT AMOUNT FIXED TERMINATION RECEIVED/ UNREALIZED SWAP COUNTERPARTY PROTECTION (000'S) RATE DATE (PAID) VALUE APPRECIATION - ----------------- ---------- -------- ------- ----------- --------- ------- ------------- CDX NORTH AMERICA HIGH YIELD INDEX, SERIES 13 JPMorgan Chase Bank NA, NY Branch Sell $1,980 5% 12/20/14 $13,234 $11,262 $24,496 ------ ------- ------- ------- Total 1,980 13,234 11,262 24,496 ------- ------- ------- Grand Total Buys -- -- -- Grand Total Sells 13,234 11,262 24,496 ------- ------- ------- Total Credit Default Swaps $13,234 $11,262 $24,496 ======= ======= =======
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR REFERENCE SELLING CREDIT ASSET TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD PROTECTION RATING PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RANGE** - ---------------------------------------------- -------------- ------------------- --------- Non-Investment Grade Corporate Debt Indexes $1,980,000 $-- B
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than 11 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers 12 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ---------------------- Purchased securities $6,623,993 Sold securities 1,072,925
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund's market value of investments relative to its net assets which can incrementally increase the volatility of the Fund's performance. Forward roll transactions can be replicated over multiple settlement periods. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of March 31, 2010 is as follows: Cost $10,812,177 Market Value $ 2,988,446 Market Value as a % of Net Assets 2.21%
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. 13 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. The Fund's actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below. RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. 14 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow. COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of March 31, 2010, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $11,262, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $11,262 as of March 31, 2010. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund. As of March 31, 2010 the Fund has not required certain counterparties to post collateral. CREDIT RELATED CONTINGENT FEATURES. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's ISDA master agreements which govern certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities in the annual and semiannual reports. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual 15 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and, or, indexes that are either unavailable or considered to be less attractive in the bond market. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $139,281,542 Federal tax cost of other investments (13,234) ------------- Total federal tax cost $139,268,308 ============= Gross unrealized appreciation $ 9,758,517 Gross unrealized depreciation (11,282,403) ------------- Net unrealized depreciation $ (1,523,886) =============
16 | Oppenheimer High Income Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value -------------- --------------- COMMON STOCKS--98.7% CONSUMER DISCRETIONARY--13.2% AUTOMOBILES--1.7% Ford Motor Co.(1) 2,343,900 $ 29,462,823 --------------- DIVERSIFIED CONSUMER SERVICES--0.5% H&R Block, Inc. 459,994 8,187,893 --------------- HOTELS, RESTAURANTS & LEISURE--4.0% Hyatt Hotels Corp., Cl. A(1) 577,120 22,484,595 McDonald's Corp. 719,416 47,999,436 --------------- 70,484,031 --------------- MEDIA--4.5% McGraw-Hill Cos., Inc. (The) 987,601 35,207,976 Time Warner Cable, Inc. 595,814 31,762,844 Washington Post Co. (The), Cl. B 26,698 11,858,718 --------------- 78,829,538 --------------- SPECIALTY RETAIL--2.5% AutoZone, Inc.(1) 86,000 14,885,740 Best Buy Co., Inc. 706,571 30,057,530 --------------- 44,943,270 --------------- CONSUMER STAPLES--10.3% FOOD & STAPLES RETAILING--0.5% Wal-Mart Stores, Inc. 155,766 8,660,590 --------------- FOOD PRODUCTS--4.4% General Mills, Inc. 642,025 45,448,950 Mead Johnson Nutrition Co., Cl. A 390,012 20,292,324 Unilever NV, NY Shares 381,600 11,509,056 --------------- 77,250,330 --------------- HOUSEHOLD PRODUCTS--1.2% Colgate-Palmolive Co. 251,964 21,482,451 --------------- TOBACCO--4.2% Philip Morris International, Inc. 1,399,299 72,987,436 --------------- ENERGY--9.2% OIL, GAS & CONSUMABLE FUELS--9.2% Chevron Corp. 707,029 53,614,009 Enterprise Products Partners LP 560,470 19,381,053 Noble Energy, Inc. 248,100 18,111,300 Occidental Petroleum Corp. 652,200 55,136,988 Plains All American Pipeline LP 260,111 14,800,316 --------------- 161,043,666 --------------- FINANCIALS--16.0% CAPITAL MARKETS--4.0% Goldman Sachs Group, Inc. (The) 195,500 33,358,165 State Street Corp. 802,192 36,210,947 --------------- 69,569,112 --------------- COMMERCIAL BANKS--2.9% Marshall & Ilsley Corp. 981,800 7,903,490 Regions Financial Corp. 1,074,078 8,431,512 SunTrust Banks, Inc. 254,000 6,804,660
1 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value -------------- --------------- COMMERCIAL BANKS CONTINUED U.S. Bancorp 1,070,386 $ 27,701,590 --------------- 50,841,252 --------------- CONSUMER FINANCE--2.0% American Express Co. 857,870 35,395,716 --------------- DIVERSIFIED FINANCIAL SERVICES--4.4% CIT Group, Inc.(1) 966,000 37,635,360 Citigroup, Inc.(1) 7,823,100 31,683,555 Leucadia National Corp.(1) 347,829 8,629,637 --------------- 77,948,552 --------------- INSURANCE--2.7% Chubb Corp. 374,508 19,418,240 Lincoln National Corp. 888,802 27,286,221 --------------- 46,704,461 --------------- HEALTH CARE--12.9% BIOTECHNOLOGY--1.6% Celgene Corp.(1) 443,952 27,507,266 --------------- HEALTH CARE EQUIPMENT & SUPPLIES--2.0% Covidien plc 181,000 9,100,680 Medtronic, Inc. 578,900 26,067,867 --------------- 35,168,547 --------------- HEALTH CARE PROVIDERS & SERVICES--3.4% Medco Health Solutions, Inc.(1) 432,758 27,938,856 WellPoint, Inc.(1) 501,700 32,299,446 --------------- 60,238,302 --------------- PHARMACEUTICALS--5.9% Abbott Laboratories 676,380 35,631,698 Merck & Co., Inc. 1,145,998 42,803,025 Teva Pharmaceutical Industries Ltd., Sponsored ADR 401,900 25,351,852 --------------- 103,786,575 --------------- INDUSTRIALS--13.0% AEROSPACE & DEFENSE--3.1% Boeing Co. (The) 311,200 22,596,232 Precision Castparts Corp. 252,200 31,956,262 --------------- 54,552,494 --------------- AIR FREIGHT & LOGISTICS--1.1% United Parcel Service, Inc., Cl. B 300,800 19,374,528 --------------- COMMERCIAL SERVICES & SUPPLIES--2.0% Republic Services, Inc. 1,202,464 34,895,505 --------------- CONSTRUCTION & ENGINEERING--1.0% KBR, Inc. 782,254 17,334,749 --------------- INDUSTRIAL CONGLOMERATES--4.7% General Electric Co. 2,185,200 39,770,640 Tyco International Ltd. 1,105,150 42,271,988 --------------- 82,042,628 --------------- PROFESSIONAL SERVICES--1.1% Verisk Analytics, Inc., Cl. A(1) 698,080 19,685,856 ---------------
2 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value -------------- --------------- INFORMATION TECHNOLOGY--17.1% COMMUNICATIONS EQUIPMENT--2.4% QUALCOMM, Inc. 1,012,431 $ 42,511,978 --------------- COMPUTERS & PERIPHERALS--3.5% Apple, Inc.(1) 261,082 61,335,994 --------------- INTERNET SOFTWARE & SERVICES--4.7% eBay, Inc.(1) 1,900,405 51,215,915 Google, Inc., Cl. A(1) 54,570 30,941,736 --------------- 82,157,651 --------------- IT SERVICES--2.4% Accenture plc, Cl. A 222,400 9,329,680 Hewitt Associates, Inc.(1) 369,603 14,702,807 Western Union Co. 1,026,389 17,407,557 --------------- 41,440,044 --------------- SOFTWARE--4.1% Adobe Systems, Inc.(1) 428,476 15,155,196 Check Point Software Technologies Ltd.(1) 518,280 18,170,897 Microsoft Corp. 1,350,357 39,524,949 --------------- 72,851,042 --------------- MATERIALS--2.1% CHEMICALS--2.1% Monsanto Co. 203,099 14,505,331 Praxair, Inc. 277,700 23,049,100 --------------- 37,554,431 --------------- TELECOMMUNICATION SERVICES--1.7% WIRELESS TELECOMMUNICATION SERVICES--1.7% America Movil SAB de CV, ADR, Series L 593,596 29,881,623 --------------- UTILITIES--3.2% ENERGY TRADERS--2.5% AES Corp. (The)(1) 4,042,400 44,466,400 --------------- MULTI-UTILITIES--0.7% Public Service Enterprise Group, Inc. 425,287 12,554,472 --------------- Total Common Stocks (Cost $1,423,297,367) 1,733,131,206 --------------- INVESTMENT COMPANIES--1.5% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2, 3) 237,853 237,853 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15% (2, 4) 26,016,283 26,016,283 --------------- Total Investment Companies (Cost $26,254,136) 26,254,136 --------------- TOTAL INVESTMENTS, AT VALUE (COST $1,449,551,503) 100.2% 1,759,385,342 LIABILITIES IN EXCESS OF OTHER ASSETS (0.2) (3,706,911) -------------- --------------- NET ASSETS 100.0% $ 1,755,678,431 ============== ===============
Footnotes to Statement of Investments 3 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of March 31, 2010. (3.) Interest rate is less than 0.0005%. (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES SHARES DECEMBER GROSS GROSS MARCH 31, 31, 2009 ADDITIONS REDUCTIONS 2010 --------- ----------- ----------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E 2,607,806 159,881,448 136,472,971 26,016,283
VALUE INCOME ----------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $26,016,283 $8,073
VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED OTHER SIGNIFICANT SIGNIFICANT QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE -------------- ----------------- ------------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 231,907,555 $-- $-- $ 231,907,555 Consumer Staples 180,380,807 -- -- 180,380,807 Energy 161,043,666 -- -- 161,043,666 Financials 280,459,093 -- -- 280,459,093 Health Care 226,700,690 -- -- 226,700,690 Industrials 227,885,760 -- -- 227,885,760 Information Technology 300,296,709 -- -- 300,296,709 Materials 37,554,431 -- -- 37,554,431 Telecommunication Services 29,881,623 -- -- 29,881,623 Utilities 57,020,872 -- -- 57,020,872 Investment Companies 26,254,136 -- -- 26,254,136 -------------- --- --- -------------- Total Assets $1,759,385,342 $-- $-- $1,759,385,342 -------------- --- --- --------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. 4 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated 5 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $1,458,738,592 ============== Gross unrealized appreciation $ 308,752,958 Gross unrealized depreciation (8,106,208) -------------- Net unrealized appreciation $ 300,646,750 ==============
6 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- COMMON STOCKS--98.0% CONSUMER DISCRETIONARY--15.1% AUTO COMPONENTS--0.2% Cooper Tire & Rubber Co. 42,820 $ 814,436 Spartan Motors, Inc. 22,137 123,967 Standard Motor Products, Inc. 29,180 289,466 Superior Industries International, Inc. 17,940 288,475 -------------- 1,516,344 -------------- DISTRIBUTORS--0.0% Core-Mark Holding Co., Inc.(1) 2,977 91,126 -------------- DIVERSIFIED CONSUMER SERVICES--1.7% Capella Education Co.(1) 65,280 6,060,595 Career Education Corp.(1) 24,130 763,473 Corinthian Colleges, Inc.(1) 54,300 955,137 Education Management Corp.(1) 140,034 3,066,745 Hillenbrand, Inc. 7,650 168,224 Jackson Hewitt Tax Service, Inc.(1) 82,090 164,180 Lincoln Educational Services Corp.(1) 20,640 522,192 Pre-Paid Legal Services, Inc. 16,021 606,395 Steiner Leisure Ltd.(1) 27,316 1,210,645 -------------- 13,517,586 -------------- HOTELS, RESTAURANTS & LEISURE--3.5% AFC Enterprises, Inc.(1) 30,632 328,681 Ambassadors Group, Inc. 29,620 327,301 Ameristar Casinos, Inc. 326,629 5,951,180 Bally Technologies, Inc.(1) 189,330 7,675,438 Bob Evans Farms, Inc. 6,600 204,006 Brinker International, Inc. 30,200 582,256 Carrols Restaurant Group, Inc.(1) 28,260 192,168 CEC Entertainment, Inc.(1) 45,089 1,717,440 Cheesecake Factory, Inc. (The)(1) 22,170 599,920 Chipotle Mexican Grill, Inc., Cl. A(1) 16,890 1,902,996 International Speedway Corp., Cl. A 7,730 199,202 Jack in the Box, Inc.(1) 228,447 5,379,927 P.F. Chang's China Bistro, Inc.(1) 23,340 1,029,994 Papa John's International, Inc.(1) 54,988 1,413,741 Speedway Motorsports, Inc. 30,119 470,158 -------------- 27,974,408 -------------- HOUSEHOLD DURABLES--0.7% American Greetings Corp., Cl. A 28,160 586,854 Blyth, Inc. 30,787 962,094 CSS Industries, Inc. 10,310 207,231 Helen of Troy Ltd.(1) 18,040 470,122 Kid Brands, Inc.(1) 36,710 317,542 La-Z-Boy, Inc.(1) 46,300 580,602 National Presto Industries, Inc. 13,291 1,580,433
1 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- HOUSEHOLD DURABLES CONTINUED Tempur-Pedic International, Inc.(1) 28,623 $ 863,270 -------------- 5,568,148 -------------- INTERNET & CATALOG RETAIL--0.1% HSN, Inc.(1) 22,226 654,333 NutriSystem, Inc. 23,208 413,334 -------------- 1,067,667 -------------- LEISURE EQUIPMENT & PRODUCTS--0.8% Polaris Industries, Inc. 17,290 884,556 Pool Corp. 176,930 4,005,695 Smith & Wesson Holding Corp.(1) 33,050 124,929 Sport Supply Group, Inc. 21,250 285,600 Sturm, Ruger & Co., Inc. 117,150 1,404,629 -------------- 6,705,409 -------------- MEDIA--1.0% Entercom Communications Corp.(1) 24,340 289,403 Gannett Co., Inc. 25,370 419,112 Harte-Hanks, Inc. 62,265 800,728 Imax Corp.(1) 124,930 2,247,491 Journal Communications, Inc.(1) 47,730 200,466 Lee Enterprises, Inc.(1) 125,500 425,445 Mediacom Communications Corp.(1) 32,680 194,446 National CineMedia, Inc. 17,950 309,817 Scholastic Corp. 37,640 1,053,920 Sinclair Broadcast Group, Inc., Cl. A(1) 127,253 646,445 Value Line, Inc. 6,507 150,247 Wiley (John) & Sons, Inc., Cl. A 22,230 962,114 -------------- 7,699,634 -------------- MULTILINE RETAIL--0.6% Big Lots, Inc.(1) 44,397 1,616,939 Saks, Inc.(1) 323,600 2,782,960 Tuesday Morning Corp.(1) 56,800 374,312 -------------- 4,774,211 -------------- SPECIALTY RETAIL--4.3% Aeropostale, Inc.(1) 59,715 1,721,583 Big 5 Sporting Goods Corp. 9,465 144,057 Books-A-Million, Inc. 21,250 153,850 Buckle, Inc. (The) 5,400 198,504 Cabela's, Inc.(1) 85,893 1,502,269 Cato Corp., Cl. A 78,399 1,680,875 Children's Place Retail Stores, Inc.(1) 125,530 5,592,362 Dress Barn, Inc. (The)(1) 59,794 1,564,211 DSW, Inc., Cl. A(1) 15,200 388,056 Finish Line, Inc. (The), Cl. A 73,600 1,201,152 Group 1 Automotive, Inc.(1) 22,500 716,850 Gymboree Corp.(1) 32,848 1,695,942
2 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- SPECIALTY RETAIL CONTINUED Jo-Ann Stores, Inc.(1) 32,950 $ 1,383,241 Jos. A. Banks Clothiers, Inc.(1) 14,770 807,181 Kirkland's, Inc.(1) 110,373 2,317,833 Men's Wearhouse, Inc. (The) 29,746 712,119 RadioShack Corp. 70,930 1,605,146 Rent-A-Center, Inc.(1) 79,060 1,869,769 Signet Jewelers Ltd.(1) 23,320 754,169 Stage Stores, Inc. 109,449 1,684,420 Tractor Supply Co. 125,280 7,272,504 -------------- 34,966,093 -------------- TEXTILES, APPAREL & LUXURY GOODS--2.2% Carter's, Inc.(1) 46,500 1,401,975 Deckers Outdoor Corp.(1) 8,360 1,153,680 Fossil, Inc.(1) 127,317 4,804,944 Perry Ellis International, Inc.(1) 30,309 686,499 Phillips/Van Heusen Corp. 116,530 6,684,161 Steven Madden Ltd.(1) 15,487 755,766 Timberland Co., Cl. A(1) 79,085 1,687,674 UniFirst Corp. 15,494 797,941 -------------- 17,972,640 -------------- CONSUMER STAPLES--2.7% BEVERAGES--0.1% Cott Corp.(1) 94,560 732,840 -------------- FOOD & STAPLES RETAILING--0.0% Nash Finch Co. 8,870 298,476 -------------- FOOD PRODUCTS--1.8% American Italian Pasta Co.(1) 24,650 958,146 Cal-Maine Foods, Inc. 19,350 655,772 Darling International, Inc.(1) 146,380 1,311,565 Del Monte Foods Co. 28,700 419,020 Flowers Foods, Inc. 173,127 4,283,162 Fresh Del Monte Produce, Inc.(1) 18,358 371,750 J&J Snack Foods Corp. 5,830 253,430 Lancaster Colony Corp. 15,370 906,215 Overhill Farms, Inc.(1) 34,040 198,453 Sanderson Farms, Inc. 8,300 444,963 TreeHouse Foods, Inc.(1) 98,356 4,314,878 -------------- 14,117,354 -------------- HOUSEHOLD PRODUCTS--0.2% Central Garden & Pet Co., Cl. A(1) 124,524 1,140,640 -------------- PERSONAL PRODUCTS--0.4% China Sky One Medical, Inc.(1) 13,300 208,943 Herbalife Ltd. 46,090 2,125,671 Prestige Brands Holdings, Inc.(1) 102,840 925,560 -------------- 3,260,174 --------------
3 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- TOBACCO--0.2% Alliance One International, Inc.(1) 84,870 $ 431,988 Universal Corp. 24,325 1,281,684 -------------- 1,713,672 -------------- ENERGY--4.7% ENERGY EQUIPMENT & SERVICES--1.7% Acergy SA, Sponsored ADR 116,023 2,130,182 Bolt Technology Corp.(1) 19,600 221,676 Cal Dive International, Inc.(1) 107,660 789,148 Compagnie Generale de Geophysique-Veritas, Sponsored ADR(1) 38,920 1,102,214 Complete Production Services, Inc.(1) 60,130 694,502 Dawson Geophysical Co.(1) 21,448 627,140 Gulfmark Offshore, Inc., Cl. A(1) 28,996 769,844 Matrix Service Co.(1) 42,363 455,826 Oil States International, Inc.(1) 46,340 2,101,056 Rowan Cos., Inc.(1) 24,890 724,548 Seacor Holdings, Inc.(1) 10,270 828,378 T-3 Energy Services, Inc.(1) 35,770 878,511 Tetra Technologies, Inc.(1) 34,300 419,146 TGC Industries, Inc.(1) 45,172 182,495 Tidewater, Inc. 28,332 1,339,254 Willbros Group, Inc.(1) 53,581 643,508 -------------- 13,907,428 -------------- OIL, GAS & CONSUMABLE FUELS--3.0% Bill Barrett Corp.(1) 14,000 429,940 China Integrated Energy, Inc.(1) 28,260 296,165 China North East Petroleum Holdings Ltd.(1) 68,000 601,120 Cloud Peak Energy, Inc.(1) 11,500 191,360 CVR Energy, Inc.(1) 93,044 814,135 Dominion Resources Black Warrior Trust 14,440 198,839 Gulfport Energy Corp.(1) 52,080 585,379 Holly Corp. 293,580 8,193,818 Inergy LP 91,470 3,457,566 MarkWest Energy Partners LP 195,078 5,979,141 Pengrowth Energy Trust 30,760 358,662 PrimeEnergy Corp.(1) 5,544 149,300 Provident Energy Trust 37,130 286,272 Ship Finance International Ltd. 15,543 276,044 Stone Energy Corp.(1) 13,510 239,803 Teekay Tankers Ltd., Cl. A 66,006 829,695 World Fuel Services Corp. 42,560 1,133,798 -------------- 24,021,037 -------------- FINANCIALS--18.4% CAPITAL MARKETS--2.4% American Capital Ltd. 111,300 565,404
4 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- CAPITAL MARKETS CONTINUED BGC Partners, Inc., Cl. A 80,120 $ 489,533 Fifth Street Finance Corp. 72,190 838,126 Investment Technology Group, Inc.(1) 17,330 289,238 Knight Capital Group, Inc., Cl. A(1) 321,626 4,904,797 MF Global Holdings Ltd.(1) 506,104 4,084,259 optionsXpress Holdings, Inc.(1) 187,290 3,050,954 Rodman & Renshaw Capital Group, Inc.(1) 109,520 432,604 Stifel Financial Corp.(1) 74,200 3,988,250 Triangle Capital Corp. 17,320 243,173 W.P. Carey & Co. LLC 21,660 636,371 -------------- 19,522,709 -------------- COMMERCIAL BANKS--2.9% Alliance Financial Corp. 8,360 246,453 Banco Latinoamericano de Exportaciones SA, Cl. E 66,000 947,760 Banco Macro SA, ADR 30,695 917,474 Bancolombia SA, Sponsored ADR 23,000 1,050,180 BBVA Banco Frances SA, ADR 31,813 234,144 CapitalSource, Inc. 267,900 1,497,561 Century Bancorp, Inc., Cl. A 9,290 178,368 First Midwest Bancorp, Inc. 175,060 2,372,063 First of Long Island Corp. (The) 4,750 114,475 FirstMerit Corp. 110,530 2,384,132 Hancock Holding Co. 96,650 4,040,937 IBERIABANK Corp. 80,392 4,824,324 International Bancshares Corp. 47,819 1,099,359 National Bankshares, Inc. 7,177 195,573 Northrim BanCorp, Inc. 13,200 225,456 Oriental Financial Group, Inc. 36,184 488,484 Santander BanCorp(1) 25,390 311,535 Westamerica Bancorporation 40,920 2,359,038 -------------- 23,487,316 -------------- CONSUMER FINANCE--1.1% Advance America Cash Advance Centers, Inc. 155,290 903,788 Cash America International, Inc. 51,207 2,021,652 EZCORP, Inc., Cl. A(1) 87,640 1,805,384 First Cash Financial Services, Inc.(1) 70,492 1,520,512 Nelnet, Inc., Cl. A 67,486 1,252,540 Student Loan Corp. (The) 8,410 298,807 World Acceptance Corp.(1) 31,358 1,131,397 -------------- 8,934,080 -------------- DIVERSIFIED FINANCIAL SERVICES--1.4% Encore Capital Group, Inc.(1) 26,920 442,834 Gladstone Capital Corp. 71,058 838,484 Life Partners Holdings, Inc. 42,047 932,182 MSCI, Inc., Cl. A(1) 195,140 7,044,554 PHH Corp.(1) 26,300 619,891
5 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED Portfolio Recovery Associates, Inc.(1) 26,004 $ 1,426,839 -------------- 11,304,784 -------------- INSURANCE--4.8% Allied World Assurance Holdings Ltd. 24,201 1,085,415 American Equity Investment Life Holding Co. 53,500 569,775 American Physicians Capital, Inc. 28,825 920,959 American Physicians Service Group, Inc. 7,750 193,750 American Safety Insurance Holdings Ltd.(1) 13,930 231,099 Amerisafe, Inc.(1) 66,858 1,094,465 AmTrust Financial Services, Inc. 81,108 1,131,457 Argo Group International Holdings Ltd. 30,720 1,001,165 Aspen Insurance Holdings Ltd. 58,010 1,673,008 CNA Surety Corp.(1) 44,026 783,223 Conseco, Inc.(1) 222,030 1,381,027 EMC Insurance Group, Inc. 9,600 216,192 Employers Holdings, Inc. 50,220 745,767 Endurance Specialty Holdings Ltd. 41,220 1,531,323 Enstar Group Ltd.(1) 12,060 834,070 FBL Financial Group, Inc., Cl. A 32,900 805,392 First Mercury Financial Corp. 43,013 560,459 Flagstone Reinsurance Holdings Ltd. 73,630 843,800 FPIC Insurance Group, Inc.(1) 30,550 828,211 Greenlight Capital Re Ltd., Cl. A(1) 37,740 1,006,903 Hanover Insurance Group, Inc. 133,220 5,809,724 Harleysville Group, Inc. 17,810 601,266 Horace Mann Educators Corp. 4,619 69,562 Infinity Property & Casualty Corp. 33,664 1,529,692 Max Capital Group Ltd. 17,500 402,325 Mercer Insurance Group, Inc. 11,650 209,700 Mercury General Corp. 14,000 612,080 Montpelier Re Holdings Ltd. 72,060 1,211,329 National Interstate Corp. 8,360 173,136 National Western Life Insurance Co., Cl. A 2,270 418,475 OneBeacon Insurance Group Ltd. 32,590 562,178 Platinum Underwriters Holdings Ltd. 42,350 1,570,338 PMA Capital Corp., Cl. A(1) 49,720 305,281 ProAssurance Corp.(1) 29,772 1,742,853 Safety Insurance Group, Inc. 35,689 1,344,405 Seabright Insurance Holdings, Inc. 17,530 193,005 StanCorp Financial Group, Inc. 31,912 1,519,969 Unitrin, Inc. 57,370 1,609,229 Validus Holdings Ltd. 49,604 1,365,598 -------------- 38,687,605 -------------- REAL ESTATE INVESTMENT TRUSTS--4.8% Agree Realty Corp. 21,140 483,260 Associated Estates Realty Corp. 22,070 304,345 Brandywine Realty Trust 34,400 420,024 CBL & Associates Properties, Inc. 61,460 842,002
6 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED Digital Realty Trust, Inc. 103,180 $ 5,592,356 Equity Lifestyle Properties, Inc. 13,720 739,234 Extra Space Storage, Inc. 34,200 433,656 Hatteras Financial Corp. 133,000 3,427,410 Home Properties of New York, Inc. 24,038 1,124,978 Hospitality Properties Trust 37,920 908,184 Invesco Mortgage Capital, Inc. 17,300 397,900 Kilroy Realty Corp. 9,800 302,232 LaSalle Hotel Properties 155,910 3,632,703 Liberty Property Trust 6,290 213,483 LTC Properties, Inc. 63,810 1,726,699 Mack-Cali Realty Corp. 31,370 1,105,793 Mid-America Apartment Communities, Inc. 133,309 6,904,073 Monmouth Real Estate Investment Corp., Cl. A 29,710 249,861 National Health Investors, Inc. 24,041 931,829 Parkway Properties, Inc. 18,600 349,308 Pennsylvania Real Estate Investment Trust 47,500 592,325 Starwood Property Trust, Inc. 127,630 2,463,259 Tanger Factory Outlet Centers, Inc. 84,120 3,630,619 Taubman Centers, Inc. 14,800 590,816 Walter Investment Management Corp. 79,180 1,266,880 -------------- 38,633,229 -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.3% Altisource Portfolio Solutions SA(1) 26,190 586,656 Forestar Group, Inc.(1) 66,310 1,251,933 -------------- 1,838,589 -------------- THRIFTS & MORTGAGE FINANCE--0.7% First Defiance Financial Corp. 26,190 265,043 First Niagara Financial Group, Inc. 164,080 2,333,218 Flagstar Bancorp, Inc.(1) 1,450,330 870,198 Northwest Bancshares, Inc. 158,490 1,860,673 United Financial Bancorp., Inc. 31,054 434,135 -------------- 5,763,267 -------------- HEALTH CARE--15.0% BIOTECHNOLOGY--1.5% Acorda Therapeutics, Inc.(1) 88,150 3,014,730 Cubist Pharmaceuticals, Inc.(1) 59,400 1,338,876 Indevus Pharmaceuticals, Inc.(1) 2,500 25 Martek Biosciences Corp.(1) 75,637 1,702,589 PDL BioPharma, Inc. 178,662 1,109,491 Savient Pharmaceuticals, Inc.(1) 324,795 4,693,288 Sinovac Biotech Ltd.(1) 109,860 649,273 -------------- 12,508,272 -------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.1% American Medical Systems Holdings, Inc.(1) 40,960 761,037 Atrion Corp. 3,638 520,380 Dexcom, Inc.(1) 98,620 959,573
7 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Greatbatch, Inc.(1) 115,090 $ 2,438,757 Hill-Rom Holdings, Inc. 26,927 732,684 Integra LifeSciences Holdings(1) 81,210 3,559,434 Invacare Corp. 52,501 1,393,377 Kensey Nash Corp.(1) 30,258 713,786 Kinetic Concepts, Inc.(1) 35,234 1,684,538 Masimo Corp. 58,780 1,560,609 Merit Medical Systems, Inc.(1) 94,710 1,444,328 Natus Medical, Inc.(1) 106,910 1,700,938 NuVasive, Inc.(1) 77,190 3,488,988 Orthofix International NV(1) 70,990 2,582,616 Quidel Corp.(1) 45,170 656,772 Sirona Dental Systems, Inc.(1) 7,970 303,099 Steris Corp. 37,110 1,249,123 Symmetry Medical, Inc.(1) 81,670 819,967 Thoratec Corp.(1) 86,500 2,893,425 Utah Medical Products, Inc. 7,320 205,912 Volcano Corp.(1) 125,340 3,028,214 Young Innovations, Inc. 8,050 226,688 -------------- 32,924,245 -------------- HEALTH CARE PROVIDERS & SERVICES--6.0% Allied Healthcare International, Inc.(1) 72,650 197,608 Amedisys, Inc.(1) 28,610 1,579,844 America Service Group, Inc. 31,560 507,800 American Dental Partners, Inc.(1) 15,050 196,403 AMERIGROUP Corp.(1) 16,100 535,164 AMN Healthcare Services, Inc.(1) 67,396 593,085 AmSurg Corp.(1) 75,390 1,627,670 Centene Corp.(1) 81,812 1,966,760 Chemed Corp. 7,500 407,850 Community Health Systems, Inc.(1) 19,782 730,549 Continucare Corp.(1) 69,400 256,780 CorVel Corp.(1) 4,750 169,813 Emergency Medical Services LP, Cl. A(1) 24,220 1,369,641 Ensign Group, Inc. (The) 13,610 235,861 Genoptix, Inc.(1) 109,791 3,896,483 Gentiva Health Services, Inc.(1) 45,386 1,283,516 Health Management Associates, Inc., Cl. A(1) 685,140 5,892,204 HEALTHSOUTH Corp.(1) 46,310 865,997 Healthspring, Inc.(1) 63,488 1,117,389 Healthways, Inc.(1) 32,091 515,702 HMS Holdings Corp.(1) 72,720 3,707,993 InVentiv Health, Inc.(1) 56,716 1,273,841 Kindred Healthcare, Inc.(1) 21,700 391,685
8 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED LHC Group, Inc.(1) 47,910 $ 1,606,422 LifePoint Hospitals, Inc.(1) 17,271 635,227 Lincare Holdings, Inc.(1) 45,924 2,061,069 Magellan Health Services, Inc.(1) 36,870 1,603,108 MEDNAX, Inc.(1) 81,462 4,740,274 Metropolitan Health Networks, Inc.(1) 98,590 318,446 Molina Healthcare, Inc.(1) 57,036 1,435,596 Nighthawk Radiology Holdings, Inc.(1) 74,670 237,451 NovaMed Eyecare, Inc.(1) 48,580 165,172 Odyssey Healthcare, Inc.(1) 88,850 1,609,074 PharMerica Corp.(1) 54,243 988,307 PSS World Medical, Inc.(1) 1,370 32,209 Res-Care, Inc.(1) 36,342 435,741 Sun Healthcare Group, Inc.(1) 90,860 866,804 Triple-S Management Corp., Cl. B(1) 38,982 692,320 U.S. Physical Therapy, Inc.(1) 29,275 509,385 Universal Health Services, Inc., Cl. B 8,042 282,194 VCA Antech, Inc.(1) 17,196 482,004 Virtual Radiologic Corp.(1) 15,880 174,680 -------------- 48,195,121 -------------- HEALTH CARE TECHNOLOGY--1.0% MedAssets, Inc.(1) 122,650 2,575,650 SXC Health Solutions Corp.(1) 77,070 5,185,270 -------------- 7,760,920 -------------- LIFE SCIENCES TOOLS & SERVICES--0.6% Bruker Corp.(1) 73,650 1,078,973 Cambrex Corp.(1) 78,270 316,994 eResearch Technology, Inc.(1) 124,320 859,051 Harvard Bioscience, Inc.(1) 56,720 219,506 ICON plc, Sponsored ADR(1) 36,400 960,960 Kendle International, Inc.(1) 60,390 1,055,617 MDS, Inc.(1) 52,900 429,019 -------------- 4,920,120 -------------- PHARMACEUTICALS--1.8% Biovail Corp. 56,090 940,629 Endo Pharmaceuticals Holdings, Inc.(1) 31,902 755,758 Hi-Tech Pharmacal Co., Inc.(1) 18,000 398,520 K-V Pharmaceutical Co., Cl. A(1) 98,380 173,149 King Pharmaceuticals, Inc.(1) 81,578 959,357 Medicis Pharmaceutical Corp., Cl. A 24,486 616,068 Par Pharmaceutical Cos., Inc.(1) 16,820 417,136 Perrigo Co. 47,060 2,763,363 Questcor Pharmaceuticals, Inc.(1) 195,788 1,611,335
9 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- PHARMACEUTICALS CONTINUED Salix Pharmaceuticals Ltd.(1) 125,030 $ 4,657,368 Valeant Pharmaceuticals International, Inc.(1) 30,080 1,290,733 -------------- 14,583,416 -------------- INDUSTRIALS--15.0% AEROSPACE & DEFENSE--1.7% BE Aerospace, Inc.(1) 280,638 8,545,427 Ceradyne, Inc.(1) 57,810 1,311,709 Cubic Corp. 16,900 608,400 DynCorp International, Inc., Cl. A(1) 84,533 971,284 Triumph Group, Inc. 32,760 2,296,148 -------------- 13,732,968 -------------- AIR FREIGHT & LOGISTICS--0.9% Atlas Air Worldwide Holdings, Inc.(1) 15,470 820,684 Hub Group, Inc., Cl. A(1) 221,470 6,196,731 -------------- 7,017,415 -------------- AIRLINES--0.5% Allegiant Travel Co.(1) 22,590 1,307,057 Hawaiian Holdings, Inc.(1) 137,138 1,010,707 Pinnacle Airlines Corp.(1) 29,710 220,745 Republic Airways Holdings, Inc.(1) 97,159 575,181 SkyWest, Inc. 55,590 793,825 -------------- 3,907,515 -------------- BUILDING PRODUCTS--0.5% Aaon, Inc. 32,865 743,406 Ameron International Corp. 14,134 888,887 Apogee Enterprises, Inc. 98,134 1,551,499 Gibraltar Industries, Inc.(1) 29,490 371,869 Universal Forest Products, Inc. 10,313 397,257 -------------- 3,952,918 -------------- COMMERCIAL SERVICES & SUPPLIES--1.6% American Reprographics Co.(1) 124,296 1,114,935 ATC Technology Corp.(1) 54,563 936,301 Consolidated Graphics, Inc.(1) 12,890 533,775 Courier Corp. 2,914 48,110 Deluxe Corp. 90,246 1,752,577 Ennis, Inc. 31,350 510,065 G&K Services, Inc., Cl. A 28,980 750,002 M&F Worldwide Corp.(1) 12,942 396,025 North American Galvanizing & Coating, Inc.(1) 45,880 255,093 R.R. Donnelley & Sons Co. 76,740 1,638,399 Sykes Enterprises, Inc.(1) 29,423 672,021 United Stationers, Inc.(1) 6,900 406,065 Waste Connections, Inc.(1) 109,410 3,715,564 -------------- 12,728,932
10 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- CONSTRUCTION & ENGINEERING--1.3% Baker (Michael) Corp.(1) 21,013 $ 724,528 Comfort Systems USA, Inc. 118,562 1,480,839 Dycom Industries, Inc.(1) 137,770 1,208,243 EMCOR Group, Inc.(1) 67,660 1,666,466 Layne Christensen Co.(1) 6,500 173,615 Primoris Services Corp. 28,160 217,958 Sterling Construction Co., Inc.(1) 24,130 379,324 Tutor Perini Corp.(1) 232,473 5,056,288 -------------- 10,907,261 -------------- ELECTRICAL EQUIPMENT--2.2% AZZ, Inc. 30,630 1,036,826 China Sunergy Co. Ltd., ADR(1) 121,610 487,656 Encore Wire Corp. 38,975 810,680 EnerSys, Inc.(1) 75,828 1,869,918 Generac Holdings, Inc.(1) 156,000 2,185,560 GT Solar International, Inc.(1) 134,690 704,429 Harbin Electric, Inc.(1) 59,240 1,278,992 Hubbell, Inc., Cl. B 28,730 1,448,854 Jinpan International Ltd. 24,798 515,798 Powell Industries, Inc.(1) 40,010 1,301,525 Regal-Beloit Corp. 59,280 3,521,825 Smith (A.O.) Corp. 19,680 1,034,578 Thomas & Betts Corp.(1) 50,779 1,992,568 -------------- 18,189,209 -------------- INDUSTRIAL CONGLOMERATES--0.4% Carlisle Cos., Inc. 43,390 1,653,159 Tredegar Corp. 78,181 1,335,331 -------------- 2,988,490 -------------- MACHINERY--3.1% Altra Holdings, Inc.(1) 27,567 378,495 American Railcar Industries, Inc. 19,490 236,998 Ampco-Pittsburgh Corp. 22,390 555,720 Chart Industries, Inc.(1) 63,661 1,273,220 Colfax Corp.(1) 104,714 1,232,484 EnPro Industries, Inc.(1) 85,463 2,485,264 Force Protection, Inc.(1) 90,941 547,465 Freightcar America, Inc. 65,160 1,574,266 Gardner Denver, Inc. 101,406 4,465,920 Graco, Inc. 97,580 3,122,560 Harsco Corp. 13,340 426,080 Lincoln Electric Holdings, Inc. 11,241 610,724 Oshkosh Corp.(1) 10,910 440,109 Timken Co. 33,130 994,231 Toro Co. (The) 32,000 1,573,440 Wabtec Corp. 98,360 4,142,923
11 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- MACHINERY CONTINUED Watts Water Technologies, Inc., Cl. A 19,500 $ 605,670 -------------- 24,665,569 -------------- MARINE--0.2% Diana Shipping, Inc.(1) 49,540 749,045 Safe Bulkers, Inc. 76,170 595,649 -------------- 1,344,694 -------------- PROFESSIONAL SERVICES--0.9% GP Strategies Corp.(1) 27,840 232,742 Korn-Ferry International(1) 56,040 989,106 Resources Connection, Inc.(1) 121,047 2,320,471 School Specialty, Inc.(1) 76,830 1,744,809 Towers Watson & Co., Cl. A 18,732 889,770 TrueBlue, Inc.(1) 71,236 1,104,158 VSE Corp. 7,210 296,764 -------------- 7,577,820 -------------- ROAD & RAIL--1.5% Avis Budget Group, Inc.(1) 169,230 1,946,145 Dollar Thrifty Automotive Group, Inc.(1) 51,620 1,658,551 Genesee & Wyoming, Inc., Cl. A(1) 55,531 1,894,718 Old Dominion Freight Line, Inc.(1) 203,250 6,786,518 -------------- 12,285,932 -------------- TRADING COMPANIES & DISTRIBUTORS--0.2% Aircastle Ltd. 23,800 225,386 DXP Enterprises, Inc.(1) 15,797 201,728 Interline Brands, Inc.(1) 14,630 280,018 TAL International Group, Inc. 27,000 539,460 WESCO International, Inc.(1) 17,737 615,651 -------------- 1,862,243 -------------- INFORMATION TECHNOLOGY--19.3% COMMUNICATIONS EQUIPMENT--3.3% Arris Group, Inc.(1) 472,170 5,670,762 Black Box Corp. 27,365 841,747 Blue Coat Systems, Inc.(1) 350,448 10,877,906 Comtech Telecommunications Corp.(1) 150,910 4,827,611 InterDigital, Inc.(1) 26,300 732,718 Ituran Location & Control Ltd. 15,841 252,189 Oplink Communications, Inc.(1) 17,174 318,406 Plantronics, Inc. 48,514 1,517,518 Polycom, Inc.(1) 32,530 994,767 Sierra Wireless, Inc.(1) 80,730 680,554 -------------- 26,714,178 -------------- COMPUTERS & PERIPHERALS--0.9% China Digital TV Holding Co. Ltd., ADR(1) 34,130 250,514 Diebold, Inc. 13,300 422,408
12 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- COMPUTERS & PERIPHERALS CONTINUED QLogic Corp.(1) 91,140 $ 1,850,142 Quantum Corp.(1) 64,200 168,846 Rimage Corp.(1) 12,380 179,015 Synaptics, Inc.(1) 154,850 4,275,409 -------------- 7,146,334 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.5% Anixter International, Inc.(1) 18,450 864,383 AVX Corp. 28,800 408,960 Benchmark Electronics, Inc.(1) 93,339 1,935,851 Celestica, Inc.(1) 52,300 571,639 Checkpoint Systems, Inc.(1) 17,900 395,948 Cogent, Inc.(1) 44,550 454,410 Insight Enterprises, Inc.(1) 89,166 1,280,424 Multi-Fineline Electronix, Inc.(1) 55,802 1,437,460 PC Connection, Inc.(1) 5,520 34,224 PC Mall, Inc.(1) 30,530 154,482 Sanmina-SCI Corp.(1) 11,900 196,350 Spectrum Control, Inc.(1) 25,990 303,823 SYNNEX Corp.(1) 50,143 1,482,227 Tech Data Corp.(1) 41,168 1,724,939 TTM Technologies, Inc.(1) 91,670 814,030 Vishay Intertechnology, Inc.(1) 39,900 408,177 -------------- 12,467,327 -------------- INTERNET SOFTWARE & SERVICES--1.8% DivX, Inc.(1) 18,000 128,880 EarthLink, Inc. 186,508 1,592,778 j2 Global Communications, Inc.(1) 209,815 4,909,671 Perficient, Inc.(1) 24,020 270,705 Saba Software, Inc.(1) 52,490 259,826 SkillSoft plc, ADR(1) 39,600 408,672 Sohu.com, Inc.(1) 9,640 526,344 United Online, Inc. 118,572 886,919 ValueClick, Inc.(1) 126,710 1,284,839 VistaPrint NV(1) 69,993 4,007,099 Web.com Group, Inc.(1) 16,480 89,816 -------------- 14,365,549 -------------- IT SERVICES--3.7% Acxiom Corp.(1) 80,650 1,446,861 Broadridge Financial Solutions, Inc. 77,228 1,651,135 CACI International, Inc., Cl. A(1) 94,270 4,605,090 Cass Information Systems, Inc. 2,230 69,465 Convergys Corp.(1) 94,027 1,152,771 CSG Systems International, Inc.(1) 69,531 1,457,370
13 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- IT SERVICES CONTINUED DST Systems, Inc. 31,334 $ 1,298,794 Forrester Research, Inc.(1) 16,210 487,435 Gartner, Inc.(1) 42,810 952,094 Global Cash Access, Inc.(1) 116,385 950,865 iGate Corp. 31,916 310,543 Maximus, Inc. 6,700 408,231 Ness Technologies, Inc.(1) 77,140 486,753 NeuStar, Inc., Cl. A(1) 227,408 5,730,682 Patni Computer Systems Ltd., ADR 47,540 1,130,501 Satyam Computer Services Ltd., ADR(1) 162,220 846,788 Syntel, Inc. 13,938 536,195 TeleTech Holdings, Inc.(1) 95,216 1,626,289 Telvent GIT SA 20,930 601,947 TNS, Inc.(1) 34,160 761,768 Unisys Corp.(1) 31,700 1,106,013 Virtusa Corp.(1) 75,800 781,498 Wright Express Corp.(1) 34,901 1,051,218 -------------- 29,450,306 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.4% Amkor Technology, Inc.(1) 30,220 213,655 Atheros Communications, Inc.(1) 120,660 4,670,749 Cabot Microelectronics Corp.(1) 11,000 416,130 Fairchild Semiconductor International, Inc., Cl. A(1) 39,300 418,545 Himax Technologies, Inc., ADR 182,450 571,069 Integrated Silicon Solution, Inc.(1) 13,700 144,535 Lattice Semiconductor Corp.(1) 112,600 413,242 Mellanox Technologies Ltd.(1) 17,290 407,525 Micrel, Inc. 94,017 1,002,221 Netlogic Microsystems, Inc.(1) 158,800 4,673,484 Semtech Corp.(1) 253,209 4,413,433 Sigma Designs, Inc.(1) 49,170 576,764 Silicon Motion Technology Corp., ADR(1) 32,907 147,094 Skyworks Solutions, Inc.(1) 271,630 4,237,428 Tessera Technologies, Inc.(1) 39,659 804,285 Varian Semiconductor Equipment Associates, Inc.(1) 134,929 4,468,848 -------------- 27,579,007 -------------- SOFTWARE--4.7% Actuate Corp.(1) 112,260 627,533 Blackboard, Inc.(1) 116,960 4,872,554 Changyou.com Ltd., ADR(1) 6,290 193,732 Compuware Corp.(1) 161,658 1,357,927 Concur Technologies, Inc.(1) 59,650 2,446,247 Double-Take Software, Inc.(1) 27,900 248,589 FactSet Research Systems, Inc. 79,952 5,866,078
14 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- SOFTWARE CONTINUED Fair Isaac Corp. 75,931 $ 1,924,092 Fortinet, Inc.(1) 15,470 271,963 Giant Interactive Group, Inc., ADR(1) 66,300 503,880 Henry (Jack) & Associates, Inc. 24,904 599,190 JDA Software Group, Inc.(1) 11,426 317,871 Manhattan Associates, Inc.(1) 55,555 1,415,541 MICROS Systems, Inc.(1) 12,820 421,522 MicroStrategy, Inc., Cl. A(1) 18,956 1,612,587 Monotype Imaging Holdings, Inc.(1) 26,090 253,856 Net 1 UEPS Technologies, Inc.(1) 90,380 1,662,088 NetScout Systems, Inc.(1) 11,100 164,169 Perfect World Co. Ltd.(1) 26,160 979,692 Pervasive Software, Inc.(1) 38,050 192,533 Quest Software, Inc.(1) 85,930 1,528,695 S1 Corp.(1) 110,360 651,124 SonicWALL, Inc.(1) 97,400 846,406 Sybase, Inc.(1) 22,200 1,034,964 TIBCO Software, Inc.(1) 637,610 6,879,812 Websense, Inc.(1) 37,790 860,478 -------------- 37,733,123 -------------- MATERIALS--5.0% CHEMICALS--2.0% Ashland, Inc. 32,999 1,741,357 Cabot Corp. 9,290 282,416 Cytec Industries, Inc. 76,431 3,572,385 Hawkins, Inc. 25,980 628,716 Innophos Holdings, Inc. 77,270 2,155,833 Innospec, Inc.(1) 14,640 166,310 KMG Chemicals, Inc. 16,910 297,278 Koppers Holdings, Inc. 4,136 117,132 LSB Industries, Inc.(1) 42,571 648,782 Minerals Technologies, Inc. 29,884 1,549,187 NewMarket Corp. 8,040 828,040 Omnova Solutions, Inc.(1) 63,830 501,066 PolyOne Corp.(1) 97,450 997,888 Schulman (A.), Inc. 52,100 1,274,887 Stepan Co. 8,150 455,504 W.R. Grace & Co.(1) 36,110 1,002,414 -------------- 16,219,195 -------------- CONSTRUCTION MATERIALS--0.5% Eagle Materials, Inc. 162,180 4,304,257 -------------- CONTAINERS & PACKAGING--1.1% Boise, Inc.(1) 85,180 522,153 Bway Holding Co.(1) 38,414 772,121 Myers Industries, Inc. 62,180 651,646
15 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- CONTAINERS & PACKAGING CONTINUED Packaging Corp. of America 218,720 $ 5,382,699 Rock-Tenn Co., Cl. A 25,159 1,146,496 -------------- 8,475,115 -------------- METALS & MINING--1.0% Century Aluminum Co.(1) 124,410 1,711,882 Compass Minerals International, Inc. 70,430 5,650,599 Mesabi Trust 13,890 339,749 Redcorp Ventures Ltd., Legend Shares(1,2) 666,400 3,281 Worthington Industries, Inc. 26,600 459,914 -------------- 8,165,425 -------------- PAPER & FOREST PRODUCTS--0.4% Buckeye Technologies, Inc.(1) 83,110 1,087,079 Clearwater Paper Corp.(1) 13,980 688,515 Domtar Corp.(1) 6,850 441,209 Glatfelter 28,600 414,414 KapStone Paper & Packing Corp.(1) 52,910 628,042 -------------- 3,259,259 -------------- TELECOMMUNICATION SERVICES--0.4% DIVERSIFIED TELECOMMUNICATION SERVICES--0.3% Atlantic Tele-Network, Inc. 4,449 199,894 Cincinnati Bell, Inc.(1) 484,272 1,651,368 Hickory Tech Corp. 24,650 217,660 Nortel Inversora SA, Sponsored ADR(1) 14,030 280,600 -------------- 2,349,522 -------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% NTELOS Holdings Corp. 258 4,590 USA Mobility, Inc. 79,812 1,011,218 -------------- 1,015,808 -------------- UTILITIES--2.4% ELECTRIC UTILITIES--0.7% Companhia Paranaense de Energia-Copel, Sponsored A DR 88,651 1,815,572 El Paso Electric Co.(1) 44,780 922,468 Empresa Distribuidora y Comercializadora Norte SA, ADR(1) 28,470 201,283 UniSource Energy Corp. 5,100 160,344 Westar Energy, Inc. 126,380 2,818,274 -------------- 5,917,941 -------------- ENERGY TRADERS--0.1% Calpine Corp.(1) 9,100 108,199 Mirant Corp.(1) 84,560 918,322 -------------- 1,026,521 -------------- GAS UTILITIES--0.7% AGL Resources, Inc. 28,640 1,106,936 Atmos Energy Corp. 42,240 1,206,797 Chesapeake Utilities Corp. 5,160 153,768 Laclede Group, Inc. (The) 17,390 586,391
16 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ----------- -------------- GAS UTILITIES CONTINUED Nicor, Inc. 20,180 $ 845,946 Southwest Gas Corp. 46,200 1,382,304 -------------- 5,282,142 -------------- MULTI-UTILITIES--0.5% Avista Corp. 36,790 761,921 Integrys Energy Group, Inc. 12,300 582,774 NorthWestern Corp. 106,485 2,854,863 -------------- 4,199,558 -------------- WATER UTILITIES--0.4% Aqua America, Inc. 178,590 3,137,805 -------------- Total Common Stocks (Cost $627,866,442) 790,077,898 -------------- INVESTMENT COMPANIES--2.8% Apollo Investment Corp. 83,940 1,068,556 Ares Capital Corp. 255,048 3,784,912 BlackRock Kelso Capital Corp. 72,070 717,817 Gladstone Investment Corp. 43,620 260,848 Hercules Technology Growth Capital, Inc. 118,077 1,250,435 JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(3,4) 164,417 164,417 MCG Capital Corp.(1) 98,770 514,592 NGP Capital Resources Co. 28,770 245,120 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(3,5) 13,212,684 13,212,684 PennantPark Investment Corp. 64,978 673,172 TICC Capital Corp. 50,770 334,574 -------------- Total Investment Companies (Cost $20,459,271) 22,227,127 TOTAL INVESTMENTS, AT VALUE (COST $648,325,713) 100.8% 812,305,025 ---------- -------------- Liabilities in Excess of Other Assets (0.8) (6,095,433) ---------- -------------- Net Assets 100.0% $ 806,209,592 ========== ==============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $3,281 or less than 0.005% of the Fund's net assets as of March 31, 2010. (3.) Rate shown is the 7-day yield as of March 31, 2010. (4.) Interest rate is less than 0.0005%. (5.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- ---------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl.E 6,595,140 40,649,334 34,031,790 13,212,684
VALUE INCOME ----------- ------ Oppenheimer Institutional Money Market Fund, Cl.E $13,212,684 $4,335
17 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED OTHER SIGNIFICANT SIGNIFICANT QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ------------- ----------------- ------------------- ------------ ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $121,853,266 $-- $ -- $121,853,266 Consumer Staples 21,263,156 -- -- 21,263,156 Energy 37,928,465 -- -- 37,928,465 Financials 148,171,579 -- -- 148,171,579 Health Care 120,892,069 -- 25 120,892,094 Industrials 121,160,966 -- -- 121,160,966 Information Technology 155,455,824 -- -- 155,455,824 Materials 40,419,970 -- 3,281 40,423,251 Telecommunication Services 3,365,330 -- -- 3,365,330 Utilities 19,563,967 -- -- 19,563,967 Investment Companies 22,227,127 -- -- 22,227,127 ------------ --- ------ ------------ Total Assets $812,301,719 $-- $3,306 $812,305,025 ------------ --- ------ ------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. 18 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. 19 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $662,944,488 ============ Gross unrealized appreciation $160,455,724 Gross unrealized depreciation (11,095,187) ------------ Net unrealized appreciation $149,360,537 ============
20 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------- ------------ CERTIFICATES OF DEPOSIT--22.0% YANKEE CERTIFICATES OF DEPOSIT--22.0% Bank of Montreal, Chicago, 0.19%, 4/27/10 $1,800,000 $ 1,799,987 Bank of Nova Scotia, Houston TX, 0.20%, 6/3/10 2,000,000 2,000,000 BNP Paribas, New York: 0.24%, 6/16/10 3,000,000 3,000,000 0.24%, 6/18/10 3,000,000 3,000,000 Credit Agricole Corporate & Investment Bank, New York Branch, 0.22%, 5/5/10 3,000,000 3,000,000 Nordea Bank Finland plc, New York: 0.20%, 5/14/10 1,800,000 1,800,000 0.20%, 5/17/10 4,000,000 4,000,000 0.21%, 6/8/10 2,000,000 2,000,000 Rabobank Nederland NV, New York: 0.72%, 7/26/10 2,000,000 2,000,000 0.95%, 6/23/10 1,000,000 1,000,000 1.05%, 4/30/10 2,900,000 2,901,277 Royal Bank of Canada, New York, 0.00%, 10/1/10(1) 2,000,000 2,000,000 Societe Generale, New York, 0.20%, 5/11/10 1,000,000 1,000,000 Svenska Handelsbanken, New York: 0.20%, 5/24/10 2,800,000 2,800,000 0.20%, 5/25/10 2,100,000 2,100,000 Toronto Dominion Bank, New York, 0.26%, 8/5/10 3,000,000 3,000,000 ------------ Total Certificates of Deposit (Cost $37,401,264) 37,401,264 ------------ DIRECT BANK OBLIGATIONS--10.8% CBA (Delaware) Finance, 0.18%, 4/6/10 1,700,000 1,699,958 Commonwealth Bank of Australia: 0.195%, 5/24/10 2,700,000 2,699,225 0.20%, 6/4/10 2,000,000 1,999,289 National Australia Funding (Delaware), Inc., 0.18%, 4/5/10(2) 1,500,000 1,499,970 Scotiabanc, Inc., 0.19%, 4/12/10(2) 3,000,000 2,999,830 Toronto Dominion Holdings (U.S.A.), Inc., 0.26%, 7/30/10(2) 2,500,000 2,497,833 Westpac Banking Corp., 0.21%, 4/1/10(2) 5,000,000 5,000,000 ------------ Total Direct Bank Obligations (Cost $18,396,105) 18,396,105 ------------ SHORT-TERM NOTES--62.0% DIVERSIFIED FINANCIAL SERVICES--3.0% General Electric Capital Corp., 0.18%, 4/22/10 1,300,000 1,299,864 General Electric Capital Services: 0.19%, 4/26/10 1,800,000 1,799,763 0.20%, 5/13/10 2,000,000 1,999,533 ------------ 5,099,160 ------------ INSURANCE--1.8% United of Omaha Life Insurance Co.: 0.529%, 12/29/10(1) 1,000,000 1,000,000
1 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------- ------------ 0.529%, 12/29/10(1) $2,000,000 $ 2,000,000 ------------ 3,000,000 ------------ LEASING & FACTORING--1.7% Toyota Motor Credit Corp., 0.25%, 4/7/10 3,000,000 2,999,865 ------------ MUNICIPAL--19.7% Allegheny Cnty., PA Industrial Development Authority Bonds, Union Electric Steel Corp., Series 1997, 0.32%, 4/1/10(1) 2,141,000 2,141,000 Anaconda-Deer Lodge Cnty., MT, BP West Coast Products, Series 2002, 0.34%, 4/1/10(1) 2,000,000 2,000,000 Cape Coral, FL Nts., 0.25%, 4/8/10 1,200,000 1,200,000 Chicago, IL Industrial Development Revenue Bonds, Freedman Seating Co. Project, Series 1998, 0.45%, 4/1/10(1) 1,335,000 1,335,000 Health Care Revenue Bonds, SFO Associates Project, Series 1994, 0.27%, 4/1/10(1) 2,200,000 2,200,000 IL Finance Authority Industrial Development Revenue Bonds, Freedman Seating Co. Project, Series 2005, 0.45%, 4/1/10(1) 1,440,000 1,440,000 Laurel Grocery Project Nts., Series 1999, 0.65%, 4/1/10(1) 1,235,000 1,235,000 Manassas, VA Industrial Development Authority Bonds, Aurora Flight Science, Series 2005, 0.35%, 4/1/10(1) 985,000 985,000 Miami-Dade Cnty., FL Industrial Development Authority, Airbus Service Co., Inc. Project, Series 98, 0.42%, 4/1/10(1) 1,000,000 1,000,000 Pendleton Cnty., KY Multi-County Lease Revenue Bonds, Assoc. of Counties Leasing Program, 0.30%, 5/5/10 1,000,000 1,000,000 Putnam Cnty., WV Solid Waste Disposal Revenue Bonds, FMC Corp., Series 1991, 0.50%, 5/1/10(1) 1,730,000 1,730,000 San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, Series 2008, 0.28%, 4/1/10(1) 3,500,000 3,500,000 SC Jobs-Economic Development Authority Revenue Bonds, Abraham Industries LLC Project, Series 1999, 0.49%, 2/1/11(1) 385,000 385,000 Valdosta-Lowndes Cnty., GA Industrial Authority, Steeda Autosports, Inc. Project, Series 2008, 0.40%, 4/1/10(1) 945,000 945,000 Vigo Cnty., IN Economic Development Revenue Bonds, Republic Services, Inc. Project, Series 03, 0.37%, 4/1/10(1) 5,000,000 5,000,000 Whitehall, WI Industrial Development Revenue Bonds, Whitehall Specialties, 0.43%, 4/1/10(1) 500,000 500,000 Whiting, IN Environmental Facilities Revenue Bonds, BP Products North America, Inc. Project, Series 09, 0.23%, 6/10/10 2,500,000 2,500,000 Whiting, IN Environmental Facilities Revenue Refunding Bonds, BP Products North America, Inc. Project, Series C, 0.34%, 4/1/10(1) 3,500,000 3,500,000 Wright Brothers, Inc. Nts., Series 2005, 0.65%, 4/1/10(1) 985,000 985,000 ------------ 33,581,000 ------------ OIL, GAS & CONSUMABLE FUELS--1.2% Total Capital Canada, 0.20%, 5/26/10(2) 2,000,000 1,999,389
2 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------- ------------ PERSONAL PRODUCTS--0.9% Procter & Gamble International Funding SCA, 0.26%, 5/7/10(1,2) $1,500,000 $ 1,500,000 ------------ RECEIVABLES FINANCE--24.5% Barton Capital Corp.: 0.20%, 4/9/10(2) 1,200,000 1,199,947 0.20%, 5/4/10(2) 2,000,000 1,999,633 0.20%, 5/13/10(2) 2,000,000 1,999,533 0.24%, 5/18/10(2) 2,000,000 1,999,452 Chariot Funding LLC: 0.17%, 4/6/10(2) 1,800,000 1,799,958 0.25%, 6/23/10(2) 2,000,000 1,998,847 Fairway Finance Corp.: 0.20%, 5/18/10(2) 1,500,000 1,499,608 0.26%, 6/10/10(2) 3,395,000 3,393,350 0.26%, 6/16/10(2) 1,500,000 1,499,177 Falcon Asset Securitization Co. LLC, 0.25%, 6/28/10(2) 2,000,000 1,998,778 Lexington Parker Capital Company LLC, 0.40%, 5/12/10(2) 2,000,000 1,999,089 Market Street Funding LLC, 0.11%, 4/1/10(2) 4,000,000 4,000,000 Old Line Funding Corp., 0.20%, 4/5/10(2) 3,000,000 2,999,933 Park Avenue Receivables Co. LLC: 0.18%, 4/23/10(2) 4,000,000 3,999,560 0.20%, 4/19/10(2) 2,000,000 1,999,800 Thunder Bay Funding LLC: 0.19%, 4/13/10(2) 5,000,000 4,999,683 0.19%, 4/15/10(2) 2,300,000 2,299,830 ------------ 41,686,178 ------------ SPECIAL PURPOSE FINANCIAL--8.0% Crown Point Capital Co.: 0.40%, 5/10/10 2,000,000 1,999,133 0.40%, 5/11/10 1,200,000 1,199,467 FCAR Owner Trust I: 0.28%, 4/21/10 5,500,000 5,499,144 0.28%, 4/26/10 2,000,000 1,999,611 Lexington Parker Capital Company LLC: 0.40%, 5/4/10(2) 1,000,000 999,633 0.40%, 5/19/10(2) 2,000,000 1,998,933 ------------ 13,695,921 ------------ TRADING COMPANIES & DISTRIBUTORS--1.2% Louis Dreyfus Corp., 0.35%, 5/3/10 2,000,000 1,999,378 ------------ Total Short-Term Notes (Cost $105,560,891) 105,560,891 ------------ U.S. GOVERNMENT OBLIGATIONS--1.6% U.S. Treasury Nts., 0.875%, 2/28/11 1,800,000 1,808,277 U.S. Treasury Nts., 0.875%, 3/31/11 1,000,000 1,004,335 ------------ Total U.S. Government Obligations (Cost $2,812,612) 2,812,612 ------------
3 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------- ------------ U.S. GOVERNMENT AGENCIES--4.7% Federal Home Loan Bank: 0.50%, 10/28/10-10/29/10 $7,000,000 $ 7,000,000 3.125%, 11/12/10 1,000,000 1,015,967 ------------ Total U.S. Government Agencies (Cost $8,015,967) 8,015,967 ------------ TOTAL INVESTMENTS, AT VALUE (COST $172,186,839) 101.1% 172,186,839 ---------- ------------ Liabilities in Excess of Other Assets (1.1) (1,869,566) ---------- ------------ Net Assets 100.0% $170,317,273 ========== ============
Footnotes to Statement of Investments Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown. 1. Represents the current interest rate for a variable or increasing rate security. 2. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $60,181,766, or 35.34% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 2-- OTHER LEVEL 3-- LEVEL 1-- SIGNIFICANT SIGNIFICANT UNADJUSTED OBSERVABLE UNOBSERVABLE QUOTED PRICES INPUTS INPUTS VALUE ------------- ------------ ------------ ------------ ASSETS TABLE INVESTMENTS, AT VALUE: Certificates of Deposit $-- $ 37,401,264 $-- $ 37,401,264 Direct Bank Obligations -- 18,396,105 -- 18,396,105 Short-Term Notes -- 105,560,891 -- 105,560,891 U.S. Government Obligations -- 2,812,612 -- 2,812,612 U.S. Government Agencies -- 8,015,967 -- 8,015,967 --- ----------- --- ------------ Total Assets $-- $172,186,839 $-- $172,186,839 === =========== === ============
4 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Fund's Board of Trustees. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. 5 | Oppenheimer Money Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- ASSET-BACKED SECURITIES--0.7% AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14 $ 1,319,000 $ 1,292,600 AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.98%, 1/15/13 480,000 480,162 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.726%, 5/25/34(1) 924,857 770,584 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.346%, 9/25/36(1) 386,920 141,997 Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13 1,805,000 1,856,157 Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12 262,000 273,142 Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.26%, 5/15/13(1) 1,027,741 1,020,564 Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.346%, 10/25/36(1) 199,916 198,031 CNH Equipment Trust, Asset-Backed Certificates: Series 2009-B, Cl. A3, 2.97%, 3/15/13 1,389,886 1,408,857 Series 2010-A, Cl. A2, 0.81%, 3/25/15 1,400,000 1,400,000 Countrywide Home Loans, Asset-Backed Certificates: Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36(1) 1,320,340 991,459 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36(1) 182,520 149,287 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.366%, 6/25/47(1) 1,050,000 862,739 CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl. 2A, 0.46%, 12/15/35(1) 211,913 79,318 Series 2006-H, Cl. 2A1A, 0.38%, 11/15/36(1) 75,804 23,577 Ellington Loan Acquisition Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. A2A2, 1.046%, 5/27/37(1, 2) 1,629,947 1,412,513 Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25(2, 3, 4) 1,820,063 -- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.336%, 7/25/36(1) 546,293 524,433 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.356%, 7/7/36(1) 175,826 154,807 First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.366%, 9/25/36(1) 880,972 133,739 Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-A, Cl. A, 1.04%, 3/15/13(2) 1,035,000 1,035,315 Ford Credit Auto Owner Trust, Automobile Receivables Nts., Series 2009-B, Cl. A2, 2.10%, 11/15/11 1,244,779 1,250,023 Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35 1,046,000 258,280
1 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37 $ 412,264 $ 42,889 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.50%, 1/20/35(1) 204,667 181,424 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.35%, 3/20/36(1) 351,557 347,471 Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.: Series 2007-1A, Cl. B, 2.088%, 8/15/22(1, 2) 7,870,000 4,879,400 Series 2007-1A, Cl. C, 3.388%, 8/15/22(1, 2) 5,270,000 2,635,000 Series 2007-1A, Cl. D, 5.388%, 8/15/22(1, 2) 5,270,000 2,371,500 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.346%, 8/25/36(1) 1,295,121 478,502 Merrill Auto Trust Securitization 2007-1, Asset-Backed Nts., Series 2007-1, Cl. A4, 0.29%, 12/15/13(1) 1,330,000 1,321,978 NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.832%, 1/25/29(1, 2) 66,744 4,672 Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.346%, 7/1/36(1) 2,020,732 1,234,249 Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36(1) 258,488 238,811 RASC Series 2005-4, Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.346%, 9/25/36(1) 426,810 412,997 Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.476%, 2/25/37(1) 633,275 279,544 SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.657%, 6/15/39(1) 2,487,000 1,047,539 Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 17.252%, 6/7/11(1, 2) 1,630,000 1,621,068 Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37 192,780 51,614 Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.346%, 7/25/36(1) 31,045 30,909 ---------------- Total Asset-Backed Securities (Cost $45,786,670) 32,897,151 MORTGAGE-BACKED OBLIGATIONS--13.8% GOVERNMENT AGENCY--6.5% FHLMC/FNMA/FHLB/SPONSORED--6.1% Federal Home Loan Mortgage Corp.: 5%, 8/15/33-9/15/33 3,244,911 3,373,449 5.50%, 9/1/39 3,978,869 4,206,471 6%, 5/15/18-10/15/29 1,301,452 1,412,754 6.50%, 3/15/18-6/15/35 3,753,816 4,125,973 7%, 10/1/31-10/1/37 774,413 862,698 7.50%, 4/25/36 968,858 1,106,455
2 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22 $ 1,154,918 $ 1,283,679 Series 151, Cl. F, 9%, 5/15/21 31,045 34,474 Series 1674, Cl. Z, 6.75%, 2/15/24 929,660 1,032,655 Series 1897, Cl. K, 7%, 9/15/26 2,076,182 2,305,994 Series 2006-11, Cl. PS, 23.664%, 3/25/36(1) 600,691 753,972 Series 2043, Cl. ZP, 6.50%, 4/15/28 730,843 779,007 Series 2106, Cl. FG, 0.68%, 12/15/28(1) 1,526,670 1,529,120 Series 2122, Cl. F, 0.68%, 2/15/29(1) 48,467 48,522 Series 2135, Cl. OH, 6.50%, 3/15/29 926,105 1,010,480 Series 2148, Cl. ZA, 6%, 4/15/29 1,360,467 1,464,515 Series 2195, Cl. LH, 6.50%, 10/15/29 650,983 707,725 Series 2326, Cl. ZP, 6.50%, 6/15/31 94,284 103,018 Series 2344, Cl. FP, 1.18%, 8/15/31(1) 460,470 468,318 Series 2368, Cl. PR, 6.50%, 10/15/31 411,085 447,969 Series 2412, Cl. GF, 1.18%, 2/15/32(1) 968,717 984,351 Series 2415, Cl. ZA, 6.50%, 2/15/32 1,160,767 1,265,406 Series 2435, Cl. EQ, 6%, 5/15/31 143,320 143,982 Series 2449, Cl. FL, 0.78%, 1/15/32(1) 594,410 596,850 Series 2451, Cl. FD, 1.23%, 3/15/32(1) 317,120 323,631 Series 2453, Cl. BD, 6%, 5/15/17 160,526 172,981 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,450,378 1,588,994 Series 2464, Cl. FI, 1.23%, 2/15/32(1) 314,441 319,645 Series 2470, Cl. AF, 1.23%, 3/15/32(1) 544,100 559,313 Series 2470, Cl. LF, 1.23%, 2/15/32(1) 321,785 328,171 Series 2471, Cl. FD, 1.23%, 3/15/32(1) 548,225 558,479 Series 2477, Cl. FZ, 0.78%, 6/15/31(1) 1,225,095 1,228,664 Series 2500, Cl. FD, 0.73%, 3/15/32(1) 35,033 35,126 Series 2517, Cl. GF, 1.23%, 2/15/32(1) 279,775 285,123 Series 2526, Cl. FE, 0.63%, 6/15/29(1) 71,560 71,703 Series 2551, Cl. FD, 0.63%, 1/15/33(1) 35,477 35,496 Series 2638, Cl. KG, 4%, 11/1/27(5) 4,000,000 4,108,382 Series 2648, Cl. JE, 3%, 2/1/30 2,265,254 2,293,757 Series 2676, Cl. KY, 5%, 9/15/23 3,843,000 4,090,749 Series 2750, Cl. XG, 5%, 2/1/34(5) 6,037,000 6,136,129 Series 2857, Cl. MG, 5%, 9/1/34 2,045,000 2,076,368 Series 2890, Cl. PE, 5%, 11/1/34 6,120,000 6,206,299 Series 2907, Cl. GC, 5%, 6/1/27 1,710,443 1,773,068 Series 2929, Cl. PC, 5%, 1/1/28 2,285,520 2,369,819 Series 2936, Cl. PE, 5%, 2/1/35 4,858,000 4,917,831 Series 2947, Cl. HE, 5%, 3/1/35 1,650,000 1,677,619 Series 2952, Cl. GJ, 4.50%, 12/1/28 1,840,413 1,888,959 Series 3019, Cl. MD, 4.75%, 1/1/31 1,520,322 1,583,727 Series 3025, Cl. SJ, 23.907%, 8/15/35(1) 709,286 879,351 Series 3035, Cl. DM, 5.50%, 11/15/25 360,227 361,738 Series 3061, Cl. MB, 5.50%, 5/1/30 870,000 920,522 Series 3094, Cl. HS, 23.54%, 6/15/34(1) 400,804 481,683 Series 3157, Cl. MC, 5.50%, 2/1/26 2,206,135 2,229,962
3 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 192, Cl. IO, 9.599%, 2/1/28(6) $ 33,374 $ 6,841 Series 205, Cl. IO, 8.182%, 9/1/29(6) 170,143 47,763 Series 2074, Cl. S, 52.894%, 7/17/28(6) 44,139 7,825 Series 2079, Cl. S, 65.05%, 7/17/28(6) 73,135 13,307 Series 2136, Cl. SG, 88.641%, 3/15/29(6) 2,023,688 390,334 Series 224, Cl. IO, 0.256%, 3/1/33(6) 1,123,767 236,022 Series 2399, Cl. SG, 76.571%, 12/15/26(6) 1,169,808 208,537 Series 243, Cl. 6, 2.083%, 12/15/32(6) 510,258 93,119 Series 2437, Cl. SB, 85.074%, 4/15/32(6) 3,359,838 612,577 Series 2526, Cl. SE, 38.633%, 6/15/29(6) 89,841 13,058 Series 2802, Cl. AS, 99.999%, 4/15/33(6) 716,905 69,674 Series 2920, Cl. S, 71.042%, 1/15/35(6) 775,692 100,993 Series 3000, Cl. SE, 99.999%, 7/15/25(6) 810,266 86,199 Series 3045, Cl. DI, 25.375%, 10/15/35(6) 19,981,548 2,510,572 Series 3110, Cl. SL, 0%, 2/15/26(6, 7) 483,241 49,309 Federal National Mortgage Assn.: 4.50%, 4/1/25-4/1/40(8) 17,980,000 18,229,526 5%, 11/25/21-8/25/33 9,829,324 10,210,155 5%, 4/1/25-6/1/40(8) 21,795,000 22,812,853 5.305%, 10/1/36 8,080,817 8,477,121 5.50%, 4/25/21-7/1/22 608,353 651,930 5.50%, 4/1/25-4/1/40(8) 30,178,000 31,838,732 6%, 10/25/16-4/1/35 19,219,968 20,744,793 6%, 4/1/25(8) 11,081,000 11,941,506 6.50%, 3/25/17-1/1/34 7,354,933 8,017,451 7%, 11/1/17-6/25/34 7,803,710 8,754,189 7.50%, 2/25/27-3/25/33 3,736,411 4,227,821 8.50%, 7/1/32 6,723 7,613 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 668,429 724,737 Trust 2001-44, Cl. QC, 6%, 9/25/16 1,115,560 1,200,037 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 355,159 388,129 Trust 2001-69, Cl. PF, 1.246%, 12/25/31(1) 737,009 755,329 Trust 2001-74, Cl. QE, 6%, 12/25/31 3,791,398 4,111,831 Trust 2001-80, Cl. ZB, 6%, 1/25/32 798,747 868,287 Trust 2002-12, Cl. PG, 6%, 3/25/17 510,389 550,269 Trust 2002-29, Cl. F, 1.246%, 4/25/32(1) 363,213 372,282 Trust 2002-56, Cl. KW, 6%, 4/25/23 781,231 789,379 Trust 2002-60, Cl. FH, 1.246%, 8/25/32(1) 744,448 759,782 Trust 2002-64, Cl. FJ, 1.246%, 4/25/32(1) 111,845 114,599 Trust 2002-68, Cl. FH, 0.736%, 10/18/32(1) 247,232 247,986 Trust 2002-84, Cl. FB, 1.246%, 12/25/32(1) 1,477,812 1,512,759 Trust 2002-9, Cl. PC, 6%, 3/25/17 524,995 566,080 Trust 2002-9, Cl. PR, 6%, 3/25/17 642,832 693,138 Trust 2002-90, Cl. FH, 0.746%, 9/25/32(1) 826,840 828,145
4 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 2003-11, Cl. FA, 1.246%, 9/25/32(1) $ 1,477,846 $ 1,512,790 Trust 2003-116, Cl. FA, 0.646%, 11/25/33(1) 104,956 105,499 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,825,000 1,949,140 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 571,000 602,437 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,279,889 Trust 2005-12, Cl. JC, 5%, 6/1/28 1,828,227 1,902,762 Trust 2005-22, Cl. EC, 5%, 10/1/28 1,848,850 1,926,336 Trust 2005-25, Cl. PS, 27.077%, 4/25/35(1) 627,359 840,148 Trust 2005-30, Cl. CU, 5%, 4/1/29 3,242,476 3,390,658 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 580,757 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 499,792 Trust 2006-46, Cl. SW, 23.297%, 6/25/36(1) 1,037,397 1,276,079 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 49.81%, 11/18/31(6) 403,104 71,263 Trust 2001-63, Cl. SD, 40.548%, 12/18/31(6) 97,077 17,804 Trust 2001-68, Cl. SC, 33.297%, 11/25/31(6) 67,039 10,581 Trust 2001-81, Cl. S, 38.435%, 1/25/32(6) 80,769 13,236 Trust 2002-28, Cl. SA, 40.194%, 4/25/32(6) 48,287 7,980 Trust 2002-38, Cl. SO, 59.474%, 4/25/32(6) 251,666 35,497 Trust 2002-48, Cl. S, 37.037%, 7/25/32(6) 76,537 12,442 Trust 2002-52, Cl. SL, 38.053%, 9/25/32(6) 48,521 8,105 Trust 2002-56, Cl. SN, 39.712%, 7/25/32(6) 105,171 16,647 Trust 2002-77, Cl. IS, 52.203%, 12/18/32(6) 428,764 55,135 Trust 2002-77, Cl. SH, 45.865%, 12/18/32(6) 107,624 15,772 Trust 2002-9, Cl. MS, 36.265%, 3/25/32(6) 102,239 14,074 Trust 2003-117, Cl. KS, 60.864%, 8/25/33(6) 7,932,513 1,000,225 Trust 2003-13, Cl. IO, 11.379%, 3/25/33(6) 811,065 175,105 Trust 2003-26, Cl. DI, 11.784%, 4/25/33(6) 633,475 132,056 Trust 2003-33, Cl. SP, 55.722%, 5/25/33(6) 697,654 97,259 Trust 2003-38, Cl. SA, 45.728%, 3/25/23(6) 1,193,462 138,811 Trust 2003-4, Cl. S, 48.235%, 2/25/33(6) 212,897 29,768 Trust 2005-14, Cl. SE, 44.285%, 3/25/35(6) 2,709,292 249,135 Trust 2005-40, Cl. SA, 72.874%, 5/25/35(6) 2,263,918 312,354 Trust 2005-40, Cl. SB, 97.756%, 5/25/35(6) 3,643,160 523,415 Trust 2005-63, Cl. SA, 87.16%, 10/25/31(6) 162,013 22,803 Trust 2005-71, Cl. SA, 74.512%, 8/25/25(6) 544,332 64,713 Trust 2005-85, Cl. SA, 0%, 10/25/35(6, 7) 8,824,910 1,116,152 Trust 2005-87, Cl. SE, 34.99%, 10/25/35(6) 40,080,941 3,665,097 Trust 2005-87, Cl. SG, 85.983%, 10/25/35(6) 2,922,916 311,538 Trust 2006-51, Cl. SA, 22.073%, 6/25/36(6) 14,226,813 1,873,697 Trust 2006-60, Cl. DI, 42.149%, 4/25/35(6) 2,528,133 321,945 Trust 2006-90, Cl. SX, 99.999%, 9/25/36(6) 2,296,118 353,273 Trust 2007-88, Cl. XI, 24.889%, 6/25/37(6) 9,377,347 867,034 Trust 2009-106, Cl. SA, 24.25%, 1/25/40(6) 9,065,852 1,057,964 Trust 214, Cl. 2, 28.96%, 3/1/23(6) 541,303 112,355
5 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 221, Cl. 2, 24.533%, 5/1/23(6) $ 60,046 $ 12,596 Trust 254, Cl. 2, 18.647%, 1/1/24(6) 986,202 212,824 Trust 2682, Cl. TQ, 99.999%, 10/15/33(6) 803,733 95,742 Trust 2981, Cl. BS, 99.999%, 5/15/35(6) 1,427,576 164,828 Trust 301, Cl. 2, 0.604%, 4/1/29(6) 243,830 49,781 Trust 313, Cl. 2, 29.826%, 6/1/31(6) 2,718,936 523,756 Trust 319, Cl. 2, 5.391%, 2/1/32(6) 77,993 14,196 Trust 321, Cl. 2, 5.316%, 4/1/32(6) 317,576 74,375 Trust 324, Cl. 2, 0.683%, 7/1/32(6) 337,308 76,681 Trust 328, Cl. 2, 6.103%, 12/1/32(6) 4,370,268 947,289 Trust 331, Cl. 5, 2.431%, 2/1/33(6) 1,260,853 222,651 Trust 332, Cl. 2, 1.934%, 3/1/33(6) 7,955,943 1,611,795 Trust 334, Cl. 12, 0.944%, 2/1/33(6) 1,084,641 189,612 Trust 338, Cl. 2, 3.21%, 7/1/33(6) 9,795,709 2,104,581 Trust 339, Cl. 15, 11.343%, 7/1/33(6) 3,111,583 400,438 Trust 339, Cl. 7, 0.244%, 7/1/33(6) 5,209,728 935,395 Trust 345, Cl. 9, 2.919%, 1/1/34(6) 1,503,507 292,213 Trust 351, Cl. 10, 6.87%, 4/1/34(6) 648,647 133,415 Trust 351, Cl. 8, 5.968%, 4/1/34(6) 1,053,636 190,245 Trust 351, Cl. 9, 4.442%, 10/1/34(6) 12,833,973 2,162,851 Trust 356, Cl. 10, 3.794%, 6/1/35(6) 900,435 167,937 Trust 356, Cl. 12, 2.14%, 2/1/35(6) 456,397 95,196 Trust 362, Cl. 12, 4.246%, 8/1/35(6) 857,728 149,306 Trust 362, Cl. 13, 4.276%, 8/1/35(6) 507,400 88,687 ---------------- 284,879,627 GNMA/GUARANTEED--0.4% Government National Mortgage Assn.: 3.125%, 12/9/25(1) 6,179 6,277 4.50%, 4/1/40(8) 10,700,000 10,828,732 7%, 3/29/28-7/29/28 280,240 314,746 7.50%, 3/1/27 14,491 16,380 8%, 11/29/25-5/29/26 98,235 112,904 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,177,698 1,333,167 Series 2000-12, Cl. ZA, 8%, 2/16/30 2,734,390 2,993,334 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 51.615%, 7/16/28(6) 149,437 27,271 Series 1998-6, Cl. SA, 70.235%, 3/16/28(6) 91,815 15,269 Series 2001-21, Cl. SB, 83.70%, 1/16/27(6) 692,199 109,462 Series 2006-47, Cl. SA, 74.719%, 8/16/36(6) 3,261,460 444,000 ---------------- 16,201,542
6 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- NON-AGENCY--7.3% COMMERCIAL--2.7% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-1, Cl. A4, 5.451%, 1/1/17 $ 1,150,000 $ 1,129,873 Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 4,159,386 3,314,571 Series 2008-1, Cl. A4, 6.182%, 12/1/17(1) 3,670,000 3,688,364 Series 2008-1, Cl. AM, 6.225%, 2/10/51(1) 3,415,000 2,496,101 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 3,740,000 2,947,616 CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.422%, 12/20/35(1) 194,274 150,999 Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.729%, 3/1/49(1) 3,050,000 3,203,601 Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 9,170,000 9,402,803 Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.723%, 6/1/39(1) 1,560,000 1,408,852 CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37 3,948,020 2,930,257 Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.747%, 1/27/37(1, 2) 1,506,848 441,224 Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates: Series 2006-AB1, Cl. A2A, 5.50%, 2/25/36 99,549 98,055 Series 2006-AB2, Cl. A1, 5.888%, 6/25/36 673,703 642,184 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 904,355 482,567 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 780,048 547,172 First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.102%, 11/1/37(1) 4,532,803 3,453,492 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 417,215 421,108 GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 6.944%, 5/15/30(1) 1,567,000 1,566,106 Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17 7,325,000 7,134,582 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39 1,960,000 1,943,769 Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2A2, 5.196%, 1/1/36(1) 486,034 52,055
7 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- COMMERCIAL CONTINUED JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 $ 1,275,000 $ 1,195,099 Series 2007-CB18, Cl. A4, 5.44%, 6/1/47 5,600,000 5,483,359 Series 2007-CB18, Cl. AM, 5.466%, 6/1/47 6,400,000 5,123,091 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 5,682,000 5,892,780 Series 2007-LDP10, Cl. A3S, 5.317%, 4/1/13 1,405,000 1,383,828 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 2,380,000 2,368,153 Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49 4,410,000 4,256,540 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 7,075,000 6,357,198 Series 2008-C2, Cl. AM, 6.579%, 2/1/51(1) 4,990,000 2,811,223 JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.677%, 4/1/36(1) 2,342,877 710,497 JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.75%, 1/1/37(1) 663,556 562,264 LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.155%, 4/11/41(1) 2,610,000 2,152,497 Lehman Structured Securities Corp., Mtg.-Backed Securities, 6%, 5/1/29 121,069 29,446 Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 332,594 287,138 Morgan Stanley Capital I Trust, Commercial Mtg. Pass Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41 8,500,000 7,635,510 Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49 3,420,000 3,370,160 RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 4.421%, 4/25/35(1) 137,254 28,549 Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36 945,446 607,844 STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.829%, 2/1/37(1) 12,269,702 9,264,782 Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 0.987%, 9/19/32(1) 651,566 171,036 Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48 2,997,000 3,106,088 Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.902%, 2/1/51(1) 5,790,000 5,410,959 Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 5.952%, 5/1/46(1) 2,610,000 1,432,513 WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 1.303%, 11/1/46(1) 1,390,863 769,615 WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 1.496%, 4/1/47(1) 990,694 533,891
8 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- COMMERCIAL CONTINUED Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.995%, 11/1/34(1) $ 1,093,843 $ 359,703 Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.871%, 2/1/35(1) 4,770,708 4,309,813 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 3.061%, 4/25/36(1) 3,065,250 2,532,938 ---------------- 125,601,865 MANUFACTURED HOUSING--0.1% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.039%, 9/25/36(1) 5,033,123 4,254,424 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 4.965%, 3/25/36(1) 1,539,287 1,277,325 ---------------- 5,531,749 MULTIFAMILY--0.2% Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 2.801%, 2/1/35(1) 1,074,038 982,586 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 2A1, 5.534%, 7/25/36(1) 3,923,483 2,979,842 Series 2006-AR10, Cl. 5A1, 5.497%, 7/1/36(1) 2,088,907 1,652,393 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.059%, 3/25/36(1) 4,375,362 3,734,613 ---------------- 9,349,434 RESIDENTIAL--4.3% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 5.811%, 8/1/17(1) 6,560,000 5,150,766 Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 3.274%, 5/1/34(1) 3,990,568 3,342,454 Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.968%, 11/1/34(1) 1,644,087 1,473,509 Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36 4,210,000 3,253,811 Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.554%, 2/1/37(1) 2,397,711 2,392,893 CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35 3,097,901 2,866,989 CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35 2,816,397 2,480,325 CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.397%, 1/1/36(1) 1,231,633 354,455
9 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- RESIDENTIAL CONTINUED CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 $ 2,110,000 $ 1,521,907 CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36 1,406,781 1,234,294 CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.149%, 6/1/47(1) 2,579,237 1,683,925 CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates: Series 2007-HY4, Cl. 1A1, 5.981%, 9/1/47(1) 14,580,926 10,431,858 Series 2007-HY4, Cl. 1A2, 5.981%, 9/1/47(1) 3,145,183 542,440 Series 2007-HY4, Cl. 2A2, 6.207%, 11/1/37(1) 702,629 143,187 Series 2007-HY4, Cl. 3A2, 6.267%, 11/1/37(1) 769,009 135,916 CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Series 2007-HY5, Cl. 1A2, 5.846%, 9/1/37(1) 3,601,305 882,720 Series 2007-HY5, Cl. 2A2, 5.942%, 9/1/37(1) 953,186 161,412 Series 2007-HY5, Cl. 3A2, 6.10%, 9/1/37(1) 2,387,437 524,755 Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A2, 5.699%, 8/1/12(1) 1,110,000 1,167,267 Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.951%, 5/1/35(1) 3,316,460 2,733,902 Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.203%, 8/1/35(1) 6,630,780 4,620,614 Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Mtg. Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/36(1) 3,660,216 745,731 Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Mtg. Pass-Through Certificates: Series 2006-AR2, Cl. 1A2, 5.517%, 3/1/36(1) 7,807,426 6,352,373 Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36 3,211,453 842,803 Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49 5,700,000 4,309,063 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21 2,491,500 2,169,559 CWALT Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37 12,341,967 8,060,097 GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 3.725%, 5/1/34(1) 3,078,426 2,525,205 GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates: Series 2005-AR6, Cl. 1A4, 3.001%, 9/1/35(1) 8,400,738 7,873,495 Series 2005-AR6, Cl. 3A1, 3.597%, 9/25/35(1) 3,592,170 3,251,443 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.338%, 11/1/35(1) 4,023,865 3,369,575 GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36 2,273,425 2,015,989
10 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- RESIDENTIAL CONTINUED GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.768%, 3/1/37(1) $ 3,010,524 $ 2,334,837 JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.29%, 7/1/35(1) 4,683,762 4,378,256 JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 5.996%, 5/1/37(1) 1,496,158 295,940 LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/45(1) 10,430,000 8,393,822 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 23,381 23,300 Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 3.584%, 4/1/36(1) 2,659,574 1,764,615 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 6.074%, 10/25/36(1) 4,194,018 3,693,954 RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 2,655,241 1,612,169 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 142,155 133,447 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 1,173,259 755,518 Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35 3,720,000 2,731,030 Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35 5,458,358 4,061,133 RFMSI Series 2007-SA3, Mtg. Pass-Through Certificates, Series 2007-SA3, Cl. 2A2, 5.747%, 7/1/37(1) 1,499,982 115,049 WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 4.821%, 10/1/35(1) 3,078,632 2,567,861 WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.921%, 9/1/36(1) 2,958,883 2,523,529 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 5.396%, 2/1/37(1) 16,924,349 11,922,622 Series 2007-HY1, Cl. 5A1, 5.717%, 2/1/37(1) 10,072,458 6,796,050 WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 1A1, 5.558%, 12/1/36(1) 12,701,968 8,896,581 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.314%, 3/1/37(1) 10,227,384 8,774,709 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.508%, 9/25/36(1) 9,813,589 7,959,683
11 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- RESIDENTIAL CONTINUED WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.662%, 6/25/37(1) $ 5,008,373 $ 3,782,049 WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.79%, 7/1/37(1) 2,729,145 1,871,321 Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 3%, 10/1/35(1) 1,902,452 1,663,040 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 2A2, 5.534%, 7/1/36(1) 2,031,598 368,941 Series 2006-AR10, Cl. 3A2, 4.062%, 7/1/36(1) 773,139 146,830 Series 2006-AR10, Cl. 4A2, 5.523%, 7/1/36(1) 2,867,630 522,504 Series 2006-AR10, Cl. 5A3, 5.497%, 7/1/36(1) 1,306,916 1,035,434 Series 2006-AR10, Cl. 5A6, 5.497%, 7/1/36(1) 14,895,861 11,974,820 Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates, Series 2006-AR13, Cl. A4, 5.631%, 9/1/36(1) 11,440,000 7,816,200 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 5.132%, 4/1/36(1) 2,171,877 1,867,225 ---------------- 199,397,201 ---------------- Total Mortgage-Backed Obligations (Cost $681,252,412) 640,961,418 ---------------- U.S. GOVERNMENT OBLIGATIONS--14.5% Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/13 9,795,000 10,353,726 Federal Home Loan Mortgage Corp. Nts.: 2.50%, 4/23/14 3,185,000 3,214,066 2.875%, 2/9/15(9) 14,425,000 14,529,942 5.25%, 4/18/16 6,950,000 7,696,875 Federal National Mortgage Assn. Nts.: 2.625%, 11/20/14 13,390,000 13,405,385 3%, 9/16/14 2,015,000 2,054,200 4.375%, 10/15/15 5,570,000 5,950,431 5.375%, 7/15/16 2,950,000 3,286,586 U.S. Treasury Bills: 0.125%, 5/13/10 200,000,000 199,971,417 0.135%, 4/8/10 395,500,000 395,492,491 0.165%, 4/15/10(5) 16,800,000 16,799,673 U.S. Treasury Bonds: STRIPS, 4.201%, 2/15/11(5, 10) 900,000 896,869 STRIPS, 4.833%, 2/15/16(5, 10) 2,116,000 1,773,974 ---------------- Total U.S. Government Obligations (Cost $674,872,831) 675,425,635 FOREIGN GOVERNMENT OBLIGATIONS--23.5% ARGENTINA--0.7% Argentina (Republic of) Bonds: 0.389%, 8/3/12(1) 5,203,125 4,690,058
12 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- 2.50%, 12/31/38(1) $ 8,830,000 $ 3,214,120 Series GDP, 2.724%, 12/15/35(1) 7,580,000 606,400 Series V, 7%, 3/28/11 4,090,000 4,007,746 Series VII, 7%, 9/12/13 1,505,000 1,342,418 Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15 24,900,000 20,724,408 ---------------- 34,585,150 AUSTRALIA--0.0% New South Wales Treasury Corp. Bonds: Series 12, 6%, 5/1/12 885,000 AUD 823,347 Series 14, 5.50%, 8/1/14 1,290,000 AUD 1,172,202 ---------------- 1,995,549 AUSTRIA--0.2% Austria (Republic of) Unsub. Bonds, 4.15%, 3/15/37 8,120,000 EUR 11,041,798 BELGIUM--0.1% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 1,605,000 EUR 2,444,164 BELIZE--0.0% Belize (Government of) Unsec. Unsub. Bonds, 6%, 2/20/29(1, 2) 1,630,000 1,132,850 BRAZIL--3.6% Brazil (Federal Republic of) Bonds: 6%, 1/17/17 15,670,000 17,103,805 8%, 1/15/18 11,524,444 13,489,362 8.875%, 10/14/19 4,610,000 5,958,425 Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 9.762%, 1/1/12 14,506,000 BRR 7,949,133 9.762%, 1/1/14 8,370,000 BRR 4,411,632 9.762%, 1/1/17 195,403,000 BRR 98,811,145 10%, 1/1/21 21,620,000 BRR 10,327,415 11.205%, 5/15/45 6,470,000 BRR 6,753,806 Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19 2,680,000 2,894,400 ---------------- 167,699,123 CANADA--0.2% Canada Housing Trust Sec. Bonds, 4.10%, 12/15/18 3,470,000 CAD 3,494,702 Quebec (Province of) Nts., 4.50%, 12/1/18 3,495,000 CAD 3,524,456 ---------------- 7,019,158 COLOMBIA--0.9% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(2) 3,058,000,000 COP 1,704,021 Colombia (Republic of) Bonds: 7.375%, 9/18/37 2,845,000 3,200,625 12%, 10/22/15 26,763,000,000 COP 17,015,536 Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19 3,930,000 4,539,150 Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41 6,050,000 5,808,000 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 2,690,000 3,106,950 Colombia (Republic of) Unsec. Unsub. Bonds, 9.85%, 6/28/27 12,816,000,000 COP 7,866,053 ---------------- 43,240,335 DENMARK--0.1% Denmark (Kingdom of) Bonds, 4%, 11/15/17 11,685,000 DKK 2,251,093
13 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- EGYPT--0.7% Egypt (The Arab Republic of) Treasury Bills: Series 91, 9.318%, 4/6/10(10) 15,725,000 EGP $ 2,851,834 Series 182, 9.82%, 8/24/10(10) 12,700,000 EGP 2,247,296 Series 182, 10.198%, 8/3/10(10) 7,325,000 EGP 1,285,254 Series 182, 10.221%, 7/6/10(10) 18,000,000 EGP 3,191,780 Series 182, 10.537%, 6/29/10(10) 15,700,000 EGP 2,788,618 Series 182, 10.803%, 7/13/10(10) 39,200,000 EGP 6,885,915 Series 273, 9.665%, 6/8/10(10) 14,950,000 EGP 2,670,256 Series 273, 10.029%, 6/15/10(10) 21,225,000 EGP 3,780,024 Series 273, 10.216%, 7/20/10(10) 21,150,000 EGP 3,735,245 Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12(2) 22,870,000 EGP 4,195,187 ---------------- 33,631,409 FRANCE--0.2% France (Government of) Bonds: 3.75% 10/25/19 3,470,000 EUR 4,848,697 4%, 10/25/38 3,465,000 EUR 4,688,191 ---------------- 9,536,888 GERMANY--0.5% Germany (Federal Republic of) Bonds: 3.50%, 7/4/19 11,850,000 EUR 16,587,199 Series 08, 4.75%, 7/4/40 3,625,000 EUR 5,699,727 Series 156, 2.50%, 2/27/15 1,810,000 EUR 2,485,720 ---------------- 24,772,646 GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17(2) 4,400,000 4,829,000 HUNGARY--0.6% Hungary (Republic of) Bonds: Series 15/A, 8%, 2/12/15 3,339,000,000 HUF 18,269,553 Series 17/B, 6.75%, 2/24/17 235,700,000 HUF 1,208,305 Series 19/A, 6.50%, 6/24/19 1,410,000,000 HUF 7,026,495 ---------------- 26,504,353 INDONESIA--1.0% Indonesia (Republic of) Nts.: 6.875%, 1/17/18(2) 11,400,000 12,796,500 7.25%, 4/20/15(2) 4,055,000 4,642,975 Indonesia (Republic of) Sr. Unsec. Nts.: 7.75%, 1/17/38(2) 6,285,000 7,353,450 10.375%, 5/4/14(2) 3,050,000 3,804,875 11.625%, 3/4/19(2) 2,410,000 3,476,425 Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 5.875%, 3/13/20(2) 4,840,000 5,036,625
14 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(2) $ 7,320,000 $ 9,186,600 ---------------- 46,297,450 ISRAEL--0.7% Israel (State of) Bonds: 5.50%, 2/28/17 26,020,000 ILS 7,513,243 6%, 2/28/19 51,680,000 ILS 15,273,760 Series 2682, 7.50%, 3/31/14 26,800,000 ILS 8,247,502 ---------------- 31,034,505 ITALY--1.1% Italy (Republic of) Bonds, 5%, 9/1/40 17,315,000 EUR 24,364,552 Italy (Republic of) Treasury Bonds: 3.75%, 12/15/13 17,537,000 EUR 24,971,382 5.25%, 8/1/11 2,710,000 EUR 3,859,468 ---------------- 53,195,402 JAPAN--1.9% Japan (Government of) Bonds, 20 yr., Series 112, 2.10%, 6/20/29 1,925,000,000 JPY 20,510,711 Japan (Government of) Sr. Unsec. Bonds: 2 yr., 0.20%, 1/15/12 2,101,000,000 JPY 22,486,408 5 yr., 0.50%, 12/20/14 3,075,000,000 JPY 32,857,538 20 yr., 2.10%, 12/20/29 1,208,000,000 JPY 12,805,084 ---------------- 88,659,741 KOREA, REPUBLIC OF SOUTH--1.1% Korea (Republic of) Sr. Unsec. Monetary Stabilization Bonds, 4.18%, 12/2/11 36,010,000,000 KPW 32,283,636 Korea (Republic of) Treasury Bonds, Series 0475-1112, 4.75%, 12/10/11 19,180,000,000 KRW 17,348,521 ---------------- 49,632,157 MALAYSIA--0.1% Malaysian (Government of) Bonds: Series 0110, 3.835%, 8/12/15 9,020,000 MYR 2,774,836 Series 0902, 4.378%, 11/29/19 9,270,000 MYR 2,885,673 ---------------- 5,660,509 MEXICO--1.6% United Mexican States Bonds: 5.625%, 1/15/17 8,220,000 8,836,500 Series M10, 7.75%, 12/14/17 191,930,000 MXN 15,849,603 Series M10, 8%, 12/17/15 94,000,000 MXN 7,941,579 Series M10, 8.50%, 12/13/18 95,520,000 MXN 8,213,604 Series M20, 10%, 12/5/24 338,500,000 MXN 32,312,017 ---------------- 73,153,303 NORWAY--0.0% Norway (Kingdom of) Bonds, 6.50%, 5/15/13 4,280,000 NOK 800,851
15 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- PANAMA--0.3% Panama (Republic of) Bonds: 7.25%, 3/15/15 $ 6,120,000 $ 7,022,700 8.875%, 9/30/27 260,000 336,700 9.375%, 4/1/29 2,200,000 2,997,500 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 2,275,000 2,576,438 ---------------- 12,933,338 PERU--0.5% Peru (Republic of) Bonds: 7.35%, 7/21/25 3,480,000 4,054,200 7.84%, 8/12/20 23,720,000 PEN 9,467,635 Series 7, 8.60%, 8/12/17 21,130,000 PEN 9,015,603 Peru (Republic of) Sr. Nts., 4.533%, 2/28/16(10) 363,871 297,828 ---------------- 22,835,266 PHILIPPINES--0.2% Philippines (Republic of the) Bonds, 8%, 1/15/16 1,760,000 2,107,600 Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34 6,310,000 6,215,350 ---------------- 8,322,950 POLAND--0.8% Poland (Republic of) Bonds: Series 0414, 5.75%, 4/25/14 58,795,000 PLZ 21,195,818 Series 0415, 5.50%, 4/25/15 28,720,000 PLZ 10,249,067 Series 0511, 4.25%, 5/24/11 15,555,000 PLZ 5,468,835 ---------------- 36,913,720 SOUTH AFRICA--1.5% South Africa (Republic of) Bonds: 5.50%, 3/9/20 3,700,000 3,764,750 7.50%, 1/15/14 50,790,000 ZAR 6,885,308 Series R207, 7.25%, 1/15/20(8) 129,860,000 ZAR 16,217,831 Series R157, 13.50%, 9/15/15 239,720,000 ZAR 40,871,951 ---------------- 67,739,840 SWEDEN--0.0% Sweden (Kingdom of) Bonds, Series 1050, 3%, 7/12/16 12,930,000 SEK 1,822,703 THE NETHERLANDS--0.1% Netherlands (Kingdom of the) Bonds, 4%, 1/15/37 2,675,000 EUR 3,656,604 Netherlands (Kingdom of the) Sr. Unsec. Unsub. Nts., 3.125%, 2/17/12 2,090,000 EUR 2,915,725 ---------------- 6,572,329 TURKEY--2.7% Turkey (Republic of) Bonds: 6.75%, 4/3/18 6,790,000 7,443,198 7%, 9/26/16 6,480,000 7,225,200 7%, 3/11/19 2,710,000 3,004,713 10.622%, 8/6/14 28,750,000 TRY 19,429,336 10.673%, 5/11/11(10) 17,290,000 TRY 10,455,532
16 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- 12.032%, 2/2/11(10) 4,115,000 TRY $ 2,549,605 16%, 3/7/12(1) 69,345,000 TRY 51,446,200 Series CPI, 13.909%, 8/14/13(1) 6,930,000 TRY 6,717,548 Turkey (Republic of) Nts.: 7.25%, 3/15/15 3,180,000 3,589,584 7.50%, 7/14/17 3,480,000 3,984,600 Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19 4,220,000 4,805,525 Turkey (Republic of) Unsec. Nts.: 6.75%, 5/30/40 2,300,000 2,271,250 7.25%, 3/5/38 2,280,000 2,399,700 -------------- 125,321,991 UKRAINE--0.2% Ukraine (Republic of) Sr. Unsec. Nts., 6.75%, 11/14/17(2) 2,710,000 2,611,898 Ukraine (Republic of) Unsec. Bonds, 6.385%, 6/26/12(2) 7,200,000 7,254,720 -------------- 9,866,618 UNITED ARAB EMIRATES--0.1% Dubai DOF Sukuk Ltd. Sr. Unsec. Unsub. Nts., 6.396%, 11/3/14 3,020,000 2,895,274 UNITED KINGDOM--0.4% United Kingdom Treasury Bonds: 2.25%, 3/7/14 6,200,000 GBP 9,400,163 4.25%, 3/7/11 3,370,000 GBP 5,285,220 4.75%, 12/7/38 1,760,000 GBP 2,778,758 -------------- 17,464,141 URUGUAY--0.4% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 4,575,000 5,204,063 Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25 3,850,000 4,196,500 Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 6,875,000 8,215,625 -------------- 17,616,188 VENEZUELA--0.9% Venezuela (Republic of) Bonds: 9%, 5/7/23 4,245,000 3,173,138 9.25%, 9/15/27 2,480,000 1,953,000 Venezuela (Republic of) Nts.: 8.25%, 10/13/24 3,750,000 2,615,625 8.50%, 10/8/14 3,740,000 3,272,500 Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 7.75%, 10/13/19 5,490,000 3,939,075 Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38 3,240,000 1,935,900 7.65%, 4/21/25 13,685,000 8,963,675 Venezuela (Republic of) Unsec. Nts.: 6%, 12/9/20 8,040,000 5,004,900 13.625%, 8/15/18(2) 10,465,000 10,582,731 -------------- 41,440,544 -------------- Total Foreign Government Obligations (Cost $1,048,960,137) 1,090,862,336
17 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- LOAN PARTICIPATIONS--2.6% American Capital, Sr. Sec. Credit Facilities Revolving Term Loan, 3.75%, 5/16/12(1, 8) $ 5,735,000 $ 5,766,015 Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine Nts., 8.625%, 7/15/11(2) 5,520,000 5,382,000 CIT Group, Inc., Sr. Sec. Credit Facilities Expansion Term Loan, Tranche 2A, 7.50%, 1/18/12(1, 8) 8,815,000 9,042,718 Credit Suisse First Boston International: Export-Import Bank of Ukraine, 7.65% Sr. Sec. Bonds, 9/7/11 1,400,000 1,403,500 Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16 4,610,000 4,379,500 Gaz Capital SA: 6.212% Sr. Unsec. Unsub. Nts., 11/22/16(2) 3,760,000 3,891,600 7.288% Sr. Sec. Nts., 8/16/37(2) 13,780,000 13,866,125 8.125% Nts., 7/31/14(2) 3,030,000 3,404,963 8.146% Sr. Sec. Nts., 4/11/18(2) 5,280,000 5,979,600 8.625% Sr. Sec. Nts., 4/28/34(2) 3,330,000 3,896,100 9.25% Sr. Unsec. Unsub. Nts., 4/23/19(2) 8,700,000 10,331,250 Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/10(2) 1,510,000 1,563,228 Lyondell Chemical Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Roll-Up Debtor in Possession, 3.69%, 4/6/10(1, 8) 2,880,000 3,078,000 Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/15(8) 8,495,000 9,089,650 RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/18(2) 2,950,000 3,325,830 Six Flags, Inc., Sr. Sec. Credit Facilities Term Loan, 12%, 3/16/16(1, 8) 1,765,000 1,752,866 Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13(2) 8,930,000 9,901,138 TransCapitalInvest Ltd. for OJSC AK Transneft: 5.67% Sec. Bonds, 3/5/14(2) 2,760,000 2,898,110 8.70% Sec. Nts., 8/7/18(2) 1,500,000 1,802,076 VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(2) 9,090,000 10,305,788 VTB Capital SA: 6.25% Sr. Nts., 6/30/35(2) 2,210,000 2,232,100 6.465% Sr. Sec. Unsub. Nts., 3/4/15(2) 4,600,000 4,692,000 6.875% Sr. Sec. Nts., 5/29/18(2) 3,030,000 3,170,138 -------------- Total Loan Participations (Cost $113,523,085) 121,154,295 CORPORATE BONDS AND NOTES--24.9% CONSUMER DISCRETIONARY--5.0% AUTO COMPONENTS--0.4% Allison Transmission, Inc., 11% Sr. Nts., 11/1/15(2) 6,335,000 6,778,450 American Axle & Manufacturing Holdings, Inc., 9.25% Sr. Sec. Nts., 1/15/17(2) 4,300,000 4,611,750 ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18 1,090,000 1,133,600 Goodyear Tire & Rubber Co. (The), 9% Sr. Unsec. Nts., 7/1/15 1,660,000 1,722,250 Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14(3, 4) 1,875,000 1,809,375
18 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- AUTO COMPONENTS CONTINUED 8.25% Sr. Unsec. Nts., 8/1/10(3, 4) $ 580,000 $ 559,700 -------------- 16,615,125 AUTOMOBILES--0.2% Ford Motor Co., 7.45% Bonds, 7/16/31 7,150,000 6,792,500 Ford Motor Credit Co. LLC, 8.125% Sr. Unsec. Nts., 1/15/20 2,435,000 2,558,564 -------------- 9,351,064 DIVERSIFIED CONSUMER SERVICES--0.0% StoneMor Operating LLC/Cornerstone Family Service of West Virginia, Inc./Osiris Holdings of Maryland Subsidiary, Inc., 10.25% Sr. Nts., 12/1/17(2) 1,875,000 1,940,625 HOTELS, RESTAURANTS & LEISURE--1.2% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13(2) 1,810,000 1,583,750 Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/16(2) 3,920,000 3,969,000 Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13(2, 3) 4,560,000 433,200 Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/15(2) 2,150,000 2,252,125 Harrah's Operating Co., 10% Sr. Sec. Nts., 12/15/18 5,887,000 4,900,928 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 2,890,000 2,485,400 Landry's Restaurant, Inc., 11.625% Sr. Sec. Nts., 12/1/15(2) 2,500,000 2,700,000 Las Vegas Sands Corp., 6.375% Sr. Unsec. Nts., 2/15/15 3,295,000 3,138,488 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(2, 3) 6,335,000 1,615,425 MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 3,185,000 2,699,288 6.75% Sr. Unsec. Nts., 4/1/13 6,635,000 6,037,850 9% Sr. Sec. Nts., 3/15/20(2) 545,000 564,075 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 1,630,000 1,401,800 8% Sr. Sub. Nts., 4/1/12 3,765,000 3,492,038 11.50% Sr. Sec. Nts., 11/1/17(2) 5,170,000 5,531,900 Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19(2) 3,380,000 3,447,600 Pinnacle Entertainment, Inc.: 8.25% Sr. Unsec. Sub. Nts., 3/15/12 968,000 965,580 8.625% Sr. Nts., 8/1/17(2) 455,000 447,038 Premier Cruise Ltd., 11% Sr. Nts., 3/15/08(2, 3, 4) 250,000 -- Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(3, 4) 10,465,000 65,406 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 3,845,000 4,234,306 Wendy's/Arby's Restaurants LLC, 10% Sr. Unsec. Unsub. Nts., 7/15/16 4,060,000 4,384,800 -------------- 56,349,997 HOUSEHOLD DURABLES--0.2% Beazer Homes USA, Inc.: 6.50% Sr. Unsec. Nts., 11/15/13 2,110,000 2,022,963 8.375% Sr. Nts., 4/15/12 895,000 897,238 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 1,005,000 879,375 8.875% Sr. Sub. Nts., 4/1/12 3,325,000 3,083,938
19 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- HOUSEHOLD DURABLES CONTINUED Libbey Glass, Inc., 10% Sr. Sec. Nts., 2/15/15(2) $ 3,820,000 $ 4,039,650 -------------- 10,923,164 INTERNET & CATALOG RETAIL--0.0% Netflix, Inc., 8.50% Sr. Unsec. Nts., 11/15/17 990,000 1,044,450 LEISURE EQUIPMENT & PRODUCTS--0.3% Colt Defense LLC, 8.75% Sr. Unsec. Nts., 11/15/17(2) 3,550,000 3,576,625 Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18(2) 8,170,000 8,129,150 Easton-Bell Sports, Inc., 9.75% Sr. Sec. Nts., 12/1/16(2) 3,695,000 3,907,463 -------------- 15,613,238 MEDIA--1.9% Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 1,775,000 1,788,313 AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 2,190,000 2,214,638 11% Sr. Unsec. Unsub. Nts., 2/1/16 2,725,000 2,939,594 American Media Operations, Inc.: 9% Sr. Unsec. Nts., 5/1/13(2, 11) 309 202 12.02% Sr. Sub. Nts., 11/1/13(2, 11) 9,323,552 6,106,927 Belo Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27 2,720,000 2,247,400 Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/17(2) 5,795,000 5,983,338 Charter Communications, Inc., 13.50% Sr. Nts., 11/30/16 8,704,415 10,510,581 Clear Channel Communications, Inc.: 4.40% Sr. Unsec. Unsub. Nts., 5/15/11 485,000 459,538 6.25% Nts., 3/15/11 4,210,000 4,094,225 10.75% Sr. Unsec. Unsub. Nts., 8/1/16 6,210,000 4,890,375 Clear Channel Worldwide Holdings, Inc., 9.25% Sr. Nts., 12/15/17(2) 780,000 819,000 Fisher Communications, Inc., 8.625% Sr. Unsec. Nts., 9/15/14 670,000 661,625 Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 4,965,000 4,915,350 Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/14(1) 1,615,000 1,360,638 Media General, Inc., 11.75% Sr. Sec. Nts., 2/15/17(2) 4,760,000 4,730,250 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14(3) 1,330,000 133 6.875% Sr. Unsec. Sub. Nts., 10/1/13(3) 2,870,000 287 Radio One, Inc., 6.375% Sr. Unsec. Sub. Nts., 2/15/13 705,000 582,506 Reader's Digest Association, Inc., 9.50% Sr. Sec. Nts., 2/15/17(1, 2) 4,330,000 4,438,250 Reynolds Group Escrow LLC, 7.75% Sr. Sec. Nts., 10/15/16(2) 2,935,000 3,030,388 Salem Communications Corp., 9.625% Sr. Sec. Nts., 12/15/16 1,000,000 1,050,000 Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 6,250,000 6,218,750 Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13 1,215,000 1,274,231 TL Acquisitions, Inc., 10.50% Sr. Nts., 1/15/15(2) 11,275,000 10,880,375 Umbrella Acquisition, Inc., 9.75% Sr. Unsec. Unsub. Nts., 3/15/15(2, 11) 6,351,663 5,510,068 Valassis Communications, Inc., 8.25% Sr. Unsec. Unsub. Nts., 3/1/15 1,215,000 1,254,488 -------------- 87,961,470
20 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- -------------- MULTILINE RETAIL--0.2% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 $ 8,180,000 $ 8,016,400 SPECIALTY RETAIL--0.6% Burlington Coat Factory Warehouse Corp., 11.125% Sr. Unsec. Nts., 4/15/14 7,190,000 7,639,375 Michaels Stores, Inc.: 10% Sr. Unsec. Unsub. Nts., 11/1/14 5,115,000 5,421,900 11.375% Sr. Unsec. Sub. Bonds, 11/1/16 3,385,000 3,672,725 Sally Holdings LLC, 10.50% Sr. Unsec. Sub. Nts., 11/15/16 1,280,000 1,401,600 Toys R Us, Inc., 7.375% Sr. Unsec. Unsub. Bonds, 10/15/18 7,495,000 7,232,675 -------------- 25,368,275 CONSUMER STAPLES--0.7% BEVERAGES--0.1% AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17(1) 4,470,000 BRR 2,472,721 Cott Beverages, Inc., 8.375% Sr. Nts., 11/15/17(2) 1,610,000 1,666,350 -------------- 4,139,071 FOOD & STAPLES RETAILING--0.1% Pantry, Inc. (The), 7.75% Sr. Unsec. Sub. Nts., 2/15/14 1,805,000 1,759,875 Real Time Data Co., 11% Nts., 5/31/09(2, 3, 4, 11) 142,981 -- -------------- 1,759,875 FOOD PRODUCTS--0.4% ASG Consolidated LLC/ASG Finance, Inc., 11.50% Sr. Unsec. Nts., 11/1/11 5,675,000 5,731,750 Chiquita Brands International, Inc., 8.875% Sr. Unsec. Unsub. Nts., 12/1/15 1,690,000 1,761,825 JBS USA LLC/JBS USA Finance, Inc., 11.625% Sr. Nts., 5/1/14(2) 2,730,000 3,125,850 MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11(2) 1,500,000 1,520,625 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 6,610,000 7,023,125 -------------- 19,163,175 PERSONAL PRODUCTS--0.1% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 2,725,000 2,745,438 Revlon Consumer Products Corp., 9.75% Sr. Sec. Nts., 11/15/15(2) 2,455,000 2,547,063 -------------- 5,292,501 ENERGY--4.2% ENERGY EQUIPMENT & SERVICES--0.3% Gibson Energy ULC/GEP Midstream Finance Corp., 10% Sr. Unsec. Nts., 1/15/18(2) 4,580,000 4,522,750 Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16(2) 4,140,000 4,284,900 North American Energy Alliance LLC, 10.875% Sr. Sec. Nts., 6/1/16(2) 3,280,000 3,509,600 -------------- 12,317,250 OIL, GAS & CONSUMABLE FUELS--3.9% Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15(2) 3,000,000 3,097,500
21 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Alon Refining Krotz Springs, Inc., 13.50% Sr. Sec. Nts., 10/15/14 $ 3,665,000 $ 3,545,888 Antero Resources Finance Corp., 9.375% Sr. Nts., 12/1/17(2) 4,915,000 5,087,025 Arch Coal, Inc., 8.75% Sr. Nts., 8/1/16(2) 4,810,000 5,110,625 Atlas Energy Resources LLC, 10.75% Sr. Unsec. Nts., 2/1/18 6,775,000 7,486,375 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 2,285,000 2,216,450 Berry Petroleum Co.: 8.25% Sr. Sub. Nts., 11/1/16 1,940,000 1,973,950 10.25% Sr. Unsec. Nts., 6/1/14 2,485,000 2,752,138 Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16 2,365,000 2,560,113 Bumi Capital Pte. Ltd., 12% Sr. Sec. Nts., 11/10/16(2) 2,100,000 2,304,750 Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16 1,780,000 1,766,650 Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Nts., 12/15/17(2) 3,505,000 3,592,625 Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875% Sr. Unsec. Nts., 2/15/18(2) 1,285,000 1,331,581 Denbury Resources, Inc., 8.25% Sr. Unsec. Sub. Nts., 2/15/20 1,795,000 1,911,675 Energy XXI Gulf Coast, Inc., 10% Sr. Unsec. Nts., 6/15/13 1,745,000 1,797,350 Enterprise Products Operating LLP, 8.375% Jr. Sub. Nts., 8/1/66(1) 5,385,000 5,472,420 Forest Oil Corp.: 7.25% Sr. Unsec. Nts., 6/15/19 1,900,000 1,919,000 8.50% Sr. Unsec. Sub. Nts., 2/15/14 3,315,000 3,513,900 Kazmunaigaz Finance Sub BV: 9.125% Nts., 7/2/18(2) 7,030,000 8,550,238 11.75% Sr. Unsec. Nts., 1/23/15(2) 18,100,000 23,349,000 Mariner Energy, Inc., 11.75% Sr. Unsec. Nts., 6/30/16 6,845,000 7,717,738 Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15(2) 5,185,000 5,340,550 Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14 2,570,000 2,688,991 OPTI Canada, Inc., 9% Sr. Sec. Nts., 12/15/12(2) 1,255,000 1,298,925 Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38 2,960,000 2,884,547 Petrobras International Finance Co.: 5.75% Sr. Unsec. Unsub. Nts., 1/20/20 2,170,000 2,233,995 5.875% Sr. Unsec. Nts., 3/1/18 1,380,000 1,448,102 7.875% Sr. Unsec. Nts., 3/15/19 6,040,000 7,094,330 Petrohawk Energy Corp., 10.50% Sr. Unsec. Nts., 8/1/14 6,060,000 6,719,025 Petroleos Mexicanos: 6% Sr. Unsec. Nts., 3/5/20(2) 2,680,000 2,760,400 8% Unsec. Unsub. Nts., 5/3/19 5,130,000 6,040,575 Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19(2) 4,330,000 4,947,025 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11(2) 1,568,376 1,551,348 Plains Exploration & Production Co., 10% Sr. Unsec. Nts., 3/1/16 5,690,000 6,315,900 PT Adaro Indonesia, 7.625% Nts., 10/22/19(2) 3,750,000 3,914,250 Quicksilver Resources, Inc.: 8.25% Sr. Unsec. Nts., 8/1/15 3,675,000 3,766,875 9.125% Sr. Unsec. Nts., 8/15/19 2,035,000 2,146,925
22 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- OIL, GAS & CONSUMABLE FUELS CONTINUED 11.75% Sr. Nts., 1/1/16 $ 2,260,000 $ 2,599,000 Range Resources Corp.: 7.50% Sr. Unsec. Unsub. Nts., 10/1/17 1,020,000 1,055,700 8% Sr. Unsec. Sub. Nts., 5/15/19 2,530,000 2,713,425 SandRidge Energy, Inc.: 8.75% Sr. Nts., 1/15/20(2) 4,365,000 4,277,700 9.875% Sr. Unsec. Nts., 5/15/16(2) 4,000,000 4,130,000 Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 2,050,000 2,234,500 Tengizchevroil LLP, 6.124% Nts., 11/15/14(2) 2,620,953 2,809,137 Western Refining, Inc., 11.25% Sr. Sec. Nts., 6/15/17(2) 2,545,000 2,303,225 Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32 710,000 867,354 ---------------- 181,198,795 FINANCIALS--3.1% CAPITAL MARKETS--0.3% Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69(2) 1,550,000 1,697,250 Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16 1,875,000 1,771,875 E*TRADE Financial Corp., 12.50% Sr. Unsec. Unsub. Nts., 11/30/17(11) 2,295,000 2,754,000 Fox Acquisition Sub LLC, 13.375% Sr. Nts., 7/15/16(2) 165,000 157,781 Graham Packaging Co. LP: 8.50% Sr. Nts., 1/1/17(2) 2,250,000 2,278,125 9.875% Sr. Unsec. Sub. Nts., 10/15/14 4,930,000 5,139,525 MU Finance plc, 8.375% Sr. Sec. Nts., 2/1/17(2) 2,440,000 2,418,650 ---------------- 16,217,206 COMMERCIAL BANKS--1.4% Banco BMG SA: 9.15% Nts., 1/15/16(2) 3,520,000 3,810,400 9.95% Unsec. Unsub. Nts., 11/5/19(2) 2,100,000 2,310,000 Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21(1, 2) 1,510,000 1,536,878 Banco do Brasil SA: 4.50% Sr. Unsec. Nts., 1/22/15(2) 3,400,000 3,508,392 8.50% Jr. Sub. Perpetual Bonds(2, 12) 4,250,000 4,738,750 Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 5,385,000 EUR 7,509,114 4.50% Sr. Sec. Nts., 7/13/21 3,684,000 EUR 4,929,503 Depfa ACS Bank, 4.375% Sr. Sec. Nts., 1/15/15 1,900,000 EUR 2,636,234 HSBK Europe BV: 7.25% Unsec. Unsub. Nts., 5/3/17(2) 1,360,000 1,353,200 9.25% Sr. Nts., 10/16/13(2) 16,570,000 18,019,875 ICICI Bank Ltd.: 5.50% Sr. Unsec. Nts., 3/25/15(2) 6,050,000 6,145,130 6.375% Bonds, 4/30/22(1, 2) 6,060,000 5,721,543 Inter-American Development Bank, 5.942% Nts., 1/25/12(1) 353,428,589 COP 182,119 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04(2, 3, 4) 90,000 --
23 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- COMMERCIAL BANKS CONTINUED Salisbury International Investments Ltd., 4.399% Sec. Nts., Series 2006-003, Tranche E, 7/20/11(1) $ 1,100,000 $ 951,060 ---------------- 63,352,198 CONSUMER FINANCE--0.0% JSC Astana Finance, 9.16% Nts., 3/14/12(3, 4) 7,200,000 2,190,960 DIVERSIFIED FINANCIAL SERVICES--0.7% Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(2) 5,344,092 4,168,392 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 1,090,000 EUR 1,481,230 Banco Invex SA, 28.588% Mtg.-Backed Certificates, Series 062U, 3/13/34(1, 13) 4,830,734 MXN 1,325,978 Capmark Financial Group, Inc.: 3.438% Sr. Unsec. Nts., 5/10/10(3, 4) 4,000,000 1,225,000 5.875% Sr. Unsec. Nts., 5/10/12(3, 4) 2,455,000 760,471 CIT Group, Inc., 7% Sr. Sec. Bonds, 5/1/17 8,765,000 8,107,625 Cloverie plc, 4.521% Sec. Nts., Series 2005-93, 12/20/10(1) 1,100,000 1,028,170 GMAC, Inc., 8% Sr. Unsec. Nts., 11/1/31 7,540,000 7,238,400 JPMorgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35(2) 5,808,600 MXN 418,516 25.80% Mtg.-Backed Certificates, Series 06U, 9/25/35(1) 2,116,990 MXN 401,077 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(2, 14) 6,360,000 3,529,463 TNK-BP Finance SA, 7.25% Sr. Unsec. Unsub. Bonds, 2/2/20(2) 900,000 942,750 Universal City Development Partners Ltd., 8.875% Sr. Nts., 11/15/15(2) 2,815,000 2,850,188 ---------------- 33,477,260 INSURANCE--0.4% American General Finance, 6.90% Nts., Series J, 12/15/17 5,475,000 4,801,657 International Lease Finance Corp., 5.875% Unsec. Unsub. Nts., 5/1/13 7,600,000 7,303,570 Multiplan, Inc., 10.375% Sr. Sub. Nts., 4/15/16(2) 3,975,000 4,114,125 ---------------- 16,219,352 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0% Wallace Theatre Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13(1, 2) 665,000 686,613 THRIFTS & MORTGAGE FINANCE--0.3% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(2) 1,370,000 1,265,538 WM Covered Bond Program: 3.875% Sec. Nts., Series 1, 9/27/11 1,124,000 EUR 1,563,655 4% Sec. Mtg. Nts., Series 2, 9/27/16 7,095,000 EUR 9,722,847 4.375% Sec. Nts., 5/19/14 760,000 EUR 1,078,048 ---------------- 13,630,088 HEALTH CARE--1.1% HEALTH CARE EQUIPMENT & SUPPLIES--0.3% Accellent, Inc., 10.50% Sr. Unsec. Sub. Nts., 12/1/13 3,340,000 3,406,800 Biomet, Inc.: 10.375% Sr. Unsec. Nts., 10/15/17(11) 4,070,000 4,497,350 11.625% Sr. Unsec. Sub. Nts., 10/15/17 1,911,000 2,149,875 Inverness Medical Innovations, Inc., 7.875% Sr. Nts., 2/1/16(2) 1,630,000 1,603,513
24 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15(11) $ 2,340,000 $ 2,340,000 ---------------- 13,997,538 HEALTH CARE PROVIDERS & SERVICES--0.7% Apria Healthcare Group, Inc.: 11.25% Sr. Sec. Nts., 11/1/14(2) 1,535,000 1,676,988 12.375% Sr. Sec. Nts., 11/1/14(2) 3,070,000 3,377,000 BioScrip, Inc., 10.25% Sr. Unsec. Nts., 10/1/15(2) 1,090,000 1,114,525 Catalent Pharma Solutions, Inc., 8.956% Sr. Unsec. Nts., 4/15/15(11) 2,476,481 2,445,525 Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15 4,145,000 4,300,438 HCA, Inc., 6.375% Nts., 1/15/15 5,165,000 4,932,575 HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16 4,975,000 5,404,094 Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 5,580,000 5,342,850 US Oncology Holdings, Inc., 6.643% Sr. Unsec. Nts., 3/15/12(1, 11) 1,872,850 1,783,890 US Oncology, Inc., 9.125% Sr. Sec. Nts., 8/15/17 2,155,000 2,262,750 Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18(2) 2,455,000 2,399,763 ---------------- 35,040,398 PHARMACEUTICALS--0.1% DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14 2,920,000 3,186,450 INDUSTRIALS--2.7% AEROSPACE & DEFENSE--0.2% Hawker Beechcraft Acquisition Co. LLC, 8.50% Sr. Unsec. Nts., 4/1/15 7,305,000 5,679,638 Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11 5,105,000 5,156,050 ---------------- 10,835,688 AIRLINES--0.6% American Airlines, Inc., 10.50% Sr. Sec. Nts., 10/15/12(2) 8,830,000 9,448,100 Delta Air Lines, Inc.: 9.50% Sr. Sec. Nts., 9/15/14(2) 1,010,000 1,066,813 12.25% Sr. Sec. Nts., 3/15/15(2) 7,955,000 8,521,794 United Air Lines, Inc.: 9.875% Sr. Sec. Nts., 8/1/13(2) 4,090,000 4,314,950 12% Sr. Sec. Nts., 11/1/13(2) 5,315,000 5,527,600 ---------------- 28,879,257 BUILDING PRODUCTS--0.4% AMH Holdings, Inc., 11.25% Sr. Unsec. Nts., 3/1/14 7,955,000 8,223,481 Associated Materials LLC, 9.875% Sr. Sec. Nts., 11/15/16 1,620,000 1,757,700 Goodman Global Group, Inc., 11.843% Sr. Nts., 12/15/14(2, 10) 4,155,000 2,451,450 Ply Gem Industries, Inc., 13.125% Sr. Sub. Nts., 7/15/14(2) 5,065,000 5,280,263 ---------------- 17,712,894 COMMERCIAL SERVICES & SUPPLIES--0.3% Acco Brands Corp., 10.625% Sr. Sec. Nts., 3/15/15(2) 1,365,000 1,498,088 Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15 2,320,000 2,383,800
25 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED West Corp., 9.50% Sr. Unsec. Nts., 10/15/14 $ 8,635,000 $ 8,915,638 ---------------- 12,797,526 CONSTRUCTION & ENGINEERING--0.2% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(2) 6,272,056 6,899,262 Odebrecht Finance Ltd.: 7% Sr. Unsec. Nts., 4/21/20(2) 1,530,000 1,600,763 9.625% Sr. Unsec. Nts., 4/9/14(2) 1,520,000 1,786,000 ---------------- 10,286,025 MACHINERY--0.3% Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13 5,415,000 5,428,538 Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17 6,840,000 6,686,100 ---------------- 12,114,638 MARINE--0.1% Marquette Transportation Co., 10.875% Sr. Sec. Nts., 1/15/17(2) 4,400,000 4,493,500 Navios Maritime Holdings, Inc., 8.875% Nts., 11/1/17(2) 1,240,000 1,289,600 ---------------- 5,783,100 PROFESSIONAL SERVICES--0.1% Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15(2) 5,265,000 4,975,425 ROAD & RAIL--0.3% Avis Budget Car Rental LLC: 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 6,095,000 6,064,525 9.625% Sr. Nts., 3/15/18(2) 545,000 572,250 Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16 3,785,000 4,083,069 Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(2) 2,911,280 2,387,250 Transnet Ltd., 10.80% Sr. Unsec. Nts., 11/6/23 10,000,000 ZAR 1,437,669 ---------------- 14,544,763 TRADING COMPANIES & DISTRIBUTORS--0.2% Ashtead Capital, Inc., 9% Nts., 8/15/16(2) 1,610,000 1,638,175 Ashtead Holdings plc, 8.625% Sr. Sec. Nts., 8/1/15(2) 1,270,000 1,276,350 RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/17(2) 655,000 697,575 United Rentals North America, Inc.: 7% Sr. Unsec. Unsub. Nts., 2/15/14 1,710,000 1,590,300 9.25% Sr. Unsec. Unsub. Nts., 12/15/19 1,495,000 1,532,375 ---------------- 6,734,775 INFORMATION TECHNOLOGY--1.2% ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% RBS Global, Inc./Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 5,530,000 5,958,575 Sanmina-SCI Corp., 8.125% Sr. Sub. Nts., 3/1/16 10,370,000 10,486,663 ---------------- 16,445,238 IT SERVICES--0.4% First Data Corp., 9.875% Sr. Unsec. Nts., 9/24/15 9,700,000 8,414,750 SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 3,420,000 3,522,600 10.25% Sr. Unsec. Sub. Nts., 8/15/15 6,397,000 6,756,831 ---------------- 18,694,181
26 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.5% Freescale Semiconductor, Inc., 8.875% Sr. Unsec. Nts., 12/15/14 $ 11,655,000 $ 11,188,800 NXP BV/NXP Funding LLC: 7.875% Sr. Sec. Nts., 10/18/14 5,290,000 5,184,200 9.50% Sr. Unsec. Unsub. Nts., 10/15/15 5,150,000 5,111,375 ---------------- 21,484,375 MATERIALS--3.0% CHEMICALS--0.8% Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(2) 4,185,000 4,415,175 Hexion Finance Escrow LLC/Hexion Escrow Corp., 8.875% Sr. Sec. Nts., 2/1/18(2) 6,950,000 6,880,500 Hexion US Finance Corp./Hexion Nova Scota Finance ULC, 9.75% Sr. Sec. Nts., 11/15/14 4,160,000 4,264,000 Huntsman International LLC, 7.375% Sr. Unsub. Nts., 1/1/15 9,455,000 9,431,363 Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 14,365,000 13,431,275 ---------------- 38,422,313 CONSTRUCTION MATERIALS--0.2% C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.(2, 12) 2,750,000 1,957,882 CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/16(2) 2,270,000 2,360,800 Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/20(2) 1,800,000 1,831,500 ---------------- 6,150,182 CONTAINERS & PACKAGING--0.4% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 7,045,000 6,912,906 Cascades, Inc.: 7.75% Sr. Nts., 12/15/17(2) 1,250,000 1,265,625 7.875% Sr. Nts., 1/15/20(2) 850,000 858,500 Graphic Packing International, Inc., 9.50% Sr. Unsec. Unsub. Nts., 6/15/17 5,295,000 5,678,888 Jefferson Smurfit Corp., 7.50% Sr. Unsec. Unsub. Nts., 6/1/13(3, 4) 1,360,000 1,203,600 Smurfit-Stone Container Corp., 8% Sr. Unsec. Unsub. Nts., 3/15/17(3, 4) 2,895,000 2,598,263 Stone Container Corp., 8.375% Sr. Nts., 7/1/12(3, 4) 1,365,000 1,218,263 ---------------- 19,736,045 METALS & MINING--0.7% CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19(2) 1,500,000 1,575,000 Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15(2) 2,445,000 2,301,356 Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15(1) 6,055,000 5,873,350 United Maritime LLC, 11.75% Sr. Sec. Nts., 6/15/15(2) 3,515,000 3,620,450 Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(2) 14,715,000 16,333,650 Voto-Votorantim Overseas Trading Operations, 6.625% Sr. Unsec. Nts., 9/25/19(2) 1,400,000 1,410,500 ---------------- 31,114,306 PAPER & FOREST PRODUCTS--0.9% Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/15(3, 4) 2,675,000 675,438
27 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- PAPER & FOREST PRODUCTS CONTINUED Abitibi-Consolidated, Inc.: 6% Sr. Unsec. Unsub. Nts., 6/20/13(3, 4) $ 3,035,000 $ 766,338 7.75% Sr. Unsec. Nts., 6/15/11(3, 4) 3,140,000 792,850 8.85% Unsec. Bonds, 8/1/30(3, 4) 1,425,000 359,813 Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15(2) 4,900,000 4,900,000 Bowater Pulp & Paper Canada, Inc., 10.60% Sr. Unsec. Nts., 1/15/11(3, 4) 2,760,000 690,000 Bowater, Inc.: 6.50% Sr. Unsec. Nts., 6/15/13(3, 4) 4,755,000 1,783,125 9% Sr. Unsec. Nts., 8/1/09(3, 4) 1,390,000 531,675 Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16(2) 4,466,000 4,499,495 Celulosa Arauco y Constitucion SA, 7.25% Sr. Unsec. Unsub. Nts., 7/29/19 1,860,000 2,005,530 Grupo Papelero Scribe SA, 8.875% Sr. Nts., 4/7/20(2, 8) 2,300,000 2,340,250 NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14 10,895,000 10,895,000 PE Paper Escrow GmbH, 12% Sr. Sec. Nts., 8/1/14(2) 1,835,000 2,077,090 Verso Paper Holdings LLC: 9.125% Sr. Sec. Nts., 8/1/14 3,625,000 3,534,375 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16 6,365,000 5,585,288 ---------------- 41,436,267 TELECOMMUNICATION SERVICES--2.0% DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19(2) 4,545,000 4,658,625 Cincinnati Bell, Inc., 8.25% Sr. Nts., 10/15/17 2,510,000 2,553,925 Global Crossing Ltd., 12% Sr. Sec. Nts., 9/15/15(2) 3,455,000 3,852,325 Intelsat Bermuda Ltd., 11.25% Sr. Unsec. Nts., 2/4/17 5,055,000 5,370,938 Intelsat Jackson Holdings SA, 11.25% Sr. Unsec. Nts., 6/15/16 2,355,000 2,561,063 Level 3 Financing, Inc., 9.25% Sr. Unsec. Unsub. Nts., 11/1/14 7,940,000 7,781,200 PAETEC Holding Corp.: 8.875% Sr. Sec. Nts., 6/30/17(2) 3,045,000 3,143,963 9.50% Sr. Unsec. Unsub. Nts., 7/15/15 8,505,000 8,653,838 Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16(2) 3,290,100 PEN 1,202,530 Telmar Norte Leste SA, 9.50% Sr. Unsec. Nts., 4/23/19(2) 3,355,000 4,000,838 tw telecom holdings, Inc., 8% Sr. Nts., 3/1/18(2) 1,090,000 1,119,975 Windstream Corp., 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 2,560,000 2,630,400 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(3, 4) 250,000 -- ---------------- 47,529,620 WIRELESS TELECOMMUNICATION SERVICES--1.0% America Movil SAB de CV: 6.125% Sr. Nts., 3/30/40(2) 3,000,000 2,939,400 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 52,700,000 MXN 3,653,457 Clearwire Communications LLC, 12% Sr. Sec. Nts., 12/1/15(2) 5,055,000 5,181,375 Cricket Communications, Inc., 9.375% Sr. Unsec. Nts., 11/1/14 10,085,000 10,311,913 MetroPCS Wireless, Inc., 9.25% Sr. Unsec. Nts., 11/1/14 10,060,000 10,336,650 Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 5,820,000 5,558,100 Sprint Capital Corp.: 8.375% Nts., 3/15/12 2,455,000 2,565,475
28 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED 8.75% Nts., 3/15/32 $ 5,705,000 $ 5,319,913 Teligent, Inc., 11.50% Sr. Nts., 12/1/08(3, 4) 500,000 -- ---------------- 45,866,283 UTILITIES--1.9% ELECTRIC UTILITIES--1.0% Centrais Eletricas Brasileiras SA, 6.857% Sr. Unsec. Unsub. Nts., 7/30/19(2) 2,700,000 2,956,500 Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 11,945,000 8,391,363 Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10(2) 1,115,000 BRR 636,390 Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19(2) 2,600,000 2,886,000 Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17 1,710,000 1,278,225 Eskom Holdings Ltd.: 9.25% Bonds, Series ES18, 4/20/18 20,000,000 ZAR 2,783,684 10% Nts., Series ES23, 1/25/23 26,000,000 ZAR 3,732,160 Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(2) 9,000,000 9,790,974 Majapahit Holding BV: 7.25% Nts., 10/17/11(2) 1,990,000 2,116,863 7.75% Nts., 10/17/16(2) 4,450,000 4,900,563 8% Sr. Unsec. Nts., 8/7/19(2) 2,300,000 2,538,625 National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 109,600,000 PHP 2,265,730 Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15 1,795,000 1,256,500 TGI International Ltd., 9.50% Nts., 10/3/17(2) 2,692,000 3,008,310 ---------------- 48,541,887 ENERGY TRADERS--0.9% AES Corp. (The), 8% Sr. Unsec. Unsub. Nts., 10/15/17 1,145,000 1,167,900 Colbun SA, 6% Sr. Unsec. Nts., 1/21/20(2) 3,060,000 3,088,305 Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16 10,010,000 8,358,350 Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20(2) 4,975,000 5,211,313 Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13 2,950,000 2,957,375 NRG Energy, Inc.: 7.375% Sr. Nts., 1/15/17 3,625,000 3,597,813 7.375% Sr. Nts., 2/1/16 5,160,000 5,134,200 Power Sector Assets & Liabilities Management Corp.: 7.25% Sr. Gtd. Unsec. Nts., 5/27/19(2) 2,280,000 2,479,500 7.39% Sr. Gtd. Unsec. Nts., 12/2/24(2) 2,270,000 2,400,525 PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/15(2) 2,100,000 2,277,902 Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14 4,170,000 3,919,800 ---------------- 40,592,983 ---------------- Total Corporate Bonds and Notes (Cost $1,083,271,594) 1,155,730,309
Shares ---------------- PREFERRED STOCKS--0.0% AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.(4, 11) 4,253 --
29 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ---------------- ---------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.(4) 5,000 $ -- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.(4, 11) 151 -- ---------------- Total Preferred Stocks (Cost $537,064) -- COMMON STOCKS--0.1% American Media, Inc. (2, 4) 1,562 -- Arco Capital Corp. Ltd. (2, 4) 690,638 1,726,595 Charter Communications, Inc., Cl. A (4) 110,986 3,829,017 Global Aviation Holdings, Inc. (4) 1 1,000 MHP SA, GDR (2, 4) 56,610 769,330 Orbcomm, Inc. (4) 375 806 Premier Holdings Ltd. (4) 18,514 -- ---------------- Total Common Stocks (Cost $12,804,011) 6,326,748
Units ---------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11 (4) (Cost $2,025) 266 3
Principal Amount ---------------- STRUCTURED SECURITIES--4.5% Barclays Bank plc: Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24 9,240,000,000 IDR 1,042,350 Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24 15,630,000,000 IDR 1,763,195 Citigroup Funding, Inc.: Ghana (Republic of) Credit Linked Bonds, Series 1, 13.95%, 12/15/10(1, 2) 2,650,000 GHS 1,854,394 Ghana (Republic of) Credit Linked Bonds, Series 10, 13.95%, 12/15/10(1, 2) 1,120,000 GHS 783,744 Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10(2) 1,180,000 GHS 825,647 Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10(2) 1,180,000 GHS 825,647 Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10(2) 1,180,000 GHS 825,647 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 15,590,000,000 IDR 1,991,689 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 31,590,000,000 IDR 4,035,757 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 31,580,000,000 IDR 4,034,480 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15 15,790,000,000 IDR 1,825,494 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15 15,670,000,000 IDR 1,811,620 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15 33,010,000,000 IDR 3,816,311 Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18(2) 3,255,000,000 COP 1,914,178 Colombia (Republic of) Credit Linked Nts., 11%, 5/19/11 6,880,000,000 COP 3,824,179 Colombia (Republic of) Credit Linked Nts., 13.244%, 2/26/15(2, 13) 2,199,000,000 COP 2,414,433 Colombia (Republic of) Credit Linked Nts., Series 01, 13.244%, 2/26/15(2, 13) 811,000,000 COP 890,453
30 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- Colombia (Republic of) Credit Linked Nts., Series 02, 13.244% 2/26/15(2, 13) 1,345,000,000 COP $ 1,476,768 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12(2) 552,359,546 COP 334,137 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(2) 1,034,000,000 COP 625,493 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(2) 1,200,000,000 COP 725,911 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(2) 927,000,000 COP 560,766 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12(2) 49,300,000 DOP 1,397,138 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/6/10(2) 2,990,000 GHS 2,103,891 Credit Suisse First Boston International: Moitk Total Return Linked Nts., 21%, 3/30/11(3) 53,910,000 RUR 183 Oreniz Total Return Linked Nts., 9.24%, 2/24/12(1) 105,151,500 RUR 2,857,329 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17 14,609,000,000 VND 382,435 Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 0%, 5/20/10(3, 4, 16) 97,250,000 RUR 33,033 Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/27/12 106,500,000 RUR 3,364,243 Credit Suisse International: OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 41,550,000 RUR 1,592,676 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 30,880,000 RUR 1,183,678 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 44,460,000 RUR 1,704,221 Deutsche Bank AG: Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 3,896,333 MXN 302,820 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 2,589,458 MXN 201,250 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.242%, 4/30/25(2, 10) 2,843,277 1,662,454 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.269%, 4/30/25(2, 10) 2,271,446 1,328,107 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.346%, 4/30/25(2, 10) 2,135,063 1,248,364 Coriolanus Ltd. Sec. Credit Linked Nts., 10.002%, 12/31/17(2, 13) 20,560,000 BRR 7,283,606 Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/10(2) 3,300,000 1,412,400 Coriolanus Ltd. Sec. Credit Linked Nts., 3.138%, 4/30/25(2, 8, 10) 2,000,799 1,169,860 Coriolanus Ltd. Sec. Credit Linked Nts., 3.191%, 4/30/25(2, 10) 2,491,157 1,456,571 Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11(1, 2) 655,000 749,517 Indonesia (Republic of) Credit Linked Nts., 10.50%, 8/23/30 40,660,000,000 IDR 4,546,485 Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/22/21 11,690,000,000 IDR 1,612,332 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 885,645 Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 29,700,000,000 IDR 4,079,865 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 45,990,000 RUR 1,762,868 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 38,600,000 RUR 1,479,598 Opic Reforma I Credit Linked Nts., Cl. 1A, 6.93%, 9/24/14(1, 2, 17) 14,850,000 MXN 1,201,092 Opic Reforma I Credit Linked Nts., Cl. 1B, 6.93%, 9/24/14(1, 2, 17) 2,970,000 MXN 240,218
31 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- Opic Reforma I Credit Linked Nts., Cl. 1C, 6.93%, 9/24/14(1, 2, 17) 4,950,000 MXN $ 400,364 Opic Reforma I Credit Linked Nts., Cl. 1D, 6.93%, 9/24/14(1, 2, 17) 2,475,000 MXN 200,182 Opic Reforma I Credit Linked Nts., Cl. 1E, 6.93%, 9/24/14(1, 2, 17) 3,465,000 MXN 280,255 Opic Reforma I Credit Linked Nts., Cl. 2A, 8.42%, 5/22/15(1, 2, 17) 1,417,014 MXN 114,610 Opic Reforma I Credit Linked Nts., Cl. 2B, 8.42%, 5/22/15(1, 2, 17) 2,479,100 MXN 200,514 Opic Reforma I Credit Linked Nts., Cl. 2C, 8.42%, 5/22/15(1, 2, 17) 37,378,810 MXN 3,023,258 Opic Reforma I Credit Linked Nts., Cl. 2D, 8.42%, 5/22/15(1, 2, 17) 2,724,116 MXN 220,331 Opic Reforma I Credit Linked Nts., Cl. 2E, 8.42%, 5/22/15(1, 2, 17) 1,979,122 MXN 160,075 Opic Reforma I Credit Linked Nts., Cl. 2F, 8.42%, 5/22/15(1, 2, 17) 1,263,966 MXN 102,232 Opic Reforma I Credit Linked Nts., Cl. 2G, 8.42%, 5/22/15(1, 2, 17) 232,771 MXN 18,827 Ukraine (Republic of) 5 yr. Total Return Linked Nts., 4.05%, 8/27/10 885,000 442,500 Ukraine (Republic of) 5.5 yr. Total Return Linked Nts., 4.05%, 3/1/11 885,000 442,500 Ukraine (Republic of) 6 yr. Total Return Linked Nts., 4.05%, 8/30/11 885,000 442,500 Ukraine (Republic of) 6.5 yr. Total Return Linked Nts., 4.05%, 2/29/12 885,000 442,500 Ukraine (Republic of) 7 yr. Total Return Linked Nts., 4.05%, 8/30/12 885,000 442,500 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 2,581,081 MXN 200,599 Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11(1, 2) 34,190,000 RUR 1,162,430 Eirles Two Ltd. Sec. Nts.: Series 324, 3.791%, 4/30/12(1, 2) 4,100,000 3,093,040 Series 335, 2.241%, 4/30/12(1, 2) 6,300,000 5,544,000 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17(2, 10) 21,980,000 TRY 5,905,513 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(2, 10) 63,720,800,000 COP 1,488,161 Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.494%, 12/20/17(1, 2) 12,250,000 10,688,125 Series 2008-01, 9.888%, 8/2/10(2, 3, 4, 10) 14,337,604 BRR 806,231 Series 2008-2A, 6.704%, 9/17/13(1, 2) 17,001,250 17,162,762 JPMorgan Chase & Co.: Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(2, 10) 12,177,000,000 COP 3,425,306 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16(2, 10) 12,125,000,000 COP 3,410,679 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 24,160,000,000 IDR 3,081,233 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15(2, 10) 3,470,000 PEN 838,283 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10(2) 1,120,000 1,126,720 JPMorgan Chase & Co. London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21 25,490,000,000 IDR 3,491,759 JPMorgan Chase Bank NA: Indonesia (Republic of) Credit Linked Nts., Series 2, 10.50%, 8/19/30(2) 40,660,000,000 IDR 4,539,871 Indonesia (Republic of) Credit Linked Nts., Series 2, 11%, 9/17/25(2) 15,710,000,000 IDR 1,905,503
32 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/25(2) 31,420,000,000 IDR $ 3,811,007 Indonesia (Republic of) Credit Linked Nts., Series 5, 10.50%, 8/19/30(2) 29,550,000,000 IDR 3,299,390 Russian Federation Credit Linked Bonds, 10%, 9/30/11(1, 2) 130,790,000 RUR 4,729,062 Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12(2) 5,267,585 5,234,399 Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(2) 1,784,000,000 COP 843,956 Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(2) 4,885,000 PEN 1,384,457 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 82,980,910 RUR 1,382,832 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/10/12 12,674,876 RUR 429,851 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(2, 10) 28,914,000 BRR 1,744,010 Ukraine (Republic of) Credit Linked Nts., 2.396%, 10/15/17(1, 2) 8,300,000 6,100,500 Ukraine (Republic of) Credit Linked Nts., Series 2, 3.266%, 10/15/17(1, 2) 6,800,000 4,964,000 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(2) 2,000,000 1,704,400 WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12 5,531,391 5,313,454 WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12 7,398,153 7,108,885 UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(2) 1,222,052 GHS 808,537 ---------------- Total Structured Securities (Cost $234,322,508) 209,106,275 EVENT-LINKED BONDS--1.0% Akibare Ltd. Catastrophe Linked Nts., Cl. A, 3.201%, 5/22/12(1, 2) 1,888,000 1,862,512 Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 11.751%, 2/24/12(1, 2) 820,000 906,920 East Lane Re II Ltd. Catastrophe Linked Nts., 14.751%, 4/7/11(1, 2) 2,808,000 2,787,291 East Lane Re III Ltd. Catastrophe Linked Nts., 10.501%, 3/16/12(1, 2) 3,373,000 3,630,866 Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 4.149%, 8/10/11(1, 2) 2,880,000 2,845,440 Foundation RE III Ltd. Catastrophe Linked Nts., Series 1-A, 5.806%, 2/3/14(1, 2) 1,253,000 1,269,571 Longpoint RE Ltd. Catastrophe Linked Nts.: 5.40%, 12/18/13(1, 2) 1,915,000 1,949,393 5.40%, 12/24/12(1, 2) 1,033,000 1,050,571 Medquake Ltd. Catastrophe Linked Nts., 5.35%, 5/31/10(1, 2) 1,500,000 1,496,400 Merna Reinsurance II Ltd. Catastrophe Linked Nts., 4/8/13(1, 2, 15) 1,949,000 1,949,000 Midori Ltd. Catastrophe Linked Nts., 3.001%, 10/24/12(1, 2) 3,314,000 3,278,209 Multicat Mexico 2009 Ltd. Catastrophe Linked Nts.: 10.25%, 10/19/12(1, 2) 599,000 603,792
33 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Principal Amount Value ---------------- ---------------- 11.50%, 10/19/12(1, 2) $ 1,790,000 $ 1,888,987 Muteki Ltd. Catastrophe Linked Nts., 4.65%, 5/24/11(1, 2) 2,100,000 2,073,278 Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 12.15%, 6/21/10(1, 2) 3,340,000 3,395,194 Redwood Capital XI Ltd. Catastrophe Linked Nts., 6.25%, 1/10/11(1, 2) 1,331,000 1,340,230 Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.: Series CL2, 11.752%, 6/6/11(1, 2) 2,590,000 2,617,195 Series CL3, 12.502%, 6/7/10(1, 2) 1,000,000 1,013,000 Successor X Ltd. Catastrophe Linked Nts.: 12.941%, 12/9/10(2, 10) 683,000 620,437 23.131%, 12/9/10(2, 10) 939,000 806,507 16.75%, 4/4/13(1, 2) 1,774,000 1,773,113 Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/11(2, 10) 4,205,000 6,344,294 Willow Re Ltd. Catastrophe Linked Nts., 6.382%, 6/16/10(2, 3) 1,582,000 1,281,420 ---------------- Total Event-Linked Bonds (Cost $44,370,236) 46,783,620 Shares ---------------- INVESTMENT COMPANIES--15.5% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00% (16, 18) 1,373,237 1,373,237 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15% (18, 19) 238,559,144 238,559,144 Oppenheimer Master Event-Linked Bond Fund, LLC (4, 19) 1,404,749 14,877,006 Oppenheimer Master Loan Fund, LLC (4, 19) 43,351,230 467,866,737 ---------------- Total Investment Companies (Cost $708,769,148) 722,676,124 ---------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $4,648,471,721) 4,701,923,914 INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.1% OFI Liquid Assets Fund, LLC, 0.18%(18, 19) (Cost $5,163,000) 5,163,000 5,163,000 ---------------- TOTAL INVESTMENTS, AT VALUE (COST $4,653,634,721) 101.2% 4,707,086,914 LIABILITIES IN EXCESS OF OTHER ASSETS (1.2) (56,827,446) ---------------- ---------------- NET ASSETS 100.0% $ 4,650,259,468 ================ ================
Footnotes to Statement of Investments PRINCIPAL AMOUNT IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCIES: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EGP Egyptian Pounds 34 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) EUR Euro GBP British Pound Sterling GHS Ghana Cedi HUF Hungarian Forint IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen KRW South Korean Won MXN Mexican Nuevo Peso MYR Malaysian Ringgit NOK Norwegian Krone PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira VND Vietnam Dong ZAR South African Rand (1.) Represents the current interest rate for a variable or increasing rate security. (2.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $845,228,362 or 18.18% of the Fund's net assets as of March 31, 2010. (3.) Issue is in default. See accompanying Notes. (4.) Non-income producing security. (5.) All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $26,625,462. See accompanying Notes. (6.) Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $28,661,757 or 0.62% of the Fund's net assets as of March 31, 2010. (7.) The current amortization rate of the security's cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change. (8.) When-issued security or delayed delivery to be delivered and settled after March 31, 2010. See accompanying Notes. (9.) Partial or fully-loaned security. See accompanying Notes. (10.) Zero coupon bond reflects effective yield on the date of purchase. (11.) Interest or dividend is paid-in-kind, when applicable. (12.) This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. (13.) Denotes an inflation-indexed security: coupon and principal are indexed to a consumer price index. (14.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (15.) Interest rate will be determined at a later date. (16.) Interest rate is less than 0.0005%. 35 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) (17.) Restricted security. The aggregate value of restricted securities as of March 31, 2010 was $6,161,958, which represents 0.13% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATE COST VALUE (DEPRECIATION) - ---------------------------------------------------- ----------- ---------- ---------- -------------- Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 6.93%, 9/24/14 12/27/07 $1,364,764 $1,201,092 $ (163,672) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 6.93%, 9/24/14 6/12/08 286,334 240,218 (46,116) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 6.93%, 9/24/14 8/12/08 487,085 400,364 (86,721) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1D, 6.93%, 9/24/14 8/6/09 189,935 200,182 10,247 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1E, 6.93%, 9/24/14 9/10/09 259,017 280,255 21,238 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.42%, 5/22/15 5/21/08 136,622 114,610 (22,012) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.42%, 5/22/15 6/12/08 239,007 200,514 (38,493) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.42%, 5/22/15 6/18/08 3,626,317 3,023,258 (603,059) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.42%, 5/22/15 7/8/08 264,086 220,331 (43,755) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.42%, 5/22/15 7/15/08 192,185 160,075 (32,110) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.42%, 5/22/15 8/8/08 124,426 102,232 (22,194) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.42%, 5/22/15 8/22/08 22,959 18,827 (4,132) ---------- ---------- ----------- $7,192,737 $6,161,958 $(1,030,779) ========== ========== ===========
(18.) Rate shown is the 7-day yield as of March 31, 2010. (19.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES DECEMBER 31, GROSS GROSS SHARES 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ------------ ------------- ----------- -------------- OFI Liquid Assets Fund, LLC 37,599,500 28,500,100 60,936,600 5,163,000 Oppenheimer Institutional Money Market Fund, Cl. E 76,771,099 1,032,126,976 870,338,931 238,559,144 Oppenheimer Master Event-Linked Bond Fund, LLC 1,404,749 -- -- 1,404,749 Oppenheimer Master Loan Fund, LLC 33,609,439 19,048,496 9,306,705 43,351,230
REALIZED VALUE INCOME GAIN ------------ ------------ ---------- OFI Liquid Assets Fund, LLC $ 5,163,000 $ 6,151(a) $ -- Oppenheimer Institutional Money Market Fund, Cl. E 238,559,144 138,812 -- Oppenheimer Master Event-Linked Bond Fund, LLC 14,877,006 307,635(b) 186,541(b) Oppenheimer Master Loan Fund, LLC 467,866,737 10,213,430(c) 2,604,078(c) ------------ ----------- ---------- $726,465,887 $10,666,028 $2,790,619 ============ =========== ==========
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. (b.) Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC. (c.) Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC. 36 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 3-- LEVEL 1-- LEVEL 2-- SIGNIFICANT UNADJUSTED OTHER SIGNIFICANT UNOBSERVABLE QUOTED PRICES OBSERVABLE INPUTS INPUTS VALUE ------------- ----------------- ------------ --------------- ASSETS TABLE INVESTMENTS, AT VALUE: Asset-Backed Securities $ -- $ 31,276,083 $ 1,621,068 $ 32,897,151 Mortgage-Backed Obligations -- 640,961,418 -- 640,961,418 U.S. Government Obligations -- 675,425,635 -- 675,425,635 Foreign Government Obligations -- 1,090,564,508 297,828 1,090,862,336 Loan Participations -- 121,154,295 -- 121,154,295 Corporate Bonds and Notes -- 1,155,039,889 690,420 1,155,730,309 Preferred Stocks -- -- -- -- Common Stocks 4,599,153 1,726,595 1,000 6,326,748 Rights, Warrants and Certificates -- -- 3 3 Structured Securities -- 200,641,265 8,465,010 209,106,275 Event-Linked Bonds -- 46,783,620 -- 46,783,620 Investment Companies 722,676,124 -- -- 722,676,124 Investments Purchased with Cash Collateral from Securities Loaned -- 5,163,000 -- 5,163,000 ------------ -------------- ----------- -------------- Total Investments, at Value 727,275,277 3,968,736,308 11,075,329 4,707,086,914 OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value -- 15,657,833 -- 15,657,833 Depreciated swaps, at value -- 3,925,575 -- 3,925,575 Swaps, at value -- 23,376 -- 23,376 Futures margins 4,693,987 -- -- 4,693,987 Foreign currency exchange contracts -- 12,463,693 -- 12,463,693 ------------ -------------- ----------- -------------- Total Assets $731,969,264 $4,000,806,785 $11,075,329 $4,743,851,378 ============ ============== =========== ============== LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value $ -- $ (929,112) $ -- $ (929,112) Depreciated swaps, at value -- (5,965,297) -- (5,965,297) Unfunded purchase agreements -- (299,798) -- (299,798) Foreign currency exchange contracts -- (5,497,284) -- (5,497,284) Futures margins (1,426,183) -- -- (1,426,183) ------------ -------------- ----------- -------------- Total Liabilities $ (1,426,183) $ (12,691,491) $ -- $ (14,117,674) ============ ============== =========== ==============
37 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Currency contracts, forwards and unfunded purchase agreements, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
COUNTERPARTY/CONTRACT CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATE VALUE APPRECIATION DEPRECIATION - -------------------------------- -------- --------------- --------------- ----------- ------------ ------------ BANC OF AMERICA: Argentine Peso (ARP) Sell 9,720 ARP 6/9/10 $ 2,487,398 $ -- $ 1,464 Colombian Peso (COP) Buy 33,706,000 COP 4/8/10 17,528,536 -- 26,673 Colombian Peso (COP) Sell 33,706,000 COP 5/10/10 17,508,245 27,784 -- Indian Rupee (INR) Buy 1,170,000 INR 6/21/10 25,865,725 308,713 -- Japanese Yen (JPY) Buy 1,570,000 JPY 5/10/10 16,796,918 -- 583,405 Kazakhstan Tenge (KZT) Buy 372,400 KZT 2/28/11-3/10/11 2,537,028 -- 2,352 Malaysian Ringgit (MYR) Buy 23,080 MYR 4/9/10 7,071,938 120,427 -- New Taiwan Dollar (TWD) Sell 288,000 TWD 5/28/10 9,127,023 -- 33,244 South Korean Won (KRW) Buy 6,040,000 KRW 4/9/10 5,336,376 5,535 6,293 Swiss Franc (CHF) Sell 34,280 CHF 4/12/10 32,514,465 -- 490,592 ----------- ---------- 462,459 1,144,023 BANK PARIBAS ASIA - FGN: Norwegian Krone (NOK) Buy 53,800 NOK 4/12/10 9,047,398 24,186 -- Norwegian Krone (NOK) Sell 52,110 NOK 4/12/10 8,763,195 -- 23,426 Polish Zloty (PLZ) Buy 114,920 PLZ 4/7/10-4/12/10 40,203,367 103,206 109,677 Polish Zloty (PLZ) Sell 15,990 PLZ 5/10/10 5,579,003 3,624 45,585 ----------- ---------- 131,016 178,688 BARCLAY'S CAPITAL: British Pound Sterling (GBP) Buy 3,110 GBP 4/12/10 4,719,071 -- 88,958 British Pound Sterling (GBP) Sell 8,540 GBP 4/12/10 12,958,478 216,377 94,679 Euro (EUR) Buy 13,910 EUR 4/12/10 18,787,853 -- 103,638 Euro (EUR) Sell 21,880 EUR 4/12/10-5/10/10 29,553,066 259,088 -- Hungarian Forint (HUF) Buy 5,482,000 HUF 4/8/10 27,875,159 437,371 -- Japanese Yen (JPY) Buy 724,000 JPY 4/5/10 7,744,359 -- 46,577 Japanese Yen (JPY) Sell 6,207,000 JPY 4/23/10-6/18/10 66,416,019 1,084,457 -- Norwegian Krone (NOK) Buy 6,500 NOK 4/12/10 1,093,087 6,563 -- Norwegian Krone (NOK) Sell 47,900 NOK 4/12/10 8,055,211 -- 48,364 Polish Zloty (PLZ) Buy 13,620 PLZ 4/12/10 4,762,985 -- 35,527 ----------- ---------- 2,003,856 417,743 CITIGROUP: Chilean Peso (CLP) Buy 4,514,000 CLP 4/8/10 8,603,549 1,357 -- Chilean Peso (CLP) Sell 4,514,000 CLP 6/7/10 8,614,342 162 -- Chinese Renminbi (Yuan) (CNY) Sell 61,200 CNY 5/4/10 8,965,474 39,823 --
38 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Colombian Peso (COP) Sell 14,927,000 COP 4/8/10-5/10/10 7,759,759 27,870 138,459 Euro (EUR) Sell 18,770 EUR 6/18/10 25,352,874 400,786 -- Hong Kong Dollar (HKD) Sell 69,600 HKD 6/7/10 8,968,749 -- 832 Japanese Yen (JPY) Sell 808,000 JPY 4/30/10 8,644,073 323,740 -- Norwegian Krone (NOK) Buy 67,110 NOK 4/12/10 11,285,704 -- 35,054 Norwegian Krone (NOK) Sell 35,800 NOK 4/12/10 6,020,387 5,663 -- Peruvian New Sol (PEN) Sell 9,040 PEN 4/15/10 3,180,355 -- 5,637 Singapore Dollar (SGD) Buy 1,330 SGD 5/10/10 950,530 79 3,776 Swedish Krona (SEK) Sell 24,050 SEK 4/12/10 3,330,831 44,162 -- ----------- ---------- 843,642 183,758 CREDIT SUISSE: Australian Dollar (AUD) Buy 10,100 AUD 4/23/10 9,245,193 -- 4,841 British Pound Sterling (GBP) Buy 2,410 GBP 4/12/10 3,656,901 44,120 -- Euro (EUR) Sell 20,680 EUR 4/23/10 27,932,181 -- 102,071 New Turkish Lira (TRY) Buy 10,007 TRY 4/1/10 6,593,551 21,003 -- New Turkish Lira (TRY) Sell 10,291 TRY 4/1/10 6,780,602 -- 21,599 Russian Ruble (RUR) Buy 140,660 RUR 10/7/10 4,686,099 179,718 -- South African Rand (ZAR) Buy 139,996 ZAR 4/7/10-4/30/10 19,149,182 763,560 -- Swedish Krona (SEK) Buy 22,600 SEK 4/12/10 3,130,012 122 6,690 Swedish Krona (SEK) Sell 163,050 SEK 4/12/10 22,581,789 8,616 237,516 ----------- ---------- 1,017,139 372,717 DEUTSCHE BANK CAPITAL CORP.: Australian Dollar (AUD) Buy 15,850 AUD 4/12/10 14,525,863 199,365 -- Australian Dollar (AUD) Sell 1,278 AUD 4/23/10 1,169,837 -- 4,161 British Pound Sterling (GBP) Sell 3,100 GBP 4/23/10 4,703,583 -- 58,481 Canadian Dollar (CAD) Sell 4,745 CAD 4/23/10 4,671,850 -- 28,675 Euro (EUR) Sell 9,100 EUR 5/10/10 12,291,373 743,228 -- Japanese Yen (JPY) Sell 2,956,000 JPY 4/12/10-5/10/10 31,620,976 1,091,012 -- Kazakhstan Tenge (KZT) Buy 186,200 KZT 2/28/11 1,268,537 -- 2,453 Russian Ruble (RUR) Buy 45,000 RUR 10/7/10 1,499,179 16,232 -- Swiss Franc (CHF) Sell 1,231 CHF 4/23/10 1,167,701 -- 9,984 ----------- ---------- 2,049,837 103,754 GOLDMAN, SACHS & CO.: Brazilian Real (BRR) Buy 64,655 BRR 5/4/10 36,099,466 586,449 -- Brazilian Real (BRR) Sell 12,290 BRR 5/4/10 6,861,997 -- 111,476 Mexican Nuevo Peso (MXN) Sell 41,400 MXN 8/2/10 3,302,031 -- 198,582 ----------- ---------- 586,449 310,058 HONG KONG & SHANGHAI BANK CORP.: Israeli Shekel (ILS) Sell 30,000 ILS 5/28/10 8,112,676 -- 21,625 New Turkish Lira (TRY) Buy 13,425 TRY 5/17/10 8,774,492 74,473 -- New Turkish Lira (TRY) Sell 16,350 TRY 5/17/10 10,686,253 -- 90,699 ----------- ---------- 74,473 112,324 JP MORGAN CHASE: Argentine Peso (ARP) Buy 9,720 ARP 6/9/10 2,487,398 -- 8,430 Chilean Peso (CLP) Sell 4,514,000 CLP 4/8/10 8,603,549 -- 168,530 Euro (EUR) Sell 3,570 EUR 11/8/10 4,821,650 289,800 --
39 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Indonesia Rupiah (IDR) Buy 75,741,000 IDR 5/25/10 8,236,909 138,000 -- Japanese Yen (JPY) Sell 724,000 JPY 4/5/10 7,744,359 107,455 -- Malaysian Ringgit (MYR) Buy 4,770 MYR 5/10/10 1,459,096 58,330 -- Mexican Nuevo Peso (MXN) Buy 385,222 MXN 4/6/10-4/8/10 31,133,490 568,445 4,341 Philippines Peso (PHP) Buy 175,000 PHP 4/12/10 3,867,414 60,583 -- Polish Zloty (PLZ) Sell 13,650 PLZ 4/12/10 4,773,476 -- 99,363 Russian Ruble (RUR) Buy 210,970 RUR 11/8/10 7,004,902 366,450 -- ----------- ---------- 1,589,063 280,664 MORGAN STANLEY & CO., INC.: Kazakhstan Tenge (KZT) Buy 186,000 KZT 2/28/11 1,267,175 -- 3,751 Philippines Peso (PHP) Buy 145,905 PHP 6/16/10 3,200,778 27,551 -- ----------- ---------- 27,551 3,751 NOMURA SECURITIES: British Pound Sterling (GBP) Buy 60 GBP 4/12/10 91,043 -- 1 British Pound Sterling (GBP) Sell 3,510 GBP 4/12/10 5,326,026 -- 12,145 Japanese Yen (JPY) Buy 1,944,000 JPY 4/12/10 20,795,052 -- 622,493 Japanese Yen (JPY) Sell 844,000 JPY 4/12/10 9,028,304 184,261 -- Swedish Krona (SEK) Buy 81,000 SEK 4/12/10 11,218,184 -- 218,448 Swiss Franc (CHF) Buy 9,240 CHF 4/12/10 8,764,109 153,542 -- Swiss Franc (CHF) Sell 120 CHF 4/12/10 113,820 -- 1,994 ----------- ---------- 337,803 855,081 RBS GREENWICH CAPITAL: Polish Zloty (PLZ) Buy 41,560 PLZ 5/10/10 14,500,523 69,967 -- Swiss Franc (CHF) Buy 20,030 CHF 4/12/10-5/10/10 18,998,760 278,689 59,920 Swiss Franc (CHF) Sell 22,300 CHF 4/12/10 21,151,475 -- 330,931 ----------- ---------- 348,656 390,851 SANTANDER INVESTMENTS: Colombian Peso (COP) Sell 23,609,000 COP 4/8/10 12,277,672 -- 254,388 Mexican Nuevo Peso (MXN) Sell 4,464 MXN 4/6/10 360,840 31 -- ----------- ---------- 31 254,388 STATE STREET: Canadian Dollar (CAD) Buy 14,970 CAD 4/12/10 14,739,271 464,866 -- Canadian Dollar (CAD) Sell 7,740 CAD 4/12/10 7,620,705 -- 225,584 Euro (EUR) Buy 6,670 EUR 4/12/10 9,008,985 -- 85,985 Euro (EUR) Sell 24,090 EUR 4/12/10 32,537,697 186,446 94,671 ----------- ---------- 651,312 406,240 WESTPAC: Australian Dollar (AUD) Buy 49,400 AUD 4/12/10 45,273,036 2,035,040 -- Australian Dollar (AUD) Sell 9,195 AUD 4/12/10 8,426,833 -- 483,244 New Zealand Dollar (NZD) Buy 23,840 NZD 4/12/10 16,921,163 305,366 -- ----------- ---------- 2,340,406 483,244 ----------- ---------- Total unrealized appreciation and depreciation $12,463,693 $5,497,284 =========== ==========
40 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) FUTURES CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) - ---------------------------------------- -------- --------- ---------- -------------- -------------- Canada (Government of) Bonds, 10 yr. Sell 84 6/21/10 $ 9,717,088 $ 95,141 DAX Index Buy 39 6/18/10 8,087,688 205,388 Euro-Bundesobligation Buy 96 6/8/10 15,993,949 98,718 Euro-Bundesobligation Buy 96 6/8/10 15,180,961 (8,913) Euro-Bundesobligation Sell 439 6/8/10 69,421,270 (254,416) FTSE 100 Index Buy 19 6/18/10 1,617,644 10,774 FTSE 100 Index Sell 136 6/18/10 11,578,925 (77,229) Japan (Goverment of) Bonds, 10 yr. Sell 13 6/10/10 19,219,810 147,420 Japan (Government of) Mini Bonds, 10 yr. Sell 86 6/9/10 12,702,685 18,678 NASDAQ 100 E-Mini Index Buy 408 6/18/10 15,958,920 314,405 NIKKEI 225 Index Sell 111 6/10/10 13,178,950 (701,537) NIKKEI 225 Index Sell 26 6/10/10 1,542,090 (51,140) Standard & Poor's 500 E-Mini Index Sell 1,060 6/18/10 61,755,600 (1,037,634) U.S. Long Bonds Buy 2,011 6/21/10 233,527,375 1,444,146 U.S. Long Bonds Sell 770 6/21/10 89,416,250 61,150 U.S. Treasury Bonds, 10 yr. Buy 3,805 6/21/10 442,331,250 47,758 U.S. Treasury Bonds, 10 yr. Sell 1,701 6/21/10 197,741,250 (294,157) U.S. Treasury Nts., 2 yr. Buy 281 6/30/10 60,963,828 8,995 U.S. Treasury Nts., 2 yr. Sell 1,089 6/30/10 236,261,954 (51,986) U.S. Treasury Nts., 5 yr. Buy 9,386 6/30/10 1,077,923,438 (2,227,937) U.S. Treasury Nts., 5 yr. Sell 1,187 6/30/10 136,319,531 112,130 United Kingdom Long Gilt Buy 14 6/28/10 2,437,859 (1,308) United Kingdom Long Gilt Sell 51 6/28/10 8,880,770 (141,063) ----------- $(2,282,617) ===========
CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT UNREALIZED CREDIT AMOUNT FIXED TERMINATION RECEIVED/ APPRECIATION REFERENCE ENTITY/SWAP COUNTERPARTY PROTECTION (000'S) RATE DATE (PAID) VALUE (DEPRECIATION) - ---------------------------------- ---------- --------- ------- ----------- ----------- ---------- -------------- AMGEN, INC. Goldman Sachs International Buy $ 7,140 1.00% 3/20/15 $ 220,109 $ (210,329) $ 9,780 --------- ----------- ---------- ---------- Total 7,140 220,109 (210,329) 9,780 BAXTER INTERNATIONAL, INC. Deutsche Bank AG Buy 7,220 1.00 3/20/15 240,472 (230,172) 10,300 --------- ----------- ---------- ---------- Total 7,220 240,472 (230,172) 10,300 CBS CORP. Credit Suisse International Sell 7,140 1.00 3/20/15 30,075 (127,573) (97,498) --------- ----------- ---------- ---------- Total 7,140 30,075 (127,573) (97,498) CDX NORTH AMERICA HIGH YIELD INDEX, SERIES 13: Barclays Bank plc Sell 15,993 5.00 12/20/14 1,517,897 91,919 1,609,816 Barclays Bank plc Sell 9,900 5.00 12/20/14 (6,875) 56,312 49,437 Barclays Bank plc Sell 9,900 5.00 12/20/14 (72,875) (138,527) (211,402) Barclays Bank plc Sell 24,750 5.00 12/20/14 (154,687) (346,318) (501,005) Citibank NA, New York Sell 9,900 5.00 12/20/14 (72,875) 56,312 (16,563)
41 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Citibank NA, New York Sell 9,900 5.00 12/20/14 (132,000) 56,312 (75,688) Citibank NA, New York Sell 9,900 5.00 12/20/14 29,563 56,312 85,875 Goldman Sachs International Sell 9,594 5.00 12/20/14 831,725 55,134 886,859 Goldman Sachs International Sell 15,993 5.00 12/20/14 1,507,800 91,919 1,599,719 JPMorgan Chase Bank NA, NY Branch Sell 4,950 5.00 12/20/14 259,875 28,107 287,982 JPMorgan Chase Bank NA, NY Branch Sell 9,900 5.00 12/20/14 (100,375) 56,312 (44,063) Morgan Stanley Capital Services, Inc. Sell 9,900 5.00 12/20/14 (42,625) 56,312 13,687 Morgan Stanley Capital Services, Inc. Sell 9,900 5.00 12/20/14 (10,312) 56,312 46,000 Morgan Stanley Capital Services, Inc. Sell 10,000 5.00 12/20/14 (19,938) 19,938 -- Morgan Stanley Capital Services, Inc. Sell 24,750 5.00 12/20/14 (3,438) 3,438 -- UBS AG Sell 9,900 5.00 12/20/14 (85,250) 56,312 (28,938) --------- ----------- ---------- ---------- Total 195,130 3,445,610 256,106 3,701,716 CVS CAREMARK CORP. Citibank NA, New York Buy 7,290 1.00 3/20/15 167,785 (149,429) 18,356 --------- ----------- ---------- ---------- Total 7,290 167,785 (149,429) 18,356 DEVELOPMENT BANK OF KAZAKHSTAN JSC Credit Suisse International Sell 4,440 3.75 2/20/13 -- 106,542 106,542 --------- ----------- ---------- ---------- Total 4,440 -- 106,542 106,542 FEDERATIVE REPUBLIC OF BRAZIL Credit Suisse International Sell 2,900 1.00 3/20/15 39,377 (41,095) (1,718) --------- ----------- ---------- ---------- Total 2,900 39,377 (41,095) (1,718) GOVERNMENT OF HUNGARY Credit Suisse International Sell 4,600 2.70 9/20/10 -- 22,048 22,048 --------- ----------- ---------- ---------- Total 4,600 -- 22,048 22,048 INTERNATIONAL LEASE FINANCE CORP.: Barclays Bank plc Sell 3,855 5.00 3/20/15 280,023 199,007 479,030 Goldman Sachs International Sell 3,285 5.00 3/20/15 238,619 169,582 408,201 --------- ----------- ---------- ---------- Total 7,140 518,642 368,589 887,231 ISLAMIC REPUBLIC OF PAKISTAN Citibank NA, New York Sell 1,570 5.10 3/20/13 -- (139,886) (139,886) --------- ----------- ---------- ---------- Total 1,570 -- (139,886) (139,886) ISTANBUL BOND CO. SA FOR FINANSBANK AS Morgan Stanley Capital Services, Inc. Sell 3,100 1.30 3/24/13 -- (239,028) (239,028) --------- ----------- ---------- ---------- Total 3,100 -- (239,028) (239,028) LIQUID CREDIT DERIVATIVE INDEX NORTH AMERICA, SERIES 13: Credit Suisse International Sell 20,000 5.00 12/20/14 (1,069,444) 920,564 (148,880) Credit Suisse International Sell 20,000 5.00 12/20/14 (901,389) 920,564 19,175 JPMorgan Chase Bank NA, NY Branch Sell 20,000 5.00 12/20/14 (961,111) 920,564 (40,547) JPMorgan Chase Bank NA, NY Branch Sell 20,000 5.00 12/20/14 (1,013,889) 920,564 (93,325)
42 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) UBS AG Sell 20,000 5.00 12/20/14 (1,034,722) 920,564 (114,158) --------- ----------- ---------- ---------- Total 100,000 (4,980,555) 4,602,820 (377,735) REPUBLIC OF INDONESIA: Citibank NA, New York Sell 2,800 1.00 3/20/15 117,116 (83,648) 33,468 JPMorgan Chase Bank NA, London Branch Sell 2,800 1.00 3/20/15 110,971 (83,648) 27,323 --------- ----------- ---------- ---------- Total 5,600 228,087 (167,296) 60,791 REPUBLIC OF PERU Deutsche Bank AG Buy 1,900 1.71 12/20/16 -- (58,934) (58,934) --------- ----------- ---------- ---------- Total 1,900 -- (58,934) (58,934) REPUBLIC OF THE PHILIPPINES: Barclays Bank plc Buy 3,270 1.76 12/20/14 -- (12,585) (12,585) JPMorgan Chase Bank NA, London Branch Buy 4,900 1.74 12/20/14 -- (14,637) (14,637) --------- ---------- ---------- Total 8,170 (27,222) (27,222) THE DOW CHEMICAL CO. UBS AG Sell 7,290 1.00 3/20/15 69,969 (87,850) (17,881) --------- ----------- ---------- ---------- Total 7,290 69,969 (87,850) (17,881) TROY CAPITAL SA FOR YASAR HOLDINGS SA Morgan Stanley Capital Services, Inc. Sell 1,340 8.75 6/20/10 -- (1,669) (1,669) --------- ----------- ---------- ---------- Total 1,340 -- (1,669) (1,669) VERIZON COMMUNICATIONS, INC. Morgan Stanley Capital Services, Inc. Buy 7,220 1.00 3/20/15 112,898 (75,318) 37,580 --------- ----------- ---------- ---------- Total 7,220 112,898 (75,318) 37,580 WHIRLPOOL CORP. Barclays Bank plc Sell 7,290 1.00 3/20/15 (1,159) (5,040) (6,199) --------- ----------- ---------- ---------- Total 7,290 (1,159) (5,040) (6,199) XL CAPITAL LTD. Deutsche Bank AG Sell 7,140 1.00 3/20/15 (27,628) 18,071 (9,557) --------- ----------- ---------- ---------- Total 7,140 (27,628) 18,071 (9,557) YUM! BRANDS Credit Suisse International Buy 7,290 1.00 3/20/15 118,198 (96,568) 21,630 --------- ----------- ---------- ---------- Total 7,290 118,198 (96,568) 21,630 ----------- ---------- ---------- Grand Total Buys 859,462 (847,972) 11,490 Grand Total Sells (677,582) 4,564,739 3,887,157 ----------- ---------- ---------- Total Credit Default Swaps $ 181,880 $3,716,767 $3,898,647 =========== ========== ==========
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR SELLING CREDIT AMOUNT REFERENCE ASSET TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD PROTECTION PROTECTION (UNDISCOUNTED) RECOVERABLE* RATING RANGE** - --------------------------------------------------------- --------------------------- ------------ --------------- Non-Investment Grade Corporate Debt Indexes $295,130,000 $-- B+ to B
43 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Investment Grade Single Name Corporate Debt 28,860,000 -- BBB+ to BBB- Non-Investment Grade Single Name Corporate Debt 7,140,000 -- BB+ Non-Investment Grade Sovereign Debt 8,510,000 -- BB to B- Investment Grade Sovereign Debt 15,040,000 -- BBB- ------------ --- Total $354,680,000 $-- ============ ===
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
NOTIONAL AMOUNT TERMINATION INTEREST RATE/SWAP COUNTERPARTY (000'S) PAID BY THE FUND RECEIVED BY THE FUND DATE VALUE - ------------------------------- ------------- --------------------------- ----------------------- ----------- ---------- BZDI: Banco Santander SA, Inc. 9,870 BRR BZDI 12.320% 1/2/17 $ 8,075 Credit Suisse International 12,920 BRR BZDI 11.480 1/2/12 (6,216) Goldman Sachs Group, Inc. (The) 30,100 BRR BZDI 12.800 1/2/17 480,236 Goldman Sachs Group, Inc. (The) 8,790 BRR BZDI 12.920 1/2/14 223,275 Goldman Sachs Group, Inc. (The) 4,390 BRR BZDI 12.870 1/2/14 111,511 Goldman Sachs Group, Inc. (The) 35,840 BRR BZDI 11.460 1/2/12 (17,208) Goldman Sachs Group, Inc. (The) 6,910 BRR BZDI 12.260 1/2/15 67,925 Goldman Sachs Group, Inc. (The) 3,160 BRR BZDI 12.290 1/2/15 31,062 JPMorgan Chase Bank NA 15,800 BRR BZDI 13.900 1/2/17 509,756 Morgan Stanley 28,510 BRR BZDI 12.300 1/2/17 23,278 Morgan Stanley 31,100 BRR BZDI 11.490 1/2/12 (14,978) --------- ---------- Total 187,390 BRR 1,416,716 MXN TIIE BANXICO: Banco Santander SA, Inc. 90,600 MXN MXN TIIE BANXICO 8.540 9/27/13 398,343 Credit Suisse International 35,800 MXN MXN TIIE BANXICO 8.560 9/27/13 160,400 Goldman Sachs Group, Inc. (The) 54,800 MXN MXN TIIE BANXICO 8.540 9/27/13 240,940 Goldman Sachs Group, Inc. (The) 212,800 MXN MXN TIIE BANXICO 9.270 11/21/11 909,892 Goldman Sachs Group, Inc. (The) 211,300 MXN MXN TIIE BANXICO 9.080 11/22/11 985,152 Goldman Sachs Group, Inc. (The) 157,000 MXN MXN TIIE BANXICO 6.080 1/24/12 (17,830) JPMorgan Chase Bank NA 331,000 MXN MXN TIIE BANXICO 6.080 1/24/12 (37,590) --------- ---------- Total 1,093,300 MXN 2,639,307 SIX-MONTH AUD BBR BBSW Westpac Banking Corp. 24,000 AUD 6.215% Six-Month AUD BBR BBSW 11/4/19 (295,556) --------- ---------- SIX-MONTH HUF BUBOR REUTERS:
44 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Barclays Bank plc 1,433,000 HUF Six-Month HUF BUBOR Reuters 7.820 9/19/13 617,049 Barclays Bank plc 866,000 HUF Six-Month HUF BUBOR Reuters 7.180 10/8/18 160,782 Citibank NA 852,000 HUF Six-Month HUF BUBOR Reuters 7.200 10/8/18 159,674 Citibank NA 165,000 HUF Six-Month HUF BUBOR Reuters 7.180 10/3/18 43,773 JPMorgan Chase Bank NA 753,000 HUF Six-Month HUF BUBOR Reuters 7.880 8/12/13 348,381 JPMorgan Chase Bank NA 866,000 HUF Six-Month HUF BUBOR Reuters 7.200 10/6/18 231,856 JPMorgan Chase Bank NA 666,000 HUF Six-Month HUF BUBOR Reuters 7.890 9/12/13 293,227 --------- ---------- Total 5,601,000 HUF 1,854,742 SIX-MONTH JPY BBA LIBOR: Citibank NA 553,000 JPY 1.391 Six-Month JPY BBA LIBOR 10/6/19 (32,735) JPMorgan Chase Bank NA 796,100 JPY 1.484 Six-Month JPY BBA LIBOR 8/7/19 (100,995) JPMorgan Chase Bank NA 611,000 JPY 1.563 Six-Month JPY BBA LIBOR 11/9/19 (127,829) --------- ---------- Total 1,960,100 JPY (261,559) THREE-MONTH CAD BA CDOR JPMorgan Chase Bank NA 22,880 CAD Three-Month CAD BA CDOR 3.820 1/4/20 302,363 --------- ---------- THREE-MONTH USD LIBOR BBA Goldman Sachs Group, Inc. (The) 21,600 Three-Month USD BBA LIBOR 3.600 11/3/19 33,069 ---------- Total Interest Rate Swaps $5,689,082 ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar HUF Hungarian Forint JPY Japanese Yen MXN Mexican Nuevo Peso Abbreviations/Definitions are as follows: BA CDOR Canada Bankers Acceptances Deposit Offering Rate BANIXCO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR BBSW Bank Bill Swap Reference Rate (Australian Financial Market) BUBOR Budapest Interbank Offered Rate 45 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) BZDI Brazil Interbank Deposit Rate TIIE Interbank Equilibrium Interest Rate TOTAL RETURN SWAP CONTRACTS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE - ---------------------------- --------- --------------------------- ------------------- ----------- ------------ AMEX INDU SELECT INDEX UBS AG $3,780 One-Month BBA LIBOR plus 17 If positive, the basis points and if Total Return of the negative, the absolute AMEX Indu Select value of the Total Return Index of the AMEX Indu Select Index 3/4/11 $ 280,277 AMEX MATERIALS SELECT INDEX UBS AG 3,805 One-Month BBA LIBOR minus If positive, the 10 basis points and if Total Return of negative, the absolute the AMEX Materials value of the Total Return Select Index of the AMEX Materials Select Index 3/4/11 239,636 CONSUMER STAPLES SELECT SECTOR INDEX Morgan Stanley 3,788 One-Month BBA LIBOR plus 15 If positive, the basis points and if Total Return of the negative, the absolute Consumer Staples value of the Total Return Select Sector Index of the Consumer Staples Select Sector Index 3/9/11 126,296 CUSTOM BASKET OF SECURITIES: Citibank NA 1,970 CHF One-Month CHF BBA LIBOR If positive, the plus 30 basis points and if Total Return of negative, the absolute a custom basket of value of the Total Return securities of a custom basket of securities 1/12/11 15,350 Citibank NA 7,017 EUR One-Month EURIBOR plus 30 If positive, the basis points and if Total Return of negative, the absolute a custom basket of value of the Total Return securities of a custom basket of securities 1/12/11 533,412
46 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Citibank NA 4,642 GBP One-Month GBP BBA LIBOR If positive, the plus 30 basis points and if Total Return of negative, the absolute a custom basket of value of the Total Return securities of a custom basket of securities 1/12/11 321,309 Citibank NA, New York 1,199,897 JPY One-Month JPY BBA LIBOR If positive, the plus 80 basis points and if Total Return of negative, the absolute a custom basket of value of the Total Return securities of a custom basket of securities 4/14/10 994,958 Morgan Stanley 9,127 GBP One-Month GBP BBA LIBOR If positive, the plus 50 basis points and if Total Return of the negative, the absolute custom basket of value of the Total Return securities of a custom basket of securities 1/14/11 542,665 UBS AG 45,501 One-Month BBA LIBOR plus 25 If positive, the basis points and if Total Return of a negative, the absolute custom basket of value of theTotal Return of securities a custom basket of securities 12/6/10 2,128,620 ------------ Reference Entity Total 4,536,314 MSCI DAILY TR GROSS EAFE INDEX: Citibank NA 8,285 If positive, the Total One-Month LIBOR plus Return of the MSCI Daily 15 basis points and Gross EAFE Index if negative the absolute value of the Total Return of the MSCI Daily Gross EAFE Index 10/7/10 (523,292) Goldman Sachs Group, Inc. (The) 2,336 If positive, the Total One-Month BBA LIBOR Return of the MSCI Daily minus 5 basis Gross EAFE Index points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE Index 10/7/10 (116,538) Morgan Stanley 4,970 If positive, the Total One-Month BBA LIBOR Return of the MSCI Daily minus 35 basis Gross EAFE Index points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE Index 10/7/10 (246,627)
47 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) UBS AG 6,463 If positive, the Total One-Month LIBOR Return of the MSCI Daily minus 10 basis Gross EAFE Index points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE Index 10/11/10 (402,375) ------------ Reference Entity Total (1,288,832) MSCI DAILY TR GROSS EAFE USD INDEX Goldman Sachs Group, Inc. (The) 10,983 If positive, the Total One-Month BBA LIBOR Return of the MSCI Daily plus 4 basis points Gross EAFE USD Index and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index 2/7/11 (530,617) MSCI DAILY TR GROSS EUROPE EURO INDEX: Citibank NA 2,561 EUR If positive, the Total One-Month EURIBOR Return of the MSCI Daily minus 60 basis Gross Europe Euro Index points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index 1/12/11 (93,704) Goldman Sachs Group, Inc. (The) 5,125 EUR If positive, the Total One-Month EURIBOR Return of the MSCI Daily minus 3 basis Gross Europe Euro Index points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index 1/12/11 (184,277) Morgan Stanley 3,840 EUR If positive, the Total One-Month EURIBOR Return of the MSCI Daily minus 30 basis Gross Europe Euro Index points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index 1/12/11 (271,822) UBS AG 1,280 EUR If positive, the Total One-Month EURIBOR Return of the MSCI Daily minus 70 basis Gross Europe Euro Index points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index 1/12/11 (46,928) ------------ Reference Entity Total (596,731) MSCI DAILY TR ITALY USD INDEX
48 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Goldman Sachs Group, Inc. (The) 4,535 One-Month BBA LIBOR minus If positive, the 25 basis points and if Total Return of negative, the absolute the MSCI Daily value of the Total Return Italy USD Index of the MSCI Daily Italy USD Index 3/4/11 333,972 MSCI DAILY TR NET EMERGING MARKETS KOREA INDEX Goldman Sachs Group, Inc. (The) 4,641 One-Month BBA LIBOR plus 90 If positive, the basis points and if Total Return of the negative, the absolute MSCI Daily Net value of the Total Return Emerging Markets of the MSCI Daily Net Korea Index Emerging Markets Korea Index 3/9/11 311,442 MSCI DAILY TR NET FRANCE USD INDEX Morgan Stanley 4,555 One-Month BBA LIBOR minus If positive, the 35 basis points and if Total Return of the negative, the absolute MSCI Daily TR Net value of the Total Return France USD Index of the MSCI Daily Net France USD Index 3/9/11 260,622 MSCI DAILY TR NET GERMANY USD INDEX Goldman Sachs Group, Inc. (The) 4,573 One-Month BBA LIBOR minus If positive, the 45 basis points and if Total Return of the negative, the absolute MSCI Daily Net value of the Total Return Germany USD Index of the MSCI Daily Net Germany USD Index 3/4/11 376,617 MSCI DAILY TR NET JAPAN USD INDEX UBS AG 4,578 One-Month BBA LIBOR plus 18 If positive, the basis points and if Total Return of the negative, the absolute MSCI Daily Net value of the Total Return Japan USD Index of the MSCI Daily Net Japan USD Index 3/7/11 189,220 S&P 500/CITIGROUP VALUE INDEX Deutsche Bank AG 11,316 One-Month BBA LIBOR plus 10 If positive, the basis points and if Total Return of negative, the absolute the S&P value of the Total Return 500/Citigroup Value of the S&P 500/Citigroup Index Value Index 2/7/11 595,731
49 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) ------------ Total of Total Return Swaps $ 4,833,947 ============
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: CHF Swiss Franc EUR Euro GBP British Pounds Sterling JPY Japanese Yen Abbreviations/Definitions are as follows: AMEX American Stock Exchange BBA LIBOR British Bankers' Association London-Interbank Offered Rate EAFE Europe, Australasia, Far East EURIBOR Euro Interbank Offered Rate MSCI Morgan Stanley Capital International S&P Standard & Poor's TR Total Return CURRENCY SWAPS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE - ---------------------------------- -------- ------------- ------------------ ----------- ------------ EACH OF JSC "RUSHYDRO" (OPEN JOINT STOCK COMPANY, FEDERAL HYDROGENERATION COMPANY) AND OJSC SARATOVSKAYA HPP AND ANY SUCCESSOR(S) TO THESE REFERENCE ENTITIES. Morgan Stanley Capital Services, Inc. 271,430 RUR Three-Month 7.75% from debt USD BBA LIBOR obligations of JSC Rushydro and OJSC Saratovskaya HPP 12/26/13 $(1,529,457)
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: RUR Russian Ruble Abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate VOLATILITY SWAPS AS OF MARCH 31, 2010 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE - --------------------------- -------- ----------------------- ------------------------ ----------- --------- AUD/JPY EXCHANGE RATE: Credit Suisse International $ 25 The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period 14.100% 4/27/10 $ (9,791)
50 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Credit Suisse International 25 The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period 14.550 4/29/10 681 Credit Suisse International 25 The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period 15.200 4/29/10 5,169 Deutsche Bank AG 25 The Historic Volatility of the mid AUD/JPY spot exchange rate during the 14.500% Observation Period 4/30/10 2,187 Merrill Lynch International 25 The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period 14.900 4/27/10 11,479 Merrill Lynch International 25 The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period 14.600 4/27/10 (4,710) Merrill Lynch International 25 The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period 15.300 4/27/10 24,327 --------- Reference Entity Total 29,342 AUD/USD EXCHANGE RATE: Deutsche Bank AG 25 The Historic Volatility of the mid AUD/USD spot exchange rate during the Observation Period 10.050 4/19/10 (11,388) Deutsche Bank AG 25 The Historic Volatility of the mid AUD/USD spot exchange rate during the Observation Period 10.800 4/19/10 3,272 --------- Reference Entity Total (8,116) CAD/JPY EXCHANGE RATE: Deutsche Bank AG 25 The Historic Volatility of the mid CAD/JPY spot exchange rate during the Observation Period 14.650 5/6/10 12,446 Deutsche Bank AG 25 The Historic Volatility of the mid CAD/JPY spot exchange rate during the Observation Period 14.500 5/6/10 7,624 --------- Reference Entity Total 20,070
51 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) GBP/CAD EXCHANGE RATE Credit Suisse International 25 The Historic Volatility of the mid GBP/CAD spot exchange rate during the Observation Period 12.450 4/8/10 (47,561) USD/JPY EXCHANGE RATE Deutsche Bank AG 25 The Historic Volatility of the mid USD/JPY spot exchange rate during the Observation Period 9.900 4/23/10 (37,006) USD/NOK EXCHANGE RATE Credit Suisse International 25 The Historic Volatility of the mid USD/NOK spot exchange rate during the Observation Period 10.900 4/19/10 (32,864) USD/SEK EXCHANGE RATE: Credit Suisse International 25 The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period 12.050 4/12/10 24,335 Credit Suisse International 25 The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period 11.650 4/16/10 2,300 Deutsche Bank AG 25 The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period 12.700 4/9/10 29,499 Deutsche Bank AG 25 The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period 11.850 4/15/10 (12,261) Merrill Lynch International 25 The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period 12.150 4/12/10 22,931 Merrill Lynch International 25 The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period 11.800 4/12/10 11,367 --------- Reference Entity Total 78,171 --------- Total Volatility Swaps $ 2,036 =========
52 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables. SWAP SUMMARY AS OF MARCH 31, 2010 IS AS FOLLOWS:
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE - ----------------- ------------------- ---------- ----------- Banco Santander SA, Inc.: Interest Rate 9,870 BRR $ 8,075 Interest Rate 90,600 MXN 398,343 ----------- 406,418 Barclays Bank plc: Credit Default Buy Protection $ 3,270 (12,585) Credit Default Sell Protection 71,688 (142,647) Interest Rate 2,299,000 HUF 777,831 ----------- 622,599 Citibank NA: Interest Rate 1,017,000 HUF 203,447 Interest Rate 553,000 JPY (32,735) Total Return 1,970 CHF 15,350 Total Return 9,578 EUR 439,708 Total Return 4,642 GBP 321,309 Total Return 8,285 (523,292) ----------- 423,787 Citibank NA, New York: Credit Default Buy Protection 7,290 (149,429) Credit Default Sell Protection 34,070 (54,598) Total Return 1,199,897 JPY 994,958 ----------- 790,931 Credit Suisse International: Credit Default Buy Protection 7,290 (96,568) Credit Default Sell Protection 59,080 1,801,050 Interest Rate 12,920 BRR (6,216) Interest Rate 35,800 MXN 160,400 Volatility 175 (57,731) ----------- 1,800,935 Deutsche Bank AG: Credit Default Buy Protection 9,120 (289,106) Credit Default Sell Protection 7,140 18,071 Total Return 11,316 595,731 Volatility 200 (5,627) ----------- 319,069 Goldman Sachs Group, Inc. (The): Interest Rate 89,190 BRR 896,801 Interest Rate 635,900 MXN 2,118,154 Interest Rate 21,600 33,069
53 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Total Return 5,125 EUR (184,277) Total Return 27,068 374,876 ----------- 3,238,623 Goldman Sachs International: Credit Default Buy Protection 7,140 (210,329) Credit Default Sell Protection 28,872 316,635 ----------- 106,306 JPMorgan Chase Bank NA: Interest Rate 15,800 BRR 509,756 Interest Rate 22,880 CAD 302,363 Interest Rate 2,285,000 HUF 873,464 Interest Rate 1,407,100 JPY (228,824) Interest Rate 331,000 MXN (37,590) ----------- 1,419,169 JPMorgan Chase Bank NA, London Branch: Credit Default Buy Protection 4,900 (14,637) Credit Default Sell Protection 2,800 (83,648) ----------- (98,285) JPMorgan Chase Bank NA, NY Branch Credit Default Sell 54,850 1,925,547 Protection Merrill Lynch International Volatility 125 65,394 Morgan Stanley: Interest Rate 59,610 BRR 8,300 Total Return 3,840 EUR (271,822) Total Return 9,127 GBP 542,665 Total Return 13,313 140,291 ----------- 419,434 Morgan Stanley Capital Services, Inc.: Credit Default Buy Protection 7,220 (75,318) Credit Default Sell Protection 58,990 (104,697) Currency 271,430 RUR (1,529,457) ----------- (1,709,472) UBS AG: Credit Default Sell Protection 37,190 889,026 Total Return 1,280 EUR (46,928) Total Return 64,127 2,435,378 ----------- 3,277,476 Westpac Banking Corp. Interest Rate 24,000 AUD (295,556) ----------- Total Swaps $12,712,375 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar CHF Swiss Franc EUR Euro GBP British Pounds Sterling HUF Hungarian Forint 54 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) JPY Japanese Yen MXN Mexican Nuevo Peso RUR Russian Ruble DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT - ------------------- -------------- ------- United States $2,938,466,820 62.5% Brazil 245,650,938 5.2 Turkey 131,227,504 2.8 Mexico 118,210,741 2.5 Indonesia 115,924,389 2.5 Russia 109,144,217 2.3 Japan 98,719,180 2.1 South Africa 77,770,443 1.7 Colombia 71,069,065 1.5 Kazakhstan 56,272,410 1.2 Italy 53,195,402 1.1 Ukraine 51,709,903 1.1 Korea, Republic of South 49,632,157 1.1 Peru 43,259,282 0.9 Venezuela 41,440,544 0.9 Israel 40,825,479 0.9 Supranational 40,479,301 0.9 Poland 36,913,720 0.8 United Kingdom 36,628,146 0.8 Argentina 35,850,688 0.8 Egypt 35,182,757 0.7 Philippines 29,686,293 0.6 Canada 28,622,242 0.6 India 28,200,323 0.6 Germany 27,408,880 0.6 Hungary 26,504,353 0.6 Uruguay 17,616,188 0.4 The Netherlands 16,867,904 0.4 Panama 15,320,588 0.3 Ghana 12,856,507 0.3 Bermuda 11,784,326 0.3 Austria 11,041,798 0.2 France 9,536,888 0.2 Malaysia 5,660,509 0.1 Dominican Republic 5,565,530 0.1 Chile 5,093,835 0.1 Trinidad & Tobago 4,947,025 0.1 United Arab Emirates 2,895,274 0.1 Belgium 2,444,164 0.1 Denmark 2,251,093 -- Australia 1,995,549 -- Sweden 1,822,703 -- European Union 1,496,400 -- Greece 1,289,600 -- Belize 1,132,850 -- Swaziland 1,126,720 -- Norway 800,851 -- Vietnam 382,435 -- -------------- ------ Total $4,701,923,914 100.0% ============== ======
55 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) NOTES TO FINANCIAL STATEMENTS As of April 30, 2010, the Fund changed its name from Oppenheimer Strategic Bond Fund/VA to Oppenheimer Global Strategic Income Fund/VA. SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market 56 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. STRUCTURED SECURITIES. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note's market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures. EVENT-LINKED BONDS. The Fund may invest in "event-linked" bonds. Event-linked bonds, which are sometimes referred to as "catastrophe" bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Statement of Operations in the annual and semiannual reports as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations in the annual and semiannual reports upon the sale or maturity of such securities. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------------------- Purchased securities $147,166,820 Sold securities 21,656,531
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases 57 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) the Fund's market value of investments relative to its net assets which can incrementally increase the volatility of the Fund's performance. Forward roll transactions can be replicated over multiple settlement periods. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of March 31, 2010 is as follows: Cost $49,838,186 Market Value $21,400,189 Market Value as a % of Net Assets 0.46%
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENT IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund's investment in LAF is included in the Statement of Investments. Shares of LAF are valued at their net asset value per share. As of March 31, 2010, there were no restrictions on the Fund's ability to withdraw investments from LAF at will. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. 58 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) INVESTMENT IN OPPENHEIMER MASTER FUNDS. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC and Oppenheimer Master Event-Linked Bond Fund, LLC (the "master funds"). Each master fund has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. To the extent that the Fund invests more of its assets in one master fund than in another, the Fund will have greater exposure to the risks of that master fund. The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund's investments in the master funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding master fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the master funds. As a shareholder, the Fund is subject to its proportional share of the master funds' expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in the master funds. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. The Fund's actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below. 59 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow. COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of March 31, 2010, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $32,009,195, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $19,134,630 as of March 31, 2010. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund. As of March 31, 2010 the Fund has required certain counterparties to post collateral of $654,866. CREDIT RELATED CONTINGENT FEATURES. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's ISDA master agreements which govern certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2010, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $1,996,728, for which collateral was not posted by the Fund. Securities held in collateralized accounts to cover these liabilities are noted in the Statement of Investments, if applicable. If a contingent feature would have been triggered as of March 31, 2010, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities in the annual and semiannual reports; securities posted as collateral, if any, are reported on the Statement of Investments. FOREIGN CURRENCY EXCHANGE CONTRACTS 60 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the portfolio. The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the portfolio. Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. 61 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk. The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk. Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk. Written option activity for the period ended March 31, 2010 was as follows:
PUT OPTIONS ------------------------ NUMBER OF AMOUNT OF CONTRACTS PREMIUMS ------------ --------- Options outstanding as of December 31, 2009 108,600,000 $ 106,195 Options closed or expired (108,600,000) (106,195) ------------ --------- Options outstanding as of March 31, 2010 -- $ -- ============ =========
SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative 62 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) values and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities in the annual and semiannual reports. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security, sovereign debt, or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and, or, indexes that are either unavailable or considered to be less attractive in the bond market. The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. 63 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund. The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and, or, include multiple types of market risk factors including equity risk, credit risk, and interest rate risk. The Fund has entered into total return swaps on various equity indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, or an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract. The Fund has entered into total return swaps on various equity indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments of a floating reference interest rate or an amount equal to the negative price movement of the same index multiplied by the notional amount of the contract. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. CURRENCY SWAPS. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate. The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into currency swap contracts with the obligation to pay an interest rate various foreign currency notional amounts and receive an interest rate on the dollar notional amount in order to take a negative investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to decrease exposure to foreign exchange rate risk. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. VOLATILITY SWAP CONTRACTS. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the volatility of the reference investment as measured by changes in its price or level while the other cash flow is based on an interest rate or the measured volatility of a different reference investment. The 64 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment's volatility, or size of the movement, rather than general directional increases or decreases in its price. Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund. The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay the measured volatility and receive a fixed interest payment over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value. The Fund has entered into volatility swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay a fixed interest payment and receive the measured volatility over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. RESTRICTED SECURITIES As of March 31, 2010, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2010, the Fund had on loan securities valued at $5,064,790. Collateral of $5,163,000 was received for the loans, all of which was received in cash and subsequently invested in approved instruments. UNFUNDED PURCHASE AGREEMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase agreements of $13,540,208 at March 31, 2010. The following agreements are subject to funding based on the borrower's discretion. The Fund is obligated to fund these agreements at the time of the request by the borrower. These agreements have been excluded from the Statement of Investments. As of March 31, 2010, the Fund had unfunded purchase agreements as follows:
COMMITMENT TERMINATION UNFUNDED DATE AMOUNT ----------- ---------- Deutsche Bank AG, Opic Reforma I Credit Linked Nts. 10/23/13 $8,671,477
65 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
COMMITMENT INTEREST TERMINATION UNFUNDED UNREALIZED RATE DATE AMOUNT DEPRECIATION -------- ----------- ---------- ------------ Deutsche Bank AG; An unfunded agreement that the Fund receives 0.125% quarterly; and will pay out, upon request, up to 4,868,731 USD to a Peruvian Trust through Deutsche Bank's Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the Fund to maintain a consistent exposure level. 0.50% 9/20/10 $4,868,731 $299,798
FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $4,660,291,905 Federal tax cost of other investments 1,009,230,843 -------------- Total federal tax cost $5,669,522,748 ============== Gross unrealized appreciation $ 262,261,801 Gross unrealized depreciation (205,189,889) -------------- Net unrealized appreciation $ 57,071,912 ==============
66 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ------ ---------- COMMON STOCKS--97.9% CONSUMER DISCRETIONARY--11.3% AUTO COMPONENTS--1.0% Lear Corp.(1) 950 $ 75,383 HOTELS, RESTAURANTS & LEISURE--0.5% Brinker International, Inc. 2,080 40,102 HOUSEHOLD DURABLES--1.7% Mohawk Industries, Inc.(1) 2,380 129,424 MEDIA--8.1% Comcast Corp., Cl. A 6,930 130,423 News Corp., Inc., Cl. A 6,828 98,391 Time Warner Cable, Inc. 3,610 192,449 Viacom, Inc., Cl. B(1) 5,480 188,402 ---------- 609,665 ---------- CONSUMER STAPLES--5.0% BEVERAGES--2.0% Molson Coors Brewing Co., Cl. B, Non-Vtg. 3,542 148,977 FOOD & STAPLES RETAILING--3.0% Kroger Co. (The) 3,460 74,944 Walgreen Co. 4,064 150,734 ---------- 225,678 ---------- ENERGY--15.7% ENERGY EQUIPMENT & SERVICES--1.6% Ensco PLC, Sponsored ADR 2,720 121,802 OIL, GAS & CONSUMABLE FUELS--14.1% Apache Corp. 2,236 226,954 Chevron Corp. 4,860 368,534 CONSOL Energy, Inc. 3,500 149,310 EOG Resources, Inc. 450 41,823 Exxon Mobil Corp. 1,114 74,616 Marathon Oil Corp. 5,028 159,086 Royal Dutch Shell plc, ADR 650 37,609 ---------- 1,057,932 ---------- FINANCIALS--21.4% CAPITAL MARKETS--4.7% Goldman Sachs Group, Inc. (The) 1,150 196,225 Morgan Stanley 5,374 157,404 ---------- 353,629 ---------- COMMERCIAL BANKS--2.2% Comerica, Inc. 620 23,585 PNC Financial Services Group, Inc. 1,370 81,789 Wells Fargo & Co. 2,050 63,796 ---------- 169,170 ---------- DIVERSIFIED FINANCIAL SERVICES--5.5% Bank of America Corp. 4,570 81,575 JPMorgan Chase & Co. 7,360 329,360 ---------- 410,935 ---------- INSURANCE--9.0% ACE Ltd. 3,100 162,130
1 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ------ ---------- INSURANCE CONTINUED Allstate Corp. 1,960 $ 63,328 Assurant, Inc. 3,000 103,140 Genworth Financial, Inc., Cl. A(1) 3,300 60,522 MetLife, Inc. 6,670 289,078 ---------- 678,198 ---------- HEALTH CARE--12.7% HEALTH CARE PROVIDERS & SERVICES--4.3% Aetna, Inc. 5,940 208,553 WellPoint, Inc.(1) 1,800 115,884 ---------- 324,437 ---------- PHARMACEUTICALS--8.4% Biovail Corp. 5,400 90,558 Merck & Co., Inc. 6,660 248,751 Pfizer, Inc. 12,409 212,814 Teva Pharmaceutical Industries Ltd., Sponsored ADR 1,320 83,266 ---------- 635,389 ---------- INDUSTRIALS--11.4% AEROSPACE & DEFENSE--1.5% AerCap Holdings NV(1) 4,740 54,605 Lockheed Martin Corp. 710 59,086 ---------- 113,691 ---------- ELECTRICAL EQUIPMENT--1.7% General Cable Corp.(1) 4,830 130,410 ---------- INDUSTRIAL CONGLOMERATES--3.5% Tyco International Ltd. 6,870 262,778 ---------- MACHINERY--3.0% Navistar International Corp.(1) 5,013 224,231 ---------- ROAD & RAIL--1.1% CSX Corp. 780 39,702 Norfolk Southern Corp. 720 40,241 ---------- 79,943 ---------- TRADING COMPANIES & DISTRIBUTORS--0.6% Aircastle Ltd. 5,050 47,824 ---------- INFORMATION TECHNOLOGY--9.4% COMMUNICATIONS EQUIPMENT--3.2% Motorola, Inc.(1) 17,380 122,008 QUALCOMM, Inc. 1,340 56,267 Research in Motion Ltd.(1) 890 65,816 ---------- 244,091 ---------- COMPUTERS & PERIPHERALS--3.2% Dell, Inc.(1) 11,000 165,110 Hewlett-Packard Co. 1,470 78,131 ---------- 243,241 ---------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% Corning, Inc. 1,000 20,210 ----------
2 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
Shares Value ------ ---------- OFFICE ELECTRONICS--0.6% Xerox Corp. 4,230 $ 41,243 SOFTWARE--2.1% Oracle Corp. 6,150 157,994 MATERIALS--4.1% CHEMICALS--3.5% Celanese Corp., Series A 4,730 150,651 Potash Corp. of Saskatchewan, Inc. 930 110,996 ---------- 261,647 ---------- METALS & MINING--0.6% Xstrata plc, Unsponsored ADR(1) 11,920 44,581 ---------- TELECOMMUNICATION SERVICES--3.0% DIVERSIFIED TELECOMMUNICATION SERVICES--3.0% AT&T, Inc. 8,682 224,343 ---------- UTILITIES--3.9% ELECTRIC UTILITIES--2.9% Edison International, Inc. 4,350 148,640 Exelon Corp. 1,606 70,359 ---------- 218,999 ---------- MULTI-UTILITIES--1.0% PG&E Corp. 1,784 75,670 ---------- Total Common Stocks (Cost $6,229,490) 7,371,617 ----------
Expiration Strike Date Price Contracts ---------- ------ --------- OPTIONS PURCHASED--0.0% Aetna, Inc. Put(1) 4/19/10 $31 4 36 Aetna, Inc. Put(1) 7/19/10 30 4 324 WellPoint, Inc. Put(1) 4/19/10 60 6 96 ---------- Total Options Purchased (Cost $2,328) 456 ----------
Shares ------- INVESTMENT COMPANIES--2.2% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2,3) 1,207 1,207 Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(2,4) 169,318 169,318 ---------- Total Investment Companies (Cost $170,525) 170,525 ---------- TOTAL INVESTMENTS, AT VALUE (COST $6,402,343) 100.1% 7,542,598 ---------- Liabilities in Excess of Other Assets (0.1) (11,163) ------- ---------- Net Assets 100.0% $7,531,435 ======= ==========
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of March 31, 2010. (3.) Interest rate is less than 0.0005%. 3 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2009 ADDITIONS REDUCTIONS MARCH 31, 2010 ----------------- --------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 340,073 1,404,890 1,575,645 169,318
VALUE INCOME -------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $169,318 $137
VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of March 31, 2010 based on valuation input level:
LEVEL 3-- LEVEL 1-- LEVEL 2-- SIGNIFICANT UNADJUSTED OTHER SIGNIFICANT UNOBSERVABLE QUOTED PRICES OBSERVABLE INPUTS INPUTS VALUE ------------- ----------------- ------------ ---------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 854,574 $-- $-- $ 854,574 Consumer Staples 374,655 -- -- 374,655 Energy 1,179,734 -- -- 1,179,734 Financials 1,611,932 -- -- 1,611,932 Health Care 959,826 -- -- 959,826 Industrials 858,877 -- -- 858,877 Information Technology 706,779 -- -- 706,779 Materials 306,228 -- -- 306,228 Telecommunication Services 224,343 -- -- 224,343 Utilities 294,669 -- -- 294,669 Options Purchased 456 -- -- 456 Investment Companies 170,525 -- -- 170,525 ---------- --- --- ---------- Total Assets $7,542,598 $-- $-- $7,542,598 ========== === === ==========
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. 4 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated 5 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. 6 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. The Fund's actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below. RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow. COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. CREDIT RELATED CONTINGENT FEATURES. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's ISDA master agreements which govern certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. 7 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments. The Fund has purchased put options on individual equity securities and, or, equity indexes to decrease exposure to equity risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Total federal tax cost $6,585,499 ========== Gross unrealized appreciation $1,017,451 Gross unrealized depreciation (60,352) ---------- Net unrealized appreciation $ 957,099 ==========
8 | Oppenheimer Value Fund/VA ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2010, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Variable Account Funds By: /s/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 05/11/2010 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 05/11/2010 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/11/2010 EX-99.CERT 2 p17263exv99wcert.txt EX-99.CERT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, William F. Glavin, Jr., certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ William F. Glavin, Jr. - ------------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 05/11/2010 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ------------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/11/2010 -----END PRIVACY-ENHANCED MESSAGE-----